MDA (TUF 2026 05 04 annual mda english 71c2)

The following is management's discussion and analysis ("MD&A") of the results of operations and financial condition of Honey Badger Silver Inc. (the "Company") for the year ended December 31, 2025, and up to the date of this MD&A. This MD&A should be read in conjunction with the accompanying audited consolidated financial statements for the year ended December 31, 2025, together with the notes thereto (the "Financial Report").

All financial information in this MD&A is derived from the Company's consolidated financial statements prepared in accordance with IFRS Accounting Standards and all dollar amounts are expressed in Canadian dollars unless otherwise indicated

The effective date of this MD&A is May 4, 2026.

The Company is a publicly traded company incorporated in Ontario in 1992. The Company's common shares are listed for trading on the TSX Venture Exchange (the "TSX-V") under the symbol "TUF" and on the OTCQB Venture Market in the United States under the symbol "HBEIF". The Company corporate office is located at Unit 1 - 15782 Marine Drive, Vancouver, BC, V4B 1E6 and the Company's registered and records office is located at 199 Bay Street, Suite 5300, Commerce Court West, Toronto, Ontario, M5L 1B9.

The Company is engaged in identifying, evaluating, acquiring, and exploring silver-based and other metals-based assets, including high-grade properties, and projects with existing mineral resources/reserves and cash-flowing metal royalties and streams. The Company has several projects in Canada.

During the year ended December 31, 2025, and up to the date of this MD&A, the Company completed the following exploration activity:

Yukon Properties

Plata

On July 21, 2025, the Company announced that it had increased its land position at Plata based on newly identified targets derived from a data compilation review of the project area (see press release dated April 15, 2025). The Company identified the presence of highly anomalous silver, zinc, and lead values in government stream sediment data in an underexplored part of the property that was proximal to historically mapped felsic intrusive units that were outside of the claim boundary. Felsic intrusive units in the Plata district are very important and known to host significant gold deposits nearby such as Snowline Gold's Valley Deposit. The new staking was completed and enveloped the historically mapped felsic units as well as the surrounding mountains where the anomalous stream sediment sample would have been sourced from.

Contemporaneous with the new staking, the 2025 exploration program commenced at Plata with the primary goal of collecting soil and rock samples as well as field mapping in several unexplored areas across the property. These areas included:

• Ground that was staked in 2024 over a geophysical anomaly in the south part of the property

• Ground to the east and southeast of the high-grade Ajo zone

• The newly staked ground in the northwest of the property with a focus on the area of potential felsic intrusions and anomalous stream sediment data

  The fieldwork program commenced on July 17th and finished on September 18th. In total, 1027 soil samples and 115 rock samples were collected, along with detailed field observations. The results of the program culminated in the discovery of three new zones and of mineralization that include:

• The Canela Zone - an approximately 1 km long silver-gold-zinc-lead anomaly that returned soil samples with up to 38.6 g/t silver, 0.27 g/t gold, 0.11% zinc, and 0.23% lead. This is the highest known gold-in-soil value at Plata to-date. Canela shares similar characteristics to the nearby high-grade Ajo zone and is open along strike.
• The Pimento Zone - located approximately 2.3 km to the northwest of the high-grade Ajo zone that comprises newly collected rock samples spaced ~500 m apart that returned grades of up to

  0.15 g/t gold, 44.3 g/t silver, 0.14% lead, and 0.39% zinc. This area has never had any documented work completed on it with the nearest historic sample located ~600 m away.

• The Inferno Zone -defined by a large 2.3 x 1 km strong antimony-in-soil anomaly, which overlaps with a broad 1.1 km x 400 m gold-in-soil anomaly that includes in a ~450 x 200 m core of more elevated gold values. The Inferno zone area contains anomalous gold-in-soil results up to 74 ppb. The broad gold anomaly at Inferno also coincides with elevated silver, tellurium, and bismuth values, which in addition to antimony are important pathfinder elements often associated with silver-gold mineralization. Several other soil samples with anomalous gold values were also observed forming a trend along the Plata Thrust Fault that transects the Inferno Zone. The Plata Thrust fault is an important structure elsewhere at Plata and is host to the high-grade Ajo zone. Important field observations from the Inferno zone include the presence of dense sheeted quartz veining with copper sulfides, confirmation of altered felsic intrusions, and broad zones of hornfels alteration in the host rock, likely related to the nearby felsic intrusions. Additional newly staked ground at Inferno:

• Continued review of historic data identified a 2 km long gold-in-soil anomaly on the east side of the Inferno zone with values up to 0.12 g/t gold. Together, with the important field observations from the Inferno zone area from the 2025 fieldwork, an additional 1,546.6 ha of ground was staked to the south of the Inferno zone upon completion of the field program. Honey Badger believes this ground to be highly prospective for silver-gold mineralization and will be a priority follow-up next field season in addition to the newly discovered zones mentioned above.

  The Company will continue to review the new assay data in conjunction with historical drilling, soil and grab samples as well as leverage geophysical and structural data over the winter to prepare for follow-up fieldwork and expected drilling in 2026.

  Plata is located in east-central Yukon within the Tombstone Gold Belt and is a past producing high-grade silver property that produced about 290,000 oz Ag from small-scale, high-grade mining at surface (Carlson, 2010). Ore was mined and flown by fixed wing aircraft to Idaho for processing. Historical exploration work at Plata has primarily focused on the high-grade silver veins on the surface. These are analogous to the rich Keno Hill Silver Mine in the Yukon, one of the highest-grade silver deposits in the world, now operated by Hecla Mining. While the analogy to Keno Hill remains valid, the Company has continued to develop its

  understanding of Plata as part of a larger "Snowline-style" mineralized system. Understanding how Plata may fit into a Reduced Intrusion Related Gold System (RIRGS) adds the potential for a large gold deposit in addition to the high-grade silver and lead potential.

  Nunavut Properties

  Nanisivik Property, Nunavut

  On March 25, 2025, the Company announced it was continuing a comprehensive review of historical exploration and development data from the Nanisivik project, located on Baffin Island, Nunavut. To date, three priority targets have been identified, including the Deb, Ocean View North, and Area 14. A review of historical exploration drilling at the former mine site identified a number of significant drill intersections located outside mined areas (see press release dated March 25, 2025). These discoveries were not followed up at the time due to the focus on production. Thus, each of these represents a priority target, and has the potential with step-out drilling to be the basis of a new economic resource.

  On September 2, 2025, Honey Badger announced an update regarding its exploration program at Nanisivik. The program primarily involved completing a ground geophysical survey (Loupe Electromagnetics or EM) to map the extent of subsurface sulfide mineralization in the Area-14 and Oceanview Target areas, which were recognized as priority targets from the historical data review of the property. Loupe EM is a relatively new, portable, cost-effective ground-based geophysical method that measures conductivity in subsurface rocks. Reconnaissance prospecting and mapping was also completed in the Area-14 region.

  The use of Loupe EM at Nanisivik was an important success, and preliminary interpretations are extremely encouraging. Highlights include:

• The survey positively identified known mineralized areas at both Area-14 and Oceanview

• The survey highlighted strong untested conductors in several locations at both Oceanview and Area-14 that are between or adjacent to known zones of massive sulfide mineralization -these are priority drill targets for 2026

• Massive sulfide mineralization was identified in grab samples collected from large angular boulders interpreted to represent subcrop or locally sourced underlying material from outside the known mineralized area at Area-14; final assays are pending

The Company will continue to review the new Loupe EM data and final assay results when received in conjunction with historical drilling data, as well as pre-existing geophysical and structural data over the winter to prepare for follow-up fieldwork and expected drilling in 2026.

The Nanisivik mine produced over 20 million ounces of silver between 1976 and 2002(3). Over 100 million tonnes of massive sulphide (principally pyrite) (3), were left unmined when the mine closed to depressed zinc and silver prices. Since Nanisivik's closure in 2002, silver and zinc prices are up over 600% and 200%, respectively. In addition, since the mine's closure, a deep-water port has been constructed within only kilometres of Nanisivik, as a result of renewed interest from the governments of both Canada and the United States in developing the Arctic.

Yava Property, Nunavut

On February 24, 2025, the Company announced that based on geological and geophysical criteria, six (6) high priority exploration targets have been identified, comprising two (2) high priority conductors, and 11 lower priority conductors located on the current Raptor claim block and an additional four (4) high priority conductors and 10 lower priority conductors located on the current main Yava claim (and lease) block. These targets have not yet been drill-tested.

The identification of these targets enhances the discovery potential of the Yava Project, where the Company tripled its land position by staking claims over favorable ground shortly after acquiring the property in October 2024.

QUALIFIED PERSON

Benjamin Kuzmich (P.Geo, MSc.), a consultant, is the Company's Qualified Person as defined by NI 43-101, has reviewed and approved the exploration information contained in this MD&A.

The loss for the year ended December 31, 2025 was $2,636,687 compared to $2,127,298 for the year ended December 31, 2024.

During the year ended December 31, 2025, the Company paid or accrued consulting fees of $872,527 (2024 - $760,543) to senior management. The increase in the current period is primarily due to the variance in allocation of certain consulting fees to exploration and evaluation expenditures during the current year, and a reduction of CFO fees resulting from a change in consultants in June 2025, offset by a

$200,000 bonus paid to the Company's CEO.

Exploration and evaluation expenditures for the year ended December 31, 2025 totalled $848,163 compared to $558,293 in the comparative year. In current year, $99,500 relates to consulting fees paid or accrued to the Chief Executive Officer and a director of the Company whereas in the prior period exploration and evaluation expenditures were primarily data interpretation on its Yukon and Nunavut properties. In addition, on October 1, 2024, the Company issued 4,250,000 common shares value at

$340,000 to acquire the Yava project located in Nunavut, Canada.