Silver One Resources Inc. — Capital/Financing Update 2023

Apr 24, 2023

FORM 51-102F3

MATERIAL CHANGE REPORT

Item 1 . Name and Address of Company

SILVER ONE RESOURCES INC.

Suite 200, 550 Denman Street Vancouver, BC V6G 3H1

Item 2 .

Date of Material Change

April 21, 2023

• Item 3 . News Release

The news release was issued on April 24, 2023 and was disseminated by Newsfile.

• Item 4 .

Summary of Material Change

On April 24, 2023 Silver One Resources Inc. (the “Company”) announced that it has closed its previously announced non-brokered private placement financing.

• Item 5 .

Full Description of Material Change

The Company announced that has closed its previously announced non-brokered private placement financing (see news release dated April 17, 2023) of 23,809,524 common shares of the Company (the "Shares") at a price of $0.21 per Share for aggregate gross proceeds of $5,000,000 (the "Offering").

The Shares issued under the Offering will be subject to restrictions on resale for a period of four months and a day pursuant to applicable securities law, until August 22, 2023. The Company paid finder's fee of $7,860.07 to Canaccord Genuity Corp.

As previously announced, the net proceeds of the Offering will be used to satisfy the Company's bond obligations under its option agreement to acquire the Candelaria Project, various work programs, including exploration and maintenance fees, of the Company's mineral properties and general working capital purposes. Once the bond obligations are satisfied, Silver One will have a 100% interest in the Candelaria project, with no royalties back to SSR Mining.

Item 6 . Reliance on Subsection 7.1(2) or (3) of National Instrument 51-102

Not applicable.

• Item 7 . Omitted Information

None.

• Item 8 . Executive Officer

Greg Crowe Chief Executive Officer (604) 416-1719

Item 9 . Date of Report

April 24, 2023