Mr. Anthony Hawkshaw reports

BEAR CREEK MINING AND SANDSTORM GOLD LTD. AMEND TERMS OF GOLD PURCHASE AGREEMENT

Sandstorm Gold Ltd. has advanced to Bear Creek Mining Corp. an additional $5-million (U.S.) pursuant to an amendment to the gold purchase agreement between the two parties originally dated Dec. 17, 2022 (see Bear Creek Mining news release dated Dec. 17, 2022). Proceeds from the additional stream advance will be used to accelerate access to certain higher-grade areas of the Mercedes mine and for general working capital purposes.

The Gold Purchase Agreement originally called for the Company to deliver 25,200 ounces of gold over a 42-month period (the "Fixed Delivery Period") followed thereafter by the delivery of 4.4% of production from the Mercedes gold mine (the "Variable Delivery Tranche") in exchange for an initial payment by Sandstorm of US$37.5 million, which was used as partial payment for the acquisition of Mercedes. Ongoing cash payments from Sandstorm are equal to 7.5% of the spot gold price for each ounce of gold delivered during the Fixed Delivery Period and 25% of the spot gold price for each ounce of gold delivered pursuant to the Variable Delivery Tranche.

The terms of the Gold Purchase Agreement as amended effective May 11, 2023, extend the Fixed Delivery Period and deliverable gold ounces, pursuant to which Bear Creek will deliver to Sandstorm 600 ounces of gold per month for an additional seven months (a new total of 29,400 ounces over 49 months) at a price equal to 7.5% of the spot gold price at the time of delivery, in exchange for an additional payment to the Company of US$5.0 million. All other delivery and payment terms of the Gold Purchase Agreement remain the same.

A total of 7,200 ounces of gold have been sold to Sandstorm to date pursuant to the Gold Purchase Agreement. No delivery or payment amendments have been made to Bear Creek's additional gold and silver stream agreement with Nomad Royalty Co. Ltd. (a wholly-owned subsidiary of Sandstorm).

We seek Safe Harbor.