Honey Badger Silver Inc. · TSXV:TUF
Honey Badger Silver — Investor Presentation (March 2026)
27 slides from Honey Badger Silver's investor presentation, March 2026
Slide 1: Honey Badger acquires Prairie Creek, creating a "North of 60" silver developer powerhouse
Honey Badger acquires Prairie Creek, creating a "North of 60" silver developer powerhouse TSX.V: TUF OTCQB: HBEIF
Slide 2: Cautionary Statement on Forward Looking Statements
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 statements of
Slide 3: Transformational Acquisition
Transformational Acquisition Transaction Overview(1) • Acquisition of Canadian Zinc Corporation for only C$12M in cash & units (C$0.03/oz AgEq) • 100% ownership of Prairie Creek Mine (Historic Resources of 240 Mozs AgEq in M&I, 167 Mozs AgEq in Inferred) • Planned closing in Q2 2026 • Subscription r
Slide 4: Prairie Creek Project
Prairie Creek Project
Slide 5: Prairie Creek Project
Prairie Creek Project Canada’s Next High-Grade Silver-Zinc–Lead Project • Honey Badger Silver has entered into an agreement to buy world-class asset for only $10 million in cash plus $2 million in TUF units • Location: Northwest Territories, Canada • Deposit type: Quartz vein / stockwork / massive s
Slide 6: Location & Infrastructure Advantage
Location & Infrastructure “Fully-permitted” = Advantage Already Highly De-risked • Extensive underground development • Existing infrastructure including airstrip, roads, and power solutions • Winter road/all-season access development history • 3 Benefit Agreements signed with impacted First Nations,
Slide 7: Plans Complete
Plans Complete Mineralization intersected in historic drilling along strike suggests the down plunge mineralized trend of the deposit continues, which indicates strong potential to add ounces to the current resource and expand the mine life with future drill programs TSX.V: TUF OTCQB: HBEIF 7
Slide 8: World Class Geology
World Class Geology The historical mineral resource at Prairie Creek only captures 2.3km of the known 16km high-grade silver mineralized trend Previous drilling suggests excellent continuity and potential for the Historic Inferred Resource to expand to the north Zones 4 through 12 to the south show
Slide 9: Prairie Creek: Legacy Investment
PRAIRIE CREEK: LEGACY INVESTMENT Clear Redevelopment Path 2026+ Value Drivers: Hunt Brothers acquire Project halted following silver • Resource upgrades & expansion Project, begin long-term price collapse RCF invests and eventually takes drilling investment (~95% complete) Canadian Zinc private • St
Slide 10: High-Grade Historic Resource Base
High-Grade Historic Resource Base Grade Is the Differentiator(1) • 240 Mozs AgEq for Historic M&I and 167 Mozs AgEq for Historic Inferred • 766 g/t AgEq grade for Historic M&I and 813 g/t AgEq grade for Historic Inferred • Used conservate commodity price assumptions • Exceptionally high silver, zinc
Slide 11: Canada: Billions of New Funding
Canada: Billions of New Funding Major new federal programs announced to accelerate development of projects like Prairie Creek • C$1.5B First & Last Mile Fund for Critical Minerals targeting infrastructure required to bring remote mines into production • New federal programs to accelerate development
Slide 12: U.S.: Critical Minerals Strategic Priority
U.S.: Critical Minerals Strategic Priority U.S. policy increasingly prioritizing secure allied supply chains • U.S. government deploying capital to support critical mineral supply chains • Strategic focus on reducing dependence on foreign metals supply • Canadian projects positioned as secure and pr
Slide 13: North of 60 Silver Developer Leader
North of 60 Silver Developer Leader CRITICAL MINERALS PORTFOLIO Government Support for Development VALUE VS. PEERS Trading at $0.05 EV/oz Pro-forma vs. peer average $2.25 EV/oz HIGH QUALITY ASSET PORTFOLIO Pro-Forma Eight 100% owned Canadian silver Properties with multiple opportunities for explorat
Slide 14: EV/M&I+I (C$/oz AgEq) Peer Comparison
EV/M&I+I (C$/oz AgEq.) Honey Badger - Post $0.05 Acq. Eloro Resources $0.20 Rockhaven Resources $0.43 Kootenay Silver $0.44 (Post-Prairie Creek) Honey Badger Silver Alaska Silver $0.47 ~550 Moz | ~$0.05/oz Notes: Apollo Silver $0.51 Silver47 Exploration $0.53 Southern Silver $0.68 Exploration Tinka
Slide 15: Why Honey Badger Shares Should Be Trading Higher Than They Are Today?
WHY HONEY BADGER SHARES SHOULD BE TRADING HIGHER THAN THEY ARE TODAY? 01 02 03 Several early-stage pipeline Two 100%-owned properties have Silver streaming royalty gives projects with high-grade strong historic resources with investors exposure to silver in outcrop and in room to grow physical silve
Slide 16: Near Term Value-Added Activities
NEAR TERM VALUE - ADDED ACTIVITIES TARGET OF 1 BILLION OUNCES OF SILVER EQUIVALENT MINERAL INVENTORY! 01 Prairie Creek Project Release an updated Mineral Resource 02 Estimate at Sunrise by Q4 2026 Marketing the new Honey Badger 03 Silver starting in Q2 2026 TSX.V: TUF OTCQB: HBEIF 16
Slide 17: Sunrise Lake Deposit
NWT PROPERTIES SUNRISE LAKE DEPOSIT • Located 130 km northeast of Yellowknife, NWT • Six contiguous mining leases totaling 1,621 hectares • Polymetallic VMS deposit hosted in Archean rocks • Massive sulphide lens: 190m long, 120m wide, 3–4m thick; underlain by ~50m disseminated/stockwork mineralizat
Slide 18: Capital Structure & Ownership
Capital Structure & Ownership Honey Badger Silver - Ownership Summary Type Common Stock Percent of Common Shares Honey Badger Silver – Capital Structure Equivalent Held Outstanding (%) Shares Outstanding 130,314,224 Individuals / Insiders 22,702,988 17.4% Public and Other 107,522,486 82.6% Options 1
Slide 19: The Team
The Team Chad Williams Ron Halas Koby Kushner John H. Hill George Topping Paolo Cattelan Executive Chairman, Chief Operating Director Director Director Director Interim CEO Officer Claudine Lee Michael Jalonen Andrew Jedemann Justin Cochrane Ben Kuzmich Stephen Kibsey VP, CSR to Prairie Director VP
Slide 20: Transitioning from Explorer to Emerging Developer
Transitioning from Explorer to Emerging Developer Snowline Gold’s Rogue Project is 35 km from Honey Badger Silver’s Plata Project(1). Snowline Gold increased 5687 % in 5 Years. Foran Mining increased 863% in 5 Years (1) The mineralization at Snowline’s Rogue Project is not necessarily indicative of
Slide 21: 3 Reasons to Buy Honey Badger Shares…NOW
3 Reasons to Buy Honey Badger Shares…NOW 01 02 03 Basket of high-quality silver Core asset, Prairie Creek is high Extremely undervalued assets located in attractive quality and shovel ready relative to peers - 30X and lower-risk jurisdictions re-rating potential TSX.V: TUF OTCQB: HBEIF 21
Slide 22: Appendix
Appendix
Slide 23: Plata Project
YUKON PROPERTIES Plata Project Tombstone Gold Belt | Silver–Gold–Antimony–Copper–Tungsten–Base Metals • District-scale, polymetallic mineral system in the Tombstone Gold Belt • ~30 km from Snowline Gold’s Rogue discovery • Past producer with silver grades (>3,000 g/t Ag historically) • Project expan
Slide 24: Plata Project – New Zones & Polymetallic Discoveries
YUKON PROPERTIES Plata Project Plata Project – New Zones & Polymetallic Discoveries (2025–2026) NEW ZONES DISCOVERED POLYMETALLIC UPSIDE Inferno Zone (NR November 19,2025): Beyond Silver & Gold • Silver–gold–lead–zinc mineralization • Extensive high-grade antimony, copper & tungsten • Newly identifi
Slide 25: Nanisivik Project
NUNAVUT PROPERTIES NANISIVIK PROJECT Past Producer | High-Grade Silver–Zinc–Lead | Near-Surface Upside Location & History New Geophysical Targets (Loupe EM) • Located on Baffin Island, Nunavut • Multiple strong, untested conductors identified • Past producer of >20 Moz silver from 17.9 Mt of ore • C
Slide 26: Portfolio of Silver Growth Assets
Portfolio of Silver Growth Assets All 100% owned by Honey Badger minimal to zero holding costs = essentially free options on silver price CLEAR LAKE GROUNDHOG HY Yukon - Canada Yukon - Canada Yukon - Canada • Located: ⚬ 225km north of Whitehorse. • Eighteen high grade silver • Numerous silver-lead-z
Slide 27: Post-Prairie Creek Silver Acquisition: EV/oz Value Rerating
Post-Prairie Creek Silver Acquisition: EV/oz Value Rerating 1,2,3,4 Company Name Ticker Market Cap Net Debt / (Cash) Enterprise Value Reported Resource M&I+I (C$M) (C$M) (C$M) (Moz AgEq.) (C$/oz) AbraSilver Resource TSX:ABRA $2,046 ($28) $2,019 350.0 $5.77 Vizsla Silver New Pacific Metals TSX:VZLA T
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