Great Bear Royalties Corp. provided an update on the Great Bear Project located in Northwestern Ontario (the "Great Bear Project") which was acquired by Kinross Gold Corporation ("Kinross") in February 2022 for $1.8 billion, where the Company holds a 2% net smelter royalty. Kinross has disclosed plans to declare an initial inferred mineral resource estimate on the Great Bear Project as part of its 2022 year-end results and to commence a pre-feasibility study in 2023.

A budget of $75 million of expenditures is expected in 2022. This will include critical fieldwork including metallurgy, hydrology, geotechnical drilling and test work, and permitting baseline studies. Drilling is expected to total approximately 200,000 metres in 2022 using approximately 8 diamond drill rigs, focusing on the LP Fault zone, the most significant and highest-grade portion of the Great Bear Project (the "LP Fault").

Kinross has also recently disclosed drill results from 60 holes drilled in late 2021 and early 2022 in the LP Fault1. The results continue to confirm gold mineralization, which is open along strike and at depth. Refer to Table 1 for recent significant drill intersections at the LP Fault and Figure 1 for a long section and the location of the drill holes in Table 1.