Honey Badger Silver Inc. announced that on October 16, 2023, it signed a Purchase Agreement with SSR Mining Inc. ("SSR") to acquire 100% of SSR's Sunrise Lake Silver Project ("Sunrise Lake") in the Northwest Territories. Sunrise Lake contains a historic silver resource of approximately 12.8 million ounces in the Indicated category plus 13.9 million ounces Inferred. This is a significant step in Honey Badger's ongoing strategy to acquire quality silver projects at low cost in favorable and low-risk jurisdictions.

Terms of the acquisition are that the Company is acquiring Sunrise Lake for zero cash consideration. SSR will retain a 4% net smelter royalty (NSR) on any future production from the project. Half (2%) of this NSR can be purchased by Honey Badger at any time prior to commencement of construction at the project for USD10 million, but the Company has no obligation to do so.