Honey Badger Silver Inc. · TSXV:TUF
Honey Badger Silver — Investor Presentation (November 2025)
26 slides from Honey Badger Silver's investor presentation, November 2025
Slide 1: Think Silver. Think Badger.
What if the price of silver hits $100/oz? THINK SILVER. THINK BADGER. Corporate Corporate TSX.V: TUF TSX.V: OTCQB: HBEIF TUF OTCQB: NOVEMBER 2025 NOVEMBER 2025 Presentation Presentation HBEIF
Slide 2: A good hockey player plays where the puck is
A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be. Wayne Gretzky TSX.V: TUF OTCQB: HBEIF CORPORATE PRESENTATION CORPORATE PRESENTATION 1 1
Slide 3: 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 105,505,398 Individuals / Insiders 20,773,214 19.69% Public and Other 84,732,184 80.31% Options
Slide 4: Technical Perspective – John Newell
Technical Perspective – John Newell Pattern shows repeated tests of resistance and improving volume. “I rank Honey Badger as a Speculative Buy at CA$0.25 (price at time of report).” Working Levels: First Target: CA$0.25 → Met Second Target: CA$0.45 Third Target: CA$0.75 Big Picture Target: CA$1.25 “
Slide 5: Our Silver Inventory in the Ground
Our Silver Inventory in the Ground 1 BREAKOUT TECHNICAL SETUP Trends of upward movement 2 VALUE VS. PEERS Trading at $0.18 EV/oz vs. peer average $1.21 EV/oz 3 HIGH QUALITY ASSET PORTFOLIO Diversified Canadian silver Properties with multiple opportunities for exploration and growth TSX.V: TUF OTCQB:
Slide 6: Silver Demand vs Supply
Silver Demand vs Supply Total Demand Total Supply 1,148 Moz 1,030 Moz In 2025, silver demand is set to outpace supply for the fifth year in a row, with a forecast deficit of 118 Moz, as strong industrial use from solar, electronics, and green tech keeps pressure on the market despite modest supply g
Slide 7: Why is Silver Price Surging?
Why is Silver Price Surging? Industrial Demand Supply Constraints Solar panels: 193M oz yearly (14% of global demand) 70–80% mined as byproduct (lead, zinc, copper) EVs: 25–50g silver per vehicle Declining ore grades globally Electronics, 5G, medical uses Low elasticity → production only ~2% growth
Slide 8: Comparable Companies
Comparable Companies EV/oz Ag($) Silver Development Companies $3.5 $3.45 Honey Badger is trading at $0.18 $3.0 EV per ounce of silver, a $2.75 significant discount to the peer average of $1.38 EV/ounce Ag. $2.5 As silver market sentiment improves, $2.0 $1.78 lower EV/ounce Ag likely to experience gr
Slide 9: The Team
The Team Chad Williams Koby Kushner, P. John H. Hill George Topping Paolo Cattelan Andrew Jedemann Executive Eng, CFA Chairman, Interim CEO Director Director Director Director VP of Exploration Michael Jalonen Stephen Kibsey Ben Kuzmich Advisor Advisor Qualified Persons TSX.V: TUF OTCQB: HBEIF CORPO
Slide 10: Growing Known Silver Inventory
Growing Known Silver Inventory All 100% owned by Honey Badger minimal to zero holding costs = essentially free options on silver price SILVER OUNCES IN THE GROUND SUNRISE CLEAR LAKE YAVA Northwest Territories - Canada Yukon - Canada Nunavut - Canada Located: 130km northeast of Yellowknife. Located:
Slide 11: 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 PROSPECTIVE FOR DISCOVERY PLATA GROUNDHOG HY NANISIVIK Yukon - Canada Yukon - Canada Yukon - Canada Nunavut - Canada 30km from SGD’s Rogue Produced 20+ million ou
Slide 12: The Honey Badger
The Honey Badger The Honey Badger is a fearless animal that will take on challenges which appear insurmountable. The Honey Badger has a formidable armor that allows it to succeed where others fail. CORPORATE PRESENTATION TSX.V: TUF OTCQB: HBEIF 11
Slide 13: Silver Ounces in the Ground
Silver Ounces in the Ground Sunrise Clear Lake (NWT) Historic Resource Estimate (Yukon) Historic Resource Estimate Tonnes Resource Category Ag gpt Au gpt Pb% Zn% (millions) Tonnes Resource Category Ag gpt Pb% Zn% (millions) Indicated 1.5 262 0.67 2.39 5.99 Inferred 2.6 169 0.51 1.92 4.42 Inferred 7.
Slide 14: Snowline’s Success vs. Honey Badger’s Opportunity
Snowline’s Success vs. Honey Badger’s Opportunity Snowline’s Rogue discovery transformed its valuation. Honey Badger Silver is positioned for a similar re-rating as Plata advances. Plata directly adjacent to Snowline’s Rogue discovery, illustrates development potential. TSX.V: TUF OTCQB: HBEIF CORPO
Slide 15: Plata Project
YUKON PROPERTIES Plata Project Tremendous Potential in Yukon’s Tombstone Gold Belt Situated in a highly prospective region with multiple million-ounce precious metal occurrences, ~30 km from Snowline Gold’s Rogue discovery (7.94 Moz Au M&I, 0.89 Moz Au Inferred), showing similar geological potential
Slide 16: Plata Project
YUKON PROPERTIES Plata Project Historical records indicating ultra high grade grab samples along the Rogue & Plata Thrust. TSX.V: TUF OTCQB: HBEIF CORPORATE PRESENTATION CORPORATE PRESENTATION 14 14
Slide 17: Plata Project
YUKON PROPERTIES Plata Project Exploration Highlights – July 2025 & August 2025 Sheeted Vein Discoveries: New systems identified across 18 km strike, increasing the prospective RIRG footprint to ~5 x 4 km within newly staked claims. Intrusive Associations: Felsic plutonic rocks (Mayo Suite intrusion
Slide 18: Nanisivik Mine
NUNAVUT PROPERTIES Nanisivik Mine Located on Baffin Island with past production of over 20 Moz of silver from 17.9 Mt of ore, grading 9% Zn, 0.72% Pb, and 35 gpt Ag. Comprises 14 mineral claims spanning 13.373.2 hectares. Hosts >100 million tonnes of massive sulphide (primarily pyrite) with anomalou
Slide 19: Nanisivik Mine
NUNAVUT PROPERTIES Nanisivik Mine Recent Exploration Highlights – September 2025 Orientation geophysical surveys completed on two of three Historical Drill Highlights (Unmined Zones) high-priority targets: Deb, Ocean View North, and Area 14. Deb Target: up to 290 g/t Ag & 43% Zn over 0.6m. New disco
Slide 20: 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 mineralization Defi
Slide 21: Clear Lake Deposit
YUKON PROPERTIES Clear Lake Deposit Clear Lake deposit located about 100 km SSE of Mayo or 225 km north of Whitehorse. 121 contiguous quartz claims covering approximately 2,479 hectares. SEDEX deposit ~1,000m in length and up to 120 m wide Defined by 13,168 metres of drilling. Inferred Historic Reso
Slide 22: Hy Groundhog
YUKON PROPERTIES Exploration: Hy Hosts numerous high-grade silver occurrences as well as lead, zinc and tungsten mineralization. Trenching results up to 684 gpt Ag, 9.3% Zn and 11.1% Pb over 1.8 m. Drill results up to 552.7 gpt Ag, 5.3% Zn and 4.1% Pb over 0.4 m. (1) Exploration: Groundhog In a belt
Slide 23: Yava Deposit
NUNAVUT PROPERTIES Yava Deposit Aquired from Blue Moon Metals Inc. On October 2, 2024. The Yava Project covers 4,395 hectares. Located in the Mackenzie Mining District, approximatley 450 km northeast of Yellowknife along the Hackett-Back River greenstone belt. The Hackett River resource, held by Gle
Slide 24: Yava Deposit
NUNAVUT PROPERTIES Yava Deposit High-Priority Targets Identified: Total: 6 high-priority conductors 2 on the Raptor claim block (R-6 and R-9) 4 on the main Yava claim block (M-1, M-2, M-3, M-6) Additional: 21 lower-priority conductors (11 on Raptor, 10 on Yava) Conductor M-3: Yava North Zone: Locate
Slide 25: Cautionary Statements
Cautionary Statements The information set forth in this document contains “forward-looking statements”. Statements in this document, which are not purely historical, are forward- looking and include statements regarding beliefs, plans, expectations or intentions regarding the future. Except for the
Slide 26: Corporate Presentation
CORPORATE OFFICE: 82 Richmond St E #5300 Toronto, ON M5C 1P1 www.honeybadgersilver.com SONYA PEKAR Vice President of Administration & Investor Relations spekar@honeybadgersilver.com +1 (416) 498 - 8244 TSX.V: TUF OTCQB: HBEIF CORPORATE PRESENTATION CORPORATE PRESENTATION 24 24
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