Blackrock Silver Extends Silver and Gold to Northwest at Tonopah West

Blackrock Silver Corp. (BRC) has released the first tranche of assay results from two concurrent 2026 drilling programs at its 100%-owned Tonopah West project in Nye and Esmeralda Counties, Nevada. The programs, designated the NW Step Out Program and the Eastern Expansion Program, have collectively drilled 18,106 meters to date. This scope includes 8,074 meters of RC pre-collar drilling across 35 holes and 10,032 meters of core tailing in 31 holes. Assays for 12 holes remain pending as drilling continues, with three additional core holes from surface currently being contemplated to follow up on the NW Step Out.

Significant intercepts were reported from the NW Step Out Program. Hole TXC26-200 returned 0.49 meters at 1,096.0 g/t AgEq (797.0 g/t Ag, 2.77 g/t Au) from 673.00 meters, along with 0.70 meters at 343.6 g/t AgEq from 707.66 meters and 0.76 meters at 318.5 g/t AgEq from 840.79 meters. Hole TXC26-192A intersected 1.98 meters at 343.0 g/t AgEq (179.5 g/t Ag, 1.51 g/t Au) from 633.83 meters, including a high-grade interval of 0.43 meters at 1,114.4 g/t AgEq. This was followed by 3.05 meters at 132.9 g/t AgEq from 590.25 meters and 0.43 meters at 638.7 g/t AgEq. In the DPB South / Eastern Extension, hole TXC26-184 returned 0.76 meters at 1,036.6 g/t AgEq (431.0 g/t Ag, 5.61 g/t Au) from 296.11 meters, plus 0.40 meters at 877.1 g/t AgEq from 305.29 meters, and additional intervals of 0.49 meters at 197.4 g/t AgEq and 0.40 meters at 315.8 g/t AgEq. Hole TXC26-199 returned 1.22 meters at 294.5 g/t AgEq (129.3 g/t Ag, 1.53 g/t Au) from 765.96 meters.

Other intervals above cut-off included: - TXC26-201: 0.52 m @ 377.1; 0.76 m @ 212.9; 0.34 m @ 133.1; 0.55 m @ 165.9 - TXC26-195: 0.31 m @ 534.1 plus three thin ~130-141 g/t intervals - TXC26-180: 1.98 m @ 144.2 - TXC26-185: 0.37 m @ 357.8 - TXC26-186: 0.55 m @ 264.2 - TXC26-198: 1.22 m @ 123.1 - TXC26-196: 0.61 m @ 234.7 - TXC26-191: 0.76 m @ 139.6

The company states that the NW Step Out results extend the inner mineralized high-grade corridor an additional 600 meters northwest along the projection of the Denver vein system, a finding confirmed by holes TXC26-192A, -199, -200, and -201. The Denver vein set appears to be dilating toward a newly identified intrusive complex of granodiorite, which the company describes as a priority exploration target. Hole TXC26-190, a 1,383-meter vertical hole, intersected mineralized granodiorite returning up to 28 g/t silver and 0.29 g/t gold before terminating in altered Ordovician Palmetto Group limestones with elevated gold, arsenic, and antimony.

Conversely, the company noted that the Eastern Expansion Program has been more challenging. Mineralization in this area is bounded between the Pittsburg-Monarch and McKane faults, and offsetting the mineralization has proved difficult. The company stated that more geological diligence is required to fully understand the geometry of the deposit.

Blackrock Silver Corp. (BRC) is an advanced explorer and developer in the pre-revenue stage, holding no mineral reserves but possessing a Preliminary Economic Assessment (PEA) that outlines an after-tax NPV5% of US$437M, an internal rate of return (IRR) of 28%, and an 11.2-year mine life. The study projects production of 7.1 moz AgEq per year at an all-in sustaining cost (AISC) of US$17.44/oz, with US$190M in capital expenditures. The company’s market capitalization stands at approximately C$480M, based on a resource containing 40.2 moz AgEq in the Indicated category and 82.9 moz in the Inferred category. Management targets a development decision for the second half of 2027, with permitting expected to be complete by mid-2027.

The recent drilling confirms that the Denver vein corridor continues approximately 600 meters northwest of the current resource footprint. Three to four independent collars returned mineralization at grades comparable to the existing NW Step Out resource, representing a modest resource-growth positive for a zone previously excluded from the PEA. The release also flagged a possible intrusive-related center, though it remains unassayed and holds little evidentiary value at this stage. Conversely, the Eastern Expansion story has softened; this was the zone that delivered the largest Indicated block in the March 2026 Mineral Resource Estimate (MRE).

The release does not alter the resource estimate, the PEA, the capital expenditure requirements, the permitting timetable, the development decision date, or the metallurgical assumptions. There is no new tonnage, grade, or economic milestone introduced.

The stock traded at $0.60 on October 27, 2025, the day of the first Eastern Expansion assays, and at $0.83 on December 2, 2025, following the final Eastern Expansion assays. It currently trades at $1.28, representing an increase of approximately 113% and 54% from those respective dates. The stock peaked at $2.29 on March 2, 2026, which is 44% below that high and only a 28% retracement of the decline observed from March to June.

The best hole in the current release carries approximately 20-42% of the gram-meters of the anchor holes from the previous period, at materially narrower true widths. While this is typically a de-rating signal, the release offsets this with a genuinely new, assaying step-out 600 meters to the northwest at resource grade. Because the stock has declined approximately 44% from its high and sits mid-range, and because none of the new intercepts exceed previously demonstrated results on the property, the upside rule for unpriced positives is not triggered. A 15% move is not expected; a 3-5% reaction in either direction, driven by silver price and GDXJ/TSX index flows, is the realistic outcome.

Blackrock Silver Corp. (TSXV: BRC; OTCQX: BKRRF; FSE: AHZ0), a Vancouver-headquartered silver-gold developer focused on U.S. assets, is advancing its flagship Tonopah West project in Nevada. The 100%-owned property, comprising patented and 83 unpatented claims in Nye and Esmeralda Counties, sits on U.S. Highway 95 adjacent to Tonopah. Infrastructure at the project base includes power, water, and the NV Energy Tonopah West substation. The status of the private patented land allows the company to bypass federal NEPA permitting requirements.

As of a Mineral Resource Estimate effective January 4, 2026, using a 140 g/t AgEq cut-off and block-diluted figures, Tonopah West contains 2.75 million tonnes of Indicated resources grading 216.8 g/t Ag, 2.25 g/t Au, and 454.3 g/t AgEq, equating to 40.2 million ounces of AgEq (19.2 million ounces of Ag and 199,000 ounces of Au). Additionally, there are 5.54 million tonnes of Inferred resources grading 188.5 g/t Ag, 2.62 g/t Au, and 465.8 g/t AgEq, representing 82.9 million ounces of AgEq. The company currently holds no reserves.

A Preliminary Economic Assessment (PEA) effective March 25, 2026, and filed May 13, 2026, outlines a project with an 11.2-year life and an annual production of 7.1 million ounces of AgEq. At silver and gold prices of $31/oz and $2,700/oz respectively, the PEA projects an after-tax NPV5% of US$437 million, an internal rate of return (IRR) of 28%, and a payback period of 3.5 years. Initial capital expenditure is estimated at US$190 million, with sustaining capital of US$280 million. The project anticipates an all-in sustaining cost (AISC) of US$17.44/oz, with recoveries of 91.6% for silver and 96.3% for gold, utilizing 88% long-hole stoping at a 3-meter width. In an upside case with silver at $66.90/oz and gold at $4,554/oz, the NPV5% rises to US$1.55 billion with a 79% IRR.

The company’s secondary asset, Silver Cloud, is an early-stage property in Elko County, Nevada, located on the Northern Nevada Rift adjacent to Hecla’s Hollister mine. According to an investor presentation, drill hole SBC22-020 returned 1.5 meters at 70 g/t Au and 600 g/t Ag in Northwest Canyon.

Regarding the project timeline, Blackrock Silver received a Class II air permit from the Nevada Division of Environmental Protection (NDEP) in March 2026. Remaining permits are targeted for mid-2027, with exploration decline, test mining, and bulk sampling scheduled for the second half or fourth quarter of 2027. An underground development decision is expected in the second half of 2027.

Financial data as of April 30, 2026, shows 368,250,821 shares outstanding. An investor presentation lists 375,279,321 issued shares and 404,525,538 fully diluted shares. Major shareholders include Eric Sprott (approximately 3%), Global X Silver Miners ETF (SIL), Sprott ETFs, US Global Investors, and BMO Small Cap Precious Metals, with management and directors holding approximately 3%. Prior-period financing included a C$15.0 million private placement at C$1.10 closed in January 2026, featuring half-warrants at C$1.50 expiring in January 2028. A C$50 million ATM was established in September 2026 with a 2.5% commission, and a TSX listing was conditionally approved in September 2026.

For the six months ended April 30, 2026, the company reported zero revenue and a net loss of C$10.05 million, including C$5.97 million in the second quarter alone. Selling, general, and administrative expenses were C$3.87 million, with an operating cash outflow of C$8.67 million. The company held C$24.17 million in cash and C$22.9 million in working capital, with total equity of C$30.82 million and a book value of approximately C$0.08 per share. The management discussion and analysis included a going-concern flag.

There is a discrepancy in leadership identification between recent news releases and the investor presentation. News releases since late 2025 identify Andrew Pollard as President & CEO and William Howald as Executive Chairman, while the presentation names Tom Peregoodoff as President & CEO and Andrew Pollard as Lead Independent Director.