Mr. Chris Taylor reports

GREAT BEAR ANNOUNCES UPSIZED BOUGHT DEAL PRIVATE PLACEMENT OF FLOW-THROUGH COMMON SHARES AND COMMON SHARES TO C$70 MILLION

Great Bear Resources Ltd., in connection with its previously announced bought deal financing, and a syndicate of underwriters led by Cormark Securities Inc. and CIBC Capital Markets, have agreed to increase the size of the offering. The company will now issue 3,225,000 common shares that qualify as flow-through shares of the company for the purposes of the Income Tax Act (Canada) at a price of $18.60 per flow-through common share and 784,000 common shares of the company (which, for greater certainty, shall not qualify as flow-through shares for the purposes of the Income Tax Act (Canada)) at a price of $12.75 per common share, on a bought deal private placement basis, for aggregate gross proceeds to the company of $69,891,000.

The gross proceeds from the sale of the flow-through common shares will be used to incur Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)) related to Great Bear's projects in Ontario. The company will renounce these expenses to the purchasers with an effective date of no later than Dec. 31, 2021. The net proceeds from the sale of the common shares will be used for working capital and general corporate purposes.

The offering is scheduled to close on or about Feb. 18, 2021, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

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 330 square kilometres of highly prospective tenure across five 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); the Sobel property (earning a 100-per-cent interest); and the Red Lake North property (earning a 100-per-cent interest), all of which are accessible year-round through existing roads.

We seek Safe Harbor.