Eric Sprott Announces Changes to His Holdings in Honey Badger Silver Inc.

On May 15, 2026, Honey Badger Silver disclosed that legendary resource investor Eric Sprott, through 2176423 Ontario Ltd., acquired 8,500,500 common shares at an average price of $0.72 per share, totaling $6.12 million. This purchase increased Sprott’s beneficial ownership from approximately 2.7% to 8.2% on a non‑diluted basis and to 10.1% on a partially‑diluted basis (triggering an early warning filing). Combining the newly acquired shares with 5,000,000 subscription receipts and 3,333,333 share purchase warrants already held, Sprott’s potential stake will reach 17,778,695 shares and 8,333,333 warrants after conversion — representing about 7.8% non‑diluted and 11.1% partially‑diluted. The filing states the shares were acquired for investment purposes with a long‑term view.

Sprott’s purchase is a clear signal of confidence in Honey Badger’s future, coming just weeks after the company closed the transformative acquisition of the fully permitted, high‑grade Prairie Creek Silver Project. While Sprott has been a shareholder since at least mid‑2025 (he invested C$500,000 in the July 2025 placement), this is a quantum‑leap increase — from a passive stake to a near‑10% ownership that makes him one of the largest single shareholders.

The premium paid ($0.72) relative to the private‑placement prices used to fund the Prairie Creek acquisition ($0.16 subscription receipts, $0.24 warrants) underscores his belief that the shares are undervalued even after the recent rally. At the time of the filing, the stock was trading at $0.92, so the acquisition — whether through open market or a pre‑arranged block — was done at a modest discount to market but well above any insiders’ cost bases. This kind of strategic, sizeable investment typically attracts attention from institutional and retail investors alike, tightening the share float and validating the company’s pivot to a near‑term development story. Given the historic resources at Prairie Creek (240 Moz AgEq M&I, 167 Moz Inferred), Sprott’s move hints that he sees a re‑rating toward developer multiples.

Crucially, the purchase is not a first‑time investment, so it does not meet the strict “game‑changer” criteria, but it is still materially positive because it provides a strong endorsement from one of the sector’s most respected names and reduces the perceived risk of future financings.

Honey Badger Silver Inc. is a Canadian silver exploration and development company with a portfolio of seven projects in the Yukon, Northwest Territories, and Nunavut. Its flagship asset, acquired in April 2026, is the Prairie Creek (PC) Silver Project in the Northwest Territories — a past‑producing, fully permitted silver‑zinc‑lead mine with existing underground infrastructure, a mill, an airstrip, and seasonal road access. Historic resources (not NI 43‑101 compliant) stand at: - Measured & Indicated: 9.8 Mt at 139 g/t Ag, 9.7% Zn, 8.8% Pb (240 Moz AgEq at 766 g/t AgEq) - Inferred: 6.4 Mt at 150 g/t Ag, 12.9% Zn, 6.7% Pb (167 Moz AgEq at 813 g/t AgEq)

The project also has significant critical‑mineral potential, with recent discoveries of germanium (up to 316 ppm), tungsten, and indium. Impact and Benefit Agreements are in place with local Indigenous governments.

Other notable assets include: - Plata (Yukon): High‑grade gold‑silver‑antimony‑copper‑tungsten target adjacent to Snowline Gold’s Rogue deposit; multiple new zones discovered in 2025. - Clear Lake (Yukon): Historic VMS deposit with a 2010 NI 43‑101 inferred resource of 7.76 Mt @ 22 g/t Ag, 7.6% Zn, 1.08% Pb; drill‑ready targets identified via VTEM survey. - Nanisivik (Nunavut): Past‑producing mine with massive sulfide potential; high‑grade historic drill intercepts. - Hy, Sunrise Lake, Groundhog: Early‑stage silver and base‑metal projects.