Silver Bear's 2024 AGM: A Vote of Confidence in the Company's Future

Silver Bear Resources Plc (SBR) recently held its 2024 Annual General Meeting of Shareholders, where shareholders voted overwhelmingly in favor of the company's strategic initiatives and leadership. The meeting, attended by approximately 59% of issued and outstanding common shares, demonstrated a strong level of shareholder engagement and support for the company's direction.

The AGM saw a high level of approval for the company's board of directors, with all nominees retaining their positions. Robin Birchall, Mark Trevisiol, J. Trevor Eyton, Anastasia Gracheva, Paul Dominic Gualtieri, Alexey Sotskov, and Chris Westdal were all re-elected with over 99.9% of votes in favor. This consistent high level of support reflects shareholder confidence in the company's leadership and its ability to navigate the challenges faced by the mining sector.



Shareholders also approved the appointment of PricewaterhouseCoopers LLP as the auditors for the 2024 fiscal year, with 99.93% of votes in favor. This aligns with management's recommendation and indicates shareholder confidence in the company's financial reporting processes.

However, shareholders rejected the issuance of up to 41,005,882 common shares of the Company, which formed part of the second tranche of a previously announced private placement financing. This rejection may impact Silver Bear's ability to raise additional capital for its Vertikalny mine development and Mangazeisky exploration project. The company will need to explore alternative financing options to fund its operations and growth initiatives.



Despite the rejection of the share issuance, Silver Bear remains committed to addressing the ongoing challenges related to financing and sanctions. The company has proposed two strategic initiatives to overcome these obstacles. First, it seeks a Russian bank or financial institution to refinance the current shareholder debt facility and provide additional financing for the flotation facility and underground mining at Vertikalny. Second, it is exploring the possibility of finding a joint-partner, financer, or buyer for the Vertikalny Mine and Mangazeisky Project assets. Management expressed confidence in their lenders' support while seeking a solution, demonstrating a proactive approach to overcoming financing challenges.

In conclusion, Silver Bear's 2024 AGM was marked by a strong vote of confidence in the company's leadership and strategic initiatives. While shareholders rejected the issuance of additional shares, the company remains committed to addressing financing challenges and pursuing growth opportunities. As Silver Bear continues to navigate the complexities of the mining sector and the impact of sanctions, investors should monitor the company's progress and evaluate its long-term potential.