Silver One Resources Inc. — Capital/Financing Update 2026

Feb 5, 2026

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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

February 3, 2026.

Item 3. News Release

The news release was issued on February 3, 2026 and was disseminated by Newsfile Corp.

Item 4. Summary of Material Change

The Company announced that it has closed its closed its second and final tranche (the "Second Tranche") of its previously announced non-brokered private placement financing. Under the Second Tranche, the Company issued 1,590,000 units of the Company (the "Units") at a price of \$0.58 per Unit for gross proceeds of \$922,200.

Item 5. Full Description of Material Change

The Company announced that it has closed its closed the Second Tranche of its previously announced non-brokered private placement financing (the "Offering", see news release dated January 13, 2026, January 14, 2026 and January 29, 2026). Under the Second Tranche, the Company issued 1,590,000 units of the Company (the "Units") at a price of \$0.58 per Unit for gross proceeds of \$922,200. Under the entire Offering, the Company issued a total of 55,173,000 Units at a price of \$0.58 per Unit for aggregate gross proceeds of \$32,000,340.

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 entire Offering, the Company paid finders a cash fee totaling \$1,834,754. 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 prefeasibility 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.

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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 5, 2026.