ANNUAL INFORMATION FORM BEAR CREEK MINING CORPORATION #1400 – 400 Burrard Street Vancouver, British Columbia V6C 3A6 Telephone: (604) 685-6269 E-Mail: [email protected] Website: www.bearcreekmining.com For the year ended December 31, 2020 Dated April 21, 2021 TABLE OF CONTENTS Page PRELIMINARY NOTES ..........................................................................................................................i Currency ................................................................................................................................................. i Cautionary Statement Regarding Forward-Looking Statements ........................................................... i Cautionary Note to United States Investors Concerning Canadian Mineral Property Disclosure Standards ............................................................................................................................................. iv Glossary of Technical Terms ................................................................................................................. v CORPORATE STRUCTURE .................................................................................................................... 1 Name, Address and Incorporation ........................................................................................................ 1 Intercorporate Relationships ................................................................................................................ 1 GENERAL DEVELOPMENT OF THE BUSINESS ........................................................................................ 3 Three Year History and Significant Acquisitions ................................................................................... 3 DESCRIPTION OF THE BUSINESS .......................................................................................................... 8 General ................................................................................................................................................. 8 Information Regarding Peru ................................................................................................................. 9 Risk Factors ......................................................................................................................................... 11 MINERAL PROJECTS ......................................................................................................................... 22 Corani Property ................................................................................................................................... 22 Other Projects ..................................................................................................................................... 45 NI 43-101 Disclosure ........................................................................................................................... 46 DIVIDENDS AND DISTRIBUTIONS ...................................................................................................... 46 DESCRIPTION OF CAPITAL STRUCTURE .............................................................................................. 47 General Description of Capital Structure ............................................................................................ 47 MARKET FOR SECURITIES ................................................................................................................. 49 Trading Price and Volume ................................................................................................................... 49 PRIOR SALES .................................................................................................................................... 51 DIRECTORS AND OFFICERS ............................................................................................................... 51 Name, Occupation and Security Holding ............................................................................................ 51 Cease Trade Orders, Bankruptcies, Penalties or Sanctions ................................................................ 54 Conflicts of Interest ............................................................................................................................ 54 LEGAL PROCEEDINGS AND REGULATORY ACTIONS ............................................................................ 55 Legal Proceedings ............................................................................................................................... 55 Regulatory Actions .............................................................................................................................. 55 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS.......................................... 56 TRANSFER AGENTS AND REGISTRARS ............................................................................................... 56 MATERIAL CONTRACTS .................................................................................................................... 56 INTERESTS OF EXPERTS .................................................................................................................... 56 Names of Experts ................................................................................................................................ 56 Interests of Experts ............................................................................................................................. 57 AUDIT COMMITTEE INFORMATION .................................................................................................. 57 Audit Committee Charter ................................................................................................................... 57 Audit Committee Function ................................................................................................................. 62 ADDITIONAL INFORMATION ............................................................................................................. 64 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. All information contained herein is as at and for the year ended December 31, 2020 unless otherwise specified. Currency This Annual Information Form 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/”. According to the Bank of Canada (www.bankofcanada.ca), on April 21, 2021 the Sol to US dollar daily exchange rate was S/3.7028 to US$1, and the Canadian dollar to US dollar daily exchange rate was C$1.2523 to US$1. Cautionary Statement Regarding Forward-Looking Statements This Annual Information Form 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 Annual Information Form include, but are not limited to, statements with respect to: • expectations regarding the presence and continuity of mineral deposits; • anticipated tonnages and grades of the 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 raise capital, including securing project financing, for development and construction of the Corani Property and/or working capital purposes; • 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; ii • the availability of personnel, machinery