Mr. Sean Thompson reports

BLACKROCK SILVER RECEIVES CONDITIONAL APPROVAL TO LIST ON THE TSX AND ESTABLISHES ATM PROGRAM AS LONGER TERM FINANCIAL ALTERNATIVES

Blackrock Silver Corp. has received conditional approval to list its common shares on the Toronto Stock Exchange and has established an at-the-market (ATM) equity distribution program to provide longer-term financial alternatives.

Final approval of the TSX listing is subject to the company meeting certain customary conditions required by the TSX. The company will issue a news release once the TSX confirms the date when trading of common shares is expected to commence on the TSX. Upon completion of the final listing requirements, the company's common shares will be delisted from the TSX Venture Exchange. Shareholders will not be required to exchange their share certificates or take any other action in connection with the TSX listing, as there will be no change in the Cusip number for the common shares. Blackrock will continue to trade under the symbol BRC.

Andrew Pollard, Blackrock's president and chief executive officer, commented: "Graduating to the TSX is an important step in Blackrock's evolution as a company. The senior exchange broadens the range of institutional investors able to consider Blackrock, and brings us into a peer group that carries higher listing and governance standards. Blackrock is well funded to complete our 17,000-metre drill program and to advance the permitting required for an initial underground decline in 2027. The ATM facility adds further optionality rather than filling a funding requirement. It lets us raise capital at our discretion, without a discount or warrants, and we're under no obligation to use any part of the ATM."

The ATM allows Blackrock to issue and sell, at its discretion, common shares having an aggregate sale price of up to $50-million, through Research Capital Corp., acting as lead agent on its own behalf, and on behalf of BMO Nesbitt Burns Inc., Canaccord Genuity Corp., National Bank Financial Inc. and Raymond James Ltd. Sales of the common shares, if any, under the ATM will be made in transactions that are deemed to be at-the-market distributions as defined in National Instrument 44-102, Shelf Distributions, including sales made by the agents directly on the TSX Venture Exchange or the Toronto Stock Exchange, or any other trading market for common shares in Canada or as otherwise agreed between the agents and the company. The company will seek TSX conditional approval to list the common shares that may be issued by the company under the ATM simultaneously with or shortly after listing on the TSX.

Distributions of common shares under the ATM, if any, will be made pursuant to the terms of an equity distribution agreement dated Sept. 14, 2026, entered into between the company and the agents.

The offering under the ATM is qualified by a prospectus supplement dated Sept. 14, 2026, to the company's final short form base shelf prospectus filed in all of the provinces and territories of Canada, dated Aug. 18, 2025. Copies of the equity distribution agreement, the prospectus supplement and the base shelf prospectus may be obtained on request, without charge, from the president and chief executive officer of the company at 1570, 200 Burrard St., Vancouver, B.C., V6C 3L6, telephone 604-817-6044, and available on the company's profile on SEDAR+.

The ATM will be effective until the earlier of: (i) the issuance and sale of all of the common shares issuable pursuant to the ATM; and (ii) Sept. 18, 2027, unless terminated prior to such date by the company or the agents pursuant to the terms of the equity distribution agreement. As any common shares sold under the ATM will be issued and sold at the prevailing market price at the time of the sale, prices may vary among purchasers during the period of distribution. The timing and extent of the use of the ATM will be at the discretion of the company. Accordingly, total gross proceeds from equity offerings under the ATM, if any, could be significantly less than $50-million.

Pursuant to the terms of the equity distribution agreement, the company will compensate the agents for their services in acting as agents in sale of the common shares pursuant to the ATM in cash in an amount equal to 2.5 per cent of the gross proceeds from sales of the common shares.

The company currently expects to use the net proceeds from the ATM, if any, for exploration and development of the company's Tonopah West mineral property, working capital, and general corporate purposes. Actual allocation of the proceeds may vary depending on the amount raised, the time periods during which the proceeds are raised and future developments in relation to the company's projects and unforeseen events.

About Blackrock Silver Corp.

Blackrock Silver is an American-focused emerging primary silver developer systematically advancing the high-grade Tonopah West project in west-central Nevada, a jurisdiction consistently ranked among the top mining regions globally. The company is focused on unlocking the value of one of the highest-grade undeveloped silver projects in the industry and delivering a secure, domestic source of a metal critical to the U.S. energy and defense supply chains.

We seek Safe Harbor.