Honey Badger Silver Provides Update On Non-Brokered Private Placement - Seite 2

To comply with the TSXV's requirement that shareholder approval be obtained prior to closing a placement which will result in the creation of a new control person, Mr. William's subscription for securities in the Offering will close in two tranches. At the closing of the Offering scheduled for April 10, 2024, the Company expects to close on Mr. William's purchase of 4,187,000 NFT Units and 705,000 FT shares. This would result in his holding 19.95% of the Company's common shares on a partially diluted basis. The closing of the remaining 2,371,923 FT Shares for which Mr. Williams is expected to subscribe would take place at a second closing after disinterested shareholder approval and TSXV approval has been obtained for his becoming a control person of the Company.

The securities issued in connection with the Offering will be subject to a four-month and a day hold period. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSXV. Finder's fees will be payable in the Offering.

Caution to US Investors

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Honey Badger Silver Inc.

Honey Badger Silver is a silver company. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver Indicated and 13.9 Moz of silver Inferred ⁽¹⁾⁽³⁾ located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon's prolific Keno Hill and adjacent to Snowline Gold's Rogue discovery. The Company's Clear Lake Project in the Yukon Territory has a historic resource of 5.5 Moz of silver and 1.3 billion pounds of zinc ⁽²⁾⁽³⁾. The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002. ^(2,3)