Honey Badger Silver Update: Constructive Amendments to Terms for the Proposed Acquisition of the Cachinal Silver Deposit in Chile

About this update from Honey Badger Silver Inc.

[{"type":"text","content":"Honey Badger Silver Update: Constructive Amendments to Terms for the Proposed Acquisition of the Cachinal Silver Deposit in ChileToronto, Ontario--(Newsfile Corp. - January 11, 2023) - Honey Badger Silver Inc. (TSXV: TUF) (\"Honey Badger\" or the \"Company\") is pleased to announce certain constructive amendments to the previously announced (see the Company's news release dated June 10, 2022) non-binding term sheet (the \"Term Sheet\") signed on June 9, 2022, with Aftermath Silver Ltd. (\"Aftermath\"), with regards to the potential acquisition by the Company of a 100% interest in the Cachinal De La Sierra Silver-Gold Project (the \"Cachinal Project\" or \"Cachinal\"), located in the Cachinal de la Sierra area in Chile's Antofagasta region (Region II), from Aftermath.In connection with the amendments to the Term Sheet, the exclusivity period has been extended by the parties to enter into definitive documentation relating to the proposed acquisition of the Cachinal Project to February 15, 2023. Except as summarized below, all other terms remain the same as was originally set out in the Term Sheet and disclosed in the Company's June 10, 2022 announcement.Chad Williams, the Company's Non-Executive Chairman and Director, commented, \"We are pleased with the modifications to the non-binding term sheet with Aftermath relating to the acquisition of Cachinal, and we extend our thanks to Aftermath for their commitment to constructive negotiations and what we expect will be a mutually beneficial transaction. We look forward to finalizing the definitive agreement in the coming weeks and, if definitive documentation is executed, we expect the transaction to close in a timely manner thereafter, subject to regulatory approval and satisfaction or waiver, as applicable, of customary closing conditions.\"Rationale for TransactionThe proposed acquisition of Cachinal by Honey Badger is expected to create significant shareholder value and deliver multiple benefits for Honey Badger shareholders, namely:Adds NI 43-101 compliant 16.39 million ounces silver in the Indicated category and 2.48 million ounces silver in the Inferred category(1)Accretive transaction with an expected acquisition cost of $0.27/oz of silver, providing shareholders with significant leverage to increasing silver pricesExcellent potential for material resource growth at depth targ...

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