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Highlander Silver (TSX: HSLV) Merging with Bear Creek

NIA’s Highlander Silver (TSX: HSLV) is merging with Bear Creek in the most value creative acquisition since NIA’s Contango ORE (CTGO) merged with Dolly Varden Silver (TSXV: DV)!

Highlander Silver and Bear Creek Mining Combine to Create Leading Growth Company in the Silver Sector

Dec 19, 2025, 08:00 GMT | All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.
Toronto, Ontario — Highlander Silver Corp. (TSX: HSLV) and Bear Creek Mining Corporation (TSXV: BCM) announced a definitive agreement to combine their businesses by way of a plan of arrangement under the Business Corporations Act (British Columbia).

Corporate Highlights

  • Creates a leading growth company in the silver sector by adding the Corani silver project to the bonanza-grade San Luis gold-silver project.
  • Leadership team with extensive experience advancing projects in South America.
  • Strong shareholder base including Augusta Capital, the Lundin family and Eric Sprott; debt-free post-transaction.

Flagship Assets

San Luis Gold-Silver Project — Ancash, Peru
  • Indicated Resources: 356 koz Au @ 24.4 g/t and 8.4 Moz Ag @ 579 g/t
  • Recent drill highlights up to 23.9m @ 20.82 g/t Au
  • Permitting and geophysics advancing
Corani Project — Puno, Peru
  • One of the world’s largest primary silver deposits
  • 2019 Feasibility Study: US$532M NPV5%, 22.9% IRR
  • Proven & Probable Reserves: 229 Moz Ag
Mercedes Gold-Silver Mine — Sonora, Mexico
  • Operating underground mine with a 2,000 tpd plant
  • 2024 production: 40,220 oz Au and 217,676 oz Ag
  • Prospective land package spanning 69,284 ha

Selected Comments

Daniel Earle, President & CEO, Highlander Silver
“This transaction allows us to scale into the emerging structural bull market for silver…”
Eric Caba, President & CEO, Bear Creek
“The combination will result in a robust silver-focused enterprise…”
Bill Heissenbuttel, President & CEO, Royal Gold
“Corani is moving into the hands of a well-capitalized company…”

Transaction Summary

  • Arrangement Agreement signed: December 18, 2025
  • Exchange ratio: 0.1175 Highlander shares per Bear Creek share
  • Pro forma ownership: ~82% Highlander / ~18% Bear Creek
  • Expected close: Q1 2026

Corani Project — Mineral Reserve & Resource Summary

Category Tonnes (Mt) Ag (g/t) Pb (%) Zn (%) Ag (Moz) Pb (M lb) Zn (M lb)
Proven & Probable Reserves 139 51.3 0.90 0.55 229 2,742 1,694
Measured & Indicated 239 42.1 0.66 0.44 323 3,466 2,313
Inferred 73 35.5 0.40 0.30 84 641 484
Mineral Resources are inclusive of Mineral Reserves and are not Mineral Reserves.

Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. NIA’s President has purchased 125,000 shares of HSLV and can buy or sell shares at any time. NIA’s President has purchased 5,000 shares of CTGO in the open market and intends to buy more shares. NIA has received compensation from CTGO of US$80,000 cash for a ten-month marketing contract. This message is meant for informational and educational purposes only and does not provide investment advice.

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