Honey Badger Silver Inc. reported on exploration results from its road accessible, 100%- owned Groundhog Project ("Groundhog") in south-central Yukon. The Project is located 50 km south of Ross River and approximately 25 km west of the former Ketza Mine, which produced over 57,500 ounces of gold and 33,400 ounces of silver1 from replacement-style manto deposits within a geologic region known as the Ketza Uplift. Groundhog hosts numerous mineralized showings with manto-hosted and fracture-hosted silver-lead-zinc mineralization.

Historical grades range up to 18,120 g/t silver, 85% lead, 23.6% zinc and 5.91 g/t gold, within the Seagull Uplift, a structural environment similar to, and tectonically linked to, the Ketza Uplift". Highlights from the 2022 program include: 2,410 g/t silver, 7.8% copper, 0.27% lead and 0.75% zinc over 0.3 m (Cirque Showing). 2,430 g/t silver, 0.71% copper, 21.3% lead and 6.3% zinc over 0.3m (Cirque Showing); 2,120 g/t silver; 78.6% lead, 0.45% zinc (grab from Foggy Showing).

7 7 g/t silver, 29.2% lead, 24.7% zinc (grab from Foggy Showing); and, 234 g/t silver, 11.7% lead and 3.2% zinc (grab from Rob #1 Showing). Groundhog Program Overview: The 2022 program included the collection of 49 rock samples and 488 soil samples. Figure 2 illustrates anomalous silver rock geochemistry, while Figures 3, 4 and 5 illustrate lead-, silver-, and gold-in-soil geochemistry.

Three main types of mineralization have been discovered on the Groundhog property: veins and breccia zones, replacement (manto) mineralization, and stratiform mineralization. High-grade, silver-lead-zinc Mineralization is hosted in veins and breccia zones that are associated with northwest-trending, steeply dipping structures, found within the Lucky and Sheep trends, and east- to northeast-trending shear zones that cut obliquely across primary structures. Mapping in 2022 showed that gold mineralization is largely constrained to northeast-trending structures.