Mr. Chris Taylor reports

GREAT BEAR ANNOUNCES FINAL COURT APPROVAL OF PLAN OF ARRANGEMENT

Great Bear Resources Ltd. has obtained a final order from the Supreme Court of British Columbia dated April 28, 2020, to implement the company's previously announced plan of arrangement to reorganize its business, including the spinoff of its wholly owned subsidiary, Great Bear Royalties Corp. Substantially all of the terms and conditions of the transaction have been met, including shareholder approval of the transaction on April 23, 2020.

Pursuant to the transaction, the owners of common shares of Great Bear on May 4, 2020, will receive: (i) one new common share of Great Bear for each common share of Great Bear held on the day before the effective date of the transaction; and (ii) one-fourth of a Royalties Corp. share for each common share of Great Bear held on the day before the effective date of the transaction. Any outstanding options and warrants of Great Bear will be adjusted in accordance with the terms of the plan of arrangement as set forth in greater detail in the company's management information circular dated March 16, 2020. Existing common shares of Great Bear are expected to be delisted on the TSX Venture Exchange effective on the close of business on May 4, 2020. New common shares of Great Bear are expected to commence trading on the TSX-V at the market opening on May 5, 2020. Great Bear Royalties shares will not be listed on a public stock exchange but will operate as a reporting issuer.

The completion of the arrangement remains subject to the final approval of the TSX-V. It is expected that the effective date of the transaction will be May 5, 2020. For further details, please refer to the circular, which is available under the company's profile on SEDAR.

About Great Bear Resources Ltd.

Great Bear is a well-financed gold exploration company managed by a team with a record of success in mineral exploration. Great Bear is focused in the prolific Red Lake gold district in Northwest Ontario, where the company controls over 300 square kilometres of highly prospective tenure across four projects: the flagship Dixie project (100 per cent owned), the Pakwash property (earning a 100-per-cent interest), the Dedee property (earning a 100-per-cent interest) and the Sobel property (earning a 100-per-cent interest), all of which are accessible year-round through existing roads.

We seek Safe Harbor.