Blackrock Silver Corp.

Blackrock Silver Corp. is a junior silver development company headquartered in Vancouver, Canada, operating primarily in USA. The company's portfolio consists of 2 projects, comprising 1 development and 1 advanced exploration project. Key assets include Tonopah West. The company's business model is centered on the acquisition, exploration, and development of mineral properties, with no assets currently in production. Operational activities are characterized by a seasonal exploration cycle, with expenditures typically increasing between May and December. Development plans, as outlined in preliminary economic assessments, envision the use of conventional metallurgical flowsheets involving multi-stage crushing, agitated cyanide leaching, and counter-current decantation, followed by Merrill-Crowe precipitation to produce a final saleable product. The enterprise competes with other exploration and mining entities for access to mineral properties, joint venture partners, specialized equipment, qualified personnel, and development capital. To mitigate market volatility, the organization may utilize financial instruments to manage risks associated with commodity price fluctuations, interest rates, and foreign currency exchange rates. The business is subject to various operating hazards and risks inherent in the mining industry, including geological uncertainty and potential equipment shortages.

Strategic priorities are focused on advancing mineral properties through systematic exploration and development programs funded by capital raised via public and private financings. The exploration strategy is multi-faceted, encompassing infill drilling designed to upgrade and convert mineral resource classifications, step-out drilling aimed at expanding the footprint of known mineralization, and scout drilling programs intended to test new geological concepts and discover new zones. A core component of the strategy involves commissioning independent technical studies, such as preliminary economic assessments, to evaluate the potential economic viability of its projects and guide future development decisions. The company actively seeks and evaluates new acquisition opportunities to complement its exploration and development pipeline. Capital allocation is directed towards funding these phased exploration programs, meeting property maintenance obligations, and advancing technical and engineering studies required for project de-risking and potential advancement toward production.

Executive leadership includes an Executive Chairman with prior experience as Chief Executive Officer of Rye Patch Gold Corp. and a President and Chief Executive Officer who is also the President of Mining Recruitment Group Ltd. The board of directors is composed of 6 members, 3 of whom are classified as independent directors. Governance and oversight are structured through 4 distinct board committees: the Audit Committee, the Corporate Governance and Nominating Committee, the Compensation Committee, and the Technical and Sustainability Committee. The Audit Committee is composed exclusively of the 3 independent directors, ensuring independent oversight of financial reporting. The corporate governance framework requires directors to act in the best interests of the company and to disclose any potential conflicts of interest, abstaining from voting on any related material transactions. The company's external auditor is BDO Canada LLP, and its transfer agent is Computershare Trust Company of Canada.

Oversight for sustainability matters is provided by a dedicated Technical and Sustainability Committee of the board of directors. The company's operational planning, as detailed in technical reports, incorporates modern waste and water management practices. Proposed designs include the use of pressure filtration to dewater tailings, which are then stored in a lined, dry-stack facility to enhance stability and minimize environmental footprint. A portion of the filtered tailings, approximately 20%, is planned for use as backfill in underground operations, reducing the surface disposal volume. Future permitting activities will necessitate the completion of comprehensive environmental baseline studies, including groundwater characterization, geochemical analysis of waste rock and tailings, and a botanical assessment to establish reclamation standards. The organization acknowledges its operations are subject to extensive environmental laws and regulations and recognizes climate change as a potential risk factor that could impact future costs and operations.

The company conducts its primary business activities through a wholly-owned US operating subsidiary, Blackrock Gold Corp., which was incorporated in the state of Nevada in 2018. In May 2024, this subsidiary terminated an option agreement with Tearlach Resources Limited after Tearlach failed to make a required cash payment; the agreement had provided Tearlach an opportunity to earn up to a 70% interest in certain lithium mineral rights. The organization completed a significant property transaction in March 2024, when it exercised an option to acquire a 100% interest in a mineral property from Nevada Select Royalty Inc. following a series of payments over a 4-year term. A notable shareholder is Eric Sprott, who, through a beneficially owned corporation, holds more than 10% of the company's outstanding common shares and has been the sole investor in certain private placements, including one in September 2024.