Highlander Silver

Canaccord Genuity Acts as Financial Advisor to Highlander Silver on its Combination with Bear Creek Mining

Canaccord Genuity is pleased to announce that, on December 19, 2025, its client, Highlander Silver Corp. (“Highlander Silver” or the "Company") (TSX:HSLV) announced it had entered into a definitive agreement with Bear Creek Mining Corporation (“Bear Creek”) (TSXV:BCM) (OTCQX:BCEKF) (BVL:BCM) whereby Highlander Silver will acquire 100% of the issued and outstanding shares of Bear Creek by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”).

Under the terms of the Arrangement, Bear Creek shareholders will receive 0.1175 of a Highlander Silver share for each share of Bear Creek (the “Exchange Ratio”). Upon completion of the Arrangement, Highlander Silver and Bear Creek shareholders will own 82% and 18% of the total issued and outstanding shares of Highlander Silver, respectively, on a fully-diluted basis. The implied equity value of the combined company is estimated to be approximately C$625 million.

As part of the Arrangement, Highlander Silver entered into definitive debt settlement arrangements to resolve Bear Creek’s outstanding obligations to Equinox Gold Corp. (“Equinox”) and affiliates of Royal Gold, Inc. (“Royal Gold”), and to terminate the Mercedes gold and silver streaming agreement. Royal Gold will receive (i) US$6.2 million in cash, (ii) a 1.75% incremental NSR on the Corani project, resulting in an aggregate 2.75% secured NSR on Corani, and (iii) a 2% unsecured NSR on the Mercedes mine. Equinox will receive US$1.6 million in cash and a 0.5% unsecured NSR on Corani project.

Concurrently with the Arrangement, Highlander Silver entered into a subscription agreement with Bear Creek to subscribe to 50,000,000 common shares of Bear Creek at a price of C$0.36 per Bear Creek common share for gross proceeds of C$18 million.

Canaccord Genuity acted as financial advisor to Highlander Silver.

Highlander Silver is a mineral exploration company focused on the acquisition, exploration, and development of silver-dominant mineral projects in Peru. The Company’s flagship asset is the San Luis silver project, located in Ancash, Peru, a high-grade epithermal silver system. Highlander Silver is supported by a strong shareholder base that includes the Augusta Group, the Lundin family and Eric Sprott, providing a proven track record of value creation and strategic capital support.

Bear Creek is a precious metals producer with a fully permitted development asset and operating exposure across the Americas. Bear Creek’s cornerstone asset is the Corani silver project in Puno, Peru, one of the world’s largest fully permitted silver deposits, characterized by substantial mineral reserves and resources, low estimated operating costs and strong community support. Bear Creek also owns the Mercedes mine in Sonora, Mexico, a cash-flow-generating gold operation with meaningful operational upside and exploration potential.