Mr. Eric Caba reports

BEAR CREEK MINING ANNOUNCES DRAWDOWN OF FUNDS UNDER SANDSTORM PROMISSORY NOTE AND GRANT OF OPTIONS

Pursuant to the amended and restated secured promissory note dated Jan. 22, 2024, issued by Bear Creek Mining Corp. to an affiliate of Sandstorm Gold Ltd., finances in the amount of $750,000 (U.S.) were drawn down by the company. The draw represents $375,000 (U.S.) in additional credit for each of February and March, 2024, and will be used for continuing exploration work at Mercedes and general working capital purposes. For more information regarding the Sandstorm promissory note, please see the company's news releases dated Jan. 22, 2024, and Sept. 28, 2023.

Pursuant to the terms of the Sandstorm promissory note, Sandstorm has made available to the company credit in the amount of up to $375,000 (U.S.) per month from February, 2024, to August, 2024. Subject to prior approval from the TSX Venture Exchange, Sandstorm may, at its election and at any time before Sept. 22, 2028, convert the amounts drawn under the additional credit into common shares of the company in accordance with the terms of the Sandstorm promissory note.

As of the date of this news release, an aggregate of $750,000 (U.S.) has been drawn down under the additional credit for a total principal amount of $19,767,612.35 (U.S.) outstanding under the Sandstorm promissory note. A remaining amount of $1,875,000 (U.S.) may be drawn down under the additional credit in monthly instalments of up to $375,000 (U.S.) until August, 2024. The total principal amount of the Sandstorm promissory note if all of the additional credit is drawn down by the company is $21,642,612.35 (U.S.). No further draws shall be permitted under the additional credit after August, 2024, and all draws are subject to prior approval by Sandstorm in its sole discretion.

Grant of options

Bear Creek also announces that its board of directors has authorized and approved a grant of 500,000 stock options pursuant to its stock option plan to Zoya Shashkova, who assumed the role of chief financial officer of the company on March 18, 2024 (see Bear Creek news release dated Feb. 22, 2024). The stock options are subject to vesting provisions in accordance with the stock option plan and are exercisable on or before March 19, 2034, at the strike price of 24.5 cents per share, being the closing price of the company's shares on the TSX Venture Exchange on March 18, 2024.

About Bear Creek Mining Corp.

Bear Creek Mining is a precious metals producer with a world-class development asset. Its Mercedes mine in Sonora, Mexico, is a cash flow generating gold mine with operational upside and exciting exploration potential.

We seek Safe Harbor.