Honey Badger Silver Inc. · TSXV:TUF
Honey Badger Silver — Investor Presentation (March 2026)
24 slides from Honey Badger Silver's investor presentation, March 2026
Slide 1: If You Like Silver You'll Love Honey Badger
realistic near realistic near term term target target of of 11 billion billion ounces ounces of silver of silver equivalent equivalent IF YOU IF YOU LIKE LIKE SILVER SILVER YOU’LL LOVE YOU’LL LOVE HONEY BADGER HONEY BADGER TSX.V: TUF TSX.V: OTCQB: HBEIF TUF OTCQB: HBEIF
Slide 2: EV/oz Comparables – Honey Badger Post Prairie Creek Acquisition
EV / Ozs AgEq. (C$) H on $0 $4 ey $2 $6 Ti Ba R nk a dg oc R er kh av e s en our R ce e s El so or ur o ce R s es Ko ou ot rc en es ay Si Si Al as lv lv er er k a 47 Si Ex lv er pl or Ap at N io So e ol n ut w lo he Pa Si rn ci lv fic er Si (Post-Prairie Creek) lv M Honey Badger Silver ~420 Moz | ~$
Slide 3: Why Are Honey Badger Silver Shares Not Trading Higher Today?
WHY ARE HONEY BADGER SILVER SHARES NOT TRADING HIGHER TODAY? 01 02 03 Three 100%-owned properties have About to embark on global Earlier-stage, no drill results historic mineral resources totalling marketing of Honey Badger released about 150 million ounces silver Silver equivalent but none are NI43
Slide 4: Near Term Value-Added Activities
NEAR TERM VALUE - ADDED ACTIVITIES REALISTIC NEAR-TERM TARGET OF 1 BILLION OUNCES OF SILVER EQUIVALENT MINERAL INVENTORY! 01 Prairie Creek Project Release a NI-43-101 Compliant 02 Mineral Resource Estimate at Sunrise by Q3 2026 Marketing the new Honey Badger 03 Silver starting in Q2 2026 TSX.V: TUF
Slide 5: The Team
The Team Chad Williams Ron Halas Koby Kushner John H. Hill George Topping Paolo Cattelan Executive Chief Operating Chairman, Director Director Director Director Interim CEO Officer Claudine Lee Michael Jalonen Andrew Jedeman Stephen Kibsey Justin Cochrane Ben Kuzmich VP, CSR to Aurora Director VP of
Slide 6: Capital Structure & Ownership
Capital Structure & Ownership (March 13,2026) Honey Badger Silver - Ownership Summary Type Common Stock Percent of Common Shares Honey Badger Silver – Capital Structure Equivalent Held Outstanding (%) Shares Outstanding 130,225,474 Individuals / Insiders 22,702,988 17.43% Public and Other 107,522,48
Slide 7: Prairie Creek Project
Prairie Creek Project Canada’s Next High-Grade Silver-Zinc–Lead Mine Honey Badger Silver exclusivity 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 sulphide Products: Zinc conc
Slide 8: Robust PEA Economics
2021 PEA (Conservative Metric Spot Price Case Prices) Silver Price (Ag) $24/oz $90/oz Zinc Price (Zn) Lead Price (Pb) $1.20/lb $1.05/lb $1.50/lb $0.88/lb Robust PEA Post-Tax NPV (8%) Post-Tax NPV (5%) US$299M - US$1,271M US$1,775M Economics IRR 17-18% 43% EBITDA US$120M/year US$283M/year Compelling
Slide 9: Location & Infrastructure Advantage
Location & “Fully-permitted” = Infrastructure Already Highly De-risked Advantage 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, stro
Slide 10: Plans Complete
Plans Complete Underground program likely to expand mine life TSX.V: TUF OTCQB: HBEIF 10
Slide 11: World Class Geology
World Class Geology Mine life of 20 years Mine plan represents 2.3km of the total 16km MQV strike length Inferred Resource has the potential to expand to the north Excellent continuity and main zone is open to the north Zones 4 through 12 have additional exploration potential 2.3 km m in ep la n TSX
Slide 12: Prairie Creek: Legacy Investment
PRAIRIE CREEK: LEGACY INVESTMENT Clear Redevelopment Path 2026+ Value Drivers: Hunt Brothers acquire Projected halted following RCF invests and eventually Project, begin long-term silver price collapse • Resource upgrades & takes Canadian Zinc private expansion drilling investment (~95% complete) •
Slide 13: High-Grade Resource Base
High-Grade Resource Base Grade Is the Differentiator 240 Mozs AgEq for M&I and 167 Mozs AgEq for Inferred 766 g/t AgEq grade for M&I and 813 g/t AgEq grade for Inferred Used conservative commodity price assumptions Updated price deck likely to result in material increase in resources Exceptional
Slide 14: Prairie Creek Project
Prairie Creek Project
Slide 15: NWT Properties: 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 16: 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. Snowline Gold increased 5687 % in 5 Years. Foran Mining increased 863% in 5 Years TSX.V: TUF OTCQB: HBEIF 16
Slide 17: Near Term Value-Added Activities
NEAR TERM VALUE - ADDED ACTIVITIES REALISTIC NEAR-TERM TARGET OF 1 BILLION OUNCES OF SILVER EQUIVALENT MINERAL INVENTORY! 01 Prairie Creek Project Release a NI-43-101 Compliant 02 Mineral Resource Estimate at Sunrise by Q3 2026 Marketing the new Honey Badger 03 Silver starting in Q2 2026 TSX.V: TUF
Slide 18: Acquisition: Transaction Overview
Acquisition Transaction Overview Acquisition of Canadian Zinc Corporation for only C$12M in cash & units (C$0.03/oz AgEq(1)) 100% ownership of Prairie Creek Mine, over 400 Mozs AgEq(1) Planned closing in Q2 2026 Subscription receipt financing of up to C$10M - $0.18 unit (1 common share + 3yr warrant
Slide 19: Appendix
Appendix
Slide 20: Yukon Properties: Plata Project
YUKON PROPERTIES Plata Project Tombstone Gold Belt | Silver–Gold–Antimony–Copper–Tungsten–Base Metals District-scale, polymetallic mineral system in the Tombstone Gold Belt ~30 km from Snowline Gold’s Rogue discovery Past producer with silver grades (>3,000 g/t Ag historically) Project expanded 18%
Slide 21: Yukon Properties: Plata Project New Zones
YUKON PROPERTIES Plata Project Plata Project – New Zones & Polymetallic Discoveries (2025–2026) NEW ZONES DISCOVERED POLYMETALLIC UPSIDE Inferno Zone (NR November 19,2025): Beyond Silver & Gold Silver–gold–lead–zinc mineralization Extensive high-grade antimony, copper & Newly identified zone within
Slide 22: Nunavut Properties: Nanisivik Project
NUNAVUT PROPERTIES Nanisivik Project Past Producer | High-Grade Silver–Zinc–Lead | Near-Surface Upside Location & History New Geophysical Targets (Loupe EM) Located on Baffin Island, Nunavut Multiple strong, untested conductors identified Past producer of >20 Moz silver from 17.9 Mt of Conductors ex
Slide 23: Portfolio of Silver Growth Assets
Portfolio of Silver Growth Assets All 100% owned by Honey Badger minimal to zero holding costs = essentially free options on silver price CLEAR LAKE GROUNDHOG HY YAVA Yukon - Canada Yukon - Canada Yukon - Canada Nunavut - Canada Located: 225km north of Whitehorse. Eighteen high grade Numerous silver
Slide 24: Post-Aurora Silver Acquisition: EV/oz Value Rerating
Post-Aurora Silver Acquisition: EV/oz Value Rerating Company Name Ticker Market Cap (C$M's) Net Debt (C$M's) EV (C$M's) Reported AgEq. Ozs EV / AgEq. Ozs Vizsla Silver TSX:VZLA 2,372.5 (144.5) 2,084.0 361.1 $5.77 AbraSilver Resource TSX:ABRA 1,939.3 (13.7) 1,911.1 350.0 $5.46 Silverco Mining TSXV:SI
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