Honey Badger Non-Brokered Private Placement Upsized to C$2.25 Million on Strong Demand

On December 31, 2025, Honey Badger Silver Inc. announced it has upsized its previously announced non-brokered private placement from C$1.5 million to C$2.25 million due to "strong demand." The financing consists of units priced at C$0.18. Based on the initial announcement on December 29, each unit likely includes one common share and one-half or one full purchase warrant (the Dec 31 release is less specific on the warrant split than the Dec 29 release, which noted a C$0.23 exercise price for 36 months). Insiders are participating in the placement. Funds are earmarked for advancing the company’s silver projects and general working capital.

• Access to Capital: In a difficult market for junior miners, upsizing a financing by 50% during a holiday week is a significant indicator of backer support. Securing C$2.25 million provides the necessary runway for the 2026 exploration season at Plata and Nanisivik.
• Valuation Floor: The C$0.18 price point establishes a definitive near-term support level. While it represents a slight discount to the recent C$0.21 market price, it is higher than the C$0.10–C$0.13 levels seen in early 2025, indicating an upward shift in the company’s base valuation.
• Insider Confidence: Continued participation by insiders (including Executive Chairman Chad Williams) suggests management is "all-in," though it also increases the concentration of control, which can be a double-edged sword for minority shareholders.
• Strategic Pivot: The timing of this raise follows the December 23 announcement of a silver-yield partnership with Monetary Metals. The capital likely facilitates the transition from a pure explorer to a "multi-dimensional silver investment vehicle."

Honey Badger Silver is a Canadian explorer focused on silver-dominant assets. - Flagship Project: Plata Project (Yukon), located adjacent to Snowline Gold’s Rogue discovery. Recent work has identified "Rogue-like" reduced intrusion-related gold systems (RIRGS) and high-grade silver veins. - Secondary Project: Nanisivik (Nunavut), a past-producing silver-zinc mine. The company is evaluating unmined massive sulphides and critical minerals (Germanium/Gallium). - Business Model: Recently added a "Silver Royalty" and "Yield" component, aiming to earn physical silver interest (12% yield) on stored metal.