Honey Badger Discovers New "Canela" Zone in Kilometre-Long Silver-Gold Soil Anomaly at Plata, Yukon

Honey Badger Silver announced the discovery of a new silver and gold target, the "Canela" zone, at its Plata project in the Yukon. The discovery is the first result from the company's 2025 summer exploration program. The Canela zone is defined by a large, east-west trending soil anomaly measuring approximately one kilometre by 450 metres. Soil samples within this anomaly returned values up to 38.6 g/t silver, 0.27 g/t gold, 0.23% lead, and 0.11% zinc. The company's Executive Chairman, Chad Williams, noted that the Canela zone shares similar characteristics to the nearby high-grade Ajo zone and further supports the thesis that Plata has an exceptional mineral endowment. The company plans to release the remaining results from its summer program and conduct follow-up fieldwork, including expected drilling in 2026.

The discovery of the Canela zone is a material and positive development for Honey Badger Silver. It represents the successful execution of their stated 2025 exploration strategy at the flagship Plata project and delivers a tangible, positive result.

• Follow-through on Stated Plans: The company has been building a narrative around Plata's potential since early 2025, particularly its analogy to the adjacent, large-scale Rogue gold discovery by Snowline Gold. News releases from June, July, and August 2025 outlined the start of the summer program, the collection of over 1,000 soil samples and 100 rock samples, and the identification of promising geological features. This news is the first set of results from that program and validates the company's exploration model by identifying a large, new mineralized trend.

• De-risking and Target Generation: While soil sample results are very early-stage and not equivalent to drill intercepts, the size of the anomaly (1 km x 450 m) is significant. It provides a well-defined, large-scale target for follow-up work and future drilling. This moves the project forward from a conceptual stage to one with a concrete target.

• Market Expectations: The news is in line with, or slightly exceeds, expectations. The market was anticipating results from the summer program, and the discovery of a new, named zone is a clear win. However, the grades in soil are not exceptionally high and should be viewed as strong indicators rather than definitive proof of an economic deposit. As such, the news confirms the project's prospectivity but is not a "game-changer" that would warrant a major, immediate re-rating on its own. The market will now await rock sample assays and, more importantly, future drill results.

In the context of the stock's recent correction from its high of $0.30, this positive operational update could help establish a new support level for the share price.

Honey Badger Silver Inc. is a Canadian-based junior exploration company focused on silver. It holds a portfolio of seven projects across the Yukon, Nunavut, and the Northwest Territories. The company's stated strategy is to build a multi-dimensional silver investment vehicle, which includes exploration and development as well as a newly formed royalty subsidiary.

The company's flagship project is the 100%-owned Plata Silver Project in the east-central Yukon. Plata is a historic high-grade silver producer located adjacent to Snowline Gold's major "Rogue" gold discovery. Honey Badger is exploring Plata for two distinct target types: high-grade, Keno Hill-style silver-lead-zinc veins and large-scale, reduced intrusion-related gold systems (RIRGS) similar to Snowline's discovery. The most recent news focuses on this project.