Mr. Eric Caba reports

BEAR CREEK MINING ANNOUNCES CLOSING OF C$9.5 MILLION BOUGHT DEAL FINANCING

Bear Creek Mining Corp.'s bought deal financing announced on Sept. 28, 2023, has closed. The offering was conducted by BMO Capital Markets.

Pursuant to the Offering, the Company issued a total of 27,200,000 units (the "Units") at a price of C$0.35 per Unit (the "Offering Price") for gross proceeds of C$9.5 million. Each Unit is comprised of one common share of the Company (a "Common Share") and one common share purchase warrant of the Company ("Warrant"). Each Warrant will be exercisable to acquire one Common Share (a "Warrant Share") at an exercise price of C$0.42 per Warrant Share until October 5, 2028. The Company has received conditional approval to have the Warrants listed for trading on the TSX Venture Exchange (the "TSXV"), subject to compliance with certain standard listing conditions.

The Company granted an option to BMO, exercisable by BMO at any time on or before the 30th day following the closing date of the Offering, to purchase up to an additional 15% of the Units (the "Additional Units") sold in connection with the Offering at the Offering Price (the "Over-Allotment Option"). The Over-Allotment Option is also exercisable by BMO in respect of: (a) additional Common Shares ("Additional Common Shares") at a price of C$0.27 per Additional Common Share; (b) additional Warrants ("Additional Warrants") at a price of C$0.08 per Additional Warrant; or (c) any combination of Additional Units, Additional Common Shares and/or Additional Warrants, so long as the aggregate number of Common Shares issued under the Over-Allotment Option does not exceed 4,080,000 and the aggregate number of Warrants issued under the Over-Allotment Option does not exceed 4,080,000.

The Company paid BMO a cash commission equal to 6.0% of the aggregate gross proceeds of the Offering in the amount of C$571,200. No other bonus, finder's fee, or commission is payable by the Company in connection with the Offering.

The Company intends to use net proceeds of the Offering to support additional development work at the Company's Mercedes mine in Mexico, to expand on recent positive underground drill results at Mercedes (see Bear Creek news release dated August 30, 2023) and for general working capital purposes, the latter of which will include approximately C$3 million intended to be used to reduce Mercedes' trade payables to a normalized level over the next 2 quarters.

The Offering was completed under a prospectus supplement dated October 2, 2023 (the "Supplement") to the Company's short form base shelf prospectus dated April 3, 2023, which was filed with the securities regulatory authorities in each of the provinces and territories of Canada, except Quebec. The Units were also offered and sold in the United States to certain purchasers, who are, or are purchasing for the account or benefit of, one or more U.S. persons or persons in the United States, each of whom qualifies as a "qualified institutional buyer" as defined in Rule 144A under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and applicable U.S. state securities laws.

A copy of the Supplement can be obtained from BMO Nesbitt Burns Inc., Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 by telephone at 905-791-3151 Ext 4312 or by email at torbramwarehouse@datagroup.ca.

We seek Safe Harbor.