Tonopah West - Silver & Gold

Welcome to the Silver State

2025 Tonopah west technical report
2026 Updated Preliminary Economic Assessment

Blackrock is the first group to target unmined vein extensions starting from the historic workings on the property since production shut down nearly 100 years ago, drilling out 100 million silver equivalent ounces, and showing new life for this storied district. A 2026 Updated Preliminary Economic Assessment (PEA)* outlines an average annual production profile of 7.1 million silver equivalent ounces per year at an all-in sustaining cost of USD$17.44 per AgEq ounce over an 11.2 year mine life. The project currently hosts an indicated mineral resource estimate of 2.75 million tonnes at a block diluted grade of 216.8 grams per tonne (g/t) silver (Ag) and 2.25 g/t gold (Au) for a total of 19,167,000 ounces of silver and 199,000 ounces of gold. In addition, the project currently hosts an inferred mineral resource of 5.5 million tonnes at a block diluted grade of 188.5 g/t Ag and 2.62 g/t Au for a total of 33,560,000 ounces of silver and 467,000 ounces of gold.

Blackrock’s flagship Tonopah West project consolidates the western half of the famed Tonopah Silver District within the Walker Lane trend of Nevada. Known as the Queen of the Silver Camps, the Tonopah Silver District produced over 174 million ounces of silver and 1.8 million ounces of gold from approximately 7.5 million tonnes of material, making it the second largest historic silver district within the “Silver State” of Nevada behind the Comstock Lode.

Location
Walker Lane, Nevada
Deposit Type

Low-Intermediate Sulfidation Epithermal Gold & Silver Veins

Land Status
100 patented claims. 83 unpatented lode mining claims. 
Size
– 10.3 sq. kilometres, 4.0 sq. miles

Tonopah West: Developing America’s Next Silver Mine

  • 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 annually at $11.96 AISC; After-tax IRR 39.2%; After-tax NPV5 of $326M at $1,900 gold & $23 silver; Payback 2.3 years *
  • At $2,280 gold & $27.60 silver after-tax NPV5 escalates to $495M and 54% after-tax IRR*
  • Head Grade of 570 g/t AgEq. Highest-grade development staged silver project globally by over 50%* 
  • Very Straightforward Metallurgy: average 96.1% gold and 88.9% silver;. All Precious Metals/No Base. Standard Milling/Dore: no concentrates or smelters required.
  • Private Land in Nevada: Project comprised of patented mining claims, owned by the Company , directly off a highway, adjacent to the town of Tonopah.
  • Fully-funded resource expansion & conversion drilling program underway leading to Resource Update Q3 2025 & Updated PEA Q1, 2026; Assays pending
  • Environmental studies and data collection underway to de-risk and advance project towards permitting of an exploration decline and bulk sampling program
  • 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
  • Low Cost/Robust Production: PEA based on 2024 MRE outlines 8.6M AgeQ ounces annually at $11.96 AISC; After-tax IRR 39.2%; After-tax NPV5 of $326M at $1,900 gold & $23 silver; Payback 2.3 years *
  • At $2,280 gold & $27.60 silver after-tax NPV5 escalates to $495M and 54% after-tax IRR*
  • Head Grade of 570 g/t AgEq. One of the highest-grade development-staged silver projects globally.
  • Very Straightforward Metallurgy: average 96.1% gold and 88.9% silver;. All Precious Metals/No Base. Standard Milling/Dore: no concentrates or smelters required.
  • Private Land in Nevada: Project comprised of patented mining claims, owned by the Company , directly off a highway, adjacent to the town of Tonopah.
  • Fully-funded resource expansion & conversion drilling program underway leading to Resource Update Q3 2025 & Updated PEA Q1, 2026; Assays pending
  • Environmental studies and data collection underway to de-risk and advance project towards permitting of an exploration decline and bulk sampling program

2026 Updated Preliminary Economic Assessment

Highlights of the Tonopah West PEA

  • Disciplined Base Case Economics: Secured with a conservative long-term silver (“Ag”) price of US$31 per ounce and a gold (“Au”) price of US$2,700 per ounce, the Project shows robust, after-tax net present value, discounted at 5% (“NPV5%”), of $437-million, and an after-tax internal rate of return (“IRR”) of 28% over an 11.2-year mine life (“LOM”) — ensuring operational resilience through a wide range of metal price cycles;
  • Low Initial Capital: Calculated initial capital cost of US$190-million (including US$25-million contingency) with a base case payback period of 3.5 years;
  • Increased Payable Metal: Enhanced mine plan delivers 89.6 million silver equivalent (“AgEq”) ounces, which equates to 79.6 million payable AgEq ounces — a 14% increase in payable silver and 17% increase in payable gold as compared to the previous preliminary economic assessment on Tonopah West dated effective September 4, 2024 (the “Original PEA”), with a US$778-million after-tax LOM cash flow.
  • High-Margin, Low-Cost Operation: Anticipated All-In-Sustaining-Costs (“AISC”) of US$17.44 per silver equivalent ounce basis providing significant margin expansion potential;
  • Increased Indicated AgEq Ounces: Improved indicated category mineral resource estimate comprising 2.75 million tonnes grading 454 grams per tonne (“g/t”) AgEq totaling 40.2 million ounces of AgEq (216.8 g/t Ag and 2.25 g/t Au for 19.2 million ounces of silver and 199,000 ounces of gold respectively) – a 90% increase over the previous mineral resource estimate on Tonopah West dated effective August 25, 2025 (the “Previous MRE”);
  • Large Resource with Upside Potential: Increased inferred mineral resource with 5.54 million tonnes grading 466 g/t AgEq for 83 million ounces of silver equivalent (188.5 g/t Ag and 2.62 g/t Au totaling 33.6 million ounces of silver and 467,000 ounces of gold) in an inferred mineral resource category. The vein system is open to the east, northwest and at depth;
  • Low-cost Geometry: Used a minimum mining width of three metres (3m), and Long Hole Stoping (cheaper costs) accounts for 88% of the tonnes mined while Cut and Fill mining accounts for 12% of the tonnes;
  • Excellent Metallurgical Recoveries: Realized average recoveries of 91.6% for silver and 96.3% for gold from a 3-stage crushing circuit and processing plant;
  • Exceptional Leverage to upside metal prices: Assessed at the 1-year analyst consensus forecast for gold and silver prices (US$66.90/oz Ag and US$4,554/oz Au), the Project delivers US$1.55B after-tax NPV5%, a 79% IRR, and a 1.4-year payback; and
  • Unique location and infrastructure: Located on patented mineral claims (private land) adjacent to the town of Tonopah, Nevada, the Project benefits from its location, unprecedented infrastructure and profits from a stream-lined permitting process with only State and County agencies as stakeholders.

  • * Technical information relating to the Tonopah West Project is based on and derived from Blackrock’s press release titled “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” dated March 31, 2026. Details of the updated preliminary economic assessment with an effective date of January 4, 2026 (the “PEA”) on the Tonopah West Project and the updated mineral resource estimate on the Tonopah West Project with an effective date of January 4, 2026 (the “MRE”) will be provided in a technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects to be filed on SEDAR+ and the this website within 45 days of March 31, 2026. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative, geologically, to have the economic considerations applied to them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Key Economic Parameters of the Updated PEA

Resources

Cut-off Grade (AgEq g/t) (1) Tonnes (kt) Grade Contained Metal Classification(4)
Au (g/t) Ag (g/t) AgEq (g/t)(2) Au (koz) Ag (koz) AgEq (koz)(3)
140 2,750 2.25 216.8 454.3 199 19,167 40,159 Indicated
140 5,538 2.62 188.5 465.8 467 33,560 82,944 Inferred

1 AgEq cutoff grade is based on total mining, processing and G&A costs of US$128.6/tonne and a silver price of US$34/ounce.

2 For non-Victor areas, the AgEq grade ratio used is 108:1 based on silver and gold prices of US$35/ounce and US$3,500/ounce, respectively, and recoveries for silver and gold of 88% and 95%, respectively. For the Victor area, the Silver Equivalent grade ratio used is 102:1 based on silver and gold prices of US$35/ounce and US$3,500/ounce, respectively, and recoveries for silver and gold of 96% and 98%, respectively. AgEq Factor= (Ag Price / Au Price) x (Ag Rec / Au Rec); g AgEq/t = g Ag/t + (g Au/t / AgEq Factor).

3 Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade, and contained metal content.

4 Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources estimated will be converted into mineral reserves. The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred mineral resources as indicated mineral resources. It is uncertain if further exploration will result in upgrading them to the Indicated mineral resources category.

The MRE encompasses the spatial areas known as Victor, DPB North, DPB South, Northwest Step Out, and the East Extension areas. The Victor area is approximately 700-metres by 350-metres while the DPB area is 700-metres by 1,100-metres. NW Step Out represents a new extension of the vein zones to west-northwest. The East Extension is an area between the DPB South area and the eastern edge of the property. The spatial areas are not considered to be significantly different geologically but have been separated for logistical purposes in future mining scenarios. Table 7 presents the mineral resources subdivided by spatial area.

High-Grade Drill Intercepts

Click here to view table

Click table to expand

Claim Map

Amalgamation of West End Mining Company and Tonopah Extension Mining Company.

Metallurgy

Excellent Metallurgy with recoveries of 96.1% for gold and 88.9% for silver from a 3-stage crushing circuit and processing plant*

Cross Section - DPB Area

Multiple high-grade quartz vein swarm trending east-west to northwest.
System is open to the northwest with multiple new high-grade intercepts 1 km away.

Click image to expand

Cross Section - Victor Area

Silver Equivalent grade is based on silver and gold prices of US$20/ounce and US$1750/ounce,
respectively, and recoveries for silver and gold of 87% and 95%, respectively

Click image to expand

I, Jeffrey Bickel, C.P.G. (AIPG) and Registered Geologist (Arizona), consent to the public filing of the technical report titled “Technical Report for Updated Estimate of Mineral Resources, Tonopah West Silver-Gold Project, Nye and Esmeralda Counties, Nevada, USA”, with an effective date of October 6, 2023 and dated November 8, 2023 (the “Technical Report”) prepared for Blackrock Silver Corp. (the “Company”).

I also consent to any extracts from or a summary of the Technical Report in the news releases of the Company dated October 10, 2023 and November 8, 2023 (collectively, the “News Releases”).

I certify that I have read the News Releases filed by the Company and that they fairly and accurately represent the information in the Technical Report.

Dated this 8th day of November, 2023

“Jeffrey Bickel”//Sealed and Stamped
Jeffrey Bickel, C.P.G. (#12050)