Blackrock Silver Corp · TSX:BRC
Blackrock Silver — Investor Presentation (October 2026)
27 slides from Blackrock Silver's investor presentation, October 2026
Slide 1: America's Emerging Primary Silver Developer: High-Grade, Low-Cost
tOSN America’s Emerging Primary Silver BLACKROCK Developer: SILVER CORP HIGH-GRADE, LOW-COST f CORPORATE PRESENTATION 2 October 2026 . a Se. il? anes ane “al blackrocksilver.com TSX-V: BRC | OTC: BKRRF | FSE: AHZO
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” and “forward-looking information” (collectively, ‘forward-looking statements”) within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform
Slide 3: Share Capital and Stock Info
ZPon BLACKROCK mm =SHARE CAPITAL (as of July 31, 2026) Stock Info ™ Institutions 375,279,321 404,525,538 C$2.41/C$0.27 INCLUDING, BUT NOT LIMITED TO: Shares Issued Fully Diluted 52 Week High/Low 3% Eric Sprott Management & Directors Global X Silver Miners ETF (SIL) C$365M C$20M VanEck Junior Gold Mi
Slide 4: Why Invest in Blackrock Silver
Why Invest in Blackrock Silver Primary Silver Asset in America De-risking Towards Development Strategic and Critical Mineral Status: Jurisdiction — Grade — Margin - and Path to Production Essential to economic and national security of the United States + Bypass federal NEPA permitting process + Neva
Slide 5: Tonopah Silver District: One of the largest historic silver districts in North America
• Tonopah Silver District: One of the largest historic silver districts in North America, producing 174 Mozs Ag & 1.8 Mozs Au from 7.5m tonnes • Mined from underground from 1900 to 1930, with peak years producing up to 14,000,000oz/ year AgEq; Victor vein was 24m thick where production ceased
Slide 6: Tonopah West Silver Project
ma = TONOPAH WEST SILVER PROJECT © Notable Neighbours substation KROSK Interstate Road Powerline bi: Sei ‘a The Setup 3 ) oe | Round Mountain [os] ©) q ¥ r Railway + Located directly adjacent to the town of Tonopah, and U.S. Highway 95 (the main corridor between Las Vegas and Reno) crosses through t
Slide 7: Tonopah West: Picking Up Where Historic Miners Left Off
wa =| ONOPAH WEST Picking Up Where Historic Miners Left Off Amalgamation of West End Mining Company and Tonopah Extension Mining Compan now owned 100% by Blackrock Silver. This property represents the 3rd largest historic producer in the district”. Purple - Tonopah Extension Mining Company land (in
Slide 8: Tonopah West Project - Assumptions / Results 2026 PEA
Tonopah West Project - Assumptions / Results 2026 PEA Total tonnes processed over the LOM 7,143,000 Total waste mined over the LOM 1,761,000 Gold grade mined - LOM weighted average (g/t) 2.26 Silver grade mined - LOM weighted average (g/t) 175.7 Silver Equivalent grade mined - LOM weighted average (
Slide 9: Updated PEA Sensitivity to Metal Prices
y aLAcKRocK =m U pdated PEA Certain scientific and technical information relating to the MRE and the PEA on the Tonopah West Project contained in this presentation is derived from the Company's press release titled “Blackrock Silver Announces Updated Preliminary Economic ‘Assessment For Its Tonopah
Slide 10: Mineral Resource Estimate by Area
AgEq cutoff Silver Gold AgEq Ounces of Ounces of Ounces of Silver Area Tonnes Classification(4) g/t (1) g/t g/t g/t (2) Silver Gold Equivalent(3) Victor 140 882,000 255.2 2.65 525.2 7,241,000 75,000 14,899,000 Indicated 140 1,854,000 221.7 2.82 509.2 13,217,000 168,000 30,354,000 Inferred DPB North
Slide 11: All TP West Mineralization at Various Cutoff Grades
All TP West Mineralization at Various Cutoff Grades Classification Cutoff Grade Ave. AgEq Grade Ave. Ag Grade Ave. Au Grade Contained Contained Contained Tonnes g AgEq/t g AgEq/t g Ag/t g Au/t oz Ag oz Au oz AgEq Indicated 140 2,750,000 454.3 216.8 2.25 19,167,000 199,000 40,159,000 Inferred 140 5,5
Slide 12: Tonopah West Project Timeline
TONOPAH WEST Project Timeline 2 0 2 6 2 0 2 7 2 0 2 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Updated PEA Expansion drilling* Engineering Designs Baseline Data Collection UG Permits Water Po
Slide 13: Low-Cost Geometry / Conventional Underground Mining
Low-Cost Geometry/Convention al Underground Mining Methods: Minimum mining width of three metres (3m), with Long Hole Stoping OPEN accounting for 88% of OPEN tonnes mined while Cut and Fill mining account for 12% of total mined tonnes OPEN
Slide 14: Annual Production and Cash Flow
Gross Revenue Operating Costs Operating Sustaining Initial Pre-Tax Income After-Tax Year Production (2) AISC (US$M) & Royalties (5) Cash Flow Capex (6) Capex (4) Cashflow Taxes Paid Cash Flow Gold Silver Kozs US$ Year -2 0 0 0 0 0 0 31 -31 0 0 -31 Year -1 0 0 0 0 0 0 159 -159 0 0 -159 Year 1 31 2,29
Slide 15: Initial Capital and Operating Costs
Initial Capital Costs Costs (US$ millions) UG Mine Mobile Equipment 10.5 UG Mine Infrastructure 3.6 UG Mine Development 16.7 UG Mine Contingency 4.5 Mill & Surface Infrastructure Directs 99.2 Indirects 2.3 Per Payable Per Tonne LOM Per Payable Owners Costs 2.3 Tonopah West Operating Costs Oz AgEq Pr
Slide 16: NW Step Out and Eastern Expansion Drilling
• 600-metre northwest extension: NW Step Out Program drilling extends the inner mineralized high-grade corridor an additional 600 metres northwest along the projection of the Denver vein system. Drillholes TXC26-192A, -199, -200 and - 201 confirm the extension with multiple +1kg/t AgEq intercepts*.
Slide 17: Tonopah East Land Package and Fraction Caldera Margin
• The main structural control on silver-gold mineralization within the Tonopah Mining District is the Fraction caldera margin. • The Tonopah East project: adds 12.1 square km to the Company’s existing 26.6 square km land package (Tonopah West & Tonopah North) bringing the total to just shy of 39 squ
Slide 18: Project Timeline 2020-2026
mm = 2020-2026 Project Timeline Over 165 km of RC_& Core drilling completed from June 2020 to September 2025 2020-focus: maiden drill program focused on discovery 2021 —focus: resource delineation and maiden MRE 2022 focus: step out exploration drilling 2023 —focus: resource modelling and updated MR
Slide 19: DPB South Section
wa =DPB South Section RC | BKRRF | FSE: AHZO 4216000 4215000, 4214000 4213000 __ 475000 ater Mer! tee ‘DRILLHOLE LOCATION NAP Proposed 2026 Drilholes w. E “Tonopah West Project, Nevada 4244000 4245000 4213000 376000 blackrocksilver.com 377000
Slide 20: Tonopah West Cross Section Drill Intercepts
North TXC24.093 TXC21.025 Twa1-058 | TW20-037 South TH97-16 TXC21-079 tw24.079 TXC24-083 Txc24-090 (18-006, = \ aries Tonopah West Project AS N asl Conversion Prograt BLACK ROCK Th " S \ Section 477975E / Beye 700m S Looking West —1700m| - . i) wa . / ey = ¥ 4 e \ __ : J 3 1.52m @ 1.19 gft Au/ 64 gt
Slide 21: Unique / Key Differentiators
Unique / Key Differentiators Tonopah West is a unique = = combination of high grades, — ‘A excellent metallurgical recoveries, phenomenal infrastructure located _ on private land in Nevada USA. TSX-V: BRC | OTC: BKRRE| FSE: AHZO a : blackrocksilver.com 7 Se aaeeeke te
Slide 22: Silver Cloud Technical Information Notice
Certain scientific and technical information relating to the Company’s Silver Cloud project (“Silver Cloud” or the “Silver Cloud Project”) is based on and derived from the NI 43-101 technical report prepared for Blackrock entitled “Technical Report on the Silver Cloud Property, Elko County, Nevada,
Slide 23: Silver Cloud Technical Information Notice
Certain scientific and technical information relating to the Company’s Silver Cloud project (“Silver Cloud” or the “Silver Cloud Project”) is based on and derived from the NI 43-101 technical report prepared for Blackrock entitled “Technical Report on the Silver Cloud Property, Elko County, Nevada,
Slide 24: Leadership - Directors
m= Leadership Directors Bill Howald Executive Chairman William (Bill) Howald is a successful entrepreneur who founded several public companies as well as led the exploration division of a major mining company. He has extensive experience building effective exploration teams and delivering quality pr
Slide 25: Leadership - Directors
m= Leadership Directors BLACKROCK SILVER CC David Laing Independent Director Mining engineer with 40 years of experience in the industry. He was formerly the COO of Equinox Gold Corp., operating gold projects in Brazil and California, COO of True Gold Mining Inc. which developed a gold heap leaching
Slide 26: A Silver Unicorn: The Only High-Grade Primary Silver Developer in the USA
BLACKROCK SIVER ARS A SILVER UNICORN The Only High-Grade Primary Silver Developer in the USA High-Grade Silver-Gold Asset Rare primary Ag-Au system with exceptional grades (454 g/t AgEq block diluted) positioning the project amongst top tier globally, supported by simple, low-complexity metallurgy.
Slide 27: Contact Information
Contact Information Sean Thompson Head of Investor Relations 1-800-380-1530 sean@blackrocksilver.com info@blackrocksilver.com Address Suite 1570, 200 Burrard Street, Vancouver BC, V6C 3L6
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