Mr. Eric Caba reports

BEAR CREEK MINING ANNOUNCES Q1 2024 MERCEDES PRODUCTION OF 12,228 OUNCES OF GOLD

Bear Creek Mining Corp. produced 12,228 ounces of gold and 44,040 ounces of silver from the Mercedes mine during the three months ended March 31, 2024.

Eric Caba, President and CEO of Bear Creek, states, "I am very pleased that the progress made at Mercedes in the fourth quarter of 2023 has continued into 2024. Increasing the grade and reducing dilution has allowed us to reduce costs while maintaining the higher level of production. We are still working through a historical development deficit, but the efforts of the technical staff and management at Mercedes are bearing fruit. While some challenges continue to lie ahead, we are confident that Mercedes can ultimately fulfill its intended role within the Company."

Production and development results for the quarter ended March 31, 2024 are as follows:

Q1 2024 production results were positively impacted by increased gold grades and robust development. The average gold grade of ore processed increased to 3.69 grams per tonne ("gpt") in Q1 2024 from 3.30 gpt in Q4 2023 and an average of 2.77 gpt over the full 2023 financial year. Development totaled 2,780 meters during the quarter, which is largely in line with the notably improved development in Q4 2023 and over three times the development meters accomplished in Q1 2023. Increasing development meters, which results in more working faces, has been a key component of the Company's multi-faceted strategy to improve Mercedes' production.

The San Martin deposit contributed the majority of Mercedes' Q1 2024 mined and processed tonnage, with lesser amounts contributed by the Marianas, Diluvio and Lupita deposits. Improvements in gold grade during Q1 2024 were primarily a result of improved operating practices and entering the higher grade areas within San Martin. Accelerated development at San Martin, which started in Q4 2023, continued in Q1 2024 leading to increased working faces. The Company commenced construction of a new ventilation shaft at San Martin during 2023, which was significantly advanced in Q1 2024 with completion of the raise and is expected to be fully operational in Q2 2024. The new San Martin ventilation raise will help to support ongoing optimization of production from the deposit.

Poor ground conditions at the Marianas deposit, which were leading to cost overruns and development delays, caused the Company to pivot in late 2023 from development of a primary vertical ramp to development of a lateral ramp into better rock quality. Progress on this alternative ramp continued in Q1 2024 and, in addition to resolving ground condition problems, is expected to also allow for better positioning for ongoing infill drilling at Marianas and development into other Marianas orebodies in late 2024 that are expected to contribute to production in 2025.

During Q1 2024 reductions to the Mercedes gold and silver stream obligations pursuant to the restructuring agreement (the "Restructuring Agreement") with Sandstorm Gold Ltd. and its subsidiaries (collectively "Sandstorm") took effect. The Restructuring Agreement closed on January 22, 2024 and is awaiting final approval by the TSX Venture Exchange. The Sandstorm Gold Stream has now been reduced from 600 oz to 275 oz per month and silver deliveries under the Nomad Silver Stream have been fully suspended until April 2028.

The Company believes these stream reductions will positively impact the Company's free cash flow, the effect of which is expected to be amplified in the near-term by recent improvements in gold and silver prices. Readers are referred to the Company's news releases September 28, 2023 and January 22, 2024 for additional information regarding the Restructuring Agreement.

We seek Safe Harbor.