Bear Creek Mining : 2022 Annual Information Form - for the year ended December 31, 2021

ANNUAL INFORMATION FORM

For the year ended December 31, 2021

BEAR CREEK MINING CORPORATION

#1400 - 400 Burrard Street Vancouver, British Columbia V6C 3A6

Telephone: [phone]

E-Mail:[e-mail] Website:www.bearcreekmining.com

Dated April 26, 2022

TABLE OF CONTENTS

PRELIMINARY NOTES .......................................................................................................................... i

Date ........................................................................................................................................................ iCurrency ................................................................................................................................................. iAdditional Information .......................................................................................................................... iCautionary Statement Regarding Forward-Looking Statements ........................................................... i

Cautionary Note to United States Investors ....................................................................................... iv

NI 43-101 Disclosure ............................................................................................................................. v

Glossary ............................................................................................................................................... vi

CORPORATE STRUCTURE .................................................................................................................... 1

Name, Address and Incorporation ........................................................................................................ 1

Intercorporate Relationships ................................................................................................................ 1

GENERAL DEVELOPMENT OF THE BUSINESS ........................................................................................ 3

Business of the Company ...................................................................................................................... 3

Three Year History and Significant Acquisitions ................................................................................... 3

Recent Developments ........................................................................................................................... 7

DESCRIPTION OF THE BUSINESS .......................................................................................................... 7

General ................................................................................................................................................. 7

Specialized Skills and Knowledge .......................................................................................................... 7

Competitive Conditions ........................................................................................................................ 8

Foreign Operations ............................................................................................................................... 8

Corporate Social Responsibility ............................................................................................................ 9

Environmental Protection ................................................................................................................... 10

Employees ........................................................................................................................................... 10

Health and Safety ................................................................................................................................ 10

Components ........................................................................................................................................ 11

Cycles .................................................................................................................................................. 11

Risk Factors ......................................................................................................................................... 11

MINERAL PROJECTS ......................................................................................................................... 22

Corani Property ................................................................................................................................... 22

Mercedes Mine ................................................................................................................................... 45

Other Projects ..................................................................................................................................... 60

DIVIDENDS AND DISTRIBUTIONS ...................................................................................................... 61

DESCRIPTION OF CAPITAL STRUCTURE .............................................................................................. 61

General Description of Capital Structure ............................................................................................ 61

MARKET FOR SECURITIES ................................................................................................................. 63

Trading Price and Volume ................................................................................................................... 63

Prior Sales ........................................................................................................................................... 65

DIRECTORS AND OFFICERS ............................................................................................................... 65

Name, Occupation and Security Holding ............................................................................................ 65

Cease Trade Orders, Bankruptcies, Penalties or Sanctions ................................................................ 67

Conflicts of Interest ............................................................................................................................ 68

LEGAL PROCEEDINGS AND REGULATORY ACTIONS ............................................................................ 68

Legal Proceedings ............................................................................................................................... 68

Regulatory Actions .............................................................................................................................. 69

INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS .......................................... 69

TRANSFER AGENTS AND REGISTRARS ............................................................................................... 69

MATERIAL CONTRACTS .................................................................................................................... 70

INTERESTS OF EXPERTS .................................................................................................................... 70

Names of Experts ................................................................................................................................ 70

Interests of Experts ............................................................................................................................. 70

AUDIT COMMITTEE INFORMATION .................................................................................................. 71

Audit Committee Charter ................................................................................................................... 71

Audit Committee Function ................................................................................................................. 76

i

PRELIMINARY NOTES

In this Annual Information Form, ("Annual Information Form" or "AIF"), Bear Creek Mining Corporation is referred to as the "Company", "Bear Creek" or "BCM". Unless the context otherwise indicates, these references include the subsidiaries described under "Corporate Structure - Intercorporate Relationships", below.

Date

All information contained herein is as at and for the year ended December 31, 2021 unless otherwise specified.

Currency

This AIF contains references to United States dollars, Canadian dollars and Peruvian Soles. The Company's functional currency is the United States dollar, referred to herein as "$" or "US$". Any amounts reported herein in Canadian dollars are referred to as "C$" and in Soles as "S/".

On April 26, 2022 the Sol to US dollar daily exchange rate was S/3.82 to US$1.00, and the Canadian dollar to US dollar daily exchange rate was C$1.28 to US$1.00 (as per currency exchange rates quoted onwww.bloomberg.com).

Additional Information

Additional information relating to the Company, including its consolidated financial statements and management's discussion and analysis for its most recently completed financial year, may be found on SEDAR atwww.sedar.com and on the Company's website atwww.bearcreekmining.com.

Additional information, including Directors' and officers' remuneration and indebtedness, principal holders of the Company's securities, and securities authorized for issuance under equity compensation plans, where applicable, is contained in the Company's Information Circular dated April 26, 2022.

Cautionary Statement Regarding Forward-Looking Statements

This AIF contains forward-looking statements or forward-looking information under applicable Canadian securities laws and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (hereinafter collectively referred to as "forward-looking statements") concerning the Company's plans for its properties, operations and other matters. These statements relate to analyses and other information that are based on management assumptions and estimates of future results and estimates of amounts not yet determinable.

Statements concerning estimates of mineral resources (as defined herein) and mineral reserves (as defined herein) may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed, and in the case of mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically and legally exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements made or incorporated by reference in this AIF include, but are not limited to, statements with respect to:

ii

• • acquisition of the Mercedes Mine (as defined herein) and the expected benefits to be derived therefrom;

• • future payments due in consideration of the acquisition of the Mercedes Mine;

• • anticipated operational results from the Mercedes Mine;

• • the timing of exploration, development and construction programs at any of the Company's properties

• • expectations regarding the presence and continuity of mineral deposits;

• • anticipated tonnages and grades of mineral resources and mineral reserves;

• • the Company's expected development of, and metal production from, the Corani Property (as defined herein);

• • the Company's ability to secure project financing for development and construction of the Corani Property;

• • the Company's ability to raise capital for the deferred Mercedes acquisition payment and/or for working capital purposes;

• • the Company's ability to cover any debt obligations;

• • the effects of COVID-19 or other public health crises on operations

• • anticipated construction timelines for the Corani Property;

• • the reliability of capital and operating cost estimates for the Corani Property;

• • the capacities of various machinery and equipment;

• • the availability of personnel, machinery and equipment at estimated prices;

• • potential Corani project financing structure and costs;

• • anticipated mining losses and dilution;

• • currency exchange rates;

• • appropriate discount rates;

• • tax rates and royalty rates applicable to the Mercedes Mine and the proposed Corani mining operation;

• • expectations regarding environmental or social issues that may affect exploration, development or operations;

• • the anticipated impacts and benefits of social programs at any of the Company's properties;

• • future environmental and social initiatives and plans;

• • future community benefits payments under the Corani LOM Agreement (as defined below);

• • the formation of joint ventures and/or strategic partnerships with respect to the Company's properties; and

• • exploration activities and/or plans on any of the Company's properties.