BP Silver completes phase 1 drilling at Cosuno project

Mr. Tim Shearcroft reports BP SILVER COMPLETES PHASE 1 DRILLING AT COSUÑO SILVER PROJECT BP Silver Corp. has successfully completed its phase 1 diamond drilling program at the Cosuno silver project, located in the department of Potosi, Bolivia. This program represents the company's first drill campaign at Cosuno since its listing on the TSX Venture Exchange in September, 2025. A total of 11 diamond drill holes totalling 906 metres were completed, testing four high-priority targets. Samples from the first two drill holes have been submitted to an independent geochemical laboratory for analysis. Final core logging, sample preparation and shipment of the remaining samples will be completed prior to the conclusion of the program later in December, with initial assay results expected in early January, 2026. "We are very pleased to have completed our inaugural phase 1 drill program at Cosuno," stated Tim Shearcroft, chief executive officer of BP Silver. "The program was executed safely, efficiently and on schedule, despite an exceptionally tight timeline following our TSX Venture Exchange listing on Sept. 29. This achievement underscores the strong execution capabilities and commitment of our hardworking team." Mr. Shearcroft added: "We would also like to express our sincere appreciation to the Thola Pampa community for their support throughout the program. We enjoyed the Christmas celebration with them on Dec. 15, and we recognize that strong community partnerships are fundamental to the long-term success of any project. The first assay results will be released in early January, and we look forward to sharing these results with our shareholders." Cosuno drill program overview The phase 1 program tested four high-priority targets defined by structurally controlled, outcropping geochemically anomalous to highly anomalous silver-rich polymetallic zones characterized by silicification, intermediate to advanced argillic alteration, sulphides and brecciation -- features typical of many significant Bolivian silver deposits. These targets occur within a large approximately 10.5-square-kilometre hydrothermal alteration system as defined by detailed mapping, geochemical sampling and remote sensing alteration studies. Amended share purchase agreement closed Further to BP Silver's news release dated Nov. 14, 2025, the company confirms that the amended share purchase agreement (SPA) with the vendor of the Cosuno project has now closed. As previously disclosed, the amendment extends certain payment obligations relating to BP Silver's acquisition of the remaining 48-per-cent interest in Emisur Minera S.A., the Bolivian entity that holds title to the Cosuno project. In consideration for the extension, BP Silver has issued 750,000 common share purchase warrants to the vendor at a price of 42 cents. The warrants are subject to restrictions on resale for a period of four months from the date of issue in accordance with Canadian securities laws. Share-for-debt transaction closed BP Silver also confirms that it has closed shares for debt settlement as previously announced in a news release dated Nov. 14, 2025. The company issued 89,285 common shares at a deemed price of 42 cents per share to settle $37,500 of outstanding indebtedness. These shares are subject to restrictions on resale for a period of four months from the date of issue in accordance with Canadian securities laws. The creditor involved in the settlement is an arm's-length party to the company. The issuance of the shares and warrants were subject to acceptance of the TSX Venture Exchange. Qualified person The technical information contained in this news release has been reviewed and approved by Dr. Stewart D. Redwood, PhD, FIMMM, a director of the company and a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The work program is designed and supervised by Gonzalo Lemuz, PGeo, the company's chief operating officer, who is responsible for all aspects of the work, including the quality assurance/quality control (QA/QC) program. On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped to ALS laboratory in Oruro for sample preparation and then shipped to their Lima laboratory for assay. Duplicate samples, blanks and certified standard reference materials (CSRM or standards) are added by the company to each batch of samples. About BP Silver Corp. BP Silver is a Canadian exploration company focused on advancing high-grade silver projects in Bolivia. The company's flagship asset, the Cosuno project, is strategically located in the prolific Bolivian silver belt, a region with a rich mining history and significant untapped discovery potential. With a strong technical team and a disciplined exploration strategy, BP Silver is positioned to unlock value for its shareholders through the discovery and development of major silver deposits. We seek Safe Harbor.