Honey Badger Silver Initiates an Updated Economic Study on Its 100%-Owned PC Silver Mine, NWT, Canada

About this update from Honey Badger Silver Inc.

Toronto, Ontario--(Newsfile Corp. - May 28, 2026) - Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA) (Tradegate: 1QA) ("Honey Badger" or the "Company") is pleased to announce that it has appointed JDS Energy & Mining Inc. ("JDS") to be the lead author of an updated Preliminary Economic Assessment ("PEA") and updated Mineral Resource Estimate ("MRE") on its Prairie Creek Mine ("PC Silver Mine"), located in the Northwest Territories of Canada. Honey Badger Silver expects this PEA and updated MRE to be completed in Q3 2026 and believes the studies could represent major technical and economic catalysts for the Company. The PC Silver Mine is one of the world's highest-grade undeveloped silver-zinc-lead projects and benefits from substantial historical infrastructure and development work, including: The Company believes current metal prices and updated technical assumptions may have the potential to materially enhance project economics relative to prior studies. The last MRE was completed by Global Mineral Resources Services in October 2021[1], and outlined a measured and indicated resource of 9.8 million tonnes grading 139 g/t Ag, 9.7% Zn, and 8.8% Pb and an inferred resource of 6.4 million tonnes grading 150 g/t Ag, 12.9% Zn, and 6.7% Pb using a US$20/oz silver price, a US$1.15/lb zinc price and a US$1.00/lb lead price. Current spot prices of the metals are US$79/oz Ag, US$1.60/lb Zinc and US$0.91/lb lead. Along with JDS Mining, several well-known, experienced, and specialized consultants will be providing input to the study, as shown below.   Ron Halas, Chief Operating Officer commented: "Given the rise in the price of silver and other metals since the 2021 report, combined with the many project advancements completed by prior operators, the time is right to update the MRE and evaluate the current economics of this world-class asset. We believe the updated studies will help better demonstrate the strategic importance and economic potential of the PC Silver Mine. JDS is an excellent choice given its extensive underground mine development and northern Canadian project experience. We are looking forward to working with this team of consultants to advance the PC Silver Mine through these studies and ultimately toward production." Chad Williams, Executive Chairman sai...

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