Mr. Andrew Pollard reports

BLACKROCK SILVER ANNOUNCES AMENDMENT TO SILVER CLOUD LEASE AND OPTION TO PURCHASE AGREEMENT

Blackrock Silver Corp. has entered into a further amendment to the mineral lease agreement between the company and Pescio Exploration LLC (the owner) dated Oct. 27, 2017, as amended June 1, 2019, which provides for the exploration, development, mining and option to purchase of the Silver Cloud project situated in Elko county, Nevada.

Pursuant to the terms of the amendment:

1. The annual cash payments required by the company to maintain the lease in good standing have been reduced and amended as noted herein.
2. The company shall have the right, exercisable any time within 10 years of the date of the amendment, to buy down the 3.5-per-cent royalty payable to the owner to 2 per cent by way of cash payment to the owner of $4.5-million (U.S.).
3. In substitution of the previous drilling commitment on Silver Cloud provided for in the lease, the company is now required to incur work expenditures on Silver Cloud in a minimum amount of: (A) $500,000 (U.S.) on or before Oct. 27, 2030; and (B) a further $500,000 (U.S.) on or before Oct. 27, 2033, representing a cumulative total work commitment of $-million.
4. The company's option to purchase 100 per cent of Silver Cloud has been amended to provide for a purchase price of: (A) $5-million (U.S.) if the purchase option is exercised on or before Oct. 27, 2029; and (B) $7-million (U.S.) (subject to annual inflationary increases) if the purchase option is exercised after Oct. 27, 2029.
5. The company has agreed to pay to the owner a one-time cash payment of $75,000 (U.S.) in the event that the company sells all or the majority of its interest in the mining claims comprising Silver Cloud or enters into or forms a joint venture on Silver Cloud wherein another party may earn an interest in at least 50 per cent of Silver Cloud.

Andrew Pollard, president and chief executive officer of the company, commented: "The restructuring of the underlying terms at Silver Cloud allow Blackrock to realize substantial savings, both immediate and over the long term, creating a compelling opportunity for our investors as we seek to see our early-staged bonanza-grade discovery (see Jan. 17, 2023, news release) advanced. With its large land package immediately adjacent to two of Nevada's highest-grade historic gold mines, Midas and Hollister, both of which are owned by Hecla, this deal makes us a stronger company over the coming years, while freeing up our treasury in the short term to be focused on the rapid advancement of our flagship Tonopah West project."

About Blackrock Silver Corp.

Backed by gold and silver ounces in the ground in Nevada, Blackrock is a junior precious-metal-focused exploration company driven to add shareholder value via the drill bit. With 6.12 million tonnes grading 508.5 grams per tonne silver equivalent for an inferred resource of 100.04 million ounces AgEq at its flagship Tonopah West project, and an emerging bonanza-grade gold discovery at Silver Cloud, the company has a proven record of exploration success. In addition to its gold and silver project portfolio, the company is credited with a lithium discovery, the Tonopah North project, which is under option to a lithium exploration group.

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