BP Silver Completes Phase 1 Drilling at Cosuno Silver Project

Executive Summary

• BP Silver completed Phase 1 diamond drilling at the Cosuño Silver Project (11 holes, 906 m) and will release initial assay results in early January 2026.
• The company closed an amended share purchase agreement, issuing 750,000 common share purchase warrants at $0.42 each to the vendor for extending payment obligations on its remaining 48% interest in Emisur Minera S.A.
• A share‑for‑debt settlement was also completed, with BP Silver issuing 89,285 common shares (deemed $0.42 per share) to retire CAD 37,500 of indebtedness.

Key Details

• Drilling Program: 11 diamond drill holes, total depth 906 m, targeting four high‑priority silver‑rich polymetallic zones within a ~10.5 km² alteration system.
• Assay Timeline: First two hole samples submitted; final core logging and sample shipment to be completed by end of December 2025, with assay results expected early January 2026.
• Amended SPA Closure: Extension of payment obligations for the remaining 48% interest in Emisur Minera S.A.; issuance of 750,000 common share purchase warrants at $0.42 per warrant; resale restrictions for four months under Canadian securities law.
• Share‑for‑Debt Settlement: Issuance of 89,285 common shares at a deemed price of $0.42 per share to settle CAD 37,500 of debt; shares subject to the same four‑month resale restriction; creditor is an arm’s‑length party.
• Regulatory Acceptance: Both the warrant issuance and share settlement were accepted by the TSX Venture Exchange.
• Qualified Person: Dr. Stewart D. Redwood, PhD, FIMMM (Director) reviewed and approved technical information per NI 43‑101.
• Operational Oversight: Gonzalo Lemuz, P.Geo, COO, supervised drilling design, QA/QC, sample handling, and logistics to ALS laboratory in Oruro and subsequent assay lab in Lima.

Notable Quotes

“We are very pleased to have completed our inaugural Phase 1 drill program at Cosuño… The program was executed safely, efficiently and on schedule…” – Tim Shearcroft, CEO

“We would also like to express our sincere appreciation to the Thola Pampa community for their support throughout the program.” – Tim Shearcroft, CEO