BP Silver Corp. TSXV: BPAG / OTCQB: BPSCF
Introduction
BP Silver Corp. is a Canadian junior silver exploration company focused on Bolivia. Its flagship asset is the Cosuño Silver Project in the Department of Potosí, while the secondary Titiri project provides additional silver-lead-zinc optionality. Cosuño covers approximately 3,375 hectares, while Titiri covers approximately 4,900 hectares. The company describes Cosuño as a large hydrothermal system with potential for both high-grade vein-style and near-surface bulk-tonnage silver mineralization. Titiri’s mineral-title applications remain pending.
The investment case today is very different from an advanced silver developer. BP Silver is a discovery-stage exploration story. There is currently no NI 43-101 mineral resource estimate, mineral reserve, PEA, PFS, feasibility study, AISC, capex estimate, mine plan or production schedule. The company is trying to prove that the early high-grade discoveries at Cosuño form part of a much larger mineralized system. Its financial statements themselves describe the company as being in the development/exploration stage with no operating revenue.
The initial drilling was encouraging. Phase 1 drilling intersected silver mineralization at all four targets tested across approximately 2.7 kilometres, including 38 metres grading 116.39 g/t silver, with 5 metres grading 600.40 g/t silver and 1 metre grading 1,655 g/t silver at Pocañita Chica. At Jalsuri, drilling returned 64 metres grading 37.29 g/t silver and 0.21 g/t gold, including 29 metres grading 56.03 g/t silver and 0.28 g/t gold.
The next question is therefore not whether BP Silver already owns an economic silver deposit, it does not yet have enough information to make that conclusion. The question is whether aggressive follow-up drilling can demonstrate continuity, scale and sufficient grade to establish a meaningful maiden resource.
The balance sheet provides BP Silver with an important advantage at this stage. The company raised approximately C$10.02 million in its 2026 financing, with proceeds directed toward Cosuño geophysics, Phase 2 drilling, potential Titiri exploration and working capital.
Projects / Location / MRE / Grades
Project 1: Cosuño Silver Project, Bolivia (Flagship Asset)
Main Asset
Cosuño is located in Bolivia’s historic Potosí silver district. The project hosts a lithocap-related hydrothermal system containing breccias, veins and extensive alteration. Exploration has outlined 10 priority target areas along an approximately 3.5-kilometre mineralized trend. BP Silver’s July 2026 Phase 2 program is designed to test both broad near-surface mineralization and higher-grade structures below and within the lithocap.
One item deserves special attention when analysing ownership. BP Silver’s July 2026 releases describe Cosuño as 100%-owned or wholly owned. However, its March 31, 2026 filed financial statements state that BP Silver owned 52% of Emisur, the Bolivian company whose main asset is Cosuño, with the remaining 48% subject to staged acquisition payments. Those payments include US$150,000 by September 30, 2026, US$350,000 by September 30, 2028 and US$2.3 million by September 29, 2029. The filing states that failure to meet the acquisition payments would cause the currently held 52% interest to be returned to the previous Emisur shareholders.
Because the later corporate releases and the latest filed financial statements use different ownership descriptions, we would want management to clarify the legal/economic ownership position in the next filing. Until then, for conservative analysis we would describe BP Silver as having a current documented 52% interest plus a contractual route to 100%, rather than simply assuming all remaining obligations have disappeared. This is an analytical interpretation of the company’s two different disclosures.
Cosuño is also subject to a 2% NSR royalty, which BP Silver has the right to purchase for US$5 million. The financial statements disclose that the NSRs on Cosuño and Titiri were granted to Fairfax Mining Corp., a company controlled by BP Silver’s CEO, and the COO in consideration for their assistance in locating and acquiring the projects.
Grade Feel
The early grade profile is interesting because Cosuño appears to offer two potential exploration styles.
The first is relatively broad near-surface silver mineralization, demonstrated by intervals such as 38 metres at 116.39 g/t silver, 58 metres at 46.23 g/t silver, 64 metres at 37.29 g/t silver plus gold, and 25 metres at 61.13 g/t silver. The second is much higher-grade structural mineralization, highlighted by 5 metres at 600.40 g/t silver, 1 metre at 1,655 g/t silver, 3 metres at 240.03 g/t silver and 1 metre at 526 g/t silver.
That combination could eventually become attractive if future drilling demonstrates that the broader mineralized envelopes are continuous and contain mineable higher-grade zones.
However, investors need to be disciplined here. These are drill intersections, not resource grades. True widths are not yet known, and the company explicitly states that Cosuño remains early-stage and has had no metallurgical testwork. The silver-equivalent figures used in Phase 1 assumed 93% silver recovery and 96% gold recovery based on comparison with another deposit, rather than Cosuño-specific metallurgy.
Cosuño Mineral Resource Estimate
There is currently no NI 43-101 mineral resource estimate for Cosuño.
The company’s financial statements contain a contractual milestone connected to the establishment of at least 70 million ounces silver equivalent in an NI 43-101 inferred-or-better resource at either Cosuño or Titiri. That should not be interpreted as an existing 70Moz resource or company resource guidance. It is a transaction/escrow milestone.
Importantly, the related 3.5 million consideration shares are already within the escrow structure, so we would not add another 3.5 million shares on top of the current issued share count when calculating dilution. Their future release affects tradable float, not necessarily total shares outstanding.
Latest Drilling
Phase 1 consisted of the first systematic drilling campaign at Cosuño and tested four targets across a 2.7-kilometre corridor.
The strongest Phase 1 results included:
| Hole | Target | Highlight |
| CO-0008 | Pocañita Chica | 38m @ 116.39 g/t Ag |
| including | Pocañita Chica | 5m @ 600.40 g/t Ag |
| including | Pocañita Chica | 1m @ 1,655 g/t Ag |
| CO-0009 | Pocañita Chica | 58m @ 46.23 g/t Ag |
| including | Pocañita Chica | 3m @ 240.03 g/t Ag |
| including | Pocañita Chica | 6m @ 147.10 g/t Ag |
| CO-0001 | Jalsuri | 64m @ 37.29 g/t Ag + 0.21 g/t Au |
| including | Jalsuri | 29m @ 56.03 g/t Ag + 0.28 g/t Au |
| CO-0002 | Jalsuri | 35m @ 22.8 g/t Ag + 0.44 g/t Au |
| CO-0004 | Pocalleta | 25m @ 61.13 g/t Ag |
Phase 2 commenced on June 30, 2026. The program is approximately 2,000 metres in 20–24 diamond holes and forms part of a broader approximately 8,000-metre drilling campaign anticipated during 2026. Pocañita Chica is being drilled for extensions of the Phase 1 high-grade discovery, while Jalsuri North and Jalsuri Northeast are receiving their first drilling.
The scale of the surface system has continued to expand. BP Silver reported 16 mapped and sampled breccia and vein structures with approximately 2,100 metres of cumulative strike in only three of the company’s ten priority target areas.
On July 29, BP Silver reported the first batch of 2026 surface assays from the Jalsuri cluster. Of 179 surface chip/channel samples plus one mine-dump sample, the company reported silver values ranging from 10 to 935 g/t Ag, gold up to 1.51 g/t Au, zinc up to 5.65% Zn, and lead up to 3.16% Pb. A second drill rig was mobilized to accelerate Phase 2.
Highlights included 1.10 metres at 935 g/t Ag and 0.32 g/t Au at Jalsuri North and 2 metres at 467 g/t Ag at Jalsuri Northeast. The company cautions that the surface sample intervals may not represent true widths.
As of August 10, 2026, Phase 2 drill assays have not yet been formally released. Therefore, we view the upcoming Phase 2 drill results as the single most important near-term catalyst for BPAG. The company’s latest formal news release remains the July 29 sampling and second-rig update.
Project 2: Titiri Silver-Lead-Zinc Project, Bolivia (Optionality Asset)
Titiri covers approximately 4,900 hectares and represents BP Silver’s secondary exploration opportunity. The company describes it as an underexplored silver-lead-zinc system where historical trenching returned silver grades up to 478 g/t, while more recent surface sampling returned values up to 1,380 g/t silver.
However, Titiri is materially less advanced than Cosuño. The company’s latest filed financial statements state that applications for the mineral titles remain pending. There is currently no drilling-defined resource, economic study or mine-development plan.
Titiri is also subject to a 2% NSR. BP Silver has the right to purchase the royalty for US$5 million and has a one-time right to purchase it for US$2.5 million within five years after drilling commences.
Project 3: Additional Pipeline / Future Acquisitions (Secondary Optionality)
BP Silver does not currently disclose a third material named mineral project comparable with Cosuño or Titiri.
However, the April 2026 financing specifically states that part of the proceeds may be used to evaluate other high-potential opportunities.
For valuation purposes, we would currently assign zero value to any undisclosed acquisition pipeline. A future project should only be added to the valuation after the asset, ownership terms, royalties and exploration data are disclosed.
Share Structure / Ownership / Insiders
Capital Structure
The March 31, 2026 financial statements reported 62,388,795 shares outstanding, 14,395,162 warrants and 3,590,000 stock options. Subsequent to quarter-end, BP Silver issued another 1,196,320 shares from warrant exercises, 825,067 financing units and 635,000 financing units, while granting 2,468,600 additional options.
Using those disclosures, estimated current capital structure is:
| Share Structure Item | Approximate Securities |
| Basic Shares Outstanding | 65.05M |
| Warrants Outstanding | ~13.98M |
| Stock Options | ~6.06M |
| Estimated Fully Diluted Shares | ~85.08M |
| FD Overhang vs Basic | ~30.8% |
BPAG was trading at approximately C$0.99 per share on August 10, 2026.
Using C$0.99:
- Estimated basic market capitalization: ~C$64.4M
- Estimated fully diluted market capitalization: ~C$84.2M
The March 31 balance sheet showed C$9.83 million of cash, C$10.05 million of current assets and only C$351,282 of total liabilities. Subsequent disclosed financing and warrant-exercise proceeds added additional cash, although some has obviously been spent on the ongoing exploration program since then.
Ownership / Insider
The company’s most recent formal information circular disclosed substantial positions among directors, including approximately 4.75 million shares associated with CEO Tim Shearcroft, 1.67 million each associated with Mark Cruise and Keith Henderson, 500,000 shares held by Stewart Redwood and approximately 1.17 million shares associated with Robert McMorran.
Those disclosed director positions totaled approximately 9.75 million shares before subsequent transactions. McMorran additionally participated for C$50,000 in the 2026 financing.
Third-party ownership data currently estimate individuals/insiders at approximately 20.8%, although we would treat this as an approximate figure because public ownership databases can lag filings.
The company’s website also identifies Santacruz Silver CEO and Executive Chairman Arturo Préstamo Elizondo as a major BP Silver shareholder, although it does not disclose his current exact ownership on that page.
People / Management
Tim Shearcroft
Founder, CEO & Director
Shearcroft founded multiple private mineral-exploration companies in Latin America and has more than 20 years of business experience. BP Silver says he has been involved in project acquisition and building exploration networks and was exposed to the drilling industry through his family’s business.
Dr. Mark Cruise
Executive Chairman
Cruise has more than 30 years of international mining experience and previously worked as a polymetallic specialist for Anglo American. BP Silver credits him with co-founding and leading several large exploration/mining companies and, most importantly for BPAG, serving as COO and CEO of New Pacific Metals while working on major Bolivian silver discoveries.
New Pacific’s own historical releases confirm Cruise was CEO during the early discovery drilling at Carangas in Bolivia.
Gonzalo Lemuz
COO & Founder
Lemuz is a Bolivian exploration geologist with approximately 30 years of international experience across the Americas, Eastern Europe and the Middle East. He is a co-founder of Roxwell Minera and President of Emisur Minera.
Hernán Uribe
Country Manager – Bolivia
Uribe has more than 25 years of exploration and mine-development experience across Bolivia, Chile, Argentina, Peru and Georgia. His previous employers include Billiton, Eaglecrest Exploration, New World Resources, Apogee Minerals, Lydian International and New Pacific Metals. His experience ranges from grassroots exploration through advanced development.
Dr. Stewart Redwood
Director & Qualified Person
Redwood is an economic geologist with more than 30 years of mining and exploration experience focused on Latin America. His background includes serving as Chief Geologist for South America at AngloGold and working with a major Bolivian mining consultancy. He is BP Silver’s NI 43-101 Qualified Person.
Keith Henderson
Independent Director
Henderson has more than 30 years of international mineral-exploration experience and previously held senior roles at Anglo American. He is President and CEO of Latin Metals.
Latin Metals’ current corporate materials also credit Henderson with leading a US$59 million asset sale at Velocity Minerals and playing a key role in the approximately US$100 million Pampa de Pongo transaction.
Robert McMorran
Independent Director
McMorran is a CPA/CA with more than 35 years of mining-sector experience. He founded Malaspina Consultants and has held senior management and board roles involving Santacruz Silver, Roxgold and other resource companies.
Harry Nijjar
CFO
Nijjar is a CPA/CMA and Managing Director of Malaspina Consultants, providing CFO and strategic financial-advisory services to companies across multiple industries.
Arturo Préstamo Elizondo
Advisor / Major Shareholder
Préstamo has more than 20 years of mining executive and operational experience and is currently CEO and Executive Chairman of Santacruz Silver. Santacruz operates producing mining assets in Bolivia and Mexico.
Risks / Catalysts / Timeline
Key Risks
| Risk Category | Key Risk |
| Exploration / Discovery Risk | Only early drilling has been completed. Strong intercepts do not yet prove sufficient tonnage or continuity for an economic deposit. |
| No MRE | There is currently no NI 43-101 mineral resource. |
| True-Width Risk | The company states that true widths of current drill and channel intervals are not yet established. |
| Metallurgical Risk | No Cosuño-specific metallurgical testwork has yet been completed. |
| Ownership / Acquisition Risk | Filed financial statements show 52% held with staged payments required for the remaining 48%, while later releases describe Cosuño as 100%-owned. This should be clarified. |
| Payment Risk | Failure to satisfy remaining Cosuño acquisition obligations could cause the documented 52% interest to revert to the previous owners under the filed agreement. |
| Royalty Risk | Cosuño and Titiri have 2% NSRs associated with related parties. |
| Titiri Title Risk | Titiri mineral-title applications remain pending. |
| Bolivia Jurisdiction Risk | Bolivia historically presents greater regulatory, legal and political uncertainty than Tier-1 mining jurisdictions. |
| Social / Political Risk | Bolivia experienced significant protests and road blockades during 2026, demonstrating potential logistics and political disruption. |
| Financing Risk | BP Silver has no operating cash flow and ultimately depends on capital markets to fund exploration. |
| Dilution Risk | Approximately 85M estimated fully diluted shares versus ~65M basic shares creates material potential future dilution. |
| Valuation Risk | At roughly C$84M fully diluted market cap, the market is already assigning meaningful value to the discovery before an MRE exists. |
| Commodity Risk | Exploration-equity valuations remain highly sensitive to silver prices and broader junior-mining sentiment. |
Catalysts
| Timeline | Catalyst |
| 2026 – Near Term | First Phase 2 drill assays from Pocañita Chica |
| 2026 – Near Term | First drilling results from Jalsuri North |
| 2026 – Near Term | First drilling results from Jalsuri Northeast |
| 2026 | Additional surface/channel sampling results |
| 2026 | Completion/results from drone magnetic survey |
| 2026 | Expansion toward broader ~8,000m drilling campaign |
| 2026 | Additional target generation across the ten identified Cosuño targets |
| September 2026 | Next disclosed US$150,000 Cosuño acquisition payment deadline |
| Medium Term | Evidence that Phase 1 mineralization continues laterally and at depth |
| Medium Term | Metallurgical testing |
| Medium Term | Potential maiden NI 43-101 mineral resource if sufficient drilling establishes continuity |
| Medium Term | Potential Titiri title approval and first systematic exploration |
| Longer Term | 70Moz+ AgEq resource milestone, if ultimately achieved |
| Longer Term | PEA / development studies if an economic-scale resource is demonstrated |
Expected Timeline to Production
| Timeline | Expected Progress Toward Production |
| 2026 | Discovery drilling, geophysics, surface sampling and target expansion. Phase 2 underway. |
| 2027 | If drilling succeeds: significant follow-up drilling, potential resource-definition/infill work and possible preparation toward a maiden MRE. |
| 2028–2029 | If an economic-scale resource is established: metallurgy, engineering, environmental work and potentially PEA/PFS-stage studies. |
| 2030 onward | Possible feasibility, permitting, project financing and construction planning if all previous stages are successful. |
| Potential Production | No credible production date can currently be established. An early-2030s scenario would be speculative and is not company guidance. |
BP Silver is simply too early-stage to assign a responsible production date today. Any precise 2029, 2030 or 2031 production forecast would create false precision.
Valuation
Discovery-Stage Valuation Snapshot
Before applying the template’s production FCF model, BP Silver needs an additional valuation method because there is no MRE or economic study yet.
At approximately C$0.99/share, using approximately 65.05M basic shares, BP Silver has an estimated basic market capitalization of approximately C$64.4M.
Using the estimated 85.08M fully diluted share count, the fully diluted equity value is approximately C$84.2M. The C$0.99 reference price is from August 10, 2026.
Without a defined resource, we cannot calculate a meaningful EV/contained-ounce metric like we can for a company with an NI 43-101 MRE.
This means BPAG’s current valuation is primarily pricing exploration expectations.
Fully Diluted Market-Cap Sensitivity
| Hypothetical FD Equity Value | Approx. CAD / Share | Change from C$0.99 |
| C$100M | C$1.18 | +19% |
| C$150M | C$1.76 | +78% |
| C$250M | C$2.94 | +197% |
| C$500M | C$5.88 | +494% |
| C$1.0B | C$11.75 | +1,087% |
These are not target prices. They simply show what different discovery-stage market-cap outcomes would translate into using approximately 85.08M fully diluted shares.
For BP Silver today, we consider this table substantially more useful than an FCF model.
CAD Share Price Sensitivity
Important note: BP Silver has no completed MRE, PEA, PFS or feasibility study. There is no official AISC, capex, mine life, annual production, recovery rate or production schedule.
However, to preserve the complete RockeTeller silver template, the following FCF section uses the same template assumptions as a pure hypothetical production sensitivity model.
It should not be interpreted as current fundamental valuation of BPAG.
Assumptions
| Assumption | Value |
| Estimated Fully Diluted Shares | 85.08M |
| CAD/USD Exchange Rate | 1.37 |
| Hypothetical AISC | US$35/oz |
| Silver Price Case 1 | US$150/oz |
| Silver Price Case 2 | US$200/oz |
FCF Margin Assumption
| Silver Price | AISC | FCF Margin / oz |
| US$150/oz | US$35/oz | US$115/oz |
| US$200/oz | US$35/oz | US$165/oz |
Again, none of these production or cost assumptions are company guidance.
CAD Share Price Target Production Sensitivity
| Annual Production | Silver Price | Annual FCF | 10x FCF CAD/share | 15x FCF CAD/share | 20x FCF CAD/share |
| 2Moz/year | US$150/oz | US$230M | C$37.03 | C$55.55 | C$74.07 |
| 2Moz/year | US$200/oz | US$330M | C$53.14 | C$79.70 | C$106.27 |
| 3Moz/year | US$150/oz | US$345M | C$55.55 | C$83.33 | C$111.10 |
| 3Moz/year | US$200/oz | US$495M | C$79.70 | C$119.56 | C$159.41 |
| 5Moz/year | US$150/oz | US$575M | C$92.59 | C$138.88 | C$185.17 |
| 5Moz/year | US$200/oz | US$825M | C$132.84 | C$199.26 | C$265.68 |
Summary & Quick Scorecard
| Category | Points / Assessment | Overall |
| Company Overview | Stock ticker: TSXV: BPAG / OTCQB: BPSCF • Main metal: Silver with gold, zinc and lead potential • Main project: Cosuño, Bolivia • Project phase: Early exploration / discovery-stage • Project country: Bolivia | — |
| 1. Management | Previous successful discovery/project/company transaction: Yes • Exploration-to-development experience: Yes • Big mining-company experience: Yes, Anglo American, AngloGold, Billiton • Capital-markets experience: Yes | Strong |
| 2. Projects | High grades: Yes, in early drilling and sampling • MRE size: Unknown • Optionality: Yes, multiple Cosuño targets + Titiri | Good |
| 3. Cost Structure | Low AISC: Unknown • Low capex: Unknown • Existing infrastructure / open-pit potential: Possible but unproven | Unknown |
| 4. Share Structure Discipline | Basic shares: ~65.05M • Estimated FD shares: ~85.08M • FD market cap at C$0.99: ~C$84.2M • Basic structure tight, but ~31% FD overhang exists | Strong |
| 5. Insider / Ownership | Current third-party insider estimate: ~20.8% • CEO holds meaningful equity • Multiple directors hold substantial positions • Director participated in 2026 financing | Good |
| 6. Location | Country: Bolivia • Internal tier: Tier 2 • Main project: Cosuño, Potosí • Community agreement provides some local-risk mitigation | Good |
RT Rating, Commentary
BP Silver is not on our watchlist.
We rate BP Silver 3 out of 5 stars.
BP Silver is one of the early-stage silver discovery stories, but it must be analysed differently from a company that already has a defined 50Moz, 100Moz or 200Moz silver resource.
There are several things we like.
First, the initial drilling is genuinely interesting. Cosuño has already produced both broad silver intervals and very high-grade zones, including 38 metres at 116.39 g/t silver containing 5 metres at 600.40 g/t and 1 metre at 1,655 g/t. Mineralization was encountered across several targets rather than a single isolated drill hole.
Second, the exploration footprint is much larger than the area drilled so far. Ten priority targets have been identified along a 3.5-kilometre trend, while only a small portion has received drilling. Phase 2 is now testing Pocañita Chica and new targets within the Jalsuri cluster using two drill rigs.
Third, management is unusually experienced for a company this early. The team includes people with Anglo American, AngloGold, Billiton and New Pacific backgrounds, together with significant Bolivia-specific experience. Mark Cruise’s direct involvement with previous large Bolivian silver discoveries is especially relevant. Plus, they got proven Santacruz Silver team as advisor.
Fourth, the company is well funded relative to its exploration stage following the C$10.02 million financing. That gives BP Silver the ability to drill aggressively without immediately returning to the market for another small financing.
But there are major reasons we cannot rate it 4 or 5 stars yet.
There is no MRE, no metallurgy, PEA, PFS, capex, AISC, mine plan or reserve. BPAG is several major de-risking stages behind a development-stage silver company. The company itself states that Cosuño currently has no metallurgical testwork and that true widths are not yet known.
Another issue we want clarified is the Cosuño ownership structure. The March 31 financial statements document a 52% interest and staged payments to acquire the remaining 48%, including a provision that could return the 52% interest to the previous shareholders if the obligations are not fulfilled. Later corporate releases describe Cosuño as 100%-owned. That does not automatically mean there is a problem, but the discrepancy deserves a clear explanation before we treat the asset as unconditionally 100% owned. BP Silver is not yet a mine-development investment. It is a high-risk, high-upside discovery investment.
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