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About Bear Creek Mining Corporation (BCEKF)
Bear Creek Mining Corporation is a precious metals mining company headquartered in Vancouver, British Columbia, with active operations in Latin America. The company is listed on the TSX Venture Exchange (TSXV: BCM), OTC Markets (OTCQX: BCEKF), and the Lima Stock Exchange (BVL: BCM). Bear Creek is primarily focused on the exploration, development, and production of gold and silver, with a strong commitment to operational excellence, sustainable practices, and community engagement.
Key Operations
- Mercedes Mine (Sonora, Mexico): A fully mechanized underground gold and silver mine. The Mercedes mine operates across multiple deposits, including San Martin, Marianas, and Diluvio, among others. The company is transitioning from bulk mining to narrow vein mining techniques to reduce dilution and improve profitability. Recent operational improvements include increased development meters, enhanced geological models, and optimized cost structures.
- Corani Project (Puno, Peru): One of the largest fully permitted silver-polymetallic deposits globally. The Corani project is being evaluated for a phased development plan, starting with the exploitation of near-surface oxide material before transitioning to sulfide resources. This approach aims to lower initial capital requirements, extend mine life, and improve economic returns.
Strategic Initiatives
Bear Creek is focused on enhancing operational efficiency and unlocking long-term value through:
- Exploration and Resource Expansion: The company is conducting aggressive exploration programs at Mercedes to identify new near-mine and district-wide targets. At Corani, metallurgical testing and a Preliminary Economic Assessment (PEA) are underway to optimize oxide and sulfide resource development.
- Operational Optimization: Transitioning to narrow vein mining methods, restructuring contracts, and deploying right-sized equipment to improve productivity and reduce costs at Mercedes.
- Community and Environmental Stewardship: Maintaining strong social licenses and adhering to best practices in environmental management, particularly in Peru, where community support is critical for the Corani project's success.
Market Position and Challenges
Bear Creek operates in a competitive landscape alongside other mid-tier mining companies in Latin America. Its strategic focus on high-grade deposits, operational discipline, and exploration potential differentiates it from peers. However, the company faces challenges such as fluctuating commodity prices, geopolitical risks, and the need for substantial capital to advance its development projects.
Future Outlook
With a robust pipeline of projects and a focus on operational excellence, Bear Creek aims to enhance shareholder value by increasing production efficiency, extending mine life, and exploring new growth opportunities. The company's commitment to disciplined cost management and strategic resource development positions it for long-term success in the precious metals market.
Key Highlights
- Mercedes Mine: Transitioning to narrow vein mining to improve efficiency and reduce costs.
- Corani Project: Advancing a phased development plan to optimize oxide and sulfide resources.
- Exploration: Aggressive programs to identify and develop new mineralized zones.
- Community Engagement: Strong focus on maintaining social licenses in Peru and Mexico.
Bear Creek Mining (BCEKF) reports Q4 2024 production of 7,937 ounces of gold and 55,803 ounces of silver from its Mercedes Mine. Production decreased during Q4 due to the transition from bulk mining at San Martin to narrow-vein mining methods. The company faced delays in obtaining specialized equipment and supplies, along with unplanned ground condition remediation.
For full-year 2024, Mercedes produced 40,220 ounces of gold and 217,675 ounces of silver, processing 400,771 tonnes of ore with a 95% gold recovery rate. Development meters reached 3,090 in Q4 2024, significantly higher than previous quarters. The company plans an aggressive exploration program for 2025 to test near-mine brownfield targets identified in late 2024.
Bear Creek Mining has announced updated Mineral Resources and Mineral Reserves estimates for its Mercedes Mine in Sonora, Mexico, effective September 30, 2024. The key findings include:
- Proven and Probable Mineral Reserves of 0.43 million tonnes at 3.95 g/t gold and 22.71 g/t silver (54,300 oz gold, 312,500 oz silver)
- Measured and Indicated Mineral Resources of 2.34 million tonnes at 5.98 g/t gold and 52.12 g/t silver (449,700 oz gold, 3.9M oz silver)
- Inferred Mineral Resources of 0.38 million tonnes at 5.26 g/t gold and 36.06 g/t silver (64,900 oz gold, 444,600 oz silver)
The reserves and resources have decreased since December 2021 due to depletion, increased operating costs, higher dilution, and inaccessible regions. The reduction is substantial and likely to negatively impact the carrying value of Mercedes Mine as of December 31, 2024.
Bear Creek Mining reported Q3 2024 financial results, achieving a gross profit of $5.9 million and its first profit after operating expenses since acquiring Mercedes mine. The mine produced 10,751 ounces of gold and 76,939 ounces of silver during Q3 2024, with cash costs of $1,285 and AISC of $1,697 per gold ounce. Revenue reached $29.7 million, with comprehensive loss of $7.0 million ($0.03 per share). The company held $7.7 million in cash as of September 30, 2024. Operations at Mercedes showed improved efficiency with higher gold and silver production, benefiting from stronger metal prices. The company continues development at Corani Project, with a PEA expected by end of 2024.
Bear Creek Mining announced production results from its Mercedes Mine for Q3 2024. The mine produced 10,751 ounces of gold and 76,939 ounces of silver. Gold production improved compared to the previous quarter due to increased tonnage and higher recovery rates. Silver production saw a substantial increase, reflecting improved recovery rates and metallurgical differences.
Key highlights include:
- Ore processed: 102,535 tonnes
- Gold grade processed: 3.40 gpt
- Gold recovery: 96%
- Development: 2,025 meters
The company is transitioning to narrow vein mining techniques and restructuring its workforce. Updated Mineral Resource and Reserve estimates are expected in Q4 2024. New exploration targets have been identified on the Mercedes property for potential inclusion in the 2025 drilling program.
Bear Creek Mining (OTCQX: BCEKF) has initiated an assessment at its Corani property in Peru to enhance mine life and reduce capital intensity by mining near-surface, silver-rich oxide resources first. This plan, which precedes the extraction of deeper sulfide resources outlined in the 2019 Corani Report, aims to improve economic returns and lower upfront costs.
The Corani property holds an estimated 39 million ounces of silver in measured and indicated oxide resources, and 29.9 million ounces in inferred resources. Bear Creek's 2024 metallurgical testing showed promising silver recoverability, ranging from 13% to 93% for fine leach tests. A new preliminary economic assessment (PEA) incorporating these findings is expected by the end of 2024.
The PEA will evaluate a 5,000 tonne-per-day processing plant for oxide material and a simpler flowsheet, potentially reducing capital costs significantly while extending mine life and enhancing overall project economics.
Bear Creek Mining (OTCQX: BCEKF) reports its Q2 2024 financial and operating results. The Mercedes gold mine produced 9,304 ounces of gold and 40,893 ounces of silver in Q2 2024. AISC per gold ounce sold was $2,058. Revenue was $22.1 million, but comprehensive earnings after taxes showed an $11.2 million loss, or -$0.05 per share. Operating costs per ounce increased due to labor and contractor costs. Cash generated from operations was $4.8 million, while cash used in investing activities was $5.4 million. The company had a working capital deficiency of $92.8 million as of June 30, 2024. Key developments include the completion of the North lateral ramp at the Marianas deposit and ongoing exploration at the Mercedes mine. The company also noted that it is not providing 2024 production guidance for the Mercedes mine.
Bear Creek Mining (TSXV: BCM) (OTCQX: BCEKF) has announced a final drawdown of US$750,000 under the Sandstorm Promissory Note. This draw represents US$375,000 in Additional Credit for each of July and August 2024, to be used for exploration at Mercedes and working capital. Sandstorm may convert drawn amounts into Bear Creek common shares before September 22, 2028, subject to TSX Venture Exchange approval.
To date, US$2,625,000 has been drawn under the Additional Credit, bringing the total principal outstanding to US$21,642,612.35. No further funds can be drawn from this facility. Bear Creek Mining operates the Mercedes gold mine in Mexico and is developing the Corani silver-polymetallic deposit in Peru.
Bear Creek Mining (TSXV: BCM) (OTCQX: BCEKF) has announced the grant of 200,000 stock options to Mr. Donald Mc Iver, VP Exploration and Geology. The options, approved by the Board of Directors, are part of the company's Stock Option Plan and are subject to vesting provisions. They can be exercised until August 2, 2034 at a strike price of Cdn $0.325 per share, which matches the TSX Venture Exchange closing price of Bear Creek's shares on August 1, 2024. This move appears to be part of the company's strategy to align executive interests with shareholder value.
Bear Creek Mining (TSXV: BCM) (OTCQX: BCEKF) announced Q2 2024 production of 9,304 ounces of gold and 40,893 ounces of silver from its Mercedes Mine. This represents a decrease from Q1 2024 production of 12,228 ounces of gold. The company cited equipment availability issues and rock instability as reasons for the production decline.
Despite challenges, Bear Creek reported improvements in gold grade (3.23 g/t) and development meters (2,569m). The company has initiated a machine learning-assisted exploration program to identify new targets near the Mercedes operation and within its 70,000-hectare project area. Bear Creek is also developing a new lateral ramp at the Marianas deposit to improve long-term production potential.
Bear Creek Mining announced the appointment of Donald Mc Iver as Vice President, Exploration and Geology. Mc Iver brings over 35 years of experience, especially in Latin America, and has held senior roles in companies like Barrick Gold and Ausenco. Concurrently, Eduard Roux will resign as Vice President, Project Development, effective August 13, 2024, to join Antamina copper-zinc operation in Peru.
The company also reported a drawdown of US$1,125,000 under the Sandstorm Promissory Note for ongoing exploration at Mercedes and general working capital. The total amount drawn to date is US$1,875,000, with a potential total principal amount of US$21,642,612.35 if all credits are drawn by August 2024. Sandstorm Gold holds the option to convert these amounts into shares before September 2028, pending TSX Venture Exchange approval.
Bear Creek operates the Mercedes gold mine in Mexico and the Corani silver-polymetallic deposit in Peru, noted for its significant reserves and low operating costs.
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