November 29, 2022, Vancouver, B.C. – Bear Creek Mining Corporation (“Bear Creek” or the “Company”) (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) is pleased to report its interim consolidated financial and operating results for the quarter ended September 30, 2022 (“Q3 2022”).

Monetary amounts in this news release are in US dollars unless otherwise stated. The Company will host a conference call at 11:00 am Eastern time today, accessible via the call-in details below

Comments and Outlook

Anthony Hawkshaw, CEO, commented that “Since acquiring Mercedes our focus has been on mine development to reopen higher grade zones, which had been flooded or that were inaccessible because of unsafe ground conditions. From April to September 30 we completed a total of 3,894 meters of mine development; an increase of 1,460 meters of development from the same period of 2021. Without this incremental development the All-In-Sustaining Cost (“AISC”) per ounce sold would have been approximately $300 per ounce lower than the $1,714 reported for the period. However, this work will allow us to mine the higher-grade Marianas and Rey de Oro zones later this year and in 2023.”

Eric Caba, President & COO, states that “Bear Creek anticipates Q4 2022 production of 12,500 to 13,500 ounces of gold. Recent underground definition drilling at Marianas is encouraging with intercepts of 3.5 meters at 5.8 g/t Au and 3.6 meters at 13.1 g/t Au in hole UG-MR22-107 which will contribute to production in the near future at significantly higher mining grades than the current model. These grades also bode well for future step out drilling at Marianas. Planning for next year calls for mining approximately 600,000 tonnes of ore grading about 3.7 g/t Au to produce between 66,000 and 73,000 ounces of gold in 2023.”

Q3 2022 Highlights

Gold production of 11,170 ounces
A total of 148,211 tonnes of ore processed at an average gold grade of 2.45 g/t
Cash cost per ounce of gold sold of $995
All-in Sustaining Cost (“AISC”) of $1,364 per ounce of gold sold
Revenue of $26.5 M
Net loss of $7.7 M
Cash used by operations of $9.5 M
Corporate activities during Q3 2022 included:
Filing of a Technical Report (as defined in National Instrument 43-101) for the Mercedes mine, which provides an independent audit of Mercedes’ mineral reserves and mineral resources at December 31, 2021;
Filing of a Business Acquisition Report for the acquisition of Mercedes on April 21, 2022;
Initiating a performance improvement program at the Mercedes mine to re-open closed mining areas to increase annual gold production and reduce costs.
Heads of Agreement

On October 26, 2022, Bear Creek announced it had reached a Heads of Agreement (“HOA”) with Equinox Gold Corp. to defer and amortize over a two-year period the final $25 million purchase price installment for the Mercedes mine. Details of the HOA are described in the Company’s October 26, 2022 news release.

Selected Q3 2022 Financial and Production Results

This news release should be read in conjunction with the Company’s unaudited interim consolidated financial statements and management discussion and analysis for the three and nine months ended September 30, 2022, which are available on SEDAR (www.sedar.com) and on the Company’s website (www.bearcreekmining.com)

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https://bearcreekmining.com/news/2022/bear-creek-mining-reports-q3-2022-operating-and-financial-results/