Silver North Resources Ltd. — Capital/Financing Update 2020

Oct 27, 2020

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A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces and territories of Canada. A copy of the final base shelf prospectus, any amendment to the final base shelf prospectus and any applicable shelf prospectus supplement that has been filed, is required to be delivered with this document. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any amendment and any applicable shelf prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

BMO Callable Equity Income Notes, Series 1738 (CAD) (F-Class), Due November 15, 2027 Linked to Solactive Canada Bank 30 AR Index

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KEY TERMS
The Notes offer potential semi-annual coupon payments for investors while providing contingent protection against a slight to
moderate decline in the Solactive Canada Bank 30 AR Index (the “Reference Index”) over the term of the Notes. The Principal
Semi-annual
Amount is NOT protected under these Notes.
AutoCall
 Issuer: Bank of Montreal.
Feature
 Medium Term: 7-year term to maturity (subject to the Notes being automatically called by the Bank).
Starting after the first Observation Date  Reference Index: The Solactive Canada Bank 30 AR Index aims to track the gross total return performance of the Solactive
Canada Bank TR Index (the “ Underlying Index ”), calculated in CAD, subject to an adjusted return factor of 30 index points per
Linked to
annum that will be calculated daily in arrears (the “ Adjusted Return Factor ”). The Underlying Index is a gross total return
Solactive index that seeks to replicate the overall return from holding a portfolio consisting of the constituent securities of the
Canada Bank Underlying Index, including any dividends and distributions paid in respect of such securities, without deduction of any
withholding tax or other amounts to which an investor holding the constituent securities of the Underlying Index would
30 AR Index typically be exposed. For the calculation of the level of the Underlying Index, any dividends or other distributions paid on the
constituent securities of the Underlying Index are reinvested across all the constituent securities of the Underlying Index.
 Contingent Semi-Annual Coupon Payments: Semi-annual Coupons equal to 4.75% (equivalent to 9.50% per annum), provided
that the Closing Level is equal to or above the Coupon Knock-Out Level (i.e., 60% of the Initial Level) on the applicable
9.50% per Annum Observation Date. If the Closing Level is below the Coupon Knock-Out Level on an Observation Date, then no Coupon will be
payable to a Holder on the related Coupon Payment Date.
Contingent Coupon
paid semi-annually  AutoCall Feature: The Notes will be automatically called by the Bank if the Closing Level is equal to or above the AutoCall
Level (i.e., 105% of the Initial Level) on any Observation Date. If the automatic call feature is triggered, Holders will receive
the Principal Amount plus the applicable Coupon on the corresponding Coupon Payment Date (in this case, the Call Date). If
the Closing Level is never equal to or above the AutoCall Level on any Observation Date, the Notes will not be automatically
called by the Bank. If the Notes are automatically called by the Bank before Maturity, the Notes will be cancelled and Holders
will not be entitled to receive any subsequent payments in respect of the Notes.
40% Contingent  Contingent Protection: If the Index Return is negative, the Principal Amount will be protected so long as the Final Level is
Protection equal to or above the Barrier Level (i.e., 60% of the Initial Level) . If the Final Level is below the Barrier Level, the Maturity
Payment will be equal to the Principal Amount reduced by an amount equal to the Index Return (which will be a negative
at Maturity
amount reflecting the decline in the Closing Level), subject to the Minimum Payment Amount. The calculation and timing of
the payments at Maturity may be adjusted upon the occurrence of certain special circumstances.
 Daily Secondary Market: Provided by BMO Capital Markets (may be subject to limitations as described in the Prospectus). The
Notes will not be listed on any exchange or marketplace.
Fundserv
JHN13719 * The dividend yield of the Underlying Index on September 30, 2020 was 4.81%, representing an aggregate dividend yield of approximately 38.99%
compounded annually over the term of the Notes (assuming the dividend yield remains constant). An investment in the Notes does not represent a
direct or indirect investment in any of the constituent securities that comprise the Underlying Index. Holders have no right or entitlement to the
dividends or distributions paid on such securities.
For more information, Available Until: November 10, 2020 , 2020 2020
please contact your Issue Date: November 13, 2020 , 2020 2020
Investment Advisor Maturity Date: y Date: Date: November 15, 2027 , 2027 2027
Minimum Investment: $2,000.00 2,000.00 ,000.00 000.00
Selling Concession: g Concession: Concession: Nil
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KEY TERMS
The Notes offer potential semi-annual coupon payments for investors while providing contingent protection against a slight to
moderate decline in the Solactive Canada Bank 30 AR Index (the “Reference Index”) over the term of the Notes. The Principal
Semi-annual
Amount is NOT protected under these Notes.
AutoCall
 Issuer: Bank of Montreal.
Feature
 Medium Term: 7-year term to maturity (subject to the Notes being automatically called by the Bank).
Starting after the first Observation Date  Reference Index: The Solactive Canada Bank 30 AR Index aims to track the gross total return performance of the Solactive
Canada Bank TR Index (the “ Underlying Index ”), calculated in CAD, subject to an adjusted return factor of 30 index points per
Linked to
annum that will be calculated daily in arrears (the “ Adjusted Return Factor ”). The Underlying Index is a gross total return
Solactive index that seeks to replicate the overall return from holding a portfolio consisting of the constituent securities of the
Canada Bank Underlying Index, including any dividends and distributions paid in respect of such securities, without deduction of any
withholding tax or other amounts to which an investor holding the constituent securities of the Underlying Index would
30 AR Index typically be exposed. For the calculation of the level of the Underlying Index, any dividends or other distributions paid on the
constituent securities of the Underlying Index are reinvested across all the constituent securities of the Underlying Index.
 Contingent Semi-Annual Coupon Payments: Semi-annual Coupons equal to 4.75% (equivalent to 9.50% per annum), provided
that the Closing Level is equal to or above the Coupon Knock-Out Level (i.e., 60% of the Initial Level) on the applicable
9.50% per Annum Observation Date. If the Closing Level is below the Coupon Knock-Out Level on an Observation Date, then no Coupon will be
payable to a Holder on the related Coupon Payment Date.
Contingent Coupon
paid semi-annually  AutoCall Feature: The Notes will be automatically called by the Bank if the Closing Level is equal to or above the AutoCall
Level (i.e., 105% of the Initial Level) on any Observation Date. If the automatic call feature is triggered, Holders will receive
the Principal Amount plus the applicable Coupon on the corresponding Coupon Payment Date (in this case, the Call Date). If
the Closing Level is never equal to or above the AutoCall Level on any Observation Date, the Notes will not be automatically
called by the Bank. If the Notes are automatically called by the Bank before Maturity, the Notes will be cancelled and Holders
will not be entitled to receive any subsequent payments in respect of the Notes.
40% Contingent  Contingent Protection: If the Index Return is negative, the Principal Amount will be protected so long as the Final Level is
Protection equal to or above the Barrier Level (i.e., 60% of the Initial Level) . If the Final Level is below the Barrier Level, the Maturity
Payment will be equal to the Principal Amount reduced by an amount equal to the Index Return (which will be a negative
at Maturity
amount reflecting the decline in the Closing Level), subject to the Minimum Payment Amount. The calculation and timing of
the payments at Maturity may be adjusted upon the occurrence of certain special circumstances.
 Daily Secondary Market: Provided by BMO Capital Markets (may be subject to limitations as described in the Prospectus). The
Notes will not be listed on any exchange or marketplace.
Fundserv
JHN13719 * The dividend yield of the Underlying Index on September 30, 2020 was 4.81%, representing an aggregate dividend yield of approximately 38.99%
compounded annually over the term of the Notes (assuming the dividend yield remains constant). An investment in the Notes does not represent a
direct or indirect investment in any of the constituent securities that comprise the Underlying Index. Holders have no right or entitlement to the
dividends or distributions paid on such securities.
Available Until: November 10, 2020 , 2020 2020
For more information,
please contact your Issue Date: November 13, 2020 , 2020 2020
Investment Advisor Maturity Date: y Date: Date: November 15, 2027 , 2027 2027
Minimum Investment: $2,000.00 2,000.00 ,000.00 000.00
Selling Concession: g Concession: Concession: Nil
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ADDITIONAL OFFERING DETAILS

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Issuer Bank of Montreal (the “Bank”). Issuer Rating Moody’s: Aa2; S&P: A+; DBRS: AA (long‐term deposits > 1 year). Issue Price $100.00 per Note (the “Principal Amount”). Index Return The percentage change in the Closing Level measured from the Issue Date to the Final Valuation Date, and calculated using the following formula: Final Level - Initial Level Initial Level Coupon Payments Subject to the occurrence of an Extraordinary Event or the Notes being automatically called by the Bank, a Holder will be entitled to receive for each Note a semi-annual coupon payment on each Coupon Payment Date equal to 4.75% (equivalent to 9.50% per annum), provided that the Closing Level is equal to or above the Coupon KnockOut Level on the applicable Observation Date. If the Closing Level is below the Coupon Knock-Out Level on an Observation Date, then no Coupon will be payable to a Holder on the related Coupon Payment Date. If the Closing Level is below the Coupon Knock-Out Level on all Observation Dates, there will be no Coupons paid to Holders. See “Description of the Notes — Coupon Payments” and “Additional Risk Factors Specific to the Notes” in the Prospectus. Coupon Knock-Out Level 60% of the Initial Level. AutoCall Level 105% of the Initial Level, triggering the Notes to be automatically called by the Bank if the Closing Level is equal to or above the AutoCall Level on any Observation Date after the first Observation Date. The Notes cannot be automatically called prior to the second Observation Date. Observation Dates and Coupon The Closing Level will be observed on each Observation Date, subject to the occurrence of any special circumstances (see “Special Circumstances” in the Prospectus) or Payment Dates the Notes being called by the Bank. The specific Observation Dates, Coupon Payment Dates and potential Call Dates for the Notes will be as follows:

	Period	Observation Date	Coupon Payment Date/Call Date
	1	May6,2021	May13,2021(Not Callable)
	2	November 5,2021	November 15,2021
	3	May6,2022	May13,2022
	4	November 4,2022	November 14,2022
	5	May8,2023	May15,2023
	6	November 6,2023	November 14,2023
	7	May6,2024	May13,2024
	8	November 5,2024	November 13,2024
	9	May6,2025	May13,2025
	10	November 5,2025	November 13,2025
	11	May6,2026	May13,2026
	12	November 5,2026	November 13,2026
	13	May6,2027	May13,2027
	14	November 5,2027	November 15,2027
	See “Observation Dates and Coupon Payment Dates” in the Prospectus. If the Notes are automatically c
	Holders will not be entitled to receive any subsequent payments in respect of the Notes.
Barrier Level	60% of the Initial Level, resulting in full principal protection against a decline in the Closing Level on the Fi
Maturity Payment
Secondary Market/Early Trading Charge The Notes will not be listed on any exchange or marketplace. BMO Capital Markets will use reasonable efforts under normal market conditions to provide for a daily secondary market for the sale of the Notes through the order entry system operated by Fundserv Inc. but reserves the right to elect not to do so in the future, in its sole and absolute discretion, without prior notice to Holders. No Early Trading Charge will apply if the Notes are sold prior to Maturity. See “Secondary Market” in the Prospectus.
Calculation Agent BMO Capital Markets. See “Calculation Agent” in the Prospectus.
Dealers BMO Nesbitt Burns Inc. and Desjardins Securities Inc.
Selling Concession There will be no sellingconcessionpaid for the Notes.

Secondary Market/Early Trading	The Notes will not be listed on any exchange or marketplace. BMO Capital Markets will use reasonable efforts under normal market conditions to provide for a daily
Charge	secondary market for the sale of the Notes through the order entry system operated by Fundserv Inc. but reserves the right to elect not to do so in the future, in its sole
	and absolute discretion, without prior notice to Holders. No Early Trading Charge will apply if the Notes are sold prior to Maturity. See “Secondary Market” in the
	Prospectus.
Calculation Agent	BMO Capital Markets. See “Calculation Agent” in the Prospectus.
Dealers	BMO Nesbitt Burns Inc. and Desjardins Securities Inc.
Selling Concession	There will be no sellingconcessionpaid for the Notes.

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BMO Callable Equity Income Notes, Series 1738 (CAD) (F-Class) Linked to Solactive Canada Bank 30 AR Index

HOW DO THE NOTES WORK?

The following hypothetical examples demonstrate how the Coupons and Maturity Payment will be calculated and determined under three different scenarios. The hypothetical Closing Levels used in these examples are for illustrative purposes only and should not be construed in any way as estimates or forecasts of the future performance of the Reference Index or the Notes. All hypothetical examples assume that no events described under “Special Circumstances” in the Prospectus, have occurred during the term.

Initial Level = 600.00 Barrier Level/Coupon Knock-Out Level = 360.00 (60.00% of the Initial Level) AutoCall Level = 630.00 (105.00% of the Initial Level)

Example 1: Negative Scenario

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Not Callable — Reference Index  Closing Level on Observation Date
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Observation Date	Closing Level	Coupon Payment
1	318.00	-
2	366.00	$4.75
3	354.00	-
4	354.00	-
5	330.00	-
6	312.00	-
7	276.00	-
8	216.00	-
9	264.00	-
10	204.00	-
11	180.00	-
12	384.00	$4.75
13	396.00	$4.75
14	240.00	-
	TOTAL	$14.25

In this hypothetical scenario, a Holder will receive three Coupons only (on the 2[nd] , 12[th] and 13[th] Coupon Payment Dates) totaling $14.25 per Note as the Closing Level is below the Coupon KnockOut Level on all other Observation Dates. The Closing Level was below the AutoCall Level on all Observation Dates after the 1[st] Observation Date, so the Notes were not automatically called by the Bank. As the Final Level was below the Barrier Level, a Holder will receive a Maturity Payment equal to the $100.00 Principal Amount reduced by an amount equal to the Index Return, a decline of 60%, thus a Holder will receive a Maturity Payment equal to $40.00 per Note, which is lower than the Principal Amount. A Holder would have received a Maturity Payment of $40.00 per Note at Maturity together with Coupons totaling $14.25 per Note over the term of the Notes (or an annualized loss of 8.36%).

Example 2: Neutral Scenario

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Not Callable — Reference Index  Closing Level on Observation Date
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Observation Date	Closing Level	Coupon Payment
1	570.00	$4.75
2	540.00	$4.75
3	570.00	$4.75
4	342.00	-
5	396.00	$4.75
6	402.00	$4.75
7	402.00	$4.75
8	408.00	$4.75
9	402.00	$4.75
10	330.00	-
11	396.00	$4.75
12	372.00	$4.75
13	384.00	$4.75
14	450.00	$4.75
	TOTAL	$57.00

In this hypothetical scenario, a Holder will receive a Coupon on each Coupon Payment Date except for the 4[th] and 10[th] Coupon Payment Dates, which were “knocked-out” because the Closing Level was below the Coupon Knock-Out Level on the 4[th] and 10[th] Observation Dates, totaling $57.00 per Note. The Closing Level was below the AutoCall Level on all Observation Dates after the 1[st] Observation Date, so the Notes were not automatically called by the Bank. The Final Level was above the Barrier Level, so a Holder will receive a Maturity Payment equal to the Principal Amount of $100.00 per Note. A Holder would have received a Maturity Payment of $100.00 per Note at Maturity together with Coupons totaling $57.00 per Note over the term of the Notes (or an annualized return of 6.65%).

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BMO Callable Equity Income Notes, Series 1738 (CAD) (F-Class)
Linked to Solactive Canada Bank 30 AR Index
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Example 3: Note Automatically Called

Not Callable—Reference IndexClosing Level on Observation Date	Observation Date	Closing Level	Coupon Payment
	1	570.00	$4.75
	2	510.00	$4.75
	3	474.00	$4.75
	4	456.00	$4.75
	5	426.00	$4.75
	6	396.00	$4.75
	7	684.00	$4.75
	8	Automatically Called
	9
	10
	11
	12
	13
	14
		TOTAL	$33.25

In this hypothetical scenario, a Holder will receive a Coupon on the first seven Coupon Payment Dates totaling $33.25 per Note. The Closing Level is above the AutoCall Level on the 7[th] Observation Date, resulting in the Notes being automatically called by the Bank on the 7[th] Coupon Payment Date (in this case, the Call Date). Upon being automatically called by the Bank, Holders receive the Principal Amount plus the applicable Coupon on the Call Date. In addition, the Notes are cancelled and Holders are not entitled to receive any subsequent payments in respect of the Notes. A Holder would have received a payment of $100.00 per Note on the Call Date together with Coupons totaling $33.25 per Note over the term of the Notes (or an annualized return of 8.55%).

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BMO Callable Equity Income Notes, Series 1738 (CAD) (F-Class) Linked to Solactive Canada Bank 30 AR Index

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DISCLAIMER

This document should be read in conjunction with the Bank’s short form base shelf prospectus dated May 28, 2020 (the “Base Shelf Prospectus”) and Pricing Supplement No. 380 dated October 26, 2020 (the “Pricing Supplement”).

Amounts paid to Holders will depend on the performance of the Reference Index. The Notes are not designed to be alternatives to fixed income or money market investments. Bank of Montreal does not guarantee that Holders will receive any return or repayment of their principal investment in the Notes at Maturity, subject to a minimum principal repayment of $1.00 per Note. The Notes provide contingent protection only, meaning that a Holder could lose some or substantially all of his or her principal investment in the Notes if the Final Level is below the Barrier Level. See “Certain Risk Factors” in the Base Shelf Prospectus and “Additional Risk Factors Specific to the Notes” in the Pricing Supplement.

Prospective purchasers should carefully consider all of the information set forth in the Pricing Supplement and the Base Shelf Prospectus (collectively, the “Prospectus”) and, in particular, should evaluate the specific risk factors set forth under “Suitability for Investment” and “Additional Risk Factors Specific to the Notes” in the Pricing Supplement.

BMO Nesbitt Burns Inc. is a wholly-owned subsidiary of the Bank. As a result, the Bank is a “related issuer” of BMO Nesbitt Burns Inc. for the purposes of National Instrument 33-105 — Underwriting Conflicts . See “Plan of Distribution” in the Pricing Supplement.

The Notes have not been and will not be rated. A rating is not a recommendation to buy, sell or hold investments, and may be subject to revision or withdrawal at any time by the relevant rating agency.

The Notes will not be deposits that are insured under the Canada Deposit Insurance Corporation Act or any other deposit insurance regime designed to ensure the payment of all or a portion of a deposit upon the insolvency of the deposit taking financial institution. See “Description of the Notes — Rank; No Deposit Insurance” in the Pricing Supplement.

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The above summary is for information purposes only and does not constitute an offer to sell or a solicitation to purchase Notes. The offering and sale of Notes may be prohibited or restricted by laws in certain jurisdictions. Notes may only be purchased where they may be lawfully offered for sale and only through individuals qualified to sell them. Unless the context otherwise requires, terms not defined herein will have the meaning ascribed thereto in the Pricing Supplement. A copy of the Pricing Supplement and the Base Shelf Prospectus can be obtained at www.sedar.com.

“BMO (M-bar roundel symbol)”, “BMO” and “BMO Capital Markets” are registered trademarks of the Bank used under license. The Solactive Canada Bank 30 AR Index is owned, calculated, administered and published by Solactive AG (“ Solactive ”) assuming the role as administrator (the “ Index Sponsor ”) under the Regulation (EU) 2016/1011. The name “Solactive” is a registered trademark of Solactive. Solactive is registered with and regulated by the German Federal Financial Supervisory Authority (“ BaFin ”). The Reference Index is a product of Solactive, its affiliates and/or its third-party licensors and has been licensed for use by Bank of Montreal and its affiliates. The Notes are not sponsored, endorsed, sold or promoted by Solactive, or any of its respective affiliates. Neither Solactive, nor its respective affiliates, make any representation regarding the advisability of investing in such product(s).

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