Bear Creek Mining — Investor Presentation (March 2024)
25 slides from Bear Creek Mining's investor presentation, March 2024
Slide 1: Bear Creek Mining Corporation
Bear Creek Mining Corporation MARCH 2024 TSX-V: BCM BVL: BCM OTCQX: BCEKF
Slide 2: Cautionary Note
Cautionary Note This presentation includes Forward Looking Statements and information of a technical and scientific nature. Viewers are urged to review Appendix 3 of this presentation for further details and assumptions. 2
Slide 3: Multi-Asset Producer
Multi-Asset Producer Bear Creek is a multi- asset precious metals Mercedes Mercedes Mine Santa Elena producer anchored by SONORA Gold the Mercedes gold mine Dolores Sonora, Mexico La Colorada Mulatos and world-class Corani PRODUCING silver deposit. Our assets provide jurisdictional and commodity div
Slide 4: Bear Creek Vision
Bear Creek Vision: MAXIMIZE FREE CASH FLOW, INCREASE PRODUCTION Mercedes Mine AND EXTEND MINE LIFE Corani Project FINANCE, CONSTRUCT AND OPERATE Pipeline GROW THE COMPANY 4
Slide 5: Mercedes Mine
Mercedes Mine MAXIMIZE FREE CASH FLOW, INCREASE PRODUCTION AND EXTEND MINE LIFE 5
Slide 6: 2023 Debt and Stream Restructurings
2023 Debt and Stream Restructurings: Generate substantial near-term cash flow Reduce stream burden on Mercedes by 78% $ Increase payment received for fixed gold deliveries from ~9% to 25% of spot Refinance debt and remove all near-term maturities to September 2028 Generate funds to invest in long-te
Slide 7: Stream Reductions Increase Cash Flow and Reinvestment in Mercedes
Stream Reductions Increase Cash Flow and Reinvestment in Mercedes Monthly Stream Obligation Average Ongoing Payment 1400 cash received for streamed 1200 78% reduction in ounces is 2.78x previous 300 stream obligations 1000 (958 GEOs (1) per month) GEOs 800 333 600 25% 400 600 200 9% 275 0 Previous J
Slide 8: Debt Refinancing
Debt Refinancing Previous Debt Structure: New Debt Structure: EQUINOX PROMISSORY NOTE (restructuring closed October 19, 2023) EQUINOX PROMISSORY NOTE (restructuring closed October 19, 2023) • US $26.6 million convertible debenture • US $26.6 million convertible debenture • Interest rate of 7% per ye
Slide 9: Mercedes Mine: 2023 Production Results
Mercedes Mine: 2023 Production Results Q1 2023 Q2 2023 Q3 2023 Q4 2023 Full Year 2023 Ore Processed (tonnes) 134,487 125,135 126,208 135,918 521,749 Gold recovery (%) 95.5 94.5 94.0 93.6 94.9 Gold grade processed (gpt) 2.91 2.42 2.40 3.30 2.77 Gold ounces produced 12,025 9,199 9,159 13,478 43,860 Si
Slide 10: Mercedes Workings and Targets
Mercedes Workings and Targets • 2023 production from: o Marianas o San Martin o Diluvio/Lupita • Changed mining methods at Marianas and San Martin to better align with the structural and geologic characteristics of these deposits – costs and dilution reduced • 2023 drilling program at Mercedes conce
Slide 11: Mercedes Trend: Marianas
Mercedes Trend : Marianas • Marianas ore body open at depth • Recent underground drilling has UG-MR23-115 1.0m @ 47.9 g/t UG-MR23-116 5.2m @ 62.59 g/t returned gold intercepts 1.5-30x UG-MR23-117 4.3m @ 7.55 g/t average reserve grade UG-MR23-119 1.4m @ 3.32 g/t & 1.4m @ 3.15 g/t • Steeply dipping or
Slide 12: Marianas Extension
Marianas Extension NW 20 km SE 4.5 km 2500 2500 Resource mined in high grade ore bodies Tonnes Au Ag Au Ounces Ag Ounces Mine concession Ore Zone 2000 2000 kt g/t g/t koz koz boundary limit Mercedes Trend 2,994 8.52 87.54 820 8,429 1500 1500 Au/Ag Exploration targets 2023 Caliche Hydrothermal vein d
Slide 13: San Martin
San Martin • ~50% of anticipated 2023 Neo Lupita Extension production • Thick, flat ore body amenable to lower cost and less dilutive room and pillar mining method • Open to north (Neo target) and west (San Martin Displacement target) San Martin • San Martin mineral San Martin inventory (1): Displac
Slide 14: Rey de Oro
Rey de Oro Results released August 30, 2023 Results released February 22, 2023 UG-RDO23-087 0.8m @ 3.54 g/t UG-RDO23-086 1.0m @ 4.9 g/t & 4.2m@ 4.56 g/t Open UG-RDO23-085 0.5m @7.87 g/t & 4.9m @ 3.52 g/t & 0.9m@ 29.3 g/t & 0.7m @ 9.42 g/t Open R22-215 0.9m @ 26.2 g/t UG-RDO23-088 0.6m @ 5.04 g/t Ope
Slide 15: Mercedes Expansion Targets
Mercedes Expansion Targets • Hydrothermal textures and higher gold and silver grades towards north end of Marianas deposit suggests the source of mineralization in the Mercedes district may occur in the unexplored northern extensions of the multi-deposit Mercedes vein structure • New recognition of
Slide 16: Corani Project
Corani Project FINANCE, CONSTRUCT AND OPERATE 16
Slide 17: Corani Silver Project
Corani Silver Project Substantial P&P Reserves; 299 M oz silver and 4.5 B oz combined lead and zinc Low AISC over 15-year mine life; <3 year payback of CapEx ESIA and construction permits in hand Detailed, constructable plan; updated costing model developed Strong social licence and LOM community ag
Slide 18: Corani Silver Project: World's Largest Fully Permitted Silver Project
Corani Silver Project World´s Largest Fully Permitted Silver Project Silver Lead Zinc RESERVES AND RESOURCES (1) (oz) (lbs) (lbs) Proven and Probable Reserves 229 M 2,742 M 1,694 M Measured and Indicated Resources (additional) 94 M 725 M 620 M Silver Lead Zinc PRODUCTION (2) (oz) (lbs) (lbs) Average
Slide 19: Corani Silver Project Economics
Corani Silver Project @ Base Case @ Spot Metal ECONOMICS (2) (AFTER TAX) Metal Prices (1) Prices (2) NPV (5%) $531 M $960 M IRR 22.9% 33.7% Payback 2.4 years 1.7 years Corani NPV Leverage to Silver (3) Corani Free Cash Flow (4) $2,000 Years 1-4 $1,800 $500.0 NPV5 (after tax, USD millions) $1,600 $40
Slide 20: Shareholder Profile
Shareholder Profile Share Registry (2) Basic shares outstanding (M) 227.6 3.74% Other Institutional + HNW 11.16% Equinox Gold Options, RSUs & DSUs (M) (1) 10.2 6.90% Wheaton Warrants (M) 27.2 Precious Metals Fully Diluted Shares (M) 236.2 Close price – C$ (TSXV: BCM) $0.22 40.69% Retail 9.88% Kopern
Slide 21: Head Office
HEAD OFFICE Suite 1400 – 400 Burrard Street Vancouver BC Canada V6C 3A6 Tel: +1-604.685.6269 LIMA OFFICE Av. Conquistadores 1144 Piso 6 San Isidro, Lima, Peru Tel: +511.711.6400 HERMASILLO OFFICE Boulevard Jose Maria Morelos 307 Building F, Local 06 Loma Linda, Hermosillo, Sonora, Mexico, 83150 info
Slide 22: Appendix 2: Mercedes Reserve and Resource Estimates
Appendix 2: Mercedes Reserve and Resource Estimates MERCEDES MINERAL RESERVES Reserve estimate assumptions • CIM Definitions Standards on Mineral Resource and Reserves (2014) have been CONTAINED METAL followed. • Mineral Reserves are minable tonnes and grades; the reference point is the mill feed at
Slide 23: Appendix 2: Corani Reserve and Resource Estimates
Appendix 2: Corani Reserve and Resource Estimates CORANI MINERAL RESERVES • The Mineral Reserves have been estimated using the definitions of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM). CONTAINED METAL • The Mineral Reserves have been estimated using the following metal prices:
Slide 24: Appendix 3: Cautionary Statements
Appendix 3: Cautionary Statements CAUTION REGARDING FORWARD LOOKING INFORMATION This document, and the documents referred to herein, contain "forward-looking statements" within the meaning of applicable Canadian securities laws concerning the Company's plans for its properties, operations and other
Slide 25: Cautionary Notes to United States Investors Concerning Canadian Mineral Property Disclosures
CAUTIONARY NOTES TO UNITED STATES INVESTORS CONCERNING CANADIAN MINERAL PROPERTY DISCLOSURES As a Canadian issuer, the Company is required to comply with reporting standards in Canada that require that the Company make disclosure regarding its mineral properties, including any estimates of mineral r
Bear Creek Mining — Investor Presentation (March 2024) on 6ix