Bear Creek Mining Stock Price, News & Analysis

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.

Bear Creek Mining has announced the approval of 1,362,500 stock options and 1,622,500 Restricted Share Units (RSUs) to its directors, officers, and employees. These grants are part of the company's Stock Option Plan and Long Term Incentive Plan (LTIP), respectively. The stock options are exercisable by June 26, 2034, at a price of Cdn $0.35 per share.

Bear Creek Mining (TSXV: BCM, OTCQX: BCEKF) announced the outcomes of its Annual General Meeting (AGM) held on June 6, 2024, in Vancouver, BC. Shareholders voted in favor of all proposed business matters, including the election of Susan Toews and Sandra Daycock, and the re-election of Catherine McLeod-Seltzer, Eric Caba, Andrew Swarthout, Kevin Morano, and Alan Hair as directors. Alfredo Bullard did not stand for re-election.

Shareholders also approved the 10% Rolling Stock Option Plan (2022 Plan) and re-appointed PricewaterhouseCoopers LLP as auditors. Post-AGM, the board appointed Catherine McLeod-Seltzer as Chair, Eric Caba as President and CEO, Zoya Shashkova as CFO, Brian Peer as COO, Barbara Henderson as VP Corporate Communications, and Eduard Roux as VP Project Development. Standing committees for the upcoming year were also constituted.

Bear Creek Mining (TSXV: BCM, OTCQX: BCEKF, BVL: BCM) released its Q1 2024 financial and operational results. The company, mainly operating the Mercedes gold mine in Mexico, produced 12,228 ounces of gold and 44,040 ounces of silver. The Mercedes mine sold 12,679 ounces of gold, achieving a cash cost of $1,183 per ounce and an all-in-sustaining cost (AISC) of $1,588 per ounce. Revenue for Q1 2024 was $27.5 million, up from $24.3 million in Q1 2023. However, the company reported a comprehensive net loss of $17.3 million, driven by an $8.3 million non-cash charge related to a restructuring agreement with Sandstorm Gold.

The restructuring reduced monthly gold and silver deliverables but increased cash payments. The Mercedes mine's development saw 2,781 meters of advancement. Bear Creek also continued its geometallurgical test program at the Corani Project in Peru, with results expected in Q2 or Q3 2024. Despite the progress, Bear Creek did not provide 2024 production guidance for Mercedes due to expected production variability.

Bear Creek Mining reports its 2023 year-end financial and operating results, highlighting the challenges faced and the improvements made at the Mercedes gold mine. The company restructured debt and stream obligations to enhance financial viability, with key achievements including operational enhancements, production milestones, and financial restructuring. Despite initial difficulties, the company is optimistic about future outcomes at Mercedes and ongoing initiatives at the Corani project in Peru.