Blackrock Silver (BRC) Corporate presentation summary

Strategic positioning and project overview

• Focused on developing high-grade, low-cost primary silver assets in Nevada, with Tonopah West as the flagship project.

• Tonopah West benefits from private patented land, enabling fast-tracked permitting and eligibility for federal incentives.

• Nevada is ranked as the top mining jurisdiction globally, offering favorable regulatory and operational conditions.

• The project is adjacent to major infrastructure, including highways, power, and water, and is within walking distance of Tonopah town.

• Tonopah West controls the largest patented claim package in the district, with significant historic production and untapped potential.

Financials and capital structure

• Market capitalization of C$429M with 375.3M shares issued and C$21M in cash as of April 2026.

• Shareholder base includes 38% retail, 55% institutional/HNW, and 3% management and directors.

• Fully diluted share count stands at 404.5M.

• Analyst coverage from multiple financial institutions, with a 52-week share price range of C$0.27–C$2.41.

Project economics and resource highlights

• 2026 PEA base case uses conservative prices: $31/oz Ag and $2,700/oz Au.

• After-tax NPV (5%) of $437M, IRR of 28%, and initial capex of $190M.

• Mine life of 11.2 years with average annual production of 7.1M AgEq oz and AISC of $17.44/oz AgEq.

• Upside scenario at consensus prices yields $1.55B after-tax NPV and 79% IRR with a 1.4-year payback.

• Indicated resources increased 90% to 40.1M AgEq oz; total resource exceeds 100M AgEq oz.