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Bear Creek Mining Reports Q3 2024 Financial and Operating Results

In This Article:

Vancouver, British Columbia--(Newsfile Corp. - November 26, 2024) - Bear Creek Mining Corporation (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) ("Bear Creek" or the "Company") reports its interim condensed consolidated financial results for the three months ended September 30, 2024 ("Q3 2024").

This news release should be read in conjunction with the Company's interim condensed consolidated financial statements and management discussion and analysis ("MD&A") for the three and nine months ended September 30, 2024, which are available on SEDAR+ (www.sedarplus.ca) and the Company's website (www.bearcreekmining.com). Monetary amounts in this news release are in United States dollars unless otherwise stated and all capitalized terms herein have the same meaning as defined in the Q3 2024 financial statements.

Eric Caba, President & CEO, states, "We are very happy to report that Bear Creek recorded a gross profit of $5.9 million during the quarter, and for the first time since acquiring Mercedes, a profit after operating expenses for the three months ended September 30, 2024. Our ongoing efforts to improve efficiency, reduce costs, and our application of operational discipline resulted in an increase in gold and silver production during the quarter. Undoubtedly, the current strength in metal prices also had a positive impact on achieving this exciting financial milestone. We continue to adapt and improve the mining methods to suit the ore bodies, and we anticipate this will further reduce dilution and contribute to improvements in profitability in 2025. The ongoing operational improvements at Mercedes, the identified exploration targets, and the inclusion of the oxide resource in Corani, leave us very excited for the year ahead."

Selected Q3 2024 Financial and Production Results
Bear Creek's Mercedes gold mine, located in Sonora, Mexico, produced 10,751 ounces of gold and 76,939 ounces of silver during the three months ended September 30, 2024. During this period 11,066 ounces of gold were sold, of which 825 ounces of gold were delivered under streaming arrangements. Cash costs and AISC per ounce of gold sold were $1,285 and $1,697, respectively. See "Non-GAAP Financial Measures", below.

Mercedes Operating Highlights

Q3 2024

Year to Date

Gold ounces produced

10,751

32,283

Silver ounces produced

76,939

161,872

Gold ounces sold

11,066

32,900

Cash costs per gold ounce sold (1)

$1,285

$1,349

AISC per gold ounce sold (1)

$1,697

$1,755

Tonnes mined

103,889

303,348

Tonnes processed

102,535

307,541

Average gold grade mined (g/t)

3.36

3.51

Average gold grade processed (g/t)

3.40

3.45

Recovery rate gold

96%

95%

Average realized gold price (2)

$2,469

$2,266

Development (meters)

2,025

7,374

 


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