Silver Bear Resources Plc announced that it has now received the final report from Wardell Armstrong International (‘WAI’) that provides a review of the Company’s current mineral resources, as well as revised mine and processing plans, for its Vertikalny and Mangazeisky North deposits. The Company also filed on SEDAR the final technical report that was prepared in accordance with National Instrument 43-101 (‘WAI Technical Report’). The Company noted that the following changes to the mineral resource statements: Vertikalny open pit measured and indicated resource at a 200 g/t Ag cut-off grade is reduced by about 3% of the silver grade and 29% of tonnes, taking into account the total mined-out tonnes as of May 2019; Vertikalny underground measured and indicated resource at a 300 g/t Ag cut-off grade to be decreased by 24% of the silver grade and the tonnes by 56% due to adjustment of open pit/underground optimization parameters and/or re-interpretation of the mineralization; and Mangazeisky North measured and indicated resources at a 200 g/t Ag cut-off grade is downgraded to inferred largely due to a lack of definition of ore types on the deposit supported by testwork. Contained in-situ silver for Mangazeisky deposit as a whole is reduced by 28% although the average silver grade is increased by 14%. This is due to application of constraining wireframes and search parameters more appropriate to the style of mineralization. While the new model is expected to be more conservative in terms of ore tonnes it will provide better consistency in distribution of silver grade and hence the grade increase. The Mineral Resource Estimate was carried out with a 3D block modelling approach using Datamine Studio RM software. The effective date of the Mineral Resource Estimate is the 31May 2019, the date of the limiting mine survey. In the opinion of WAI, the Mineral Resource Estimate reported herein is a reasonable representation of the mineral resources found in the Vertikalny Silver Project based on the current level of sampling. The two tables below detail the Vertikalny Open Pit Mineral Resource Estimate representing a cut-off grade of 200 g/t Ag and the Vertikalny Underground Mineral Resource Estimate representing a cut-off grade of 300 g/t Ag respectively. Preliminary Economic Assessment of the Mangazeisky project has resulted in a positive NPV at various discount rates. The Project is mostly sensitive to changes in Silver prices. Break-even price of the Project has been estimated at USD 14.11/oz, which is 21% lower than the base case silver price assumption. Base case NPV @ 8.64% was estimated at USD 46.51 million (nominal values). The financial analysis has been performed to reflect valuation as of the end of 2019 and does not include any sunk costs that have been previously invested in the project.