Mr. Andrew Pollard reports

BLACKROCK SILVER ANNUAL LETTER TO SHAREHOLDERS

Blackrock Silver Corp. has provided the following shareholder letter.

Dear shareholders,

Two thousand twenty-three proved to be a pivotal year for us, with our flagship Tonopah West project stepping into the spotlight as one of the pre-eminent silver deposits in the industry having surpassed 100 million AgEq (silver equivalent) ounces at a block diluted grade of 509 grams per tonne AgEq following delivery of our latest mineral resource estimate (MRE) in October.

Less than four short years from our initial discovery hole, we have now delivered two mineral resource estimates, rapidly creating intrinsic value at the project level, with our latest MRE seeing our ounces increase by 2.36 times and grade improve by 14 per cent. Further expansion potential requires no leaps in logic, with step-in drilling along the vein corridor easily conveyed that will seek to connect our three deposit areas together as one cohesive silver-gold system spanning over four kilometres while also remaining wide open along strike to the northwest and at depth. Your company has overseen one of the largest new silver discoveries of the last decade and has cemented Tonopah West's position as the highest-grade undeveloped large silver-rich project in the world.

In addition to high grades and significant size potential, another clear differentiator of Tonopah West is the straightforward metallurgy. All of the historic production from the Tonopah silver district was from a dore produced at site. Kappes and Cassidy and Associates from Reno, Nev., completed our initial test work, which lines up very well with historic reports, with recoveries averaging 95 per cent for gold and 87 per cent for silver, with no need envisioned for costly extra steps to create a lead/zinc concentrate or requiring the involvement of a smelter.

With our resource situated entirely on patented claims in Nevada, the Tonopah West project has a streamlined process with the State of Nevada for exploration, development and construction applications and approvals.

As 2023 comes to a close, the company is in the process of finalizing its 2024 plans that are to be dual focused on both resource expansion and the continued derisking of the project. Further infill drilling is planned to link the deposits as one, and engineering and hydrologic studies are already under way, all of which will form the basis for a maiden preliminary economic analysis anticipated in 2025.

But that is not all. At Silver Cloud, the company made a bonanza-grade gold and silver discovery at the Northwest Canyon target (see Jan. 17, 2023, news). The follow-up of the discovery intercept (70 g/t gold and 600 g/t silver over 1.5 metres) was initiated in 2023, but following the high grade has proved to be tricky, though I am confident the Nevada team will sort it out.

In 2023, the company completed an exploration and development agreement on Tonopah North (see Jan. 10, 2023, news). Our partner, Tearlach, is spending its money to explore for and develop a lithium deposit on our landholdings, and shareholders will control 30 per cent of a potentially large lithium resource if our partner is successful.

With gold recently surpassing all-time highs and silver consumption projected to put the metal into deficit territory next year, there is a lot of light quickly emerging at the end of the tunnel for investors, especially with the Fed now openly projecting rate cuts following the most aggressive hiking cycle in modern history. We have navigated the choppy waters of the industry as best we could over the last few years, doing so without blowing out our share structure and with a resolute focus on adding substantial intrinsic value at the project level. This is a management team that prides itself on doing what it says it is going to do. The day is coming, and it is my vision that day is very soon, where it, and we, will be rewarded for that in the marketplace.

For those wanting to learn more about our story, I invite you to watch our short presentation from the Precious Metals Summit Zurich in November.

I wanted to take the opportunity to thank all those stakeholders that supported us this year, our incredible team, board of directors, consultants, advisers, lawyers, bankers and all those that played their crucial part in our story. Our Nevada technical team, led by Bill Howald, has done a masterful job in taking the project from what were a few conceptual drill targets just a handful of years ago to making one of the great silver discoveries of the decade while bringing new life to one of Nevada's most cherished mining camps in the process.

Most of all, I wanted to thank our shareholders for their continued support -- blue skies ahead.

On behalf of everyone at Blackrock Silver, I wish you all a very healthy and prosperous new year.

Sincerely,

Andrew Pollard

Blackrock Silver

President and chief executive officer

About Blackrock Silver Corp.

Backed by gold and silver ounces in the ground, Blackrock is a junior precious-metal-focused exploration company driven to add shareholder value through the drill bit. With 6.12 million tonnes grading 508.5 g/t AgEq at its Tonopah West project and a new bonanza-grade gold discovery at its Silver Cloud project, 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. Anchored by a seasoned board of directors, the company is focused on its 100-per-cent-controlled Nevada portfolio of properties consisting of low-sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.

Blackrock's exploration activities at Silver Cloud, Tonopah North and Tonopah West are conducted and supervised by William Howald, executive chairman of Blackrock. William Howald, AIPG-certified (American Institute of Professional Geologists) professional geologist No. 11041, is a qualified person as defined under National Instrument 43-101. He has reviewed and approved the contents of this news release.

We seek Safe Harbor.