Honey Badger Silver Announces Completion of Summer Work Program at its Groundhog Property in South-Central Yukon

Toronto, Ontario--(Newsfile Corp. - October 6, 2022) - Honey Badger Silver Inc. (TSXV: TUF) ("Honey Badger" or the "Company") is pleased to announce completion of a summer work program at its wholly-owned Groundhog property in the Yukon. Groundhog is one of three high-grade silver projects acquired by Honey Badger in June of 2021, along with Plata and Hy, that is well situated and displays favourable geology analogous to nearby past producing mines. The Company engaged Archer, Cathro & Associates (1981) Limited, the established leader in Yukon mineral discoveries, to oversee the work program.

The Company is also pleased to report it has received a maximum $22,800 grant allowed under the Yukon Mineral Exploration Program (YMEP) towards funding the Groundhog 2022 program.

Highlights:

• 4,200-hectare wholly-owned property hosting 18 silver-lead-zinc showings;
• Results pending on 49 rock samples and 488 soil samples collected;
• Past rock samples grading up to 13,028 g/t silver, 85% lead, 4.46% zinc and 3.73% copper;
• Road accessible - 10 km east of the South Canol Highway and 30 km west of the former Ketza Gold Mine.

Ed Thorose, President of Honey Badger stated, "This year's program at Groundhog was designed to extend the findings of past explorers. While previous work at Groundhog focused on silver in high-grade galena veins, the potential for larger scale precious and base metal mineralization has not been evaluated. We look forward to having these highly prospective targets advanced while continuing to assess new opportunities within this substantial land package."

Mr. Thorose added, "We are also very appreciative to receive the support and confidence of the Yukon Government and Geological Survey for providing us with funding assistance."

2022 Groundhog Program Overview

The 2022 work program at Groundhog comprised soil sampling and detailed structural and lithological mapping of previously identified showings to understand their extents, character, and structural/stratigraphic relationships relative to each other. The program was completed by a crew of four people from a tent camp.

In all, 49 rock samples, including 11 chip samples were collected from seven showings on the property. In addition, 488 soil geochemical samples were collected on 4 soil grids in the western and south-western parts of the property in areas lacking coverage.

Assay results from the rock and channel sampling program are pending and will be released once they have been received and analyzed by the Company.

Technical information in this news release has been approved by Heather Burrell, P.Geo., a senior geologist with Archer, Cathro & Associates (1981) Limited and qualified person for the purpose of National Instrument 43-101.

ON BEHALF OF THE BOARD
Chad Williams
Director and Non-Executive Chair

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian Silver company based in Toronto, Ontario focused on the acquisition, development and integration of accretive transactions of silver ounces. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. With a dominant land position in Ontario's historic Thunder Bay Silver District and advanced projects in the southeast and south-central Yukon including the Plata property 180 kms to the east of the Keno Hill silver district, Honey Badger Silver is positioning to be a top-tier silver company.

For more information, please visit our website above, or contact:
Ms. Christina Slater: cslater@honeybadgersilver.com
(647) 848-1009

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release and any other information herein that is not a historic fact may be "forward-looking information". Forward-looking information are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", and similar expressions which are intended to identify forward-looking information as such. More particularly and without limitation, this news release contains forward-looking information concerning the proposed acquisition by the Company of the Cachinal Project, the proposed consideration and structure of such acquisition (including the mutual break fee payable in certain circumstances), and the ability of the parties thereto to complete the proposed transaction on the terms and timelines agreed. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company cautions that all forward-looking information is inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including: risks relating to failing to negotiate the definitive documentation concerning the proposed acquisition of Cachinal on the terms expected or at all; risks relating to the potential payment of the break fee in certain circumstances; risks relating to inability to secure necessary third-party consents or regulatory or other governmental approvals on a timely basis, or at all; general political risks and risks relating to changing laws, risks inherent with uncertain economic conditions, among other risks and uncertainties. Accordingly, the reader is cautioned not to place undue reliance on any forward-looking information contained in this news release. The forward-looking information contained in this news release are made as of the date hereof, and the Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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