Honey Badger Silver Confirms Silver-Bearing Massive Pyrite and Reports Over 500 PPM Germanium at Nanisivik Mine, Nunavut

Honey Badger Silver Inc. (TUF) has released preliminary assay results from its 2026 field exploration program at the 100%-owned Nanisivik Project in Nunavut. The program confirmed two key exploration concepts: silver-bearing massive pyrite systems and germanium enrichment in zinc-lead-silver mineralization. This release serves as a direct follow-up to the July and August 2026 announcements detailing the execution of the 2026 field program at Nanisivik, which targeted massive pyrite and critical mineral potential.

A float sample (E17589) returned greater than 500 ppm germanium, which is the upper reporting limit of the Ge-MS66 method, alongside 54.6% zinc, 5.3% lead, and 178 g/t silver. Selective massive pyrite float samples returned up to 45.3 g/t silver, validating the economic potential of the extensive historical pyrite system.

The company is re-assaying remaining samples for germanium using a specialized process and is compiling historical drill data to build a 3D geological model.

Honey Badger Silver Inc. (TUF) released exploration results on November 5 that provide incremental validation of its critical minerals thesis at the Nanisivik project. The discovery of greater than 500 ppm germanium and high-grade silver in massive pyrite aligns with the strategic pivot announced earlier in the year to evaluate sulfur and germanium upside alongside traditional base metals.

The release confirms the presence of high-value critical metals but stops short of defining a NI 43-101 compliant resource for germanium or pyrite. Metallurgical testing and further drilling will be required to quantify economic potential. As the sampling program was publicly announced in July 2026, the market had already priced in the expectation of assay results, which are consistent with the company's stated exploration targets and historical geological data.

The news does not alter the primary development timeline or capital allocation strategy, which remains focused on the PC Silver Mine in the Northwest Territories. The PC Silver Mine's Preliminary Economic Assessment (PEA) and supporting NI 43-101 technical report were filed in September and October 2026, establishing the near-term valuation anchor.

Honey Badger Silver Inc. (TUF) is a Canadian junior silver and critical minerals company that holds a portfolio of 100%-owned properties across the Northwest Territories, Yukon, and Nunavut. The company’s flagship asset is the PC Silver Mine, also known as Prairie Creek, located in the Northwest Territories. This fully permitted brownfield project features existing infrastructure, including a 1,000 tpd mill, 5 km of underground development, and an airstrip.

A preliminary economic assessment (PEA) for the PC Silver Mine outlines a 22-year life-of-mine operation. The project targets negative All-In Sustaining Costs (AISC) for silver, driven by significant by-product credits from zinc, lead, and copper. The development requires C$647 million in net pre-commercial capital.

Honey Badger Silver also controls secondary assets in various stages of exploration or early development. These include the Nanisivik Project in Nunavut, a past producer with extensive historical pyrite and polymetallic mineralization; the Yava Project in Nunavut; and the Plata and Hy Projects in Yukon.