Highlander Silver and Bear Creek Mining Complete Business Combination

The most recent news (February 26, 2026) confirms the completion of the business combination between Highlander Silver and Bear Creek Mining. This follows a series of massive strategic moves in early 2026, including a US$40 million strategic investment by Eric Sprott at C$6.80 per share and a debt settlement agreement with Royal Gold and Equinox Gold. Highlander paid US$6.2 million to Royal Gold and US$1.6 million to Equinox to clear Bear Creek’s liabilities. Bear Creek will be delisted, and Highlander emerges as the surviving entity holding the San Luis project (Peru), the Corani project (Peru), and the Mercedes mine (Mexico).

This is a transformative "Game Changer" event for several reasons: - Asset Scale: The company has moved from a single-asset explorer (San Luis) to owning Corani, one of the world's largest undeveloped silver deposits, and Mercedes, an active producing mine. - Balance Sheet Strength: CEO Daniel Earle projected US$100 million in cash at closing, a staggering amount for a junior that had only C$2.5M in late 2024. - Institutional Validation: The entry of Eric Sprott with US$40M at C$6.80, alongside existing support from the Lundin family and Augusta Group, provides elite-tier backing. - Debt Clearance: By settling Bear Creek’s debt with cash and NSR royalties rather than massive share dilution at low prices, Highlander has "cleaned" the target's balance sheet for its own shareholders.

Highlander Silver is now a multi-asset silver-gold company. - Flagship Project (Development): Corani (Peru), one of the largest primary silver deposits globally, currently at the feasibility/permitting stage. - Flagship Project (Exploration): San Luis (Peru), a high-grade gold-silver project with Indicated resources of 356koz Au at 24.4 g/t and 8.4Moz Ag at 579 g/t. - Producing Asset: Mercedes Mine (Mexico), providing immediate cash flow.