BP Silver completes phase 1 drilling at Cosuno project

Executive Summary

• BP Silver Corp. completed its Phase 1 diamond drilling program at the Cosuno Silver Project in Bolivia, consisting of 11 holes totaling 906 meters across four high-priority targets.
• The company closed an amended share purchase agreement for the remaining 48% interest in the project, issuing 750,000 warrants to the vendor as part of the payment extension.
• A separate transaction closed involving the issuance of 89,285 shares to settle $37,500 of outstanding debt with an arm's-length creditor.

Key Details

• Drilling Program Completion:
  • Total holes completed: 11 diamond drill holes.
  • Total meters drilled: 906 metres.
  • Targets tested: Four high-priority targets characterized by silicification, intermediate to advanced argillic alteration, sulphides, and brecciation.
  • Sample Status: Samples from the first two holes submitted to an independent geochemical laboratory; remaining samples to be logged, prepared, and shipped prior to program conclusion in December.
  • Results Timeline: Initial assay results expected in early January 2026.
• Amended Share Purchase Agreement (SPA) Closure:
  • Transaction: Amendment to the SPA for the acquisition of the remaining 48% interest in Emisur Minera S.A. (holder of title to the Cosuno project).
  • Consideration: Issuance of 750,000 common share purchase warrants to the vendor.
  • Warrant Price: 42 cents per warrant.
  • Restrictions: Resale restrictions apply for four months from the date of issue per Canadian securities laws.
• Share-for-Debt Transaction Closure:
  • Transaction: Settlement of $37,500 of outstanding indebtedness.
  • Shares Issued: 89,285 common shares.
  • Deemed Price: 42 cents per share.
  • Creditor Status: Arm's-length party.
  • Restrictions: Resale restrictions apply for four months from the date of issue per Canadian securities laws.
• Regulatory Status:
  • Issuance of shares and warrants subject to acceptance by the TSX Venture Exchange.
• Technical Oversight:
  • Qualified Person: Dr. Stewart D. Redwood, PhD, FIMMM (Director).
  • Supervision: Gonzalo Lemuz, PGeo (Chief Operating Officer).
  • Laboratory: ALS Laboratory in Oruro (preparation) and Lima (assay).

Notable Quotes

• "We are very pleased to have completed our inaugural phase 1 drill program at Cosuno... The program was executed safely, efficiently and on schedule, despite an exceptionally tight timeline following our TSX Venture Exchange listing on Sept. 29." — Tim Shearcroft, CEO
• "We would also like to express our sincere appreciation to the Thola Pampa community for their support throughout the program... The first assay results will be released in early January, and we look forward to sharing these results with our shareholders." — Tim Shearcroft, CEO