Honey Badger Silver Inc. · TSXV:TUF
Honey Badger Silver — Investor Presentation (October 2026)
37 slides from Honey Badger Silver's investor presentation, October 2026
Slide 1: Love Silver? Think Honey Badger
CORORATE INVESTOR PRESENTATION· OCTOBER 2026 Love Silver? Think Honey Badger Canadian silver company with a significant re-rating potential TSX.V TUF OTCQB HBEIF FSE 1QA Tradegate 1QA honeybadgersilver.com
Slide 2: 3 reasons to own Honey Badger Silver now
IN VESTM E N T THESIS 3 reasons to own Honey Badger Silver now A discounted, high-grade silver company with a clear path to a major re-rating Fully Permitted Flagship PC Silver Mine, NWT Yukon PC Silver Mine 01 High grade resource of 293 Moz AgEq at 453 g/t(1) Brownfield site w/ existing infrastruct
Slide 3: Materially Undervalued: >6x re-rating potential vs. peers
R E-R ATIN G OPPOR TU N I T Y Materially Undervalued: >6x re-rating potential vs. peers Significant re-rating opportunity, despite recent strong share price performance Peer Averages = EV/Resource of C$3.24/oz AgEq and AgEq Grade of 342 g/t $12.00 1,200 $11.00 1,100 Enterprise Value / AgEq Resources
Slide 4: The cheapest ounce of silver production
PR ODUCTION B EN CHM AR KIN G The cheapest ounce of silver production EV per ounce of annual silver-equivalent production: PC Silver vs. listed silver producers HONEY BADGER US$19.0/oz US$14.0/oz 10.7 Moz 0.13x Producer median EV / SEO US$252/oz ~94% discount SILVER EV / LOM annual AgEq EV / yrs 1–7
Slide 5: Significant insider ownership & alignment
CAPITAL STR UCTUR E Significant insider ownership & alignment Tightly held, well-capitalized and supported by recognized strategic investors CAPITAL STRUCTURE SHARE PRICE PERFORMANCE-LAST 12 MONTHS Share Price (Oct 9, 2026) C$0.91 Market Capitalization ~C$230.0M Debt C$0.0M Est. Cash Position C$6.1M
Slide 6: Mine builders, explorers and capital-markets veterans
LEADER SHI P Mine builders, explorers and capital-markets veterans Honey Badger Silver's board and management have built, financed and operated mines across Canada and the globe Chad Williams Ron Halas Claudine Lee Andrew Jedemann Ben Kuzmich Justin Cochrane Executive Chairman, Interim CEO Chief Ope
Slide 7: PC Silver Mine
PC Silver Mine Canada's next high-grade silver-zinc-lead mine TSX.V TUF | OTCQB HBEIF | FSE 1QA | Tradegate 1QA honeybadgersilver.com 7
Slide 8: Canada's next high-grade silver-zinc-lead-copper mine
PC SILVER M IN E Canada's next high-grade silver-zinc-lead-copper mine A legacy mine ready for restart, with established infrastructure and First Nations agreements PERMITS & LOCATION Fully permitted; located in the Northwest Territories, Canada Quartz vein (MQV) / stockwork (STK) / stratabound mass
Slide 9: Robust economics with exceptional silver leverage
PEA ECONOMICS Robust economics with exceptional silver leverage Preliminary Economic Assessment prepared by JDS Energy & Mining Inc. CONSENSUS PRICING CASE US$50.00/oz Ag SPOT CASE US$66.41/oz Ag C$4.9 B C$2.7 B C$7.3 B C$4.1 B P R E - TAX L OM C AS H F L OW P R E - TAX N P V ( 5% ) P R E - TAX L OM
Slide 10: Significant torque to a rising silver price
SILVER PRICE SENSITIVITY Significant torque to a rising silver price Pre-tax, after-tax and per share economics at 0% and 5% discount rates, with zinc, lead and copper prices held at the Long-Term Consensus pricing LONG-TERM SILVER PRICE MRE CUT-OFF CONSENSUS SPOT SILVER US$100 US$150 US$200 US$/oz
Slide 11: Top-tier scale among the world's silver mines
PR ODUCTION B EN CHM AR KIN G Top-tier scale among the world's silver mines PC Silver silver-equivalent output against 2025 payable silver from the 20 largest primary silver mines PC Silver silver-equivalent output vs. 2025 payable silver from the 20 largest primary silver mines (Moz per year) Prima
Slide 12: Significant national and regional economic benefits
ECON OM IC B EN EFIT S Significant national and regional economic benefits PC Silver Mine is expected to operate for decades, bringing significant opportunities to the NWT Indigenous 600 350 Long-term partnership & Construction jobs operations jobs contracting Northern Tax revenues infrastructure Ex
Slide 13: World-class geology with long mine life
GEOLOGY World-class geology with long mine life Main Quartz Vein system with proven continuity and extensive untested strike length 22+ yrs ANTICIPATED MINE LIFE 16 km MAIN QUARTZ VEIN • Mine plan covers only 2.3 km of the 16.0 km Main Quartz Vein strike • Drilling shows excellent continuity — Infer
Slide 14: High-grade polymetallic ore body
OR E B ODY High-grade polymetallic ore body Silver-zinc-lead-copper mineralization primarily hosted mainly in the Main Quartz Vein, with Stockwork Zone and Stratabound Massive Sulphide Zones MQV Main Quartz Vein Primary host of the silver-zinc-lead-copper mineralization and the foundation of the PEA
Slide 15: Existing underground infrastructure
IN FR ASTR UC TU R E Existing underground infrastructure 5 km of established underground workings already in place — significant head start for production Surface Infrastructure TSX.V TUF | OTCQB HBEIF | FSE 1QA | Tradegate 1QA honeybadgersilver.com 15
Slide 16: Planned underground infrastructure
IN FR ASTR UC TU R E Planned underground infrastructure Engineered mine plan developed by previous owners STK Surface SMS Infrastructure MQV TSX.V TUF | OTCQB HBEIF | FSE 1QA | Tradegate 1QA honeybadgersilver.com 16
Slide 17: Polymetallic mineralization (Ag g/t & Zn%)
M IN ER ALIZ ATIO N Polymetallic mineralization (Ag g/t & Zn%) High-grade silver and zinc distribution along the Main Quartz Vein SILVER MINERALIZATION ZINC MINERALIZATION TSX.V TUF | OTCQB HBEIF | FSE 1QA | Tradegate 1QA honeybadgersilver.com 17
Slide 18: Why This Time is Different
THE TIM E IS N OW Why This Time is Different A world-class deposit that previously lacked the conditions to be built — those conditions are now in place WHY IT STALLED BEFORE 01 Fully permitted 06 Critical minerals project Permits now in hand to build and operate the mine; previous Silver, zinc, lea
Slide 19: First Nations agreements
COM M UN ITY PAR TN ER SH I P S First Nations agreements Benefit sharing with impacted and affected First Nation governments IMPACT BENEFIT AGREEMENTS TRANSPORTATION CORRIDOR AGREEMENT Nahɂą Dehé Dene Band & Łíídlįį Kų́ę́ First Nation Acho Dene Koe First Nation Located in their traditional territory
Slide 20: Billions in new federal infrastructure capital
CAN ADIAN FUN DIN G TAILWIN DS Billions in new federal infrastructure capital Major federal programs announced to accelerate development of projects like PC Silver C$1.5B C$35B C$25M First & Last Mile Fund Arctic Infrastructure NTCF Award Critical minerals infrastructure to bring remote mines into F
Slide 21: Critical minerals a strategic priority
POLICY TAILWIN D S Critical minerals a strategic priority Opportunity to support North American critical mineral independence POLICY DRIVERS PC SILVER PROJECT ADVANTAGE • Chinese dominance in critical minerals supply chain • Located in one of the world's most stable mining jurisdictions • Canadian &
Slide 22: Better location, more resources, higher grade
PEER B EN CHM AR KIN G Better location, more resources, higher grade Honey Badger Silver trades at the lowest EV/oz despite leading on most fundamental parameters HONEY BADGER C$0.51/oz 443 Moz 453 g/t US$801/t Peer avg. EV/resource C$3.24/oz ~85% discount to peer-average EV/resource SILVER EV / Res
Slide 23: PC Silver: Key Milestones and Timelines
VALUE DR IVER S & KEY M ILESTON E S PC Silver: Key Milestones and Timelines Near-term production potential from Canada’s most advanced silver and critical minerals mine 2026 VALUE DRIVERS September: Updated preliminary economic assessment (PEA) September: Updated mineral resource estimate (MRE)
Slide 24: Nanisivik Project
N UN AVUT PR OPER TI E S Nanisivik Project HIGH-GRADE DRILL & SURFACE RESULTS Past producer | High-grade silver–zinc–lead | Near-surface upside • Area 14 grab samples up to 249 g/t Ag & 51.5% Zn — above EM conductors LOCATION & HISTORY • Deb: up to 290 g/t Ag & 34.6% Zn over 0.7 m Baffin Island, Nun
Slide 25: Sunrise Lake deposit
N WT PR OPER TI E S Sunrise Lake deposit 130 km northeast of Yellowknife — polymetallic VMS deposit with substantial historic resources PROJECT OVERVIEW • Six contiguous mining leases totaling 1,621 hectares • Polymetallic VMS deposit hosted in Archean rocks • Massive sulphide lens: 190 m long, 120
Slide 26: 3 reasons to own Honey Badger Silver now
CON CLUSION 3 reasons to own Honey Badger Silver now A discounted, high-grade silver company with a clear path to a major re-rating Flagship PC Silver Mine, NWT 01 293 Moz AgEq at ~453 g/t — Brownfield site w/ existing infrastructure; Government and First Nations support >$500m of capital invested b
Slide 27: Cautionary statement on forward-looking statements
DISCLOSUR E Cautionary statement on forward-looking statements This presentation (this "Presentation") contains forward-looking information and forward-looking statements (together, "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements, other than st
Slide 28: Appendix
Nanisivik Northwest Yukon Territories Clear Lake Plata Yava Groundhog PC Silver Mine Hy Sunrise Lake Nunavut Appendix British Columbia Newfoundland Alberta and Labrador Saskatch- Manitoba ewan Quebec Additional project portfolio detail Ontario PEI Flagship: PC Silver Mine Nova Scotia New Brunswick O
Slide 29: Plata Project
YUKON PR OPER TI E S Plata Project District-scale polymetallic system in the Tombstone Gold Belt — Ag–Au–Sb–Cu–W–base metals PLATA PROPERTY PROJECT HIGHLIGHTS • Past producer with silver grades >3,000 g/t Ag historically • Project expanded 18% with 1,546 ha of new claims • Multiple mineralized trend
Slide 30: Portfolio of silver growth assets
POR TFOLI O Portfolio of silver growth assets All 100% owned by Honey Badger Silver — minimal to zero holding costs = essentially free options on silver price Clear Lake Groundhog HY Yava Yukon · Canada Yukon · Canada Yukon · Canada Nunavut · Canada • 225 km north of Whitehorse • Road accessible, 4,
Slide 31: ~6.4x re-rating opportunity vs. peer set
COM PAR AB LE COM PAN Y AN ALYSIS ~6.4x re-rating opportunity vs. peer set TUF: C$0.51/oz vs. peer avg. C$3.24/oz 453 g/t vs. peer avg. 342 g/t Honey Badger Silver trades at a fraction of peer EV/oz despite leading on resources and grade Mkt Cap Net Debt EV Resources Grade Company EV/Resources GMV C
Slide 32: Fully permitted = already highly de-risked
LOCATION & IN FR ASTR UC TU R E Fully permitted = already highly de-risked Planned 170 km all-season access road with First Nations agreements in place PROJECT INFRASTRUCTURE • Extensive underground development already in place • Existing infrastructure includes airstrip, roads, and power solutions
Slide 33: Study parameters and metal price deck
PEA KEY ASSUM PTI ON S Study parameters and metal price deck Resource, cost and recovery inputs per the June 2026 Mineral Resource Estimate and JDS study parameters RESOURCE & MINE PLAN CONSENSUS PRICING COSTS Mineral Resource (M&I) 11.6 Mt @ 424 g/t AgEq Silver price (base) US$50.00/oz Mining cost
Slide 34: Pre-Commercial Production Capital Requirements
CAPITAL R EQUIR EM EN T S Pre-Commercial Production Capital Requirements Management believes there is a significant opportunity to reduce capital requirements through a staged and accelerated development scenario PRE-COMMERCIAL PROUDCTION SUSTAINING CAPITAL Mine, Mill Refurbishment, Onsite Developme
Slide 35: PC Silver Mine – Resource Table
M IN ER AL R ESOUR CE S PC Silver Mine –Resource Table(1) 22 Year Mine Life w/ Exploration Upside Potential Classification Tonnes (Mt) AgEq (g/t) Ag (g/t) Cu (%) Pb (%) Sb ppm Zn (%) Measured 0.984 663 194 0.37 10.49 1,021 12.56 Indicated 10.644 402 108 0.21 6.88 955 7.76 Measured & Indicated 11.628
Slide 36: PC Silver legacy investment
PR OJECT HISTOR Y PC Silver legacy investment Over 80,000 m of drilling and >$500 M invested since the 1980s — clear redevelopment path 1966 1978–1982 1982 1993 2018–2022 2026 Hunt Brothers acquire the ~C$65 M invested in Project halted in May Canadian Zinc acquires RCF invests and eventually RCF fu
Slide 37: Get in touch
CONTACT Get in touch CORPORATE OFFICE INVESTOR RELATIONS 215 Spadina Avenue investors@honeybadgersilver.com Toronto, ON M5T 2C7 +1 (647) 226-7315 honeybadgersilver.com TSX.V TUF | OTCQB HBEIF | FSE 1QA | Tradegate 1QA honeybadgersilver.com
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