Silver Bear Files First Quarter 2021 Financial Results

May 14, 2021

14 May 2021 – Toronto, Ontario – Silver Bear Resources Plc (“Silver Bear” or the “Company”) (TSX: SBR) announces the filing of its unaudited financial results for the three-month period ended 31 March 2021 today, including development highlights from its Mangazeisky silver project in Far East Russia.

For complete details of the unaudited consolidated financial statements (“Financial Statements”) and associated management’s discussion and analysis (“MD&A”), please refer to the Company’s filings on SEDAR ( or the Company’s website (

Q1 2021 Highlights

During the three-month period ended 31 March 2021 the Group production statistics included:

  • Mined a total of 25,179 tonnes of ore, processed 23,825 tonnes of ore at an average grade of 645 g/t of silver, producing a total of 436,086 ounces of silver;
  • Sold a total of 495,230 ounces of silver totaling production revenue of US$13,123,020 and reported a total comprehensive loss of $9,088,515 and an accumulated deficit of $228,374,679.
  • In the first quarter 2021, the Group entered into a loan agreement with SKA ASSETS MANAGEMENT LIMITED, a company under common control with Inflection, in the amount of RUB 750,000,000 (equivalent to approximately C$12,000,000) with an interest rate of 8.27% per annum, which interest shall accrue on a monthly basis. The Principal will be due and payable on 31 December 2021.
  • On 30 March 2021, the Group announced the filing of the final WAI NI 43-101 technical report titled “Mangazeisky Silver Project MRE Update and Strategy Re-assessment, Republic of Sakha (Yakutia), Russian Federation” (the “Final WAI Report”). For full details on the Final WAI Report please see the Operations section in the Q1 2021 MD&A.
  • As of the date of this report, the Group confirms there have been no major disruptions at the mine site or to the Group’s planned production and operations due to the COVID-19 pandemic.

Mangazeisky Silver Project Commercial Production

The table below details the production highlights for three-month period ended 31 March 2021 and 2020. 

Production Highlights


Three-months ended
31 March 2021

Three-months ended
31 March 2020

Year ended
31 December 2020

Operating Data




Ore Mined (tonnes)




Ore processed (tonnes)




Head grade (g/t Ag)




Recovery (%)




Silver ounces produced








Financial Data




Silver ounces sold




Average realized price (US$/oz)




Production and pre-production revenues (US$)




Development & Operational Activities

During the first quarter 2021, the Group mined 29% less ore compared to the same quarter in 2020, as it moved deeper into Vertikalny open pit and further open pit extension required. Mining head grade reduced from first quarter 2020 to first quarter in 2021 by 9%, however recoveries increased by 12% as a result of several factors notably the full year of operating the Merrill Crowe process (a separation technique) at the end of the technological processing circuit and the operational efficiencies implemented during the year.  The 5% decrease in the silver production in the first quarter 2021 over 2020, is primarily due to volume of processed ore and head grade.  The Group’s first quarter 2021 revenues increased by 65% compared to first quarter 2020, due to increased silver recovery and the improvement of the average price of silver in the first quarter of 2021.

During the 2021 winter road procurement and transportation campaign the company delivered approximately 14,000 tonnes of dry cargo and fuel, including regular operation supplies as well as construction materials for the flotation facility currently being built.

The construction of the flotation facility is underway. During the first quarter of 2021 the construction of the foundation was substantially completed. The plan is to compete the construction and put the facility into production by end of Q2 2022.

As of the date of this report there are approximately 236 Prognoz employees at site. There are also 59 contractors, namely catering, process consultants, and construction workers. As of 31 March 2021, there was no lost time recorded accident at site.

In light of the World Health Organization (“WHO”) declaring COVID-19 a global pandemic in March of this year, the Group has developed and implemented a response and mitigation plan for both its Yakutsk head office and Mangazeisky mine site. At the date of this report the Group has had no major disruptions at either sites or to our planned production and operations, however we continue to monitor the situation ensuring we keep the safety of our work force our main priority.

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