Junior Miner Finds Exceptional Silver Breakthrough in Nevada
Research Report

1. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
2. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

Disclosures for Ventum Capital, Blackrock Silver Corp., October 27, 2025:

I, Phil Ker, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. I am the research analyst primarily responsible for preparing this report.

Ventum Financial Corp. and/or its affiliates have received compensation for investment banking services for the subject company over the preceding 12-month period.

Ventum Financial Corp. and/or its affiliates expect to receive or intend to seek compensation for investment banking services from the subject company.

The analyst had an on-site visit with the subject company. For details, refer to the General Disclosure section.

General Disclosures

The affiliates of Ventum Financial Corp. are Ventum Financial (US) Corp., Ventum Financial Services Corp., and Ventum Capital Corp. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is amongst other factors determined by revenue generated directly or indirectly from various departments including Investment Banking. Evaluation is largely on an activity-based system that includes some of the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and investment guidance, and client feedback.

Analysts and all other Research staff are not directly compensated for specific Investment Banking transactions. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of Ventum Financial Corp.

Ventum Financial Corp.’s policies and procedures regarding dissemination of research, stock rating and target price changes can be reviewed on our corporate website at www.ventumfinancial.com (Research: Research and Conflict Disclosure).

For a complete list of branch office locations and contact information, please visit ventumfinancial.com Participants of all Canadian Marketplaces. Members: Canadian Investment Regulatory Organization, Canadian Investor Protection Fund and AdvantageBC International Business Centre - Vancouver. Estimates and projections contained herein are our own and are based on assumptions which we believe to be reasonable. Information presented herein, while obtained from sources we believe

to be reliable, is not guaranteed either as to accuracy or completeness, nor in providing it does Ventum Financial Corp. assume any responsibility or liability. This information is given as of the date appearing on this report, and Ventum Financial Corp. assumes no obligation to update the information or advise on further developments relating to securities. Ventum Financial Corp. and its affiliates, as well as their respective partners, directors, shareholders, and employees may have a position in the securities mentioned herein and may make purchases and/or sales from time to time. Ventum Financial Corp. may act, or may have acted in the past, as a financial advisor, fiscal agent or underwriter for certain of the companies mentioned herein and may receive, or may have received, a remuneration for their services from those companies. This report is not to be construed as an offer to sell, or the solicitation of an offer to buy, securities and is intended for distribution only in those jurisdictions where Ventum Financial Corp. is registered as an advisor or a dealer in securities. Any distribution or dissemination of this report in any other jurisdiction is strictly prohibited. Ventum Financial Corp. is a Canadian broker-dealer and is not subject to the standards or requirements of MiFID II. Readers of Ventum Financial Corp. research in the applicable jurisdictions should make their own efforts to ensure MiFID II compliance.

For further disclosure information, reader is referred to the disclosure section of our website.

Blackrock Silver Corp. (BRC:TSX.V; BKRRF:OTCQX) announced new assay results from its resource expansion drilling at the 100%-owned Tonopah West project in Nevada, reported Analyst Phil Ker of Ventum Capital Markets in an updated research note on October 27.

Ker said the impact of the results was positive for the company.

"Initial assay results from resource expansion drilling at Tonopah West have delivered impressive high-grade silver-gold assays over broad widths reaching up to 8.75 meters, with exceptional results from the historic Ohio mine area," Ker wrote. "The Eastern Expansion drill program was designed to follow up on the company’s previous Scout drill program completed earlier in the year and has revealed significant potential to expand resources beyond the DPB South resource area by up to 1.2 kilometers."

With assays received for 11 holes so far, BRC has demonstrated significant expansion potential to Tonopah West's already impressive high-grade resource base, the analyst said. The company continues to enhance its geological model, with each hole adding substantial value as its understanding of the outer margins of the caldera grows, while also increasing resource tonnage as the extension zone emerges as a significant new source of potential ore feed.

BRC is advancing towards permitting initiatives for an underground exploration decline and test mining, with the new drilling results occurring near the proposed location of the decline, he wrote.

Highlight Assays

According to Ker, notable assays from the release include:

• 5.03 meters grading 750.3 grams per tonne silver equivalent (g/t AgEq), including 1.83 meters grading 1,660.6 g/t AgEq.
• 8.75 meters grading 193.3 g/t AgEq, including 0.82 meters grading 1,217.8 g/t AgEq.
• 5.67 meters grading 263.4 g/t AgEq, including 1.10 meters grading 955.9 g/t AgEq.

More Assay Results Expected

There are 13 drill holes still awaiting assay results from the program, 11 of which are in the Eastern Expansion area, while two are within the DPB resource area, Ker said. With ongoing technical studies to support future permitting initiatives, Ker said his firm anticipated further assay results to underscore the growth potential at Tonopah West, where resources remain on patented land.

Following the completion of the expansion drill program, we expect another future resource update to support an updated PEA for the project, he wrote.

"Blackrock currently trades at a P/NAV metric of 0.2x, which remains a significant discount to its peer group average of 0.3x for other silver developers under coverage," the analyst noted. "With a robust high-grade resource now exceeding 100 Moz (million ounces) AgEq and expansion potential being highlighted via the drill bit, we maintain our BUY rating and CA$1.30 target price."