Silver Bear Provides Correction to Press Release Dated 13 January 2021

January 14, 2021

14 January 2021 – Toronto, Ontario – Silver Bear Resources Plc (“Silver Bear” or the “Company”) (TSX: SBR) provides the following correction to its press release dated 13 January 2021 (the “Initial PR”): the information contained in the Initial PR with respect to the maturity dates of certain components of Tranches F, G, H and I of the Facilities Agreement issued by Inflection Management Corporation Limited (“Inflection”) from 31 July 2021 and 20 September 2022, as applicable, should be to 1 January 2023 and not to 20 March 2023. This correction does not change any other information reported in the Initial PR. The complete, corrected release is as follows:

On 13 January 2021 the Company announced, effective as of 31 December 2020, it has further amended its existing facilities agreement (the “Facilities Agreement”) with Inflection, a major shareholder of the Company, and Unifirm Limited, an affiliate of A.B. Aterra Resources Ltd., also a major shareholder of the Company. The amendments to the Facilities Agreement (the “Facilities Agreement Amendments”) extend the maturity dates of certain components of Tranches F, G, H and I of the Facilities Agreement issued by Inflection from 31 July 2021 and 20 September 2022, as applicable, to 1 January 2023. The Facilities Agreement Amendments have been conditionally approved by the Toronto Stock Exchange.

The Facilities Agreement Amendments are a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) because Inflection is a related party of the Company, as its major shareholder. Pursuant to Section 5.7(1)(f) of MI 61-101, the Company is exempt from obtaining approval of the Company’s minority shareholders as a result of the Facilities Agreement Amendments, being an amendment to a loan to the Company (obtained from a related party on reasonable commercial terms that are not less advantageous to the Company than if such credit facility was obtained through an arm’s length lender) that has no equity or voting component. The Company filed a material change report in respect of the Facilities Agreement Amendments on 13 January 2021. The material change report was filed less than 21 days prior to the implementation of the Facilities Agreement Amendments, which is consistent with market practice and the Company deems reasonable in the circumstances.

About Silver Bear

Silver Bear (TSX: SBR) is focused on the development of its wholly-owned Mangazeisky Silver Project, covering a licence area of approximately 570 km2 that includes the high-grade Vertikalny deposit (amongst the highest- grade silver deposits in the world), located 400 km north of Yakutsk in the Republic of Sakha within the Russian Federation. As of April 2018, the Company attained first silver production as a result of commissioning activities and on 1 July 2019 the Company achieved full commercial production. Other information relating to Silver Bear is available on SEDAR at as well as on the Company’s website at

Cautionary Notes

This release and subsequent oral statements made by and on behalf of the Company may contain forward-looking statements, which reflect management's expectations. Wherever possible, words such as "intends", "expects", "scheduled", "estimates", "anticipates", "believes" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward-looking statements contained in this release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Company cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. Such risk factors include, but are not limited, to the risk factors identified by the Company in its continuous disclosure filings filed from time to time on SEDAR. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Company’s actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law.

Contact Information:

Vadim Ilchuk
President and Chief Executive Officer
T: +7 985 866 8877

Judith Webster
Investor Relations Manager & Corporate Secretary
T: +416 453 8818