- Bear Creek Mining (BCEKF, Financial) reported a comprehensive loss of $66.8M for 2024, including a $27.2M non-cash impairment charge.
- The company produced 40,220 ounces of gold and 217,676 ounces of silver at its Mercedes Mine.
- Cash costs per gold ounce sold were $1,471, and All-In Sustaining Costs (AISC) stood at $1,888.
Bear Creek Mining Corp. (BCEKF) has announced its financial and operational results for the year ending December 31, 2024. The company reported total revenues of $103.7 million but faced a comprehensive loss amounting to $66.8 million, heavily impacted by a $27.2 million non-cash impairment charge related to the Mercedes Mine.
Production figures for the year included 40,220 ounces of gold and 217,676 ounces of silver, with cash costs calculated at $1,471 per gold ounce sold. In addition, the company recorded an All-In Sustaining Cost (AISC) of $1,888 per gold ounce sold, underscoring the operational challenges faced during the year.
Significant developments included a restructuring agreement with Sandstorm Gold, which reduced gold deliverables and suspended silver deliveries until April 2028, in return for increased cash payments pegged at 25% of the spot price for streamed ounces. Despite these measures, the transition to narrow vein mining at the Marianas site posed production challenges, leading to a decline in gold production from 12,228 ounces in Q1 to 7,937 ounces in Q4 2024.
To fortify its financial position, Bear Creek Mining secured approximately $10 million through a bought deal private placement and entered a strategic review process aimed at enhancing shareholder value.
