Honey Badger Initiates Detailed Study on Plata Silver Project Driven by Recent High-Grade Results

TORONTO, March 10, 2022 - Honey Badger Silver Inc. (TSX-V: TUF) (OTCQB: HBEIF) ("Honey Badger" or the "Company") is pleased to announce that it has engaged Archer, Cathro & Associates (1981) Limited ("Archer Cathro") to complete a comprehensive 3D geological modeling study to develop and refine targets at its 100%-owned, 5,690 hectare Plata Silver Property ("Plata") located in east-central Yukon. Recent analysis has revealed compelling target areas for follow-up and results of this work will be released in the coming weeks as interpretations are finalized.

This study was commissioned following the very encouraging results returned from the Company's 2021 Field Program at Plata, which returned Keno Hill style high-grade silver-lead-zinc values from a number of prospects that were sampled and mapped (see below for highlights). Keno Hill, located 165 km west of the Plata Silver Property, is Canada's second largest primary producer of silver with more than 200 million ounces of silver produced at an average grade of 44 ounces per ton (oz/t) between 1913 and 1989⁽¹⁾. In the first quarter of 2021, Alexco Resource Corp., who own and operate the majority of the historic Keno Hill silver district, recommenced concentrate production and shipments and are currently advancing Keno Hill to commercial production. Archer Cathro geologists have noted remarkable similarities between the Plata and Keno Hill districts.

Commenting on the study, Chairman Chad Williams stated, "Plata has produced high-grade silver from small-scale mining in the past and currently hosts 32 showings⁽²⁾, many of which have returned high-grade silver, lead and zinc values, from drilling and trenching. My site visit to Plata last summer served to highlight the great potential of this property and we are delighted to be partnered with Archer Cathro, a highly regarded and sophisticated group of geoscientists that have had tremendous success in the Yukon over the past forty years. We look forward to leveraging their deep knowledge to identify the most prospective targets at Plata and in planning our Summer 2022 program."

The 3D geological modeling study will incorporate historical drilling and channel sampling data, as well as soil geochemistry data and information derived from several iterations of geological and structural mapping conducted on the property. The objective of the program will be to obtain an improved understanding of structural and lithological controls on mineralization and identify and prioritize areas for follow-up work and drilling.

The following is a recap of highlights from the 2021 Plata Summer Work Program:

• Assays received confirmed the presence of Keno Hill-style high-grade silver including:
  • 16,887 g/t silver and 67.99% lead from a rock sample (float) at the P1 Zone, 4,300 g/t silver, 22.00% zinc and 46.40% lead over 1.0 metre from a channel sample at the P2 Zone and 2,720 g/t silver, 72.63% lead from a rock sample (outcrop) at the P26 Zone associated with Type I veins;
  • 4,500 g/t silver, 7.26 g/t gold and 24.13% lead over 0.85 metres from the Aho Zone, which extends over 800 metres along strike, associated with Type II veins;
  • 5,190 g/t silver, 4.24 g/t gold, 24.4% lead and 3.62% zinc- obtained from composite grab samples from approximately 90 historic ore bags.
• The property hosts 32 hard rock showings that have seen minimal past exploration as well as eight strong multi-element soil anomalies suggesting additional zones along trend that have seen little to no follow-up work, which offer excellent potential for new discoveries.
  

For further details of the 2021 summer program, please see the Company's news releases of December 13, 2021, January 18, 2022 and February 14, 2022 available on its website at www.honeybadgersilver.com.

Sampling Methodology

All analyses of rock samples from the 2021 program at Plata were performed by ALS Minerals with sample preparation in Whitehorse and assays and geochemical analyses in North Vancouver. Rock samples were routinely analyzed for gold by fire assay followed by atomic absorption (Au-AA24) and 33 other elements by four acid digestion with inductively coupled plasma-atomic emission spectroscopy analysis (ME-ICP61). Samples that exceeded the detection limits of the routine methods were assayed for silver, lead and zinc by inductively coupled plasma-atomic emission spectroscopy (Ag/Pb/Zn - OG62). Samples with greater than 30% lead were further analyzed by titration (Pb-VOL70). Samples that exceeded the detection limits using Au-AA24 for gold and Ag-OG62 for silver were analyzed using fire assay and gravimetric finish techniques (Au-GRA22 and Ag-GRA21). Silver samples that exceeded 10,000 ppm were further analyzed by fire assay and gravimetric finish (Ag-CON01).

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

Notes:

(1) Cathro, R.C., 2006, Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory; Geoscience Canada, Vol.33, No.3, pp103-134.
(2) Assessment Report Describing Compilation and Digitization of Historical Data of the Plata Property, prepared by Archer, Cathro & Associates (1981) Limited for Strategic Metals Ltd., J. Morton, P. Geo., June 2020

ON BEHALF OF THE BOARD

Chad Williams
Chairman and Director

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 is positioning to be a top-tier silver company.

https://honeybadgersilver.com

For more information, please visit our website above, or contact:

Christina Slater: cslater@honeybadgersilver.com
(647) 848-1009

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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 historical fact may be "forward-looking information".

Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. 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.