Mr. Vadim Ilchuk reports

SILVER BEAR MOURNS DEATH OF BOARD MEMBER DR. ALEXEY KOSTIN

Silver Bear Resources PLC board member Dr. Alexey Kostin passed away on April 19, 2023, of natural causes.

Vadim Ilchuk, chairman and chief executive officer of Silver Bear, stated: "Alexey was a distinguished geologist who excelled in both academic and practical aspects of field geology. He discovered the Vertikalny silver deposit and authored numerous publications and scientific studies. It has been a privilege for me and the other board members to work alongside Alexey. He will be greatly missed. Silver Bear extends our deepest sympathies to his family at this difficult time."

About Silver Bear Resources PLC

Silver Bear is focused on the development of its wholly owned Mangazeisky silver project, covering a licence area of approximately 570 square kilometres that includes the high-grade Vertikalny deposit, 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 July 1, 2019, the company achieved full commercial production.

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