SILVER BOW MINING CORP. IPO

“5,200,000 Common Shares”

“Price: US$11.50 per Common Share”

Shares × price = 5,200,000 × $11.50 = $59,800,000. They match.

“Total | US$59,800,000 | US$4,186,000 | US$55,614,000(3)”

“Total | US$59,800,000 | US$4,186,000 | US$55,614,000(3)”

Raised − bank fee = $59,800,000 − $4,186,000 = $55,614,000. They match.

“Total | US$59,800,000 | US$4,186,000 | US$55,614,000(3)”

“The Common Shares are being offered in Canada under this Canadian Prospectus by Cantor Fitzgerald Canada Corporation and Research Capital Corporation (the “Canadian Underwriters”) and in the United States by Cantor Fitzgerald & Co.; Research Capital USA Inc.; Joseph Gunnar & Co, LLC; Roth Capital Partners, LLC; and R.F. Lafferty & Co. (the “U.S. Underwriters” and together with the Canadian Underwriters, the “Underwriters”).”

“The Common Shares have been approved for listing on the NYSE American LLC (“NYSE American”) under the trading symbol “SBMT”.”

“The Company has granted to the Underwriters an option (the “Over-Allotment Option”), exercisable in whole or in part in the sole discretion of the Underwriters at any time and from time to time until the date which is 30 days following the Closing Date (as defined below), to purchase up to an additional 780,000 common shares (“Additional Shares”) from us to cover over-allotments, if any, at the Offering Price”