Mr. Andrew Pollard reports

BLACKROCK SILVER ANNOUNCES UPSIZE TO PREVIOUSLY ANNOUNCED BOUGHT DEAL FINANCING TO $3.7 MILLION

Due to significant investor demand, Blackrock Silver Corp. has upsized its previously announced bought deal public offering to $3.7-million. Under the upsized offering, the underwriters have agreed to purchase for resale 18.5 million units of the company at a price of 20 cents per unit. Red Cloud Securities Inc. is acting as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder to purchase one common share of the company at a price of 30 cents at any time on or before that date which is 36 months after the closing date of the offering.

The company has granted to the underwriters an option exercisable at the offering price for a period of 30 days after and including the closing date of the offering, to purchase for resale up to an additional 15 per cent of the number of units sold under the offering to cover over allotments, if any, and for market stabilization purposes. The offering is expected to close on or about Jan. 26, 2024, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

The net proceeds raised under the offering will be used by the company to complete the final option payment on the company's flagship Tonopah West project in Nevada, after which the company will own 100 per cent of Tonopah West, continue with metallurgical characterization, engineering evaluation and hydrological assessment, as well as for general working capital and corporate purposes.

The units will be sold by way of a prospectus supplement to be filed in all of the provinces of Canada except Quebec to supplement the short-form base shelf prospectus of the company dated Aug. 4, 2023. The units may also be sold in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and in such other jurisdictions outside of Canada and the United States, in each case in accordance with all applicable laws provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction.

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 grams per tonne silver equivalent 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.

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