Blackrock Silver Announces Updated Preliminary Economic Assessment for Its Tonopah West Project in Nevada; +10 Year Mine Life Fortified by 90% Increase in Indicated Mineral Resources

The most recent news (March 31, 2026) reveals an updated Preliminary Economic Assessment (PEA) for the Tonopah West Project. Key highlights include an after-tax NPV5% of US$437 million and an IRR of 28% based on US$31/oz silver and US$2,700/oz gold. The mine life has been extended to 11.2 years (a 42% increase), supported by a massive 90% increase in Indicated Mineral Resources to 40.2M AgEq oz. Initial capital costs are estimated at US$190.4 million with a 3.5-year payback. Notably, at current analyst consensus prices (US$66.90 Ag), the NPV jumps to US$1.55 billion.

The impact is Material - Positive. This update moves the project from a speculative exploration play toward a viable, mid-tier development project. - Resource De-risking: The 90% increase in Indicated resources is a critical "bankability" step, shifting ounces from the high-risk Inferred category to a level that supports formal mine planning. - Economic Viability: A 28% IRR at US$31 silver is respectable for an underground mine, but the sensitivity to higher silver prices is the real "torque" for investors. - Scale: An 11-year mine life provides the necessary runway to justify the US$190M initial CAPEX. - Permitting Momentum: The receipt of the Air Quality permit (March 3, 2026) and the commencement of a 17,000m drill program (Feb 25, 2026) suggest the company is not sitting on the PEA but is actively pushing toward a Feasibility Study.

Blackrock Silver is focused on the Tonopah West Project in the Walker Lane trend of Western Nevada. It is the first time the historic Tonopah silver district (historically produced 174M oz Ag and 1.8M oz Au) has been consolidated and explored using modern techniques. The project is high-grade, underground-focused, and currently boasts over 120M AgEq oz in total resources.