Mr. Tim Shearcroft reports

BP SILVER COMMENCES PHASE 2 DRILL PROGRAM AT THE COSUÑO SILVER PROJECT, BOLIVIA

BP Silver Corp.'s 2,000-metre (m) phase 2 drill program commenced on June 30, 2026, at its wholly owned Cosuno silver project located in the department of Potosi, Bolivia.

The program is designed to test the broader-scale potential of the Cosuno 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 Pocanita Chica target, where discovery drilling returned five metres grading 600.40 grams per tonne silver, including one m grading 1,655 g/t silver.

The phase 2 drilling forms part of a broader approximately 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 Pocanita Chica target;
• Test for potential high-grade and/or broad zones of near-surface silver mineralization within the large, newly defined Jalsuri target cluster.

Tim Shearcroft, founder and chief executive officer, stated: "The commencement of phase 2 drilling marks an important milestone for BP Silver as we continue to advance the Cosuno project and make meaningful progress. This program is designed to follow up on the successful phase 1 drill results, where the Pocanita Chica target returned significant high-grade silver mineralization, while also testing several newly identified targets within the greater Jalsuri area. With 16 mapped and sampled breccia and vein structures identified within just three of our 10 priority target areas, we believe we are only beginning to unlock the potential of the Cosuno silver project."

Details of phase 2 drilling campaign

Initial drilling will focus on the Pocanita Chica and the Jalsuri target cluster (Jalsuri, Jalsuri North and Jalsuri Northeast), where recent geological mapping and sampling programs have identified 16 breccia and vein structures with a cumulative strike length of approximately 2,100 m (refer to news release dated May 19, 2026, for more information).

Initial drill testing of the Pocanita Chica target returned the thickest, highest-grade results reported to date at Cosuno -- returning 38 m grading 116.39 g/t silver, including five m grading 600.40 g/t silver and one m grading 1,655 g/t silver (refer to news release dated Feb. 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 sulphides and hydrothermal breccia structures. Focus will be on the Jalsuri North and Jalsuri Northeast targets, which comprise a 1.2 square km 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.

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 Cosuno 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 Cosuno silver project

The Cosuno project comprises a large lithocap-hosted hydrothermal system located in the prolific Potosi 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 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.