Silver Bear Files Second Quarter 2021 Financial Results

August 16, 2021

16 August 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 and six-month period ended 30 June 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 (

Q2 2021 Highlights

During the three and six-month period ended 30 June 2021 the Group production statistics included:

  • Mined a total of 19,978 tonnes of ore (six months: 45,178 tonnes), processed 10,801 tonnes of ore (six months: 34,626 tonnes) at an average grade of 463 g/t of silver (six months: 588 g/t Ag), producing a total of 137,687 ounces of silver (six months: 573,773 ounces Ag);
  • Sold a total of 160,571 ounces of silver (six months: 655,801 ounces Ag) totaling production revenue of US$4,271,405 (six months: US$17,394,425) and reported a total comprehensive loss of $3,344,980 (six months: US$9,558,865) and an accumulated deficit of $229,419,891.
  • Exploration program 2021 is underway. Geophysical works (152 km2) and aerial survey (518 km2) completed on the Endybal area. Drilling is being done on the flanks of Vertikalny (South East and North West) and at other potentially mineralized zones on the licensed territory.  3,657 meters have been drilled during the 6 months out of 9,515 meters planned for the year. The company also planes to do 2,400 meters of trenching through the end of the exploration season.
  • As of the date of this report, the Group confirms there have been no major disruptions at either sites 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 and six-month period ended 30 June 2021 and 2020.

Production Highlights

30 June 2021
30 June 2020
30 June 2021
30 June 2020
Operating Data        
Ore Mined (tonnes) 19,978 39,765 45,158 75,415
Ore processed (tonnes) 10,801 29,545 34,626 54,889
Head grade (g/t Ag) 463 650 588 680
Recovery (%) 85.4 87.0 88.6 86.5
Silver ounces produced 137,687 576,824 573,773 1,034,282
Financial Data        
Silver ounces sold 160,571 592,938 655,801 1,065,378
Average realized price (US$/oz) 26.60 16.35 26.52 16.59
Revenues, US$ 4,271,405 9,695,280 17,394,425 17,670,112

Development & Operational Activities

During the second quarter 2021, the Group mined 50% less ore compared to the same quarter in 2020, as it moved deeper into Vertikalny open pit and in the second quarter mining vehicles were actively involved in open pit extension. Mining head grade reduced from second quarter 2020 to second quarter in 2021 by 29%, however recoveries remained steady as a result of several factors notably the full year of operating the Merrill Crowe process and improved cake washing technics at the end of the technological processing circuit, as well as other operational efficiencies implemented during the year.  The 76% decrease in the silver production in the second quarter 2021 over 2020, is primarily due to volume of processed oxide ore and head grade. As it moves deeper down the open pit the company started incurring primary ore which is being stockpiled for future processing once the flotation facility is constructed and in production (expected in H2 2022).  For the three-months ended June 30, 2021, the Group’s revenues decreased by 56% compared to the same period in 2020 due to decreased head grade and volume of produced silver.

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 half of 2021 the construction of the foundation and the pit backfill were completed, the frame of the building being currently fitted together. Walls will be put in place before the end of October 2021 so that the construction can continue inside of the building during the cold season.

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 30 June 2021, there was one minor loss time accident during the quarter with four mild COVID-19 cases reported with personnel isolated for 14 days.

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.

Exploration Activities

Exploration program 2021 is underway. During the year the company is planning to drill appx. 10,000 meters and complete 2,400 meters of trenching on the flanks of Vertikalny and other surrounding mineralized areas with high exploration potential with the goal to increase mineable resources for the processing plant on Vertikalny.  There have been 3,657 meters drilled during the 6 months of the year. Geophysical works (152 km2) and aerial survey (518 km2) completed on the Endybal area.

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