Bear Creek Mining : September 30, 2021 (Q3 2021) Financial Statements & MD&A

BEAR CREEK MINING CORPORATION

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2021

EXPRESSED IN US DOLLARS

(Unaudited)

Bear Creek Mining Corporation

Interim Condensed Consolidated Statements of Financial Position

US Dollars (000's)

			September 30,		December 31,
	Note		2021		2020
ASSETS
Current assets		$	29,218
Cash and cash equivalents	4	$	20,560
Short-term investments			22		22
Receivables and prepaid expenses			582		866
Non-current assets			29,822		21,448
5		965		627
Restricted cash
Property and equipment	6		6,717		5,569
Resource property costs	7		89,644		89,613
Right-of-use assets	8		277		705
TOTAL ASSETS		$	127,425	$	117,962
LIABILITIES
Current liabilities		$	972
Accounts payable and accrued liabilities		$	976
Current portion of community projects obligation	9		967		1,104
Current portion of other liabilities	10		53		61
Current portion of lease liabilities	8		206		591
Non-current liabilities			2,198		2,732
		7,376
Community projects obligation	9			8,840
Other liabilities	10		866		1,252
Lease liabilities	8		-		68
Provision for site restoration	5		200		200
			10,640		13,092
EQUITY			326,730
Share capital	11			300,986
Contributed surplus			38,490		36,835
Deficit			(248,435)		(232,951)
			116,785		104,870
TOTAL LIABILITIES AND EQUITY		$	127,425	$	117,962

ON BEHALF OF THE BOARD:

Signed "Catherine McLeod-Seltzer", Director

Signed "Erfan Kazemi", Director

The accompanying notes are an integral part of these interim condensed consolidated financial statements

Bear Creek Mining Corporation

Interim Condensed Consolidated Statements of Loss and Comprehensive Loss

For the Three and Nine Months Ended September 30

US Dollars (000's, except share data) (Unaudited)

			Three Months		Nine Months
			Ended September 30		Ended September 30
	Note		2021		2020		2021		2020
Operating expenses		$	3,062			$	10,957
Corani engineering and evaluation costs	7	$	1,989	$	6,211
Other exploration and evaluation costs			430		299		1,813		898
Share-based compensation			163		439		2,238		824
Wages and management salaries	12		242		225		729		664
Professional and advisory fees			130		408		729		952
General and administrative expenses			24		53		258		156
Shareholder information and filing fees			73		93		229		220
Travel			20		-		24		16
Loss before other items			4,144		3,506		16,977		9,941
Other income and expense			(678)				(1,516)
Foreign exchange gain	9			(667)			(1,082)
Finance income			60		(21)		23		(178)
Loss and Comprehensive Loss for the Period		$	3,526	$	2,818	$	15,484	$	8,681
Loss per Share - Basic and Diluted		$	0.03	$	0.03	$	0.13	$	0.08
Weighted Average Number of Shares
Outstanding - Basic and Diluted		124,273,132		112,330,734		123,482,302		110,389,401

The accompanying notes are an integral part of these interim condensed consolidated financial statements

Bear Creek Mining Corporation

Interim Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended September 30

US Dollars (000's) (Unaudited)

	Note		2021		2020
Operating Activities		$	(15,484)
Loss for the period		$	(8,681)
Items not affecting cash:			529
Amortization	6 & 8			582
Accretion of community projects obligation	9		626		732
Accretion of lease liabilities	8		106		67
Adjustment to Corani obligation	10		(222)		47
Share-based compensation			2,238		824
Finance income			(83)		(178)
Unrealized foreign exchange gain			(1,548)		(1,085)
Changes in current assets and liabilities:			(13,838)		(7,692)
		99
Receivables and prepaid expenses				(62)
Accounts payable and accrued liabilities			(87)		(19)
Cash used in operating activities			(13,826)		(7,773)
Investing Activities			(1,056)
Purchase of equipment	6			(1,009)
Resource acquisition costs	7		(31)		(15)
Payment of community projects and Corani obligation	9 & 10		(1,101)		(1,153)
Short-term investment			-		11,107
Interest received			83		190
Restricted cash	5		(337)		-
Cash (used in) provided by investing activities			(2,442)		9,120
Financing Activities			25,238
Share capital issued, net of any share issuance costs	11			11,617
Principal payments on leases	8		(531)		(549)
Proceeds from exercise of stock options			-		1,405
Cash provided by financing activities			24,707		12,473
Effect of exchange rate change on cash and cash equivalents		219		122
Net Increase in Cash and Cash Equivalents			8,658		13,942
Cash and cash equivalents - Beginning of Period			20,560		10,902
Cash and Cash Equivalents - End of Period		$	29,218	$	24,844

The accompanying notes are an integral part of these interim condensed consolidated financial statements

Bear Creek Mining Corporation

Interim Condensed Consolidated Statements of Changes in Equity

US Dollars (000's, except share data) (Unaudited)

	Share Capital
	(Number of		Contributed
	Shares)	Share Capital	Surplus	Deficit	Total
December 31, 2019	103,229,064	287,035	36,623	(220,427)	103,231
Share offerings	7,905,000	12,522	-	-	12,522
Share issuance cost	-	(904)	-	-	(904)
Exercise of stock options	1,305,250	1,405	-	-	1,405
Fair value of options exercised	-	917	(917)	-	-
Share-based compensation	-	-	824	-	824
Loss for the period	-	-	-	(8,681)	(8,681)
September 30, 2020	112,439,314	300,975	36,530	(229,108)	108,397
December 31, 2020	112,439,314	300,986	36,835	(232,951)	104,870
Share offerings	11,500,000	27,107	-	-	27,107
Share issuance costs	-	(1,870)	-	-	(1,870)
Issuance of RSU	333,818	507	(583)	-	(76)
Share-based compensation	-	-	2,238	-	2,238
Loss for the period	-	-	-	(15,484)	(15,484)
September 30, 2021	124,273,132	326,730	38,490	(248,435)	116,785

The accompanying notes are an integral part of these interim condensed consolidated financial statements