Honey Badger Silver Completes Exploration Program At Plata Silver Project

Toronto, August 24, 2023 - Honey Badger Silver Inc. (TSXV: TUF) ("Honey Badger" or the "Company") is pleased to provide an update on its ongoing exploration work at its wholly owned Plata Silver Project, Yukon. The project is located in eastern Yukon, adjacent to Snowline Gold Corp.'s Rogue Project. Field work completed this year was undertaken by a crew contracted from Archer Cathro & Associates (1981) Limited and included prospecting, geological mapping, and geochemical sampling. A total of 308 soil and 56 rock chip samples were collected and are being assayed. Assay results will be released when they have been received and interpreted. The objective of this year's field program was to further define the exploration targets at Plata and to define drill targets for future testing.

The Company's CEO, Dorian L. (Dusty) Nicol, commented, "We remain very excited about the exploration potential at our Plata Project. Our confidence in Plata's potential has been fueled by recent announcements by Snowline Gold Corp. from their Rogue Project, adjacent to Plata. Our geologic mapping this year continues to identify mineralization in a geologic setting similar to Rogue, associated with structures that provided pathways for mineralizing fluids from intrusions. We look forward to receiving the assay results from this season's sampling so that we can interpret them and plan the next steps of work. Meanwhile, the field crews have mobilized to our Groundhog and Clear Lake projects."

Multiple new zones of mineralization were observed during the program, associated with previously identified soil geochemical anomalies. Mineralization observed comprised sulphides and iron oxides associated with silicification and quartz-veining. Field observations will be collated with assay data when they become available. This will lead to recommendations for the next phase of work on this project.

The map below shows the location of the Company's Plata Project in relation to Snowline Gold Corp.'s Rogue Project, where significant gold mineralization is being discovered, including a drill intercept of 553.8 metres of 2.48 g/t Au, beginning from surface (Snowline Gold News Release dated August 3, 2023). Mineralization at Rogue is associated with Cretaceous-age intrusive rocks that comprise the Tintina Belt of gold deposits, including the Fort Knox in Alaska and Eagle deposits near Mayo in Yukon. The geologic setting at Plata is similar, with evidence of intrusive rocks of the same age and fracture and vein style mineralization.

Figure 1: Plata Silver Project

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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 (QP) for the purpose of National Instrument 43-101.

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian silver company based in Toronto, Ontario, that is 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 significant land holdings in southeast and south-central Yukon, including the Plata property 180 kms to the east of the Keno Hill silver district, as well as Ontario's historic Thunder Bay Silver District, Honey Badger Silver is positioning to be a top-tier silver company.

ON BEHALF OF THE BOARD

Dorian L. (Dusty) Nicol, President & CEO

For more information please visit our website www.honeybadgersilver.com or contact Ms. Michelle Savella for Investor Relations | msavella@honeybadgersilver.com | +1 (604) 828-5886

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. Forward-looking information in this news release includes statements regarding: the structure and anticipated benefits of completing the acquisition of the Cachinal Project (including historical resource estimate and possible positive effects on cash-flow); and any other information herein that is not a historical fact may be "forward-looking information". Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company's public documents filed on SEDAR (www.sedar.com) under Honey Badger's issuer profile. 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.

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