Honey Badger Identifies Two New Zones: Inferno and Pimento Containing Silver, Gold, Lead, and Zinc at Plata, Yukon

On November 19, 2025, Honey Badger Silver announced the identification of two new mineralized zones, "Inferno" and "Pimento," at its Plata Project in the Yukon. The discoveries are the result of the 2025 summer soil sampling and prospecting program.

• Inferno Zone: A large geochemical anomaly was identified, measuring 2.3 km by 1.0 km for antimony and 1.1 km by 0.4 km for gold. The company notes the presence of copper sulfide-bearing sheeted quartz veins and other geological indicators suggesting the potential for a large silver-gold system. The highest gold value in soil samples was 74 ppb.
• Pimento Zone: This is a new area of silver-gold-lead-zinc mineralization located approximately 2.3 km northwest of the known high-grade Ajo zone. Rock samples returned values up to 44.3 g/t silver and 0.15 g/t gold.

The Executive Chairman, Chad Williams, stated that these zones are high-priority follow-up areas for the 2026 field season, which is expected to include drilling.

This news is a direct follow-up to the November 13, 2025 release which announced the "Canela" zone from the same summer program. Taken together, these releases confirm that the company's fieldwork has successfully identified multiple new target areas at Plata.

The company's strategy since April 2025 has been to highlight Plata's potential for a large "Snowline-style" Reduced Intrusion-Related Gold System (RIRGS), in addition to its known high-grade silver veins. This news supports that narrative by identifying large-scale geochemical anomalies (Inferno) and new mineralized showings (Pimento).

However, as a critical analyst, it's crucial to put this into perspective: - Early Stage: These are surface geochemistry results. Soil and rock chip samples are important early exploration tools but are not definitive indicators of an economic deposit. Values are modest (e.g., 74 ppb gold in soil, 0.15 g/t gold in rock) and do not constitute a discovery. - Expectations Met, Not Exceeded: An exploration company conducting a large sampling program is expected to generate targets. This news confirms the prospectivity of the ground but does not fundamentally de-risk the project. The market was anticipating results from the summer program, and these results are in line with expectations for this stage. - No Drilling: The true test and the primary catalyst for a significant re-rating will be drill results. The company has guided for drilling in 2026, which is still several months away.

The impact is Routine - Positive. It successfully advances the exploration story at the company's flagship project and justifies the capital spent on the summer program. However, it does not represent a material change in the company's valuation until these targets are drill-tested with success. The stock price has already corrected significantly from its September peak of $0.30, suggesting the market is waiting for more substantial results.

Honey Badger Silver is a Canadian junior mineral exploration company focused on high-grade silver projects. It holds a portfolio of seven projects across the Yukon, Nunavut, and the Northwest Territories.

The company's current flagship project is the 100%-owned Plata Project in the east-central Yukon. Plata is located adjacent to Snowline Gold's (TSXV: SGD) major Rogue gold discovery. While the project has a history of small-scale, high-grade silver production (~290,000 oz Ag), Honey Badger is now also promoting its potential to host a large RIRGS, similar to Snowline's discovery. The 2025 exploration program and all recent news flow have been centered on advancing this dual thesis.