Honey Badger Silver closes C$11.5M financing

Toronto, Ontario--(Newsfile Corp. - April 15, 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 closed its previously announced brokered private placement offering of subscription receipts of the Company (the " Subscription Receipts ") for aggregate gross proceeds of C$11.5 million (the " Offering "), including the full exercise of the agents' option. The Offering was completed pursuant to an agency agreement with SCP Resource Finance LP, as lead agent and sole bookrunner, on behalf of a syndicate of agents, including Stifel Canada, Research Capital Corporation, and ATB Capital Markets Corp. (collectively, the " Agents "). A total of 71,875,000 Subscription Receipts were issued at a price of C$0.16 per Subscription Receipt.

Each Subscription Receipt will convert into one unit of the Company (a " Unit ") upon satisfaction of the Escrow Release Conditions (as defined herein). Each Unit will consist of one common share of the Company (a " Common Share ") and one Common Share purchase warrant (a " Warrant "). Each Warrant will entitle the holder to acquire one additional Common Share (each, a " Warrant Share ") for a period of three years following the closing of the Acquisition (as defined herein), at an exercise price of C$0.24 per Warrant Share.

CEO Commentary Chad Williams, Executive Chairman of Honey Badger, commented: "We are very pleased to have successfully closed this financing, which reflects strong investor confidence in Honey Badger's strategy and the transformative nature of the Prairie Creek acquisition. With this capital in place, we are well-positioned to complete the acquisition and advance what we believe is one of the most compelling high-grade silver development opportunities globally. We are also extremely happy with the quality and breadth of investors in this offering.

Many insiders and Company advisors purchased well over 10% of the total amount placed, thereby demonstrating conviction in Honey Badger's future. Long-standing supporters and globally important investors also figured prominently in the investor roster." Proceeds to Advance Transformational Prairie Creek Acquisition The net proceeds of the Offering will be used to fund the cash portion of the purchase price for the previously announced acquisition (the " Acquisition ") by Honey Badger of all of the issued and outstanding shares of Canadian Zinc Corporation, the owner of the Prairie Creek Project (the " PC Silver Project " or the " Project "), from Resource Capital Fund VI L.P, and for expenses related to the Acquisition. As previously announced, the Acquisition is expected to close in Q2 2026, subject to customary closing conditions, including acceptance by the TSX Venture Exchange (" TSXV ").

The PC Silver Project is a permitted 1  underground silver-zinc-lead project located in the Northwest Territories, hosting a large, high-grade historical resource base with significant existing infrastructure. Escrow and Conversion Mechanics The gross proceeds of the Offering, less certain expenses payable to the Agents and 50% of the Agents' fees, have been deposited into escrow with a subscription receipt agent pending satisfaction of the escrow release conditions (the " Escrow Release Conditions "), which include the completion, satisfaction or waiver of all conditions precedent to the closing of the Acquisition other than the payment of the purchase price and receipt of final approval of the TSXV. If the Escrow Release Conditions are satisfied on or before June 15, 2026 (the " Escrow Release Deadline "), the escrowed funds (less the balance of the Agents' fees) will be released to the Company and the Subscription Receipts will automatically convert into Units.