Silver One Resources Inc. — Capital/Financing Update 2026

Feb 4, 2026

FORM 51-102F3

MATERIAL CHANGE REPORT

Item 1. Name and Address of Company

SILVER ONE RESOURCES INC.

1000 – 1055 West Hastings Street

Vancouver, BC V6E 2E9

(the "Company" or "Silver One")

Item 2. Date of Material Change

January 28, 2026.

Item 3. News Release

The news release was issued on January 29, 2026 and was disseminated by Newsfile Corp.

Item 4. Summary of Material Change

The Company announced that it has closed its first tranche of its previously announced non-brokered private placement financing. The Company issued 53,583,000 units of the Company at a price of $0.58 per unit for aggregate gross proceeds of $31,078,140.

Item 5. Full Description of Material Change

The Company announced that it has closed its first tranche of its previously announced non-brokered private placement financing (see news release dated January 13, 2026 and January 14, 2026). The Company issued 53,583,000 units of the Company (the "Units") at a price of $0.58 per Unit for aggregate gross proceeds of $31,078,140 (the "Offering"). The Company expects to close the final tranche of $922,200 shortly. Each Unit consists of one (1) common share ("Share") and one-half (1/2) of one common share purchase warrant (each whole share purchase warrant, a "Warrant"), with each whole Warrant entitling the holder to purchase one (1) additional common share (a "Warrant Share") at $0.80 per Warrant Share for a period of three years from the date of issue. The securities issued under the Offering to Canadian subscribers are not subject to a hold period in Canada as the Units were offered pursuant to Part 5A of National Instrument 45-106 - Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, to purchasers resident in Canada (other than the province of Quebec). Under the Offering, the Company paid a finders' a cash fee of $1,779,464. No finder's warrants were issued. The net proceeds of the Offering will be used on (i) its drilling program at the Candelaria Project; (ii) certain exploration and geophysics work at its mineral properties; (iii) metallurgical and environmental work at the Candelaria Project, (iv) preparing a pre-feasibility study on the Candelaria Project; (v) annual mineral claim payments to the Bureau of Land Management; (vi) exploration drilling at the Company's mineral properties and (vii) general working capital purposes.

Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 17,240,000 Units pursuant to the Offering for total consideration of $9,999,200. Prior to the Offering, Mr. Sprott beneficially owned or controlled 37,873,016 Shares of the Company representing approximately $13.0\%$ of the outstanding common shares of the Company. As a result of the Offering, Mr. Sprott beneficially owns or controls 55,113,016 Shares and 8,620,000 Warrants of the Company representing approximately $16.0\%$ on a non-diluted basis and $18.0\%$ on a partially diluted basis assuming the exercise of such Warrants. The Units were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Silver One including on the open market or through private acquisitions or sell securities of Silver One including on the open market or through private dispositions in the future depending on market conditions,

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reformulation of plans and/or other relevant factors. A copy of the early warning report with respect to the foregoing will appear on Silver One's profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott's office at (416) 945 3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto Ontario M5C 3C5).

Item 6. Reliance on Subsection 7.1(2) 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
February 3, 2026.