Blackrock Silver Corp · TSXV:BRC
Blackrock Silver — Investor Presentation (October 2025)
31 slides from Blackrock Silver's investor presentation, October 2025
Slide 1: Driving the Queen of the Silver Camps Towards Production
DRIVING THE QUEEN OF THE SILVER CAMPS TOWARDS PRODUCTION OCTOBER 2025 CORPORATE PRESENTATION TSX-V: BRC | OTC: BKRRF | FSE: AHZ0
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: Stock Info
STOCK INFO TSX-V: BRC | OTC: BKRRF | FSE: AHZ0 Institutions Including, but not limited to: BRC Share Price Performance Last 12 Months Eric Sprott $1.00 14 Global X Silver Miners Volume in Millions Share Price (C$) $0.90 Index (SIL) 12 $0.80 Sprott A.M. 10 41% $0.70 Volume in Millions US Global Share
Slide 4: Tonopah West: Silver-Gold
Tonopah West: Silver-Gold • Updated 2025 mineral resource estimate outlines 21.1M AgEq ounces Indicated within 1.33M tonnes at a block diluted grade of 493 g/t AgEq AND 86.88M AgEq ounces Inferred within 5.14M tonnes at a block diluted grade of 523 g/t AgEq 1 AgEq cutoff grade is based a total minin
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 based on September 2024 MRE - Key Metrics
PEA based on September 2024 MRE - 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 1,486,000 Gold grade mined – LOM average (g/t) 3.34 • After-tax NPV (5%) $326-million Silver grade mined – LOM
Slide 7: Resource Estimate
AgEq BLOCK DILUTED GRADE Ounces of Ounces of Ounces Area cutoff g/t Tonnes Silver Classification(4) 2025 (1) Silver Gold AgEq Silver of Gold g/t g/t g/t (2) Equivalent(3) Victor 180 2,361,000 256.7 3.08 593.2 19,486,000 234,000 45,028,000 Inferred DPB North 180 229,000 166.4 2.01 386.1 1,226,000 15,
Slide 8: 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 October 2025 | 8
Slide 9: 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 historic producer in the district*. Purple - Tonopah Extension Mining Company land (in pur
Slide 10: Clear Resource Expansion Potential
CLEAR RESOURCE EXPANSION POTENTIAL • Multiple deposits tracked across open vein corridor that follows outer and an inner ring structures spanning 4.5km in strike length • The system also remains open to the south, northwest, at depth. • Conversion drilling at DPB-South established initial Indicated
Slide 11: Eastern Expansion Drill Program
Eastern Expansion Drill Program • 7,000 metre, 24 drillhole, Eastern Expansion drill program targeting 1.2km trend completed in September. • Initial Assays*: • TXC25-166: 5.03 metres grading 750 g/t AgEq (306.8 g/t Ag & 4.06 g/t gold Au from 165.2 metres, including 1.83 metres grading 1,660 g/t AgEq
Slide 12: DPB South Sections
DPB SOUTH SECTIONS BLACKROCKSILVER.COM| TSX-V: BRC | OTC: BKRRF | FSE: AHZ 12
Slide 13: Denver, Paymaster, Bermuda and Merten Veins
DENVER, PAYMASTER, BERMUDA AND MERTEN VEINS BLACKROCKSILVER.COM| TSX-V: BRC | OTC: BKRRF | FSE: AHZ 13
Slide 14: Denver, Paymaster, Bermuda and Merten Veins
DENVER, PAYMASTER, BERMUDA AND MERTEN VEINS BLACKROCKSILVER.COM| TSX-V: BRC | OTC: BKRRF | FSE: AHZ 14
Slide 15: Denver, Paymaster, Bermuda and Merten Veins
DENVER, PAYMASTER, BERMUDA AND MERTEN VEINS BLACKROCKSILVER.COM| TSX-V: BRC | OTC: BKRRF | FSE: AHZ 15
Slide 16: 2020-2025 Drill Campaign
2020-2025 DRILL CAMPAIGN 165.5 km of RC & Core drilling completed from June 2020 to September 2025 2020-focus: maiden drill program focussed on discovery 2021 –focus: resource delineation and maiden resource estimate 2022 –focus: step out exploration drilling 2023 –focus: resource modelling and upda
Slide 17: Tonopah West PEA Report – September 2024
Tonopah West PEA REPORT – SEPTEMBER 2024
Slide 18: 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 “See Tonopah West Technical Report filed on the Company’s SEDAR+ profile at www.sedarplus.ca and the Company’s September 4, 2024 news re
Slide 19: PEA - Sensitivities
PEA - Sensitivities After-Tax IRR Sensitivity to Metal Prices Silver Price ($US/Troy Oz.) After-Tax NPV 5% Sensitivity to Metal Prices (US$M) -20% -10% 23.00 10% 20% Silver Price ($US/Troy Oz.) 20% 40% 44% 47% 51% 54% -20% -10% 23.00 10% 20% ($US/Troy Oz.) 20% 334 374 414 454 495 Gold Price 10% 36%
Slide 20: PEA - Operating and Capital Costs
PEA - Operating and Capital Costs LOM Per Payable Oz Per Payable Oz Operating Costs (US$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 21: 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 22: 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 23: Infrastructure, Electricity, Casinos..
Infrastructure, Electricity, Casinos.. TONOPAH WEST PROJECT 23 October 2025|23
Slide 24: 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 25: 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 : SBC22-020 intersected 70
Slide 26: 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 27: 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 28: 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 29: 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 Andrew Pollard is a company builder with Mr. Vickerman is a seasoned institutional entrepreneur who founded several p
Slide 30: Independent Directors
Independent Directors Tony Wood Tom Peregoodoff David Laing Director Director Lead Director Tony Wood currently serves as Chief David Laing is a mining engineer with 40 Financial Officer of Aurania Resources Inc. Tom Peregoodoff has over 30 years of resource years of experience in the industry. He i
Slide 31: TSX-V: BRC OTC: BKRRF FSE: AHZ0
TSX-V: BRC www.blackrocksilver.com OTC: BKRRF FSE: AHZ0
Blackrock Silver — Investor Presentation (October 2025) on 6ix