Mr. Eric Caba reports

BEAR CREEK MINING ANNOUNCES STRATEGIC REVIEW, APPOINTMENT OF CHRISTIAN MILAU AS STRATEGIC ADVISOR

Bear Creek Mining Corp.'s board of directors has initiated a comprehensive and thorough strategic review process to explore and evaluate, on an expeditious basis, the strategic and financial options available to the company with the ultimate view of enhancing value. The board has also established a special committee of independent directors to manage the process, with a goal to complete the strategic review on an expeditious basis. Mr. Milau will advise the special committee and board as the company carries out the strategic review.

Strategic review

The strategic and financial options that may be considered under the strategic review include, but are not limited to, recapitalization, a sale of all or some of the company's assets, a merger, joint venture, business combination or any combination thereof. There is no deadline or definitive timetable for completion of the strategic review. It is the company's current intention not to disclose developments with respect to the strategic review until the board has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate. The company cautions that there are no assurances or guarantees that the strategic review will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction.

The special committee is expected to consist of Catherine McLeod-Seltzer, Peter Mitchell and Kevin Morano, as advised by Christian Milau. The company has engaged BMO Capital Markets to act as financial adviser to the company with respect to the strategic review; and Sandstorm Gold Ltd. and Equinox Gold Corp., both significant shareholders of the company, are supportive of the strategic review.

Eric Caba, president and chief executive officer of the company, stated: "We are grateful to our major stakeholder partners, Sandstorm and Equinox, who share our opinion of the inherent potential within both Mercedes and Corani. With their support, our focus on unlocking the value of a fully permitted, world-class silver deposit at Corani and an incredibly prospective land package at Mercedes continues with dedication and determination."

Nolan Watson, president and chief executive officer of Sandstorm, commented: "We see deep value in Bear Creek's assets, which include one of the world's largest, fully permitted silver deposits, together with an operating gold-silver mine hosted within a large, highly prospective land package. We look forward to the strategic review daylighting this value."

Greg Smith, president and chief executive officer of Equinox, added: "We believe the value of Bear Creek's assets is underappreciated by the markets and fully support the strategic review. Corani is a world-class silver deposit and Mercedes is a cash flow generator with substantial exploration potential. As shareholders of Bear Creek, we look forward to seeing this value unlocked."

The board is also pleased to announce that Mr. Milau has been engaged as a strategic adviser to the board and special committee to assist with oversight of the strategic review. Mr. Milau is a mining executive with over 25 years of expertise in finance, capital markets and mining, including extensive experience leading growth-oriented exploration, development and operating mining companies. Mr. Milau was the chief executive officer of Equinox Gold from 2016 to 2022, leading the company through five mergers and acquisitions and growing from a single-asset developer to a multimine producer with eight operating mines. He originally commenced the chief executive officer role at Luna Gold Corp. (the predecessor company to Equinox) after its only mine was put on care and maintenance and subsequently led the team in recapitalizing and reconstructing the original operating mine in northern Brazil (Aurizona), which provided the foundation for what is now Equinox, a major gold producer in the Americas with a multibillion-dollar market value. Prior to Equinox, he was chief executive officer of True Gold Mining Inc., which was sold to Endeavour Mining PLC for approximately $225-million after a recapitalization, mine construction and turnaround process from 2015 to 2016. Mr. Milau also served as chief financial officer of Endeavour Mining from 2011 to 2015 during a period of significant growth through multiple mergers and acquisitions, financings, and mine construction projects to create the foundation for what is now one of the largest global gold producers. Mr. Milau currently serves as chief executive officer of Saudi Discovery Company, a private exploration company, and is on the boards of New Gold Inc., Copper Standard Resources, Arras Minerals Corp. and Northern Dynasty Minerals Ltd.

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