Honey Badger Silver Highlights Significant Sulphur-Rich Pyrite Zone and Investigates Germanium Potential at Nanisivik

Honey Badger Silver Inc. (TUF) has highlighted extensive, massive pyrite mineralization at its 100%-owned Nanisivik Silver Project in Nunavut. The company is investigating germanium potential in existing and new zones, citing rising sulphur and germanium prices as market drivers. Historical, non-compliant estimates suggest 50 to 100 million tonnes of massive pyrite in the South Boundary Zone and North Pyrite Zone, requiring verification via confirmatory drilling and sampling.

In 2025, Loupe EM surveys identified new conductive targets at Area 14 and Oceanview, interpreted as potential extensions of known mineralization. Prospecting grab samples from Area 14 returned grades up to 249 g/t silver and 51.5% zinc. Work plans include imminent on-site evaluation of massive pyrite zones, follow-up on high-grade grab samples, and analysis of samples for critical metals like germanium.

The announcement does not constitute a new NI 43-101 resource estimate or a material economic catalyst.

The company highlighted potential optionality related to greater than 500% sulphur price increases and germanium potential, though these claims lack quantified economic impact or metallurgical testing results. Historical pyrite estimates are explicitly non-compliant and require significant capital to verify, meaning near-term impact on cash flows or valuation is minimal.

The news reinforces the company's exploration thesis but does not change the fundamental development timeline or capital requirements for the flagship PC Silver Mine.

Honey Badger Silver Inc. (TUF) is a junior silver explorer with a portfolio of 100%-owned projects located in Canada’s Nunavut, Northwest Territories, and Yukon. The company’s flagship asset is the Prairie Creek (PC) Silver Mine in the Northwest Territories, which it acquired in April 2026 for C$12M. PC Silver is a fully permitted, brownfield legacy site featuring existing underground development and a mill, alongside advanced permitting status. Historical resources at the site total 9.8M tonnes of measured and indicated resources grading 139 g/t Ag, 9.7% Zn, and 8.8% Pb.

In addition to its flagship project, Honey Badger Silver holds interests in several other assets, including the past-producing Nanisivik mine in Nunavut, as well as the Plata, Hy, Sunrise Lake, Clear Lake, Groundhog, and Yava projects in the Yukon and Nunavut. The company is currently transitioning from pure exploration to development, focusing on bringing the PC Silver mine to production while simultaneously advancing exploration at Nanisivik and Plata.