BP Silver Commences Drilling at Cosuno Silver Project and Announces One-Year Extension on Property Payment

Executive Summary

• BP Silver began Phase 1 diamond drilling at the Cosuño Silver Project in Bolivia, testing four outcropping silver‑rich targets.
• The company executed a Memorandum of Understanding with the project vendor to amend the remaining payment schedule for acquiring the final 48% of Emisur Minera S.A., extending payments through 2029 and issuing 750,000 warrants at $0.42 per share.
• BP Silver settled CAD $37,500 of debt by issuing 89,285 common shares at $0.42 per share to a non‑arm’s‑length creditor; both the revised payment terms and the share‑for‑debt transaction are subject to TSX Venture Exchange approval.

Key Details

• Drilling Program:
• Phase 1 diamond drilling commenced on November 14, 2025.

• Four targets within a ~10.5 km² hydrothermal system will be tested; targets are defined by intermediate‑to‑advanced argillic alteration and anomalous geochemical signatures.

• MOU – Revised Payment Schedule for Emisur Acquisition:

• Original obligations: US$100,000 (paid 9/29/2025), US$150,000 due 9/29/2026, US$2,150,000 due ≤9/29/2028.

• Amended obligations under MOU:

  • US$150,000 due 9/30/2026 (unchanged amount, new date)
  • US$350,000 due 9/30/2028 (increase of $200,000)
  • US$2,300,000 due ≤9/29/2029 (increase of $150,000 and one‑year extension).

• Warrant Issuance:

• BP Silver will issue 750,000 common share purchase warrants to the vendor.
• Exercise price: $0.42 per share.

• Term: two (2) years from issuance date.

• Debt Settlement via Share Issue:

• CAD $37,500 of outstanding debt settled by issuing 89,285 common shares at $0.42 per share.
• Shares subject to a statutory four‑month lock‑up period.

• Counterparty is a non‑arm’s‑length creditor.

• Regulatory:

• All revised payment terms, warrant issuance, and debt settlement are pending approval by the TSX Venture Exchange.

Notable Quotes

“We are thrilled to commence the long‑awaited Phase 1 drilling program at Cosuño… I am currently on‑site and will remain here throughout the duration of this very important drill program.” – Tim Shearcroft, CEO, BP Silver Corp.