Honey Badger raises $2.01 million for Yukon exploration

Honey Badger Silver Inc. [TUF-TSXV] has closed the first tranche of a previously announced non-brokered private placement financing, raising $2.01 million.

Funding was raised from the issuance of 9.8 million non-flow-through units priced at 10 cents per NFT unit and 4.93 million common shares that are intended to qualify as flow-through shares as defined in the Income Tax Act (Canada) at purchase price of 13 cents per FT unit.

Each NFT unit consists of one non-flow through common share and one half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share for an exercise price of 15 cents until January 3, 2027, subject to customary anti-dilution adjustments.

Honey Badger shares were active Friday, easing 12% or $0.015 to $0.11. The shares trade in a 52-week range of 21 cents and $0.055.

Honey Badger is a Toronto-based exploration company with projects located in historic silver districts, including the Plata high grade silver project. It is situated 165 kilometres east of the Yukon’s Keno Hill district. The company’s assets also include an expansive interest in the Thunder Bay Cobalt-Silver District in northwestern Ontario.

Honey Badger said it will used gross proceeds from the flow-through offering to fund exploration programs to advance one or more of the company’s properties located in the Yukon, Northwest Territories and Nunavut.

In a press release on June 12, 2025, Honey Badger said it was planning to begin exploration work at the Plata project, which is located in east-central Yukon within the Tombstone Gold Belt and is a past producing high-grade silver prop%erty that produced about 290,000 ounces of silver from small-scale mining of high-grade veins that are exposed at surface. “We believe that we can extend the strike length of the high-grade Aho Zone, where historical drilling intersected an impressive 2,827 g/t silver, 3.65 g/t gold, 2.21% lead and 6.17% zinc over 1.6 metres,’’ the company said.

Honey Badger dded to its portfolio of silver assets in 2023 by agreeing to acquire SSR Mining Inc.’s [SSRM-TSX, NASDAQ, SSR-ASX] Sunrise Lake silver project in the Northwest Territories about 130 kilometres northeast of Yellowknife.

The company said Sunrise Lake contains an historic silver resource of approximately 12.8 million ounces in the indicated category and 13.9 million ounces in the inferred category. “This is a significant step in Honey Badger’s continuing strategy to acquire quality silver projects at a low cost in favourable and low-cost jurisdictions.

The Sunrise Lake deposit is a volcanogenic massive sulphide deposit consisting of a steeply-dipping lens three to four metres thick, 120 metes wide and 190 metres long. The project consists of six contiguous mining leases covering 1,621 hectares.

Under the agreement, SSR Mining is retaining a 4.0% net smelter royalty on any future production from the project.