Silver Bear Resources Plc — Board/Management Information 2022

Nov 21, 2022

Form 51-102F3 Material Change Report MATERIAL CHANGE REPORT UNDER SECTION 7.1 OF NATIONAL INSTRUMENT 51-102

Item 1.

Reporting Issuer

Silver Bear Resources Plc (the “ Company ”) The Pavilions, Bridgwater Road, Bristol, UK BS99 6AY

• Item 2.

Date of Material Change

The material change took place on June 1, 2022

• Item 3.

Press Release

On June 1, 2022, a news release in respect of the material change described herein was disseminated via Business Wire.

• Item 4.

Summary of Material Change

Effective June 1, 2022, Nathan Hunt, Alexey Kostin and Nikolay Grigoriev were appointed as directors of the Company.

• Item 5.

Full Description of Material Change

On June 1, 2022, the Company announced the appointment of three new directors to its Board, Messrs. Nathan Hunt, and Nikolay Grigoriev and Dr. Alexey Kostin. All appointments were effective as of June 1, 2022.

• Item 6.

Reliance on subsection 7.(2) or (3) of National Instrument 51-102

The report is not being filed on a confidential basis.

• Item 7.

Omitted Information

No information has been omitted.

• Item 8.

Executive Officer

For further information please contact: Mikhail Ilyin, CFO and Corporate Secretary milyin@silverbearresources.com

• Item 9. Date of Report

November 21, 2022