Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to discuss the results of the updated Preliminary Economic Assessment (“PEA”) for its 100%-owned Tonopah West Project, located in West-Central Nevada, United States.  We also delve into the updated Mineral Resource Estimate (“MRE”) that was prepared by RESPEC in accordance with the CIM Definition Standards and NI 43-101, with an effective date of January 4, 2026.  The Tonopah West Project is located in one of the largest historic silver districts in North America, located on private land in Nye and Esmeralda counties, Nevada, United States.

Highlights of the Tonopah West PE  (Ounces are troy; all tonnes metric)

• 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% (“NPV^5%“), of $437-million, and an after-tax internal rate of return (“IRR”) of 28% over an 11.2-year life of mine (“LOM”) — ensuring operational resilience through a wide range of metal price cycles;
• 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;
• 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 with a US$778-million after-tax LOM cash flow.
• 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;
• 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.

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.

• 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;
• 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;
• Fully-financed 17,000 metre two-phased expansion drill program commenced in February with up to 800 metre step-outs along strike

1. NW Expansion (10 drillholes): Targeting expansion opportunities along strike of the DPBS North zone to the east and northwest with step-out holes up to 800m along strike planned
2. Eastern Expansion (20 drillholes): The Eastern Expansion Program will follow up on the shallow, high-grade, and thick zones of silver and gold in each of the recognized structures identified in 2025.

If you have any follow up questions for Andrew regarding Blackrock Silver, then please email them into me at Shad@kereport.com.

• In full disclosure, Shad is shareholder of Blackrock Silver at the time of this recording, and may choose to buy or sell shares at any time.

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