Vancouver, British Columbia--(Newsfile Corp. - July 7, 2026) - BP Silver Corp. (TSXV: BPAG) (OTCQB: BPSCF) ("BP Silver" or the "Company") announces that its 2,000 meter ("m") Phase 2 drill program (the "Program") commenced on June 30, 2026, at its wholly-owned Cosuño Silver Project ("Cosuño") located in the Department of Potosí, Bolivia.

The Program is designed to test the broader scale potential of the Cosuño lithocap-hosted hydrothermal system and build on the positive results of the Company's Phase 1 drill program.

The Program is expected to comprise approximately 20 to 24 diamond drill holes. The first drill hole is currently following up on high-grade silver mineralization intersected at the Pocañita Chica target, where discovery drilling returned 5 m grading 600.40 g/t silver, including 1 m grading 1,655 g/t silver.

The Phase 2 drilling forms part of a broader ~8,000 m diamond drilling campaign anticipated for 2026. The aim of the Phase 2 drilling is to:

• Confirm and expand recently discovered high-grade mineralization at the Pocañita Chica target (Figure 1).

• Test for potential high-grade and/or broad zones of near-surface silver mineralization within the large, newly defined Jalsuri target cluster (Figure 1).

Tim Shearcroft, Founder and CEO, stated, "The commencement of Phase 2 drilling marks an important milestone for BP Silver as we continue to advance the Cosuño Project and make meaningful progress. This program is designed to follow up on the successful Phase 1 drill results, where the Pocañita Chica target returned significant high-grade silver mineralization, while also testing several newly identified targets within the greater Jalsuri area. With sixteen mapped and sampled breccia and vein structures identified within just three of our ten priority target areas, we believe we are only beginning to unlock the potential of the Cosuño Silver Project."

Details of Phase 2 Drilling Campaign

Initial drilling will focus on the Pocañita Chica and the Jalsuri target cluster (Jalsuri, Jalsuri North, and Jalsuri Northeast), where recent geological mapping and sampling programs have identified sixteen breccia and vein structures with a cumulative strike length of approximately 2,100 m (Figure 1 and refer to news release dated May 19, 2026, for more information).

Initial drill testing of the Pocañita Chica target returned the thickest, highest-grade results reported to date at Cosuño - returning 38 m grading 116.39 g/t silver, including 5 m grading 600.40 g/t silver and 1 m grading 1,655 g/t silver (refer to news release dated February 27, 2026, for more information). Phase 2 drilling is designed to test the continuity and potential expansion of the mineralization both down dip and along strike.

The Program will also include the first drill testing within the Jalsuri cluster, where recent mapping, trenching, and surface sampling have identified multiple priority targets associated with mineralized veins, veinlet swarms, disseminated sulfides, and hydrothermal breccia structures. Focus will be on the Jalsuri North and Jalsuri Northeast targets, which comprise a 1.2 km² core to the target area containing numerous mineralized structures. Individual mineralized veins and hydrothermal breccia zones extend for up to approximately 1,000 m in strike length.

Figure 1: Map of the Cosuño Project highlighting the Phase 1 drill results and the proposed Phase 2 drill holes along the 3.5 km wide hydrothermal corridor.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11890/304095_figure_1.jpg

BP Silver continues to conduct geological mapping, sampling, and road construction activities across the project area. These efforts have contributed to the identification of numerous new drill targets, contingent on results, and are anticipated to form promising targets for future drill testing.

The Company will provide regular updates as drilling progresses and assay results become available.

MAG Survey Update

The drone magnetic ("MAG") survey at Cosuño was initially planned to commence in May 2026, following the mobilization of field crews. However, the importation of specialized batteries required to operate the drone was delayed, preventing the survey from proceeding as originally scheduled. The batteries have now arrived in country, and the MAG survey is expected to commence once weather conditions permit.

About the Cosuño Silver Project

The Cosuño Project comprises a large lithocap-hosted hydrothermal system located in the prolific Potosí silver district of Bolivia. The project is characterized by extensive breccia bodies, vein structures associated with advanced-argillic, sericitic, and intermediate argillic alteration, and widespread silver mineralization. Exploration work completed to date has outlined 10 priority targets distributed along a mineralized trend extending 3.5 kilometres across the property.

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. As Dr. Redwood is a director of the Company, he is not independent under National Instrument 43-101.

About BP Silver Corp.

BP Silver Corp. is a Canadian exploration company focused on advancing high-grade silver projects in Bolivia. The Company's flagship asset, the Cosuño 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.

Cautionary Statement Regarding Forward-Looking Information:

Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: future prices and the supply of silver and other precious and other metals; future demand for silver and other valuable metals; inability to raise the money necessary to incur the expenditures required to retain and advance the property; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; risks of the mineral exploration industry; delays in obtaining governmental approvals; and failure to obtain necessary regulatory or shareholder approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/304095

Source: BP Silver Corp.