Blackrock Silver Receives Conditional Approval to List on The TSX and Establishes ATM Program as Longer Term Financial Alternatives

Blackrock Silver Corp. (BRC) announced a corporate action involving the conditional approval to list its common shares on the Toronto Stock Exchange (TSX). The company expects to delist from the TSX Venture Exchange once final customary conditions are met. Shareholders will not need to exchange certificates, and there will be no change to the CUSIP number; the ticker symbol remains BRC.

Concurrently, Blackrock Silver established an at-the-market (ATM) equity distribution program for up to C$50 million. Sales under the program will occur at prevailing market prices with no discount and no warrants attached. Research Capital Corporation serves as the lead agent, joined by BMO Nesbitt Burns, Canaccord Genuity, National Bank Financial, and Raymond James. Agent compensation is set at 2.5% of gross proceeds. The ATM program expires on the earlier of the date all shares are sold or September 18, 2027.

If utilized, proceeds from the ATM would support Tonopah West exploration and development, working capital, and general corporate purposes. Management described the ATM as optionality rather than a funding requirement, stating the company is well funded to complete its 17,000-metre drill program and advance permitting for an initial underground decline in 2027.

Blackrock Silver Corp. (BRC) announced a conditional application for listing on the Toronto Stock Exchange (TSX) and the establishment of an At-The-Market (ATM) equity financing facility. The TSX listing represents a corporate milestone, though final approval remains subject to customary conditions with no trading date confirmed. The ATM facility allows the company to raise up to C$50M, but there is no obligation to utilize it, and no proceeds have been received. The facility carries no discount or warrants and grants the company discretion over the timing and amount of any future issuances.

Against a market capitalization of roughly C$443M at the last close, full utilization of the ATM would represent approximately 11% potential additional shares sold over time. The company frames this move as providing incremental optionality rather than addressing an urgent capital need. The announcement does not include new exploration, drill, permitting, or project-economic data.

Prior-period financial context not disclosed in today’s release indicates that cash stood at C$24.17M at April 30, 2026, with working capital at C$22.92M. For the first half of 2026, the company reported an operating cash outflow of C$8.67M and a net loss of C$10.05M. Total debt was zero. The news aligns with management’s existing statements that the company is funded for near-term work while retaining future financing flexibility, though it does not immediately strengthen the balance sheet or change project economics.

Blackrock Silver Corp. (BRC) is an American-focused silver-gold development company centered on its flagship Tonopah West project in Nevada. Located in the Walker Lane trend near the town of Tonopah, the asset comprises 100% patented mining claims and 83 unpatented mining claims. The company released an updated preliminary economic assessment (PEA) effective March 25, 2026, alongside an updated mineral resource estimate effective January 4, 2026.

The PEA outlines a 11.2-year mine life with an average annual production of approximately 7.1 million silver-equivalent ounces. The project features an all-in sustaining cost (AISC) of US$17.44 per AgEq ounce. Initial capital expenditure is estimated at US$190 million, including US$25 million in contingency, with sustaining capital totaling US$280 million. Under base-case assumptions, the project yields an after-tax NPV5% of US$437 million and an internal rate of return (IRR) of 28%, with a payback period of 3.5 years. An upside case utilizing higher consensus metal prices projects an NPV5% of US$1.55 billion and an IRR of 79%.

The updated mineral resource estimate includes an Indicated category of 2.75 million tonnes at 454 grams per tonne silver-equivalent, totaling 40.2 million ounces of AgEq. The Inferred category comprises 5.54 million tonnes at 466 grams per tonne silver-equivalent, totaling 83 million ounces of AgEq.

Development activities include a 17,000-metre drill program that commenced in February 2026. The company received its first of three key permits in March 2026, with full permitting expected by mid-2027. A decision on underground development is targeted for the second half of 2027, while exploration decline, test mining, and bulk sample extraction are scheduled for the fourth quarter of 2027 according to the investor presentation.

Blackrock Silver also holds Silver Cloud, an early-stage exploration asset in Elko County, Nevada. The provided materials do not disclose a specific royalty or net smelter return (NSR) schedule for Tonopah West. While ownership is described as 100% patented and 83 unpatented mining claims, royalty-free status is not explicitly confirmed.