BP Silver”s flagship project is Cosuño, a lithocap-hosted silver polymetallic system in the same belt as Cerro Rico, with a second project called Titiri that is a silver lead zinc target still waiting on title. In this interview, I asked them about share structure and insider royalties, the Phase 2 drill program now underway, treasury and spending, and the risks around grade continuity and operating in Bolivia.
TL;DR
They are drilling roughly 2,000 metres of shallow holes at Cosuño right now, mostly 100 to 150 metres deep, testing targets that were not touched in Phase 1, with assays expected from the second half of September and then flowing roughly every four weeks. A drone magnetic survey is running and an IP survey is budgeted to start once the magnetics define the area. Phase 3 is planned for later this year at about 6,000 metres, which makes roughly 8,000 metres for the year, and Dr Cruise said it is fully funded so there is no need to raise between Phase 2 and Phase 3. The CEO and COO personally hold a 2% royalty on each project, buyable for a combined 7.5 million, so the independent directors would have to handle that conflict later. Dr Cruise also said the earliest realistic MRE at late 2027 and only if they hit hard.
What have they done for shareholders lately?
The concrete work is Phase 1, an eleven hole program where Cruise said ten of eleven holes hit mineralization across four targets. The one that moved the stock was hole 8 at Pocañita Chica, which the host quoted as 38 metres of 117 g/t silver, and which Cruise described as roughly 5 metres around 500 g/t silver including about a metre at roughly 1.6 kilos per tonne. He was upfront that the silver equivalent recovery assumptions were borrowed from a comparable deposit, referenced in the video as Santa Ana, because no metallurgical testwork has been done yet. Since then they have kept adding surface work, expanding the Jalsuri target cluster where they now have about 2 kilometres of mineralized structure at surface, and started Phase 2 with a second rig on site. They also flagged that Cosuño sits under a full administrative mining contract, so they can drill as many holes and build as many roads as they want without new permits, and there is one community roughly 10 kilometres away with a long-term agreement already signed.
How much money do they have and what are they spending it on?
Cruise said the treasury is about C$9 million, with roughly C$4.5 million earmarked for Cosuño this year including Phase 3, so they expect to finish the year around C$4.5 million plus about another C$1 million from in-the-money warrants, call it C$5 million. The last raise was mid-April 2026, C$10 million at C$1.00 with a half warrant at C$1.30 for two years, and everything is now free trading. Marketing is budgeted at C$500,000 for the calendar year and sits inside that spend, with most of it still unspent while they wait on drill results. G&A is lean, about $1,000 a month for the office, Shearcroft as the only full-time employee and a part-time CFO, and Cruise said roughly 80% or more of cash goes into the ground. On the property, BP Silver owns 52% of the Bolivian holding company and is buying the remaining 48% with about US$2.8 million of staged cash, being US$150,000 this September, US$350,000 in September 2028 and US$2.3 million in September 2029, with no royalty to the vendor. The next raise, when it comes, would be straight equity, and if Phase 3 works he ballparked a minimum C$10 million to fund a big drill-out. He also said they would like a minimum of C$1 to C$2 million on hand at all times as downturn insurance.
Upcoming catalysts
On the technical and operational side, Phase 2 assays starting in the second half of September and then running roughly every four weeks, results from the drone magnetic survey, then the IP survey once the magnetics are interpreted, and Phase 3 drilling of about 6,000 metres starting later in 2026 and running into early 2027, aimed at the geophysical anomalies and at following high-grade vein targets at depth. Corporate catalysts are thinner. Marketing is expected to ramp from September and October across Europe, Canada and the US, there is a board meeting the week after the interview, and they are waiting on Congress approval for the Titiri exploration licence with no timeline given, plus they are looking at staking or acquiring additional ground with nothing imminent. An initial resource estimate is only on the table for late 2027 at the earliest and only if Phase 3 delivers.
Risks
Both geologists named the same one, which is grade continuity rather than presence of mineralization. Dr. Redwood said his nightmare is spotty high-grade with low grade in between, and Dr. Cruise agreed that poor results are the main risk given they live and die by the drill bit. Beyond that, lab turnaround is slow across the sector right now and could push assay timing. Titiri is stuck in a Congressional backlog with no hard date, so that asset stays dormant. Bolivia itself is the recurring investor pushback they get, and while they argue the new government is pro-mining and that they operated through fuel tightness earlier in the year, fuel and water remain sensitive points in country. There is also the governance overhang from the insider royalties, which would need independent directors to handle any buyback decision, and the reality that if Phase 3 fails they end the period with roughly C$5 million and a need to find a new story.
BP Silver Interview
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