April 30, 2024, Vancouver, B.C. – Bear Creek Mining Corporation (“Bear Creek” or the “Company”) (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) reports its annual consolidated financial results for the year ended December 31, 2023.

This news release should be read in conjunction with the Company’s audited consolidated financial statements and management discussion and analysis (“MD&A”) for the three months and year ended December 31, 2023, which are available on SEDAR+ (www.sedarplus.ca) and the Company’s website (www.bearcreekmining.com). Monetary amounts in this news release are in United States dollars unless otherwise stated.

Highlights

2023 marked Bear Creek’s first full year of ownership in and operation of the Mercedes gold mine (“Mercedes”), located in Sonora, Mexico. Over the course of the year the Company identified and overcame significant challenges inhibiting the Mercedes’ performance, and made substantial changes to major financial and production obligations and to its management and staff that the Company believes will result in an improved outlook for Mercedes’ performance and the Company’s future. Key milestones include:

Significantly enhancing the executive management team and senior Mercedes mine staff;
Producing 43,860 oz Au and 167,019 oz Ag over the course of the year;
Refreshing the Board of Directors (the “Board”);
Converting a $26.6 million current liability into a long term convertible debenture;
Fulfilling the obligation on the approximately 300 ounce per month Nomad Gold Stream;
Restructuring the remaining Mercedes metal streams, reducing gold deliverables by 325 ounces per month and silver deliverables to nil until April 2028 and increasing the cash payments for both;
Amending the terms of the $22.5 million Sandstorm convertible debenture entered into on December 16, 2021, and extending its maturity date;
Completing a private placement and a bought deal financing totaling CDN$17.7 million;
Making substantial technical changes at Mercedes to improve operating performance;
Enacting measures to overcome historical geotechnical challenges and development deficits at Mercedes; and
Significantly improving Mercedes production in the fourth quarter of 2023 as a result of these foundational changes, with recent production records achieved in December 2023.
Selected FY 2023 Financial and Production Results

Bear Creek’s Mercedes gold mine, located in Sonora, Mexico, produced 43,860 ounces of gold and 167,019 ounces of silver during the year ended December 31, 2023. During this period 44,403 ounces of gold were sold, of which 9,900 ounces of gold were delivered under streaming arrangements. Cash cost and all-in-sustaining cost (“AISC”) per ounce of gold sold were $1,376 and $1,769, respectively.

Mercedes Operating Highlights

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