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Bear Creek Mining Announces Closing of C$34.5 Million Bought Deal Financing

Vancouver, British Columbia--(Newsfile Corp. - January 15, 2021) - Bear Creek Mining Corporation (TSXV: BCM) (BVL: BCM) ("Bear Creek" or the "Company") is pleased to announce that the bought deal financing announced on January 6, 2021 (the "Offering") has closed. The Offering was conducted by a syndicate of underwriters led by Stifel GMP, and including BMO Capital Markets and Canaccord Genuity Corp. (together, the "Underwriters").

Pursuant to the Offering, the Company issued a total of 10,000,000 common shares (the "Common Shares"), at a price of C$3.00 per Common Share for gross proceeds of C$30 million. The Underwriters also exercised their over-allotment option in full to purchase an additional 1,500,000 Common Shares for additional gross proceeds of C$4.5 million. Including the proceeds from the exercise of the over-allotment option, the total gross proceeds of the Offering is C$34.5 million with an aggregate of 11,500,000 Common Shares being issued.

The net proceeds from the Offering will be used for ongoing development activities at the Corani silver-lead-zinc project and for general corporate purposes.

The Offering was completed pursuant to the Company's base shelf prospectus dated October 29, 2020. The terms of the Offering were described in a prospectus supplement filed on January 8, 2021 with securities regulators in each of the provinces and territories of Canada, other than Qu├ębec. The Common Shares were also offered and sold in the United States to certain purchasers, who are, or are purchasing for the account or benefit of, one or more U.S. persons or persons in the United States, each of whom qualifies as a "qualified institutional buyer" as defined in Rule 144A under the United States Securities Act of 1933, as amended (the "1933 Act").

The securities issued under the Offering have not been and will not be registered under the 1933 Act and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the 1933 Act, and applicable state securities laws. This press release shall not constitute an offer of securities for sale or a solicitation for offers to buy any securities nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. "United States" and "U.S. person" are as defined in Regulation S under the 1933 Act.

On behalf of the Board of Directors,

Anthony Hawkshaw
President and CEO

For further information contact:

Barbara Henderson - VP Corporate Communications
Direct: 604-628-1111 E-mail: barb@bearcreekmining.com

Forward-Looking Statements

This news release contains forward-looking statements regarding the use of proceeds of the Offering and continued development of the Corani Property. These forward-looking statements are provided as of the date of this news release, or the effective date of the documents referred to in this news release, as applicable, and reflect predictions, expectations or beliefs regarding future events based on the Company's beliefs at the time the statements were made, as well as various assumptions made by and information currently available to them. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including, but not limited to, that general economic and business conditions will not change in a materially adverse manner and that development activity at the Corani Property will proceed as planned. Although management considers these assumptions to be reasonable based on information available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions on which they are based do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the expectations expressed in them. These risk factors may be generally stated as the risk that the assumptions expressed above do not occur, but specifically include, without limitation, risks relating to general market conditions and the additional risks described in the Company's final short form base shelf prospectus dated October 29, 2020, the Company's latest Annual Information Form, and other disclosure documents filed by the Company on SEDAR. The foregoing list of factors that may affect future results is not exhaustive. Investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on behalf of the Company, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES