Honey Badger Silver and Monetary Metals Form Strategic Partnership to Generate Silver Yield

The most recent news, dated October 14, 2025, announces a strategic partnership between Honey Badger Silver Inc. and Monetary Metals & Co., a company specializing in gold and silver-denominated fixed-income investments. This collaboration is described as a key step in Honey Badger's strategy to develop a multi-dimensional silver investment vehicle, building upon the creation of its wholly-owned subsidiary, Honey Badger Silver Royalty Inc. (HBSR) in November 2024.

Under this partnership, Honey Badger will deploy the physical silver earned from its future royalty and streaming portfolio into Monetary Metals' silver lease and bond programs. The primary objective is to generate additional yield in physical silver, allowing Honey Badger to compound its silver exposure (own silver, earn silver, reinvest it) and support the broader silver supply chain. This makes Honey Badger an active participant in Monetary Metals' gold and silver yield marketplace. Chad Williams, Executive Chairman & Interim CEO, stated that this partnership is a logical step in executing the long-term vision and transforming future silver income into a compounding source of additional silver yield.

This partnership represents a non-material positive development for Honey Badger Silver. It aligns directly with the company's stated strategy of evolving into a multi-dimensional silver investment vehicle and capitalizing on a projected bull silver market, a vision articulated since the formation of HBSR in November 2024. The ability to generate additional yield in physical silver from future royalties, rather than immediately selling it, could enhance long-term shareholder value by compounding silver exposure.

However, the immediate financial impact is not material because: 1. Prospective Nature: The benefits are entirely dependent on "future royalty and streaming portfolio" income. Honey Badger is currently an exploration company with no producing assets, so there is no immediate silver production or royalty income to deploy. 2. Lack of Quantification: No specific financial projections or expected yields are provided. The actual compounding effect will depend on the terms of Monetary Metals' programs and the quantity of silver available to deploy. 3. Exploration Focus Remains Primary: While strategic for the royalty arm, this news does not address the core business of exploration and proving up resources, which is the primary driver of value for a junior mining company. Recent exploration results (e.g., Nanisivik, Plata) are more impactful in the short term.

Therefore, while a positive strategic move that could benefit the company in the long run as its projects advance, it does not have an immediate material impact on the company's valuation or operational outlook. It's a step towards realizing a long-term vision, rather than an immediate value driver.

Honey Badger Silver Inc. (TSXV: TUF, OTCQB: HBEIF) is a Canadian mineral exploration company focused on consolidating a portfolio of high-quality silver assets in favorable jurisdictions. The company's strategic vision, particularly under the leadership of Executive Chairman Chad Williams and Interim CEO Chad Williams, is to build a multi-dimensional silver investment vehicle, incorporating both exploration-stage mineral deposits and a cash-flowing silver royalty and streaming business through its subsidiary, Honey Badger Silver Royalty Inc. (HBSR). The company actively seeks to acquire accretive silver projects at low cost and employs innovative techniques like AI in its exploration efforts.

Flagship Projects & Key Developments:

1. Nanisivik Project (Nunavut):

   • 100%-owned, covering a former mine that produced over 20 million ounces of silver from 17.9 million tonnes of ore (1976-2002) at grades of 9% zinc, 0.72% lead, and 35 g/t silver.
   • An estimated 100 million+ tonnes of unmined massive sulphides (primarily pyrite) containing anomalous base metal and silver values were identified historically.
   • The company has recently identified high-priority targets (Deb, Ocean View North, Area 14) with significant historical silver and zinc intercepts.
   • A new subcropping massive zinc-lead sulphide mineralization was discovered at Area 14 in September 2025.
   • The project benefits from a deep-sea port under construction nearby and renewed government interest in Arctic development, potentially enhancing the value of critical minerals (germanium, gallium, indium) and the massive pyrite bodies for industrial use.
   • Land position was expanded in October 2024 and March 2025.

2. Plata Project (Yukon):

   • 100%-owned, a historic high-grade silver producer (approximately 290,000 ounces of silver from small-scale mining).
   • Analogized to the rich Keno Hill silver mine and, more recently, to "Snowline-style" Reduced Intrusion-Related Gold System (RIRGS) mineralization, adjacent to Snowline Gold's Rogue project.
   • The company has strategically expanded its land position in March and July 2025 to cover potential extensions of RIRGS targets and historical mineral showings.
   • The 2025 summer field program, completed in August 2025, identified additional "sheeted vein" systems and expanded known zones, with assay results pending.

3. Yava Project (Nunavut):

   • Acquired in October 2024 from Blue Moon Metals Inc. for 4.25 million shares (CAD$340,000).
   • Hosts a historical resource (not NI 43-101 compliant) of 1.3 million tonnes grading 4.96% Zn, 1.03% Cu, 1.60% Pb, 3.42 oz/ton Ag, and 0.008 oz/ton Au.
   • The land position was tripled shortly after acquisition in October 2024.
   • High-priority geophysical conductors (R-6, R-9, M-1, M-2, M-3, M-6) have been identified, interpreted as extensions of the Yava Main zone mineralized horizon. The project is situated on the same belt of volcanic rocks as Glencore's Hackett River project (45 km away), which holds significant silver resources.

4. Clear Lake Project (Yukon):

   • Acquired in March 2022. It is subject to a 1% Net Smelter Return (NSR) royalty on all metals other than silver.
   • Hosts a historical inferred resource (2010 SRK) of 7.76 million tonnes at 22 g/t Ag, 7.6% Zn, and 1.08% Pb (equivalent to 5.5 million ounces of silver and 1.3 billion pounds of zinc).
   • Three new high-quality, drill-ready target areas near the historic resource were identified in June 2025, with geophysical signatures similar to the main deposit.

5. Sunrise Lake Project (Northwest Territories):

   • Acquired in October 2023 from SSR Mining Inc. for zero cash, subject to a 4% NSR, with half (2%) buyable for US$10 million prior to construction.
   • Hosts historical indicated resources of 12.8 million ounces of silver and inferred resources of 13.9 million ounces of silver (from a 2003 estimate by RPA).

The company's approach involves both direct exploration on its properties and a royalty business to capitalize on broader silver market trends.