Honey Badger Silver Samples up to 279 g/t Silver, 5.82% Copper, & 0.83 g/t Gold and Identifies Multiple New Mineralized Occurrences at Its Yava Project, Nunavut

Honey Badger Silver confirms high-grade silver and copper at Yava, expanding exploration targets.

What the company is saying

Honey Badger Silver Inc. (TSXV:TUF, OTCQB:HBEIF, FSE:1QA) is emphasizing the technical success of its first-ever field program at the 100%-owned Yava Project in Nunavut, highlighting confirmation of high-grade silver and copper mineralization at the historic Main Zone. The company frames Yava as a meaningful asset within a broader portfolio of seven silver projects, while reiterating that its primary focus remains advancing the PC Silver Mine toward production. Executive Chairman Chad Williams and Vice-President of Exploration Andrew Jedemann both stress the significance of the new discoveries and the potential for further value creation through targeted exploration. The announcement is confident in tone, underscoring the rapid progress made with only five days of fieldwork and the identification of multiple new mineralized zones. The company also acknowledges the historical underexploration of Yava and positions the new results as a foundation for future drilling and potential resource upgrades. The narrative is forward-leaning, suggesting that the broader project portfolio offers long-term value and multiple avenues for shareholder upside.

What the data suggests

The company collected 146 rock samples during a five-day August 2026 field program at Yava, with grab samples from the Main Zone returning up to 279 g/t silver, 5.82% copper, 0.83 g/t gold, 0.60% zinc, and 0.32% lead. New mineralized zones were identified at the R-12, M-9, M-10, and South Zone targets, with specific results including up to 0.25% Zn and 0.18% Cu over a ~70 metre zone at R-12, 0.70% Cu, 16.4 g/t Ag, and 0.24% Zn at M-10, and 0.39% Cu, 38.2 g/t Ag, and 0.34% Zn near the South Zone. The Yava Project covers 5,218 hectares and a 16-kilometre prospective trend, with historical drilling at the Main Zone showing 40.1 metres grading 67.53 g/t silver, 1.1% copper, 3.73% zinc, 0.54 g/t gold, and 0.36% lead. A non-compliant historical resource estimate exists for 1.3 Mt at 106.8 g/t silver, 1.03% copper, 4.96% zinc, 1.60% lead, and 0.30 g/t gold, based on about ten shallow drill holes from 1974–1975. The current results confirm high-grade polymetallic mineralization but do not establish a compliant resource or economic case. The technical disclosure is detailed, but the evidence is limited to surface and shallow subsurface sampling, with no new drilling or resource update yet completed.

Analysis

The announcement provides detailed and specific assay results from the company's first exploration program at the Yava Project, including grades, sample counts, and historical context. These realised facts are clearly disclosed and support the claim of technical progress. However, the release also contains several forward-looking statements about potential value creation, future drilling, and strategic options, none of which are yet realised or committed. The language around 'meaningful value,' 'multiple opportunities for long-term value creation,' and 'potential avenues' inflates the narrative beyond the immediate technical results. No resource is NI 43-101 compliant, and there is no disclosure of economic studies, budgets, or capital outlays for Yava, so the capital intensity flag is false. The benefits of this program are long-term, as further work (including drilling and resource verification) is required before any economic value can be realised. Overall, the technical disclosure is solid for an early-stage explorer, but the narrative overstates the immediacy and certainty of value creation.

Risk flags

• ●The historical resource estimate for Yava is not NI 43-101 compliant, has not been verified by Honey Badger Silver, and is based on limited shallow drilling from the 1970s, which introduces significant uncertainty about the true scale and continuity of mineralization.
• ●The current results are based on selective grab samples and short-duration fieldwork, which may not be representative of average grades or the overall mineral endowment, increasing the risk that follow-up drilling could yield less favorable results.
• ●No economic studies, budgets, or development plans have been disclosed for Yava, and the company’s stated primary focus remains on the PC Silver Mine, raising the risk that Yava may not receive sustained exploration funding or attention.
• ●All forward-looking value claims for Yava and the broader portfolio are contingent on future exploration success, joint ventures, or transactions, none of which are currently committed or scheduled, making the pathway to value realization highly speculative.

Bottom line

Honey Badger Silver’s first field program at the Yava Project has confirmed high-grade silver and copper mineralization and identified multiple new targets, expanding the project's exploration potential. The technical results are strong for an initial campaign, with grab samples returning up to 279 g/t silver and 5.82% copper, but these are early-stage findings with no compliant resource or economic assessment yet in place. The company’s narrative is credible on the technical side but leans heavily on forward-looking statements about value creation and portfolio upside, none of which are supported by current development or funding commitments. Investors should recognize that all value from Yava is long-term and contingent on further drilling, resource verification, and possible partnerships. The most important takeaway is that Yava is now a technically validated but still early-stage asset within Honey Badger’s portfolio, with significant work required before any economic value can be realized.

Announcement summary

(TSXV:TUF) (OTCQB:HBEIF) (FSE:1QA) Honey Badger Silver Inc. announced assay results from its first-ever exploration program at its 100%-owned Yava Project, Nunavut. The company confirmed high-grade silver and copper mineralization at the historic Main Zone, with grab samples returning up to 279 g/t silver, 5.82% copper, 0.83 g/t gold, 0.60% zinc, and 0.32% lead. Multiple new mineralized areas were identified at the R-12, M-9, M-10, and South Zone target areas, expanding the number of prospective targets. The Yava Project covers 5,218 hectares and hosts an approximately 16-kilometre prospective geological trend. Historical drilling at the Main Zone included 40.1 metres grading 67.53 g/t silver, 1.1% copper, 3.73% zinc, 0.54 g/t gold, and 0.36% lead. The 2026 program consisted of a five-day prospecting campaign, collecting 146 rock samples, with gold values ranging from less than 0.001 g/t to 0.839 g/t, silver from less than 0.01 g/t to 279 g/t, copper from 1.2 ppm to 5.82%, lead from 1.7 ppm to 3,240 ppm, and zinc from 11 ppm to 6,080 ppm. New mineralization at the R-12 EM target included a ~70 metre long zone of elevated zinc and copper values up to 0.25% Zn and 0.18% Cu, and at the M-10 EM target, a grab sample returned up to 0.70% copper, 16.4 g/t silver, and 0.24% zinc. Near the South Zone EM target, samples returned up to 0.39% Cu, 38.2 g/t Ag, and 0.34% Zn. The historic Main Zone was previously tested by limited shallow drilling to approximately 80 metres vertical depth. Yava hosts a non-compliant historical resource estimate of 1.3 Mt grading 106.8 g/t silver, 1.03% copper, 4.96% zinc, 1.60% lead, and 0.30 g/t gold, defined by approximately ten shallow drill holes completed in 1974 and 1975. The company’s primary development priority remains the PC Silver Mine in the Northwest Territories, but it maintains a portfolio of seven additional mineral projects, including Yava. The 2026 field program was led by APEX Geoscience, with samples processed by ALS Canada Ltd. in Yellowknife and ALS Vancouver. Final assay certificates were issued on September 11, 2026. The scientific and technical information was reviewed and approved by Andrew Jedemann, M.Sc., P.Geo., Vice President Exploration of the company.

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