Blackrock Silver Corp · TSXV:BRC
Blackrock Silver — Investor Presentation (April 2025)
30 slides from Blackrock Silver's investor presentation, April 2025
Slide 1: Driving the Queen of the Silver Camps Towards Production
DRIVING THE QUEEN OF THE SILVER CAMPS TOWARDS PRODUCTION APRIL 2025 CORPORATE PRESENTATION TSX-V: BRC | OTC: BKRRF | FSE: AHZ0
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of Canadian securities legislation. Such forward-looking statements concern the Company’s strategic plans, completion and exercise of the Tonopah option agreement, timing and expectations for the Co
Slide 3: Stock Info
STOCK INFO Institutions TSX-V: BRC | OTC: BKRRF | FSE: AHZ0 Including, but not limited to: BRC Share Price Performance Since 2019 First Majestic Silver 4000% Blackrock 875.0% Eric Sprott SILJ - Prime Junior Silver Miners Index 65.0% BRC Konwave 3500% Silver Price (US$) 121.5% Gold Price (US$) 135.2%
Slide 4: Tonopah West: Development Ready
Tonopah West: Development Ready • Updated 2024 mineral resource estimate outlines an inferred 6.35M tonnes at block diluted grade of 492.5 g/t AgEq for 100.56M ounces AgEq * • Low Cost/Robust Production: PEA outlines 8.6M AgeQ ounces *See news release dated September 4, 2024 . annually at $11.96 AIS
Slide 5: Tonopah Silver District
TONOPAH SILVER DISTRICT The Queen of the Silver Camps • 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 w
Slide 6: PEA - Key Metrics
PEA - Key Metrics Assumption / Results 2024 PEA Total tonnes processed over the LOM 4,114,000 Base Case : $23 Silver, $1900 Gold: Total waste mined over the LOM Gold grade mined – LOM average (g/t) 1,486,000 3.34 • After-tax NPV (5%) $326-million Silver grade mined – LOM average (g/t) 271.0 Silver E
Slide 7: Production & AISC of Tonopah West vs Major Silver Mines
PRODUCTION & AISC OF TONOPAH WEST VS MA JOR SILVER MINES 25 $30 22.5 $28.54 2023 Annual Silver Eq Sales (M oz Ag Eq) 2023 AISC (US$/oz Ag Eq) 20.8 $26.54 20.3 $23.86 $25 20 $24.28 18.1 $22.93 17.3 Annual Silver Eq Sales (M oz Ag Eq) 16.9 $22.55 $20.45 $21.76 $20 $19.40 AISC (US$/oz Ag Eq) 15 $20.26
Slide 8: Tonopah West PEA vs Other PEA/PFS Stage Silver Projects
TONOPAH WEST PEA VS OTHER PEA/PFS STAGE SILVER PROJECTS Capital Intensity (Initial CAPEX / Annual Production) (US$/oz AgEq) Enterprise Value / Project NPV5% $40.60 0.50x $34.04 $29.64 0.35x 0.36x $22.27 $20.68 0.22x $14.71 0.18x Reta Institutional: 52% 0.09x Panuco - Vizsla Tonopah West El Tigre - S
Slide 9: Tonopah West Project Timeline
TONOPAH WEST PROJECT TIMELINE % Reta Institutional: 52% • See February 18, 2025, news release BLACKROCKSILVER.COM| TSX-V: BRC | OTC: BKRRF | FSE: AHZ0 APRIL 2025 | 9
Slide 10: Tonopah West: Picking Up Where Historic Miners Left Off
TONOPAH WEST: PICKING UP WHERE HISTORIC MINERS LEFT OFF Amalgamation of West End Mining Company and Tonopah Extension Mining Company now owned 100% by Blackrock Silver. This property represents the 3rd largest producer in the district. Purple - Tonopah Extension Mining Company land (in purple) has n
Slide 11: Clear Resource Expansion Potential; Conventional Underground Mining Methods
CLEAR RESOURCE EXPANSION POTENTIAL; CONVENTION UNDERGROUND MINING METHODS • Multiple deposits tracked across open vein corridor spanning 4km in strike length with large gaps (1.5km) remaining to infill to bridge deposits together as one • The system also remains open to the south, northwest, at dept
Slide 12: M&I Conversion & Expansion Programs
M&I Conversion & Expansion Programs • Fully-funded 35,000M drill program underway with Resource Updates planned for Q3, 2025 (M&I), and Q1, 2026 (Expansion) • In-fill drilling on 25-metre centers to convert inferred resources located in the shallower portions of the Bermuda and Merten vein systems i
Slide 13: Tonopah West PEA Report – September 2024
Tonopah West PEA REPORT – SEPTEMBER 2024
Slide 14: PEA – Site Layout
PEA – Site Layout Small footprint 1,500 tonnes per day Mill Produce gold and silver dore’ bars at site A portion of the tailing used underground as paste back fill
Slide 15: Tonopah West PEA vs Other PEA/PFS Stage Silver Projects
TONOPAH WEST PEA VS OTHER PEA/PFS STAGE SILVER PROJECTS Company Unit Blackrock AbraSilver New Pacific Silver Tiger Southern Silver Vizsla Market Capitalization C$M $122.7 $494.5 $328.0 $140.5 $85.1 $960.0 Enterprise Value C$M $104.4 $436.6 $301.8 $133.5 $84.7 $847.0 Consensus Research P/NAV 0.25x 0.
Slide 16: PEA - Sensitivities
PEA - Sensitivities After-Tax IRR Sensitivity to Metal Prices After-Tax NPV 5% Sensitivity to Metal Prices (US$M) Silver Price ($US/Troy Oz.) Silver Price ($US/Troy Oz.) -20% -10% 23.00 10% 20% -20% -10% 23.00 10% 20% 20% 40% 44% 47% 51% 54% 20% 334 374 414 454 495 ($US/Troy Oz.) ($US/Troy Oz.) Gold
Slide 17: PEA - Operating and Capital Costs
PEA - Operating and Capital Costs LOM Per Payable Oz Per Payable Oz Operating Costs (US$M) Ag (US$) AgEq (US$) Mining 328 $ 10.31 $ 4.91 Processing 154 $ 4.85 $ 2.31 General Administrative (site) 24 $ 0.77 $ 0.36 Royalties and Production Taxes 95 $ 3.00 $ 1.43 Current Reclamation & Bond Premiums 5 $
Slide 18: PEA – Production Profile
PEA – Production Profile Operating Production (2) Gross Operatin Sustainin Initial Project Costs & Year Revenue g Cash g Capex Cash AISC Royalties Capex Gold Silver (3) Flow (6) Flow (7) (5) (4) Kozs US$ Millions Year -2 0 0 0 0 0 0 18 -18 0 Year -1 0 0 0 0 0 0 126 -126 0 Year 1 35 2837 133 53 79 40
Slide 19: PEA – Resource Estimate
PEA – AgEq BLOCK DILUTED GRADE Ounces of Ounces of Ounces Area cutoff g/t Tonnes Silver Gold AgEq Silver Classification(4) (1) Silver of Gold g/t g/t g/t (2) Equivalent(3) Victor 190 2,255,000 258 3.05 532.8 18,698,000 221,000 38,621,000 Inferred Resource DP Bermuda NW Step 190 190 190 1,652,000 1,4
Slide 20: Gold & Silver Recoveries
GOLD & SILVER RECOVERIES Silver Extraction 450 400 Extracted Ag, gms/MT 350 300 250 200 150 100 50 0 Denver/Paymaster/Mule Bermuda/Merten Victor Composite Northwest Composite Composite Composite p80 0.075 mm p80 0.053 mm p80 0.045 mm p80 0.053 mm p80 0.053 mm p80 0.053 mm p80 0.053 mm p80 0.053 mm p
Slide 21: Silver Explorers/Developers by Grade & In Situ Multiples
SILVER EXPLORERS/DEVELOPERS BY GRADE & IN SITU MULTIPLES Blackrock’s mineral resource at 190g/t AgEq cutoff $1.80 Primarily Au-Ag Au - Ag - Polymetallic $1.60 Vizsla Dolly Varden $1.40 EV/Resources (US$/oz AgEq) $1.20 AbraSilver $1.00 $0.80 $0.60 Prime Blackrock Reta Institutional: 52% Silver Tiger
Slide 22: Infrastructure, Electricity, Casinos..
Infrastructure, Electricity, Casinos.. TONOPAH WEST PROJECT 22 APRIL 2025|22
Slide 23: Tonopah North Lithium
TONOPAH NORTH LITHIUM • Large land package consists of 260 unpatented mining claims covering 20 sq km adjacent to Tonopah West vein system to south and American Lithium’s TLC Project to northwest, representing the crossroads between where the Tonopah silver district intersects with the Tonopah lithi
Slide 24: Silver Cloud
SILVER CLOUD The Richest Gold Mining Area In North America • Large land package consists of 572 mining claims covering 45sq km (+12,000 acres) • Centered on the Northern Nevada Rift, adjacent to Hecla’s Hollister mine • 3 core drillhole programme completed in November 2022 led to Nevada’s newest bon
Slide 25: LS Epithermal Pathfinders: Historic Mercury Mines
LS EPITHERMAL PATHFINDERS: HISTORIC MERCURY MINES • Mercury and arsenic are the ultimate pathfinder elements for low-sulphidation epithermal gold deposits • The Silver Cloud project is named after the past producing Silver Cloud gold mine where past high-grade intercepts were encountered by Teck and
Slide 26: Similar Trends & Depths
SIMILAR TRENDS & DEPTHS There is no assurance that mineralization comparable to that on adjacent properties will be discovered on Blackrock’s Silver Cloud Project -North-Northwest veins -Productive zone between 4200 and 5100 ft RL - Volcanic hosted BLACKROCKSILVER.COM| TSX-V: BRC | OTC: BKRRF | FSE:
Slide 27: Comparison of Midas & Hollister Mines
COMPARISON OF MIDAS & HOLLISTER MINES There is no assurance that mineralization comparable to that on adjacent properties will be discovered on Blackrock’s Silver Cloud Project 5000 ft RL Midas Mine • NNW-NW oriented veins Hollister Mine • Productive zone between 4500 and 5500 ft RL • E-W oriented v
Slide 28: Executive Directors
Executive Directors Bill Howald Andrew Pollard Daniel Vickerman Executive Chairman President & CEO, Director SVP Corporate Development, Director William (Bill) Howald is a successful entrepreneur who Prior to joining Blackrock as President & CEO in 2019, Mr. Vickerman is a seasoned institutional sal
Slide 29: Independent Directors
Independent Directors Tony Wood Tom Peregoodoff David Laing Director Director Lead Director Tony Wood currently serves as Chief Financial David Laing is a mining engineer with 40 years of Officer of Aurania Resources Inc. Mr. Wood’s Tom Peregoodoff has over 30 years of resource industry experience i
Slide 30: TSX-V: BRC OTC: BKRRF FSE: AHZ0
TSX-V: BRC www.blackrocksilver.com OTC: BKRRF FSE: AHZ0
Blackrock Silver — Investor Presentation (April 2025) on 6ix