BP Silver starts drilling at Cosuno project

Executive Summary

• BP Silver Corp. has commenced Phase 1 drilling at its Cosuno silver project in Potosi, Bolivia, targeting four structurally controlled polymetallic targets within a 10.5-square-kilometre hydrothermal system.
• The company entered into a Memorandum of Understanding (MOU) extending the timeline for final payment obligations to acquire the remaining 48% interest in Emisur Minera S.A., the entity holding title to the Cosuno project.
• The extension involves revised cash payment schedules and the issuance of 750,000 warrants and 89,285 shares to settle outstanding debt, all subject to TSX Venture Exchange approval.

Key Details

• Drilling Program:
  • Phase 1 diamond drill program has commenced at the Cosuno project.
  • Four targets are being tested within the ~10.5 sq km hydrothermal system.
  • Targets are defined by intermediate to advanced argillic alteration and anomalous to highly anomalous geochemical signatures.
  • Reference is made to the Oct. 21, 2025 news release for further project details.
• Property Payment Extension (MOU):
  • BP Silver holds a 52% interest in Emisur Minera S.A.
  • Original obligation: Acquire remaining 48% interest.
  • $100,000 USD due Sept. 29, 2025 (Paid).
  • Revised Payment Schedule:
    • $150,000 USD due Sept. 30, 2026.
    • $350,000 USD due Sept. 30, 2028.
    • $2,300,000 USD due on or before Sept. 29, 2029.
• Warrant Issuance:
  • BP Silver agreed to issue 750,000 common share purchase warrants to the vendor.
  • Exercise price: $0.42 per share.
  • Term: Two years from the date of issuance.
• Debt Settlement:
  • Agreement reached with a creditor to settle $37,500 of outstanding debt.
  • Settlement via issuance of 89,285 common shares at $0.42 per share.
  • Shares subject to a statutory four-month hold period.
  • Creditor is a non-arm's-length party.
• Regulatory Status:
  • Revised payment terms, warrant issuance, and share-for-debt transaction are subject to approval by the TSX Venture Exchange.

Notable Quotes

• "We are thrilled to commence the long-awaited phase 1 drilling program at Cosuno... This milestone has been several years in making as we worked diligently to build the company to this stage. I am currently on site and will remain here throughout the duration of this very important drill program. We look forward to advancing Cosuno and unlocking the project's significant potential." — Tim Shearcroft, Chief Executive Officer