Mr. Andrew Pollard reports

BLACKROCK SILVER ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE FOR THE TONOPAH WEST PROJECT

Blackrock Silver Corp. has released the results for its updated mineral resource estimate (MRE) for its 100-per-cent-owned Tonopah West project, located in west-central Nevada, within the Nye and Esmeralda counties, Nevada. Tonopah West is conveniently situated directly adjacent to the town of Tonopah in western Nevada, with highway U.S. 95 crossing the property, and the resource area lies exclusively within patented mining claims and fee lands. All amounts herein are presented in U.S. dollars unless otherwise stated.

Highlights:

• The updated MRE contains a total of 107,000 ounces (oz) of gold (Au) and 9.5 million oz of silver (Ag), or 21.1 million oz of silver equivalent (AgEq), of indicated mineral resources, and 470,000 oz of Au and 35.5 million oz of Ag, or 86.88 million oz of AgEq, of inferred mineral resources.
• Indicated mineral resources were not previously included in the mineral resource estimate for Tonopah West, effective Aug. 25, 2024, highlighting how Blackrock's recent infill drilling program (the M&I conversion program) at Tonopah West, which commenced in mid-July, 2024, has confirmed previous inferred mineral resource estimates and improved geologic confidence in the mineral resource estimate on the project.
• At a cut-off of 180 grams per tonne (g/t) AgEq, the average block-diluted grade of the indicated mineral resources is 493 g/t AgEq and the average block-diluted grade of the inferred mineral resources is 525.9 g/t AgEq.
• The updated MRE includes 83 new drill holes completed in 2024 to 2025 and is based on a refined geologic model, which was updated to reflect the new drilling and added more detail to the spatial distribution of mineralized veins.
• Silver and gold mineralization at Tonopah West remains open to the northwest, east and internally between the main bodies of mineralization, and at depth.

The updated MRE was prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definition standards for mineral resources and mineral reserves adopted by the CIM on May 19, 2014, and in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects. The updated MRE was prepared by RESPEC Company LLC (formerly Mine Development Associates) with an effective date of Aug. 25, 2025.

Andrew Pollard, the company's president and chief executive officer, stated: "As evidenced by the updated MRE, the company has delivered on its guidance for the M&I conversion program, delineating 1,333,000 tonnes of indicated mineral resources while maintaining the high-grade (493 g/t AgEq) within the shallowest portion of the Tonopah West deposit. The updated MRE shows the continuity of high grades within the tighter spaced drill pattern, and is showing trends similar to those documented in the historical Victor and Ohio veins located to the east. This upgrade to the DPB South area gives the company added confidence to pursue the permits required, refine the engineering designs and engage the talent for advancing the project to the next phase, which includes an exploration decline, test mining and extracting a bulk sample."

He continues: "The company's current exploration programs at Tonopah West are focused on the expansion opportunities to the northwest and east. The results from the recently completed northwestern expansion drilling programming and the currently active eastern expansion drilling program are intended to be incorporated into an updated mineral resource estimate and updated preliminary economic assessment of the Tonopah West deposit planned for Q1 2026."

The updated MRE is presented with block diluted grades. The AgEq block model grades are based on $27 per ounce of silver, $2,700 per ounce of gold, and 87-per-cent and 95-per-cent recoveries for silver and gold, respectively.

The updated MRE is reported using a cut-off grade that was calculated from estimated underground mining costs and metallurgical recoveries to meet reasonable prospects for eventual economic extraction. Table 2 shows assumed mining, processing, and general and administrative (G&A) costs.

The updated MRE on Tonopah West has been tabulated by four separate spatial areas or zones that make up the property (Victor, DPB North, DPB South and Northwest). The areas are not materially different geologically but have been separated for logistical purposes in future mining scenarios.

Recent Blackrock drilling, which underpins the updated MRE, is summarized in tables 4 and 5.

The updated MRE includes 83 new drill holes (representing 33,248 metres of total aggregate drilling) completed in 2024 to 2025 by Blackrock since the previous MRE. Blackrock drilling represents 96 per cent of the drill holes contributing to the updated MRE.

Recent drilling by the company focused its efforts on collecting drill hole exploration data in key areas of the deposit, including high-density drilling in the DPB South area on 30-metre centres and stepout drilling in the Northwest zone to test mineralization continuity.

The updated MRE is based on drill holes that are oriented between 90- to 50-degree inclinations from the surface, with up to three drill holes at different inclinations completed from the same drill pad. Drill holes are spaced approximately every 30 metres in the DPB South zone and 50 to 100 metres along sections with 50-metre distance between sections in DPB North and Northwest. At Victor, drill holes are spaced between approximately 25 to 50 metres apart along sections with the sections 50 to 100 metres apart.

The updated MRE encompasses Victor, DPB North, DPB South and Northwest zones. The Victor area is approximately 700 metres by 350 metres, while the DPB North area is 500 metres by 600 metres, the DPB South area is 800 metres by 700 metres and the Northwest area is 1300 metres by 100 metres.

RESPEC was supplied with vein shapes on cross-sections and level-plans generated by Blackrock, which were subsequently solidified into a three-dimensional geologic model. Mineralized vein thicknesses in the model ranged from 0.1 to 15.8 metres and averaged 3.0 metres. Silver and gold mineral resources were modelled and estimated as follows:

• Evaluate the drill data statistically;
• Create tightly constrained low-, medium- and high-grade mineral-domain wireframe solids for both silver and gold, using the three-dimensional geologic model as a basis for domain interpretation;
• Code a block model to the silver and gold domains using the mineral-domain wireframe solids;
• Analyze the modelled mineralization geostatistically to aid in the establishment of estimation and classification parameters;
• Interpolate grades into models comprised 1.0-metre-by-1.0-metre-by-1.0-metre (east-west, north-south, vertical, respectively) blocks using the silver and gold mineral domains to explicitly constrain the grade estimations.

Drill hole assay samples were composited within the mineralized domains. High-grade capping was completed on composite data and established using a statistical analysis for silver and gold. Silver was capped at 3,000 g/t and gold was capped at 30 g/t.

Specific gravity test work was completed for 370 core samples. Results indicate an average density of 2.46 grams per cubic centimetre (cm) for low-grade mineralized vein material, 2.53 grams per cubic cm for mid- and high-grade mineralized vein material, and values ranging from 2.11 to 2.47 grams per cubic cm for unmineralized wall rock, which varies by geologic formation.

RESPEC utilized inverse distance cubed (ID3) interpolation for the estimation to obtain a localizing effect in the mid- and high-grade domains, and an inverse distance squared (ID2) in the low-grade domains where mineralization is more diffuse. All estimates are based on a block dimension of one-metre-by-one-metre-by-one-metre blocks.

The original deposit had been depleted by historical mining in the Victor area. Approximately 200,000 tonnes of material was removed from the Victor mineral resource estimate.

A cut-off grade for the reported resource of 180 g/t AgEq was selected based on assumed mining costs for underground methods along with processing and G&A costs (see table 2). At a cut-off of 180 g/t AgEq, the average grade of the indicated and inferred mineral resources comprising the updated MRE is 493.4 g/t AgEq and 525.8 g/t AgEq, respectively.

A technical report is being prepared on the updated MRE in accordance with National Instrument 43-101 and will be available on the company's website and on SEDAR+ within 45 days of the date of this news release.

Qualified persons

The updated MRE was prepared under the supervision of Jeffrey Bickel, CPG, an employee of RESPEC, who is independent of the company and a qualified person as defined under NI 43-101. Mr. Bickel has reviewed and approved the technical contents relating to the updated MRE in this news release.

Blackrock's exploration activities at Tonopah West are conducted and supervised by William Howald, executive chairman of Blackrock. Mr. Howald, AIPG certified professional geologist No. 11041, is a qualified person as defined under NI 43-101. Mr. Howald has reviewed and approved the technical contents of this news release as related to exploration activities at Tonopah West.

Quality assurance/quality control (QA/QC)

Mr. Bickel has reviewed the sampling, assaying and security procedures used at Tonopah West, and it is his opinion that they follow industry standard procedures, and are adequate for the estimation of the current MRE and for use in preparing the technical report.

Mr. Bickel completed an audit of the database, verified data underpinning the MRE, visited the project site, and reviewed quality assurance and quality control data. He considers the assay data to be adequate for the estimation of the current MRE and for use in preparing the technical report.

2025 Precious Metals Summit

Blackrock will be attending the 2025 Precious Metals Summit in Beaver Creek, Colo., being held on Sept. 9, 2025, to Sept. 12, 2025.

Mr. Pollard, will be presenting at the summit on Tuesday, Sept. 9, 2025, at 1 p.m. MT. The presentation will be webcast live (and available for replay), in addition to one-on-one meetings with institutional investors and corporates throughout the conference.

About Blackrock Silver Corp.

Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration and development company driven to add shareholder value. 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.

We seek Safe Harbor.