Financial statements
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BLACKROCK SILVER CORP. Condensed Consolidated Interim Financial Statements For the Three and Nine Months Ended July 31, 2026 and 2025 (Unaudited – Expressed in Canadian Dollars)
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- 2 - BLACKROCK SILVER CORP. Condensed Consolidated Interim Statements of Financial Position (Unaudited - Expressed in Canadian Dollars) July 31, 2026 October 31, 2025 Assets Current assets Cash and cash equivalents $ 19,903,102 $ 7,694,159 Amounts receivable 102,923 121,998 Prepaid expenses and deposits (Note 4) 485,650 229,201 Total current assets 20,491,675 8,045,358 Non-current assets Equipment and right-of-use asset (Note 5) 372,885 364,218 Exploration and evaluation assets (Note 6) 8,227,004 7,845,608 Total assets $ 29,091,564 $ 16,255,184 Liabilities and Shareholders’ Equity Current liabilities Accounts payable and accrued liabilities $ 1,165,568 $ 370,232 Due to related parties (Note 8) 31,936 84,956 Lease liability (Note 12) 21,434 29,348 Share compensation liability (Note 7) 320,685 284,954 Total current liabilities 1,539,623 769,490 Long-term liabilities Lease liability (Note 12) - 13,852 Share compensation liability (Note 7) 148,628 143,012 Total long-term liabilities 148,628 156,864 Shareholders’ Equity Share capital (Note 7) 137,729,102 106,347,144 Reserves (Note 7) 8,931,200 10,822,381 Accumulated other comprehensive income 638,319 648,795 Deficit (119,895,308) (102,489,490) Total shareholders’ equity 27,403,313 15,328,830 Total liabilities and shareholders’ equity $ 29,091,564 $ 16,255,184 Nature of Operations and Going Concern (Note 1) Subsequent Events (Note 13) Approved by the Directors: “David Laing” "Tony Wood” David Laing, Director Tony Wood, Director The accompanying notes are an integral part of these condensed consolidated interim financial statements
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- 3 - BLACKROCK SILVER CORP. Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited – Expressed in Canadian Dollars) Three Months Ended July 31, Nine Months Ended July 31, 2026 2025 2026 2025 Exploration expenditures (Note 6) Drilling $ 5,962,335 $ 1,144,274 $ 9,059,326 $ 10,105,750 Environmental study 413,719 1,612,809 2,870,198 1,722,559 Geology and consulting 285,699 388,012 985,065 925,573 Geophysics - 33,138 141,633 176,925 Legal fees - 12,284 16,238 52,242 Project investigation - 5,290 1,456 5,290 Total exploration expenditures (6,661,753) (3,195,807) (13,073,916) (12,988,339) Operating expenses Accounting and audit 75,106 67,876 222,653 185,007 Bank charges 3,551 3,406 12,368 9,999 Change in fair value of share compensation liability (Note 7) (118,977) 82,231 513,272 41,305 Consulting fees (Note 8) 77,571 61,100 264,019 193,771 Depreciation 7,039 7,039 21,116 21,116 Directors’ fees (Note 8) 9,000 - 264,167 92,188 Insurance 35,037 32,055 104,690 101,317 Legal fees 52,627 3,101 127,955 92,858 Management fees (Note 8) 260,479 239,581 1,261,110 1,202,187 Marketing and communications 181,119 144,011 551,964 258,116 Office (Note 8) 50,454 42,869 192,260 131,257 Regulatory and filing fees 46,247 57,972 193,315 129,497 Share-based compensation (Notes 7, 8) 339,405 137,738 836,890 416,973 Travel 81,181 61,240 195,720 112,948 Wages 131,946 35,722 343,667 180,833 Total operating expenses (1,231,785) (975,941) (5,105,166) (3,169,372) Other income (expense) Foreign exchange gain (loss) 408,309 (9,836) 487,119 (258,971) Interest income 130,523 72,012 286,145 263,829 Total other income 538,832 62,176 773,264 4,858 Net Loss for the Period (7,354,706) (4,109,572) (17,405,818) (16,152,853) Other comprehensive income (loss) Foreign currency translation adjustment 313,310 19,631 (10,476) (72,253) Total Comprehensive Loss for the Period $ (7,041,396) $ (4,089,941) $ (17,416,294) $ (16,225,106) Basic and diluted loss per share $ (0.02) $ (0.01) $ (0.04) $ (0.05) Weighted average number of shares outstanding, basic and diluted 417,071,438 316,095,200 401,828,137 302,458,607 The accompanying notes are an integral part of these condensed consolidated interim financial statements
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- 4 - BLACKROCK SILVER CORP. Condensed Consolidated Interim Statements of Cash Flows (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 2025 Operating activities Net loss for the period $ (17,405,818) $ (16,152,853) Interest income (286,145) (263,829) Adjustment for items not involving cash: Depreciation included in exploration expenditures 78,403 52,029 Depreciation 21,116 21,116 Foreign exchange 57,564 (37,660) Share-based compensation 836,890 416,973 Change in fair value of share compensation liability 513,272 41,305 (16,184,718) (15,922,919) Changes in non-cash operating capital: Amounts receivable 19,075 12,687 Prepaid expenses and deposits (258,882) 16,386 Accounts payable and accrued liabilities 806,015 (238,636) Due to related parties (53,746) 12,841 Cash used for operating activities (15,672,256) (16,119,641) Investing activities Exploration and evaluation additions (375,140) (442,387) Purchase of equipment (108,442) (107,682) Cash interest received 286,145 263,829 Cash used in for investing activities (197,437) (286,240) Financing activities Issuance of common shares 29,651,239 15,537,743 Share issuance costs (714,996) (1,220,363) Settlement of restricted share units (247,628) (106,455) Settlement of performance share units (506,653) (59,509) Repayment of lease liability (21,766) (19,833) Cash provided by financing activities 28,160,196 14,131,583 Increase (decrease) in cash 12,290,503 (2,274,298) Effect of exchange rate changes on cash (81,560) 4,108 Cash and cash equivalents, beginning of the period 7,694,159 9,399,493 Cash and cash equivalents, end of the period $ 19,903,102 $ 7,129,303 The accompanying notes are an integral part of these condensed consolidated interim financial statements
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- 5 - BLACKROCK SILVER CORP. Condensed Consolidated Interim Statements of Changes in Equity (Unaudited – Expressed in Canadian dollars) Nine months ended July 31, 2026 and year ended October 31, 2025 Number of shares Share capital Reserves Accumulated other comprehensive income Deficit Total equity Balance, October 31, 2024 276,070,969 86,350,108 10,242,291 588,129 (81,409,733) 15,770,795 Private placement 38,334,100 12,650,253 1,150,023 - - 13,800,276 Share issuance costs - (1,506,293) 285,930 - - (1,220,363) Shares issued in settlement of RSUs 305,751 106,455 - - - 106,455 Shares issued in settlement of PSUs 156,602 59,509 - - - 59,509 Shares issued in settlement of DSUs 129,576 47,661 (47,661) - - - Warrants exercised 3,192,076 1,744,689 (263,186) - - 1,481,503 Share options exercised 600,000 147,420 (57,420) - - 90,000 Share-based compensation - - 247,853 - - 247,853 Net loss for the period - - - - (16,152,853) (16,152,853) Foreign currency translation adjustment - - - (72,253) - (72,253) Balance, July 31, 2025 318,789,074 $ 99,599,802 $ 11,557,830 $ 515,876 $ (97,562,586) $ 14,110,922 Share issuance costs - (286) - - - (286) Warrants exercised 14,068,005 6,744,402 (815,212) - - 5,929,190 Share options exercised 6,666 3,226 (1,393) - - 1,833 Share-based compensation - - 81,156 - - 81,156 Net loss for the period - - - - (4,926,904) (4,926,904) Foreign currency translation adjustment - - - 132,919 - 132,919 Balance, October 31, 2025 332,863,745 $ 106,347,144 $ 10,822,381 $ 648,795 $ (102,489,490) 15,328,830 Private placements 13,636,300 14,999,930 - - - 14,999,930 Share issue costs - (1,030,576) 315,580 - - (714,996) Shares issued in settlement of RSUs 180,750 247,628 - - - 247,628 Shares issued in settlement of PSUs 370,032 506,653 - - - 506,653 Share options exercised 2,368,336 3,996,753 (1,875,919) - - 2,120,834 Warrants exercised 25,876,826 12,661,570 (885,376) - - 11,776,194 Share-based payments - - 554,534 - - 554,534 Net loss for the period - - - - (17,405,818) (17,405,818) Foreign currency translation adjustment - - - (10,476) - (10,476) Balance, July 31, 2026 375,295,989 $ 137,729,102 $ 8,931,200 $ 638,319 $ (119,895,308) $ 27,403,313 The accompanying notes are an integral part of these condensed consolidated interim financial statements
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 6 - 1) NATURE OF OPERATIONS AND GOING CONCERN Blackrock Silver Corp. (“our”, “Blackrock” or the “Company”) was incorporated on April 16, 1999 under the laws of the province of British Columbia, Canada, and its principal activity is the acquisition, exploration and development of mineral properties located in Canada and the United States (“US”). The Company’s shares trade on the TSX Venture Exchange (“TSX -V”) under the symbol “BRC.V” and also trade on the OTCQB under the symbol “BKRRF”. The head office, registered address, principal address and records office of the Company are located at 1570 – 200 Burrard Street, Vancouver, British Columbia, Canada V6C 3L2. As the Company is in the exploration stage, the recoverability of amounts shown for exploration and evaluation assets and the Company’s ability to continue as a going concern is dependent upon the discovery of economically recoverable reserves, continuation of the Company’s interest in the underlying resource claims, the ability of the Company to obtain necessary financing to complete their development and upon future profitable production or proceeds from the disposition thereof. The amounts shown as exploration and evaluation assets represent net costs to date, less amounts amortized and/or written off , and do not necessarily represent present , future values or amounts invested in the assets. The Company has chosen an accounting policy of expensing exploration expenditures on the properties and only capitalizing direct acquisition and holding costs. The Company has incurred losses since inception and has an accumulated operating deficit of $119,895,308 at July 31, 2026 (October 31, 2025 - $102,489,490). For the nine months ended July 31, 2026, the Company had a net loss of $ 17,405,818 (2025 - $16,152,853) and had current assets less current liabilities of $18,952,052 (October 31, 2025 - $7,275,868). The Company expects to incur future losses in the exploration of its mineral properties. To fund the Company’s exploration activity for at least the next twelve -month period, the Company will be drawing down its current cash, maintaining cost control measures and raising additional proceeds either by way of private placements or exercise of sh are purchase options, warrants and finders’ warrants. To support the Company’s financing requirements, the Company filed a base shelf prospectus (the “Prospectus”) on August 18, 2025. The Prospectus allows the Company to raise up to $100,000,000, for a period of 25 months. While these condensed consolidated interim financial statements (“financial statements”) have been prepared with the assumption that the Company will be able to meet its obligations and continue its operations for its next fiscal year, the aforementioned conditions indicate the existence of material uncertaint ies, which may cast significant doubt on the Company’s ability to continue as a going concern, and therefore may not be able to discharge its liabilities in the normal course of business. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary if the Company were not to continue as a going concern. 2) BASIS OF PRESENTATION These financial statements were authorized for issue on September 25, 2026, by the directors of the Company. Statement of compliance to International Financial Reporting Standards (“IFRS Accounting Standards”) These condensed consolidated interim financial statements of the Company have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) . These financial statements comply with International Accounting Standard 34, “Interim Financial Reporting”.
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 7 - 2) BASIS OF PRESENTATION – Continued Basis of preparation These condensed consolidated interim financial statements have been prepared on a historical cost basis , except for financial instruments classified as fair value through profit or loss (“FVTPL”) that have been measured at fair value. In addition, these financial statements have been prepared using the accrual basis of accounting. These financial statements, including comparatives, have been prepared on the basis of IFRS Accounting Standards that are published at the time of preparation and that are effective or available for adoption on November 1, 2025. Basis of consolidation The financial statements of the Company include the following subsidiary: Name of subsidiary Place of incorporation Percentage ownership Blackrock Gold Corp. USA 100% Blackrock Gold Corp. (“Blackrock US”) was incorporated on May 9, 2018. The Company consolidates the subsidiary on the basis that it controls the subsidiary. Control exists when the Company is exposed to or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Blackrock US has a December 31 year-end, differing from the Company’s year-end of October 31 for tax purposes. All intercompany transactions and balances are eliminated on consolidation. Accounting estimates and judgments The preparation of these financial statements requires management to make estimates and judgments and form assumptions that affect the reported amounts and other disclosures in these financial statements. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and further periods if the review affects both current and future periods. Critical accounting estimates are estimates and assumptions made by management that may result in material adjustments to the carrying amounts of assets and liabilities within the next financial year. Accounting estimates and judgments include impairment of exploration and evaluation assets. Determining whether to test for impairment of mineral exploration properties and deferred exploration assets requires management’s judgment regarding the following factors, among others: the year for which the entity has the right to explore in the specifi c area has expired or will expire in the near future, and is not expected to be renewed; substantive expenditure on further exploration and evaluation of mineral resources in a specific area is neither budgeted nor planned; exploration for and evaluation of mineral resources in a specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; or sufficient data exists to indicate that, although a development in a specific area is likely to proceed, the carrying amounts of the exploration assets are unlikely to be recovered in full from successful development or by sale.
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 8 - 2) BASIS OF PRESENTATION – Continued Foreign currencies The Company assesses functional currency on an entity-by-entity basis based on the related fact pattern and only when events and conditions of the underlying transactions have changed; however, the presentation currency used in these financial statements is determined at management’s discretion. The functional currency of the parent company, and the presentation currency applicable to these financial statements, is the Canadian dollar. The functional currency of the Company’s wholly owned subsidiary is the US dollar. Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on dates of transactions . At each consolidated statement of financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at each reporting date. Non-monetary items denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date the fair value was determined . Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated . Foreign currency translation differences are recognized as a foreign currency translation adjustment in other comprehensive income (loss) and accumulated in equity. Future accounting standards and interpretations Accounting standards or amendments to existing accounting standards that have been issued but have future effective dates are assessed below if applicable or are expected to have a significant impact on the Company’s financial statements. IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18"), which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces: (i) New requirements on presentation within the statement of profit or loss; (ii) Disclosure standards regarding management defined performance measures; and (iii) Principles for aggregation and disaggregation of financial information in the financial statements and the notes. IFRS 18 will be effective for annual reporting periods beginning on or after January 1, 2027. IFRS 18 is to be applied retrospectively. The Company is currently assessing the impact that IFRS 18 will have on its financial statements. 3) MATERIAL ACCOUNTING POLICY INFORMATION These unaudited condensed consolidated interim financial statements do not include all note disclosures required by IFRS Accounting Standards for annual consolidated financial statements, and therefore, should be read in conjunction with the annual consolidated financial statements as at October 31, 2025 and for the year then ended. In the opinion of management, all adjustments considered necessary for fair presentation of the Company’s financial position, results of operations and cash flows have been included. Operating results for the nine months ended July 31, 202 6 are not necessarily indicative of the results that may be expected for the year to end October 31, 2026.
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 9 - 4) PREPAID EXPENSES AND DEPOSITS Prepaid expenses at July 31, 2026 and October 31, 2025 is comprised of the following: July 31, 2026 October 31, 2025 Exploration expenditures $ 118,844 $ 48,346 Insurance 61,808 47,385 Marketing and lead generation 172,738 104,257 Other prepaid expenses and deposits 132,260 29,213 $ 485,650 $ 229,201 5) EQUIPMENT AND RIGHT-OF-USE-ASSET Equipment Right-of-Use Asset Total Cost Balance, October 31, 2024 411,277 84,464 495,741 Additions 127,091 - 127,091 Foreign currency translation 1,731 - 1,731 Balance, October 31, 2025 $ 540,099 $ 84,464 $ 624,563 Additions 108,442 - 108,442 Foreign currency translation 808 - 808 Balance, July 31, 2026 $ 649,349 $ 84,464 $ 773,813 Depreciation Balance, October 31, 2024 162,624 16,424 179,048 Additions 52,029 28,155 80,184 Foreign currency translation 1,113 - 1,113 Balance, October 31, 2025 $ 215,766 $ 44,579 $ 260,345 Additions 78,403 21,116 99,519 Foreign currency translation 1,064 - 1,064 Balance, July 31, 2026 $ 295,233 $ 65,695 $ 360,928 Net Book Value October 31, 2025 $ 324,333 $ 39,885 $ 364,218 July 31, 2026 $ 354,116 $ 18,769 $ 372,885 Depreciation related to the assets specific to exploration activity was recorded as a part of exploration expenditures (Note 6) on the condensed consolidated interim statement of loss and comprehensive loss. T he total depreciation related to exploration assets was $ 78,403. Of this total , $ 74,442 (2025 - $48,286) was recorded as part of drilling costs and $3, 961 (2025 - $3,743) was recorded in geology and consulting. 6) EXPLORATION AND EVALUATION ASSETS Title disclaimer As at July 31, 2026 and October 31, 2025, all of the Company’s exploration and evaluation assets are located in Nevada, United States. Title to mining properties involves certain inherent risks due to the difficulties of determining the validity of certain claims , as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many mining properties. The Company has investigated title to its mineral properties, and, to the best of its knowledge, its properties are in good standing.
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 10 - 6) EXPLORATION AND EVALUATION ASSETS – Continued United States Acquisition and Holding Costs Silver Cloud Tonopah Total Balance, October 31, 2024 $ 2,532,335 $ 4,642,469 $ 7,174,804 Additions 341,837 277,806 619,643 Foreign currency translation 16,247 34,914 51,161 Balance, October 31, 2025 2,890,419 4,955,189 7,845,608 Additions - 375,140 375,140 Foreign currency translation 1,655 4,601 6,256 Balance, July 31, 2026 $ 2,892,074 $ 5,334,930 $ 8,227,004 The acquisition cost and exploration and evaluation expenditures relating to the West Silver Cloud property have been included with those of Silver Cloud, while Tonopah North and West expenditures have been included together. The exploration expenditures for the nine months ended July 31, 2026 were as follows: Exploration Expenditures Silver Cloud Tonopah General Total Drilling $ 9,637 $ 9,049,689 $ - $ 9,059,326 Environmental study - 2,870,198 - 2,870,198 Geology and consulting 978 983,775 312 985,065 Project investigation - - 1,456 1,456 Geophysics - 141,633 - 141,633 Legal fees - 16,238 - 16,238 Total $ 10,615 $ 13,061,533 $ 1,768 $ 13,073,916 The exploration expenditures for the nine months ended July 31, 2025 were as follows: Exploration Expenditures Silver Cloud Tonopah General Total Drilling $ 22,109 $ 10,083,641 $ - $ 10,105,750 Environmental study - 1,722,559 - 1,722,559 Geology and consulting 2,977 922,280 316 925,573 Project investigation - - 5,290 5,290 Geophysics - 176,925 - 176,925 Legal fees - 52,242 - 52,242 Total $ 25,086 $ 12,957,647 $ 5,606 $ 12,988,339
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 11 - 6) EXPLORATION AND EVALUATION ASSETS – Continued Tonopah West Project On February 24, 2020, the Company, through its subsidiary, Blackrock US, entered into the Blackrock Gold Corp. Option Agreement (the “OA”) with Nevada Select Royalty, Inc. (“Nevada Select”), a wholly owned subsidiary of Ely Gold Royalties Inc., with respect to 17 unpatented mining claims and 23 patented mining claims (the “Tonopah Claims ”), 2 unpatented mining claims and 7 4 patented mining claims (the “ Cliff ZZ Claims ”), collectively known as the Nevada Select Claims, situated in Esmeralda and Nye counties, Nevada, and known as the Tonopah West Project (the “Project”). The OA gives and grants Blackrock US the sole and exclusive right and option to purchase 100% of Nevada Select’s right, title and interest in and to the Project, including the existing data (as defined) possessed by Nevada Select and any additional data, information and records regarding the Project acquired by Nevada Select during the option period. The term of the OA is until the first to occur of (i) the option closing; (ii) the termination of the O A; or (iii) four years from April 1, 2020 (the “Initial Closing Date”). Until all option payments have been made and the option is exercised and closed, Blackrock US must pay all claim maintenance and rental fees for the Nevada Select Claims. Pursuant to the OA, the total purchase price of US$3,000,000 will be paid by the following option payments: (i) On the Initial Closing Date, US$325,000 ($464,815) (paid); (ii) 1st anniversary of the Initial Closing Date, US$325,000 ($409,695) (paid); (iii) 2nd anniversary of the Initial Closing Date, US$650,000 ($812,630) (paid); (iv) 3rd anniversary of the Initial Closing Date, US$700,000 ($957,740) (paid); and (v) 4th anniversary of the Initial Closing Date, US$1,000,000 ($1,349,900) (paid). The Company exercised the option in March 2024, acquiring 100% interest in the Tonopah West Project. And granting a 3% net smelter returns mineral production royalty in respect of all products (as defined) produced from the Nevada Select Claims. On April 6, 2021, the Company announced that it had acquired three strategic patented mining claims covering the centre portion of the project area. Blackrock acquired the three claims through a land swap with local land owners. The Company acquired surface and mineral rights to 14.3 hectares in exchange for surface rights covering 19.8 hectares. The Company retains the mineral rights beneath the 19.8 hectares . After completion of the transaction, the Company controls mineral rights on 19 unpatented lode mining claims and 100 patented lode claims (fee lands) totaling 566.5 hectares (1,400 acres). In addition, on July 19, 2021, the Company increased its land position to the north and west of the existing patented lands. The Company has staked an additional 260 unpatented lode mining claims covering approximately 21 square kilometres, more than tripling its land position within this prolific mining camp. Silver Cloud Project On October 27, 2017, the Company entered into a Lease Agreement (the “Lease”) with Pescio Exploration, LLC (“Pescio” or the “Lessor”) with respect to 552 unpatented lode mining claims situated in Elko County, Nevada, and known as the Silver Cloud Project (the “Property”). The Lease affords Blackrock all rights and privileges incidental to ownership, including rights to explore, develop and mine the Property. The term of the Lease is 10 years from October 27, 2017 (the “Effective Date”), and so long thereafter as: a) exploration and/or development is taking place on the Property, and/or b) the Property is held by Blackrock or its successors and assigns, unless earlier terminated in accordance with the terms of the Lease. In June 2019, the Company completed negotiations to amend the Lease terms and conditions with the underlying owner. The amended Lease provides for lower upfront payments, a reduction of the net smelter return royalty through a buyout, and a purchase option for the Property. The agreement was further amended on October 27, 2023.
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 12 - 6) EXPLORATION AND EVALUATION ASSETS – Continued Silver Cloud Project Pursuant to the original , and first amendment, Lease, to acquire and maintain the Lease in good standing, Blackrock: a) Reimbursed the Lessor US$92,308 ($120,296) for the 2017 Bureau of Land Management (“BLM”) fees; b) Paid US$100,000 ($130,320) and issued 1,000,000 common shares of the Company to the Lessor at a price of $0.13 per share; c) Paid lease payments to the Lessor as follows: i. 1st anniversary of the Effective Date, October 27, 2018, US$100,000 ($131,810) (paid); ii. 2nd anniversary of the Effective Date, October 27, 2019, US$75,000 ($98,731) (paid); iii. 3rd anniversary of the Effective Date, October 27, 2020, US$100,000 ($131,640) (paid); iv. 4th anniversary of the Effective Date, October 27, 2021, US$150,000 ($188,565) (paid); v. 5th anniversary of the Effective Date, October 27, 2022, US$200,000 ($266,020) (paid); d) Must perform a minimum total of 25,000 feet (completed) of drilling on the Property during the first five years of the term of the Lease; e) Must pay all BLM permit costs. The Company paid BLM fees of US$91,080 ($121,546) in 2023 and US$91,080 ($111,910) in 2022; and f) Must make additional payments to the Lessor of US$500,000 in year 6, US$750,000 in year 7 and US$1,500,000 per year starting in year 8. Pursuant to the amending agreement: (i) the Company must make the following cash payments: i. January 27, 2024, payment of US$75,000 ($100,868) (paid); ii. 7th anniversary of the Effective Date, October 27, 2024, US$100,000 ($138,720) (paid); iii. 8th anniversary of the Effective Date, October 27, 2025, US$125,000 ($175,175) (paid); iv. 9th anniversary of the Effective Date, October 27, 2026, US$125,000; v. 10th anniversary of the Effective Date, October 27, 2027 to 15th anniversary of the Effective Date, October 27, 2031, US$150,000 per year; and vi. 16th a nniversary of the Effective Date and all subsequent anniversaries the Lease is in effect, US$175,000 per year (subject to annual adjustment for inflation). (ii) the Company shall have the right, exercisable any time within 10 years of the date of the Amendment, to buy down the 3.5% royalty payable to the Owner to 2% by way of cash payment to the Owner of US$4,500,000; (iii) in substitution of the previous drilling commitment on Silver Cloud provided for in the Lease, the Company is now required to incur work expenditures on Silver Cloud in a minimum amount of: (A) US$500,000 on or before October 27, 2030; and (B) a further US$500,000 on or before October 27, 2033, representing a cumulative total work commitment of $1,000,000; (iv) the Company’s option to purchase 100% of Silver Cloud (the “Purchase Option”) has been amended to provide for a purchase price of: (A) US$5,000,000 if the Purchase Option is exercised on or before October 27, 2029; and (B) US$7,000,000 (subject to annual inflationary increases) if the Purchase Option is exercised after October 27, 2029; and (v) the Company has agreed to pay to the Owner a one-time cash payment of US$75,000 ($100,868) in the event that the Company sells all or the majority of its interest in the mining claims comprising Silver Cloud or enters into or forms a joint venture on Silver Cloud wherein another party may earn an interest in at least fifty percent (50%) of Silver Cloud. The Property is subject to a production royalty equal to 0.5% of the net smelter returns. The Company has the right to purchase the royalty at any time for US$500,000.
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 13 - 7) SHARE CAPITAL a) Authorized The authorized share capital of the Company consists of unlimited common shares without par value. b) Issued During the nine months ended July 31, 2026, the Company issued the following common shares: (i) On January 8, 2026, the Company closed a non- brokered private placement offering for gross proceeds of $14,999,930 consisting of 13,636,300 units of the Company at a price of $1.10 per unit. Each unit is comprised of one common share of the Company and one -half of one common share purchase warrant of the Company. Each whole warrant entitles the holder thereof to acquire one common share at a price of $1.50 until January 8, 2028. Based on the residual value method, no value was attributed to the warrants. In connection with the financing, the Company paid a cash commission of $689,997 and granted finders’ warrants totaling 627,270 to purchase common shares of the Company at an exercise price of $1.50 per common share, expiring January 8, 2028. (ii) On January 17, 2026, a total of 213,430 PSUs vested, with all PSU holders electing to have the PSUs settled in cash. The Company issued, and sold, 213,430 common shares for gross proceeds of $350,900 and incurred share issuance costs of $2,632. The net proceeds of $348,268 were used to settle the vested PSUs. (iii) A total of 2,3 68,336 share options were exercised for total proceeds of $ 2,120,834. In connection with the exercise of the share options, a total of $1,8 75,919 was transferred to share capital representing the fair value attributed to certain share options exercised. (iv) A total of 25,876,826 share purchase warrants and finders’ warrants were exercised for total proceeds of $11,766,194. In connection with the exercise of the warrants, a total of $885,376 was transferred to share capital representing the fair value attributed to certain warrants exercised. (v) On March 25, 2026, a total of 156,602 PSUs vested, with all PSU holders electing to have the PSUs settled in cash. The Company issued, and sold, 156,602 common shares for gross proceeds of $193,356 and incurred settlement costs of $1,470. The net proceeds of $191,886 were used to settle the vested PSUs. (vi) On April 20, 2026, 180,750 restricted share units (“RSUs”) vested, with all RSU holders electing to have the RSUs settled in cash. The Company issued, and sold, 180,750 common shares for gross proceeds of $227,725 and incurred settlement costs of $1,708. The net proceeds of $226,017 were used to settle the vested RSUs.
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 14 - 7) SHARE CAPITAL – Continued b) Issued – Continued During the year ended October 31, 2025, the Company issued the following common shares: (i) On January 30, 2025, the Company closed a “bought deal” public offering of units of the Company (the “January 2025 Offering”) consisting of 38,334,100 units of the Company at a price of $0.36 per unit for aggregate gross proceeds of $13,800,276. Each unit issued pursuant to the January 2025 Offering consisted of one Common Share and one -half of one common share purchase warran t. Each whole warrant entitles the holder to acquire one Common Share at an exercise price of $0.50 until January 30, 2027. Based on the residual value method, $1,150,023 was attributed to the warrants. In connection with the January 2025 Offering, the Company paid a cash commission to the underwriters of $799,184 and issued 2,219,955 brokers’ warrants, each brokers’ warrant exercisable $0.36 for one Common Share at a price of $0.36 per Common Share until January 30, 2027. (ii) A total of 305,751 restricted share units (“ RSUs”) vested, with all RSU holders electing to have the RSUs settled in cash. The Company issued, and sold, 305,751 common shares for gross proceeds of $107,795 and incurred settlement costs of $ 1,005. The net proceeds of $ 106,790 were used to settle the vested RSUs. (iii) A total of 17,260,081 share purchase warrants were exercised for total proceeds of $7,410,693. In connection with the exercise of the warrants, a total of $1,078,398 was transferred to share capital representing the fair value attributed to certain warrants exercised. (iv) A total of 129,576 common shares of the Company were issued to settle 129,576 deferred share units (“DSUs”) upon departure of two independent directors. In relation to the departure, an additional 75,472 DSUs were forfeited by the directors. (v) A total of 156,602 PSUs vested, with all PSU holders electing to have the PSU s settled in cash. The Company issued, and sold, 156,602 common shares for gross proceeds of $58,205 and incurred share issuance costs of $460. The net proceeds of $57,745 were used to settle the vested PSUs. (vi) A total of 606,666 share purchase options were exercised for gross proceeds of $91,833. In connection with the exercise of the options, a total of $58,813was transferred to share capital representing the fair value attributed to the options. Share issuance costs During the nine months ended July 31, 2026, total share issuance costs of $ 1,030,576 (2025 - $1,506,293) comprised of cash outflows of $714,996 (2025 - $1,220,363) relating to commissions and legal fees and non- cash outflows of $315,580 (2025 - $285,930) relating to finders’ warrants. c) Omnibus Equity Incentive Plan On December 9, 2022, shareholders of the Company approved a new Omnibus Equity Incentive Plan (the “Plan”), replacing the Company’s previous approved stock option plan and RSU plan. Under the newly adopted Plan, the Company is permitted to grant share purchase options, RSUs, DSUs, PSUs and other share- based awards.
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 15 - 7) SHARE CAPITAL – Continued c) Omnibus Equity Incentive Plan – Continued The Plan is a “rolling up to 10% and fixed up to 10%” security-based compensation plan, as defined in Policy 4.4 Security Based Compensation of the TSX -V. The Plan is a: (a) “rolling” plan pursuant to which the number of shares that are issuable pursuant to the exercise of share purchase options granted hereunder shall not exceed 10% of the issued shares of the Company as at the date of any share option grant, and (b) “fixed” plan under which the number of shares of the Company that are issuable pursuant to all awards other than share options granted hereunder and under any other security based compensation plan of the Company, in aggregate is a maximum of 36,825,821 shares. Any RSU’s, DSU’s, Performance Units or other share -based awards granted under the Plan will reduce the corresponding number of share options available for grant under the Plan. d) Share purchase options The continuity of share purchase options for the nine months ended July 31, 2026 and year ended October 31, 2025 is as follows: Nine Months Ended July 31, 2026 Year Ended October 31, 2025 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price $ $ Balance, beginning of the period 5,812,256 0.90 8,004,797 0.92 Granted 1,024,380 1.56 1,320,307 0.42 Exercised (2,368,336) 0.90 (606,666) 0.15 Expired/Cancelled (76,668) 0.79 (2,760,000) 0.79 Forfeited (76,664) 0.39 (146,182) 0.27 Outstanding, end of the period 4,314,968 0.78 5,812,256 0.90 Exercisable, end of the period 2,221,405 0.62 3,957,316 1.04 Share-based compensation related to the share purchase options totaled $447,360 (nine months ended July 31, 2025 - $216,271). The options have a weighted average life of 2.57 (October 31, 2025 - 1.78) years. Expiry Date Number of Options (Outstanding) Number of Options (Exercisable) Exercise Price $ October 4, 2026 1,300,000 1,300,000 0.79 March 25, 2029 771,949 537,962 0.27 January 17, 2030 1,218,639 383,443 0.43 January 19, 2031 824,380 - 1.57 January 29, 2031 200,000 - 1.53 4,314,968 2,221,405
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 16 - 7) SHARE CAPITAL – Continued d) Share purchase options – Continued The fair value of the share purchase options granted during the nine months ended July 31, 2026, and the year ended October 31, 2025, as determined by the Black-Scholes option pricing model was estimated using the following assumptions: 2026 2025 Risk-free interest rate 2.92% 3.01% Expected annual volatility 74.11% 92.06% Expected life (years) 5.00 5.00 Grant date fair value 0.9630 0.3005 Dividend yield 0% 0% e) Warrants The continuity of warrants for the period ended July 31, 2026 and year ended October 31, 2025 is as follows: Nine Months Ended July 31, 2026 Year Ended October 31, 2025 Number of Warrants Weighted Average Exercise Price Number of Warrants Weighted Average Exercise Price $ $ Balance, beginning of the period 40,516,275 0.45 40,859,775 0.47 Issued 6,818,150 1.50 19,167,050 0.50 Exercised (23,924,100) 0.46 (13,777,550) 0.45 Expired (817,875) 0.48 (5,733,000) 0.75 Outstanding, end of the period 22,592,450 0.75 40,516,275 0.45 The warrants have a weighted average life of 0.78 (October 31, 2025 - 1.34) years. Expiry Date Number of Warrants Exercise Price $ January 26, 2027 5,722,500 0.30 January 30, 2027 10,051,800 0.50 January 8, 2028 6,818,150 1.50 22,592,450
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 17 - 7) SHARE CAPITAL – Continued f) Restricted share units The RSUs vest over a three-year period with one-third vesting on the first anniversary date, one-third on the second anniversary date and the final one-third on the third anniversary date. The continuity of RSUs for the nine months ended July 31, 2026 and year ended October 31, 2025 as follows: Nine Months Ended July 31, 2026 Year Ended October 31, 2025 Number of RSUs Number of RSUs Balance, beginning of the period 180,750 486,501 Granted - (305,751) Settled (180,750) - Outstanding, end of the period - 180,750 g) Performance share units PSUs awarded will vest as to one-third on each of the first, second and third anniversaries of the date of grant, subject to the achievement of certain corporate and individual performance criteria. The cost of the PSUs is measured at fair value on the date of grant based on the market price of the Company’s common shares and recognized as a share-based payment expense, over the period which the PSUs vest, with a corresponding increase in reserves. The cost of PSUs is recognized as an equity instrument, in accordance with IFRS 2 Share-based Payments, in the Company’s condensed consolidated interim statement of financial position. The continuity of PSUs for the nine months ended July 31, 2026 and year ended October 31, 2025 as follows: Nine Months Ended July 31, 2026 Year Ended October 31, 2025 Number of PSUs Number of PSUs Balance, beginning of the period 953,495 469,811 Granted 344,766 640,286 Settled (370,032) (156,602) Outstanding, end of the period 928,229 953,495 The following table summarizes the status of the Company’s outstanding PSUs as at July 31, 2026: Grant date Vesting Date PSUs Outstanding Grant Date Fair Value $ March 25, 2024 March 25, 2027 156,607 0.27 January 17, 2025 January 17, 2027 213,428 0.42 January 17, 2025 January 17, 2028 213,428 0.42 January 19, 2026 January 17, 2027 114,922 1.56 January 19, 2026 January 17, 2028 114,922 1.56 January 19, 2026 January 17, 2029 114,922 1.56 928,229
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 18 - 7) SHARE CAPITAL – Continued g) Share compensation liability – RSUs and PSUs The Company has recognized the RSUs and PSUs in accordance with IFRS 2. The Company, where there is an option to settle the payment in cash, recognizes the services received and a liability to pay for those services. Until the liability is settled, the Company remeasures the fair value of the liability at the end of each reporting period and at date of settlement, with any changes in fair value recognized in profit and loss for the period. The fair value of the outstanding RSUs and PSUs as at July 31, 2026 was $0.92 (2025 - $0.37). The continuity of share compensation liability for the nine months ended July 31, 202 6 and year ended October 31, 2025 is as follows: Nine Months Ended July 31, 2026 Year Ended October 31, 2025 Share Compensation Liability Share Compensation Liability Balance, beginning of the period $ 427,966 $ 232,827 Share-based compensation 282,356 224,438 RSU and PSU settlement, net of share issuance costs (754,281) (168,269) Change in fair value 513,272 138,970 Outstanding, end of the period $ 469,313 $ 427,966 The current portion of the share compensation liability is $320,685 (year ended October 31, 2025 - $284,954) and the long- term portion of the liability is $ 148,628 (October 31, 2025 - $143,012). Of the total liability, $469,313 (year ended October 31, 2025 - $427,966) relates to the PSUs and $nil (October 31, 202 5 - $97,471) relates to RSUs. h) Deferred share units In accordance with the Plan, the DSUs are to be credited to the holder’s DSU account upon vesting. Once vested, the DSUs would remain unsettled until such time as the holder ceases to be in their role with the Company. July 31, 2026 October 31, 2025 Number of DSUs Number of DSUs Balance, beginning of the period 317,362 348,124 Granted 143,274 174,286 Settled - (129,576) Forfeited - (75,472) Outstanding, end of the period 460,636 317,362
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 19 - 7) SHARE CAPITAL – Continued h) Deferred share units - continued The following table summarizes the status of the Company’s outstanding DSU s as at July 31, 2026: Grant date Vesting Date DSUs Outstanding Grant Date Fair Value April 20, 2023 April 20, 2024 67,604 $0.36 March 25, 2024 March 25, 2025 75,472 $0.27 December 3, 2024 December 3, 2025 85,000 $0.25 January 17, 2025 January 17, 2026 89,286 $0.42 January 19, 2026 January 19, 2027 86,538 $1.56 April 2, 2026 April 2, 2027 56,736 $1.41 460,636 During the period, the Company recognized share -based compensation expense of $ 107,174 (October 31, 2025 - $40,956) related to the DSUs. i) Finders’ warrants The continuity of finders’ warrants for the nine months ended July 31, 2026 and year ended October 31, 2025 is as follows: Nine Months Ended July 31, 2026 Year Ended October 31, 2025 Number of Warrants Weighted Average Exercise Price Number of Warrants Weighted Average Exercise Price $ $ Balance, beginning of the period 2,258,722 0.35 3,521,298 0.36 Issued 627,270 1.50 2,219,955 0.36 Exercised (1,952,726) 0.35 (3,482,531) 0.35 Outstanding, end of the period 933,266 2,258,722 The following table summarizes the status of the Company’s outstanding finders’ warrants as at July 31, 2026: Expiry Date Number of Finders’ Warrants Exercise Price $ January 26, 2027 84,000 0.20 May 29, 2026 221,996 0.32 January 30, 2027 627,270 0.36 933,266 The finders’ warrants have a weighted average life of 1.13 (October 31, 2025 - 1.11) years.
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 20 - 7) SHARE CAPITAL – Continued j) Finders’ warrants – Continued The fair value of the finders’ warrants granted during the nine months ended July 31, 2026, as determined by the Black-Scholes option pricing model was estimated using the following assumptions on the date of grant: 2026 (weighted average) 2025 (weighted average) Risk-free interest rate 2.57% 2.73% Expected annual volatility 78.02% 74.19% Expected life (years) 2.00 2.73 Grant date fair value 0.503 0.129 Dividend yield 0% 0% 8) RELATED PARTY TRANSACTIONS All transactions with related parties have occurred in the normal course of operations and have been measured at their fair value amount. As at July 31, 2026, the Company owed $31,936 (October 31, 2025 - $84,956) to related parties as broken down below: Fee Payable July 31, 2026 October 31, 2025 Tanadog Management and Technical Services Inc. Management Fees $ 25,709 $ 24,727 Office Fees - 8,579 Exploration Fees - 16,457 Expense Reimbursement 6,227 35,193 $ 31,936 $ 84,956 Key management compensation During the nine months ended July 31, 2026, the Company paid or accrued compensation to key management, or companies controlled by them, totalling $1,471,499 (nine months ended July 31, 2025 - $1,429,689). Of this amount: Nine Months Ended Expenditure July 31, 2026 July 31, 2025 Tanadog Management and Technical Services Inc. Management fees $ 365,952 $ 356,465 Administration fees 105,139 78,012 Exploration fees 105,250 149,490 The Mining Recruitment Group Ltd. Management fees 355,275 343,602 CFO Management fees 255,114 234,553 Silver Green Resources Management fees 284,769 267,567 $ 1,471,499 $ 1,429,689
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 21 - 8) RELATED PARTY TRANSACTIONS – Continued During the nine months ended July 31, 2026, $121,448 (2025 - $60,850) in share-based compensation related to share options, RSUs , and DSUs for the directors of the Company. In addition, the independent directors were paid directors’ fees totaling $264,167 (2025 - $92,188). During the nine months ended July 31, 2026, $473,188 (2025 - $273,194) in share-based payments and $55,572 (2025 - $53,656) in health and dental benefit premiums were paid to or on behalf of an officer of the Company. Included in management fees were bonuses totalling $nil (nine months ended July 31, 2025 - $470,747). 9) CAPITAL MANAGEMENT The Company’s objective when managing capital is to safeguard the Company’s ability to continue as a going concern in order to pursue the development of its projects. In the management of capital, the Company includes the components of shareholders’ equity and cash. There are no external restrictions on the use of the Company’s capital. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may issue new shares, issue debt, acquire or dispose of assets, or adjust the amount of cash. The Company is dependent on the capital markets as its sole source of operating capital and the Company’s capital resources are largely determined by the strength of the junior resource markets, by the status of the Company’s projects in relation to these markets and its ability to compete for investment or support of its projects. 10) FINANCIAL INSTRUMENTS AND FINANCIAL RISK FACTORS Financial instruments Financial instruments must be classified at one of three levels within a fair value hierarchy according to the relative reliability of the inputs used to estimate their values. The three levels of the hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2: Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and Level 3: Inputs that are not based on observable market data. Share compensation liability is measured using Level 1 inputs. The Company does not have any financial instruments that are measured using Levels 2 and 3 inputs. During the period, there were no transfers between Level 1, Level 2 and Level 3 classified assets and liabilities. The Company’s financial instruments are exposed to certain financial risks, including the following: Financial risk factors Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company’s primary exposure to credit risk is on its cash held in bank accounts. The majority of cash is deposited in bank accounts held with two major banks, one in Canada and one in the US. As most of the Company’s cash is held by two banks, there is a concentration of credit risk. This risk is managed by using major banks that are high credit qualit y financial institutions, as determined by rating agencies.
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 22 - 10) FINANCIAL INSTRUMENTS AND FINANCIAL RISK FACTORS – Continued Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company attempts to manage liquidity risk by maintaining a sufficient cash balance. Liquidity requirements are managed based on expected cash flows to ensure that there is sufficient capital in order to meet short -term obligations. As at July 31, 202 6, the Company had cash and cash equivalents of $19,303,102 to settle current liabilities of $1,539,623. Foreign exchange risk The Company's functional currency is the Canadian dollar; however, there are expenses, assets and liabilities in US dollars. The Company is exposed to financial risk arising from fluctuations in foreign exchange rates and the degree of volatility in these rates. As at July 31, 2026, the Company had cash and cash equivalents balances of US$12,534,370 (October 31, 2025 - US$4,462,208), and accounts payable and accrued liabilities of US$781,318 (October 31, 2025 - US$285,034). Should the Canadian exchange rate against the US dollar change by 1%, the potential impact on the Company’s net loss would be approximately $186 ,806. The Company does not use derivative instruments to reduce its exposure to foreign currency risk. 11) SEGMENTED INFORMATION The Company considers itself to operate in a single operating segment, being resource exploration. The Company’s assets and liabilities are located within two geographical areas, Canada and the state of Nevada in the United States of America. July 31, 2026 October 31, 2025 Total Assets Canada $ 18,000,714 $ 6,138,439 USA 11,090,850 10,116,745 $ 29,091,564 $ 16,255,184 Total Liabilities Canada $ 592,141 $ 557,601 USA 1,096,110 368,753 $ 1,688,251 $ 926,354 Nine Months Ended July 31, 2026 Nine Months Ended July 31, 2025 Exploration Expenditures Canada $ - $ - USA 13,073,916 12,988,339 $ 13,073,916 $ 12,988,339 Operating Expenditures Canada $ 4,975,802 $ 3,075,744 USA 129,364 93,628 $ 5,105,166 $ 3,169,372
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 23 - 12) LEASE LIABILITY On April 1, 2024, the Company entered into an office lease agreement with a 36- month term and monthly payments of $2,673. At the date of recognition, the lease liability was measured at the present value of the lease payments that were not paid at that date. The lease payments are discounted using an incremental borrowing rate of 9.20%. Upon initial recognition, the Company recognized a lease liability, and a corresponding right of use asset, of $84,464. Nine Months Ended July 31, 2026 Year Ended October 31, 2025 Lease Liability Lease Liability Balance, beginning of the period $ 43,200 $ 69,953 Interest expense 2,294 5,327 Repayment (24,060) (32,080) Outstanding, at end of the period $ 21,434 $ 43,200 The short-term component of the lease liability is a $ 21,434 (October 31, 2025 - $29,348) and the long- term portion is $nil (October 31, 2025 - $13,852). As at July 31, 2026, the expected timing of the undiscounted lease payments is $21,386, all of which is payable within one year.
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BLACKROCK SILVER CORP. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited – Expressed in Canadian dollars) Nine Months Ended July 31, 2026 - 24 - 13) SUBSEQUENT EVENTS The following transactions, not disclosed elsewhere in the financial statements, occurred subsequent to July 31, 2026: i) On September 14, 2026, the Company entered into an equity distribution agreement (the "Equity Distribution Agreement") with a syndicate of agents led by Research Capital Corporation (the "Lead Agent" and, together with the other agents, the "Agents"). The agreement establishes an at -the-market equity program (the "ATM Program"). Under the ATM Program, the Company may issue common shares for aggregate gross proceeds of up to $50,000,000, at its discretion. The shares will be sold at prevai ling market prices through the TSX Venture Exchange, the Toronto Stock Exchange or other Canadian marketplaces. The Company is not obligated to sell any shares. The ATM Program is qualified by a prospectus supplement dated September 14, 2026, to the Company's short form base shelf prospectus dated August 18, 2025 (Note 1 ). It will remain in effect until the earlier of the sale of all shares under the program and September 18, 2027, unless terminated earlier. The Agents will receive a cash commission of 2.5% of gross proceeds. Net proceeds, if any, are expected to fund the Tonopah West project, working capital and general corporate purposes. On September 14, 2026, to facilitate settlement of sales under the ATM program, the Company issued 15,000,000 common shares to Lead Agent. These shares are held in reserve by the L ead Agent for the sale under the ATM program, at prevailing market prices, as and when directed by the Company. As no consideration has been received for them, the shares are not considered validly issued and outstanding until sold. The Company has sold 4,804,900 of these shares at an average price of approximately $1.17 per share for gross proceeds of $5,611,488. After the Agent's commission of $140,287 (2.5%) and other issuance costs of $57,401, including legal fees related to the establishment of the ATM Program, the Company received net proceeds of $5,413,800. As at September 25, 2026 , the remaining 10,195,100 Common Shares continued to be held in reserve by the Lead Agent. Unsold shares will be recognized in share capital only as they are sold. ii) On September 14, 2026, the Company announced that it had received conditional approval to list its common shares on the Toronto Stock Exchange ("TSX"). Final approval is subject to the Company meeting customary TSX listing conditions. When the listing is c ompleted, the common shares will be delisted from the TSX Venture Exchange and will continue to trade under the symbol "BRC". iii) A total of 100,000 share purchase warrants were exercised for total proceeds of $30,000. iv) A total of 225,000 share purchase options were exercised for total proceeds of $177,750.