Management Discussion & Analysis

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# Management Discussion & Analysis

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# Management Discussion & Analysis
BLACKROCK SILVER CORP.
Management’s Discussion and Analysis
For the Three Months Ended January 31, 2026
Reported on March 27th, 2026
General
The following Management Discussion and Analysis (“MD&A”) on performance, financial condition and
prospects of Blackrock Silver Corp. (“our”, “Blackrock” or the “Company”) should be read in conjunction
with the unaudited condensed consolidated interim financial statements and notes thereto as at January 31,
2026 and for the three months then ended and the audited consolidated financial statements and notes
thereto as at October 31, 2025 and for the year then ended. The Company’s condensed consolidated interim
financial statements are prepared in accordance with International Financial Reporting Standards as issued
by the International Accounting Standards Board (“IFRS Accounting Standards”). These financial
statements comply with International Accounting Standard 34 Interim Financial Reporting. All financial
information is presented in Canadian dollars, unless otherwise stated. All references to a year refer to the
year ended on October 31 of that year.
This MD&A has been prepared based on information available to the Company as of March 27th, 2026.
Additional information on the Company is available on the Company’s SEDAR+ profile at
www.sedarplus.ca and on the Company’s website at www.blackrocksilver.com.
Forward-looking Statements
This MD&A contains “forward-looking statements” or “forward-looking information” (collectively,
“forward-looking statements”) within the meaning of Canadian and United States securities legislation,
including the United States Private Securities Litigation Reform Act of 1995. All statements, other than
statements of historical fact, are forward-looking statements. Forward-looking statements in this MD&A
relate to, among other things: the Company's strategic plans; the timing of completion of the Company’s
drill programs at its material mineral properties and the anticipated objectives and results therefrom; the
results of the PEA (as defined herein); the economic potential and merits of the Company’s material mineral
properties; the timing and particulars of the development phases as identified in the PEA; estimates with
respect to life-of-mine, operating costs, sustaining capital costs, capital expenditures, all-in sustaining costs,
cash costs, life-of-mine production, mill throughput, net present value and after-tax internal rate of return,
payback period, production capacity and other metrics; the estimated economic returns from Tonopah West
(as defined herein); mining methods and extraction techniques; the exploration potential of the Company’s
material mineral projects; project enhancement opportunities; the completion of further expansion drilling
the anticipated timing of receipt and announcement of assay results; the Company's de-risking initiatives at
Tonopah West; estimates of mineral resource quantities and qualities; estimates of mineralization from
drilling; geological information projected from sampling results; and the potential quantities and grades of
the target zones.
These forward-looking statements reflect the Company’s current views with respect to future events and
are necessarily based upon a number of assumptions that, while considered reasonable by the Company,
are inherently subject to significant operational, business, economic and regulatory uncertainties and
contingencies. These assumptions include, among other things: conditions in general economic and
financial markets; tonnage to be mined and processed; grades and recoveries; prices for silver and gold
remaining as estimated; currency exchange rates remaining as estimated; reclamation estimates; reliability
of mineral resource estimates and the assumptions upon which they are based; future operating costs; prices
for energy inputs, labour, materials, supplies and services (including transportation); the availability of
skilled labour and no labour related disruptions at any of the Company's operations; no unplanned delays
or interruptions in scheduled production; performance of available laboratory and other related services;
availability of funds; all necessary permits, licenses and regulatory approvals for operations are received in
a timely manner; the ability to secure and maintain title and ownership to mineral properties and the surface
rights necessary for operations; and the Company's ability to comply with environmental, health and safety
laws. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results and developments to differ materially from
those expressed or implied by such forward-looking statements contained in this MD&A and the Company
has made assumptions and estimates based on or related to many of these factors. Such factors include,
without limitation: fluctuations in silver and gold prices; fluctuations in prices for energy inputs, labour,
materials, supplies and services (including transportation); fluctuations in currency markets; operational
risks and hazards inherent with the business of mining (including environmental accidents and hazards,
industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations,
cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of
suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or
inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and
claims by, local communities and indigenous populations; the ability to obtain all necessary permits,
licenses and regulatory approvals in a timely manner; changes in laws, regulations and government
practices in the jurisdictions where the Company operates; changes in national and local government,
legislation, taxation, controls or regulations and political, legal or economic developments, including legal
restrictions relating to mining and risks relating to expropriation; increased competition in the mining
industry for equipment and qualified personnel; the duration and effects of any pandemics on the Company's
operations and workforce; and those factors identified under the caption “Risks and Uncertainties” in this
MD&A and under the caption “Risks Factors” in the Company's most recent Annual Information Form.
Forward-Looking statements are based on the expectations and opinions of the Company’s management on
the date the statements are made. The assumptions used in the preparation of such statements, although
considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are
cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date
of this MD&A. The Company undertakes no obligation to update or revise any forward-looking
statements included in this MD&A if these beliefs, estimates and opinions or other circumstances should
change, except as otherwise required by applicable law.
Cautionary Note Regarding Mineral Resource Estimates
This MD&A has been prepared in accordance with the requirements of NI 43-101 – Standards of Disclosure
for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the
“CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM
Council, as amended (the “CIM Standards”), which differ from the requirements of U.S. securities laws.
NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all
public disclosure an issuer makes of scientific and technical information concerning mineral projects.
Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of
the U.S. Securities and Exchange Commission (“SEC”), and information concerning mineralization,
deposits and mineral resource information contained or referred to herein may not be comparable to similar
information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing,
this news release uses the term “inferred mineral resources”. U.S. investors are advised that, while such
term is recognized and required by Canadian securities laws, the SEC does not recognize it. The
requirements of NI 43-101 for identification of “reserves” are not the same as those of the SEC, and may
not qualify as “reserves” under SEC standards. Under U.S. standards, mineralization may not be classified
as a “reserve” unless the determination has been made that the mineralization could be economically and
legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned
not to assume that any part of an “indicated mineral resource” will ever be converted into a “reserve”. U.S.
investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to
their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all
or any part of “inferred mineral resources” exist, are economically or legally mineable or will ever be
upgraded to a higher category. Disclosure of “contained metal” in a mineral resource is permitted disclosure
under Canadian securities laws. However, the SEC normally only permits issuers to report mineralization
that does not constitute “reserves” by SEC standards as in place tonnage and grade, without reference to
unit measures. Accordingly, information concerning mineral deposits set forth herein may not be
comparable with information made public by companies that report in accordance with U.S. standards.
The mineral resource figures referred to in this MD&A are estimates and no assurances can be given that
the indicated levels of gold and silver will be produced. Such estimates are expressions of judgment based
on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made
at a given time may significantly change when new information becomes available. By their nature, mineral
resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may
ultimately prove unreliable. Any inaccuracy or future reduction in such estimates could have a material
adverse impact on the Company.
Management’s Responsibility for Financial Statements
The Company's management is responsible for the presentation and preparation of condensed consolidated
interim financial statements and the MD&A. The condensed consolidated interim financial statements have
been prepared in accordance with IFRS Accounting Standards. The MD&A has been prepared in
accordance with the requirements of securities regulators, including National Instrument (“NI”) 51-102
Continuous Disclosure Obligations of the Canadian Securities Administrators.
Qualified Person
Unless otherwise noted herein, technical information contained in this MD&A has been prepared by or
under the supervision of, or has been approved by William Howald, Executive Chairman of the Company.
Mr. Howald, AIPG Certified Professional Geologist #11041, is a “Qualified Person” for the purpose of
NI 43-101.
Description of Business
Blackrock is a British Columbia company engaged in the acquisition and exploration of gold and silver
projects in Nevada, United States. The mineral properties material to Blackrock are its wholly-owned
Tonopah West project located in Nye and Esmeralda Counties, Nevada along the Walker Lane trend of
Western

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