Honey Badger Silver Closes Transformative Acquisition of the Important PC Silver Project in the Northwest Territories

Honey Badger Silver closed the acquisition of Canadian Zinc and 100% ownership of the high‑grade, fully permitted PC Silver Project, funded primarily by a brokered subscription receipt offering. The company raised C$11.5M (71,875,000 subscription receipts at $0.16) whose proceeds funded the C$10M cash purchase (plus 12.5M units issued as consideration). All subscription receipts converted into units with warrants exercisable at C$0.24 for three years; issued shares/warrants remain subject to a statutory four‑month hold until August 16, 2026. The deal materially increases Honey Badger’s silver exposure and development optionality, positioning it as a more direct play on silver; however, near‑term shareholder dilution from vendor units and warrants and TSXV final approval are key variables. Overall market implication is pro‑silver and positive for Honey Badger’s equity story, subject to financing execution and project development execution.