FIELD NOTE · SEPTEMBER 2025 · SILVER & MINING
100-Bagger Bear Creek
Corani holds 229 million ounces of silver at a C$95M market cap. At $100/oz silver, the math points somewhere between a base of C$29/share and an extreme of C$179 — a Lassonde-Curve inflection hiding in plain sight.
Methodology: Equity Research · NPV-Modeling · Lassonde-Curve
Sources: BCM Feasibility Study (2019) · HSBC · Citigroup · Mercedes Q2 2025 Reports
Frame: Silver-leverage + Mercedes-cashflow
Stand: 21. September 2025
INTRODUCTION · COMPANY OVERVIEW
Bear Creek Mining Corporation
Bear Creek Mining Corporation (TSX.V: $BCM, OTCQX: $BCEKF) is a junior explorer and producer with primary exposure to silver, gold, lead, and zinc through assets in Peru and Mexico. The Corani project in Peru represents its flagship undeveloped asset — a very large-scale silver-lead-zinc deposit with high potential to rank among global top-tier silver operations upon development. The Mercedes gold-silver mine in Mexico, acquired in 2024, provides ongoing production and cash flow, though it has encountered operational hurdles.
As of September 21, 2025, Bear Creek trades at approximately C$0.325 per share, yielding a market capitalization of around C$95 million, with 292 million shares outstanding (fully diluted approximately 330 million, inclusive of warrants and options). The company initiated a Strategic Review in March 2025 to evaluate recapitalization options, potential mergers, or asset transactions amid liquidity constraints.
