Mining Co. With High-Grade 2,122g/t Silver on OTCQX Best 50 List

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Blackrock Silver Corp. (BRC:TSX.V; BKRRF:OTCQX) announced it has been included in the 2026 OTCQX Best 50, a list of the top-performing companies traded on the OTCQX Best Market last year, according to a release on January 15.

The OTCQX Best 50 is an annual ranking of the top 50 U.S. and international companies on the OTCQX market. The ranking is determined by an equal weighting of one-year total return and average daily dollar volume growth over the previous calendar year. Companies in the 2026 OTCQX Best 50 were ranked based on their performance in 2025, the company said.

A complete list of the ranked stocks can be found here.

"We are proud to be recognized on the OTCQX Best 50, reflecting the strong shareholder value, liquidity, and market growth delivered by Blackrock Silver over the past year," President and Chief Executive Officer Andrew Pollard said. "As an emerging American silver developer, in 2026, we are squarely focused on de-risking, advancing, and growing our flagship Tonopah West project in Nevada through key permitting, engineering, and exploration initiatives. The company remains on track to deliver an updated Preliminary Economic Assessment (PEA) in the first quarter and is preparing for additional expansion drill programs starting in H1 of 2026."

The OTCQX Best Market provides transparent and efficient trading for established, investor-focused U.S. and global companies, the release said. To qualify for the OTCQX market, companies must meet high financial standards, adhere to best practice corporate governance, and comply with applicable securities laws.

The junior exploration and development company is focused on precious metals and committed to enhancing shareholder value supported by gold and silver ounces in the ground, the release noted. The company is focused on its fully controlled Nevada portfolio of properties, which feature low-sulfidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.

A Key Part of Nevada's Mining History

On January 29, Ted Butler of The Silver Advisor reviewed the company, highlighting that the Tonopah district is a significant part of Nevada's mining heritage, being the second-largest historic silver district in the "Silver State" after the renowned Comstock Lode. Over a century ago, the district produced more than 174 million ounces (Moz) of silver and 1.8 Moz of gold from nearly 7.5 million tonnes of material, earning it the title of the "Queen of the Silver Camps."

Optimistically, Blackrock holds much of this historically productive territory and has been strategically advancing efforts to unlock the district's vast potential. Today, that potential is reflected in the Preliminary Economic Assessment (PEA) for Tonopah West from 2024 and the mineral resource estimate released in September 2025, Butler wrote.

The PEA outlines a payback period of 2.3 years, an after-tax Internal Rate of Return (IRR) of 39.2%, an after-tax Net Present Value (NPV⁵) of CA$326 million, and annual production of 8.6 million ounces of silver equivalent at an All-In Sustaining Cost (AISC) of CA$11.96/ounce. The high-grade resource includes 21.1 Moz of silver equivalent indicated within 1.3 million tonnes at 493 grams per tonne silver equivalent (g/t AgEq), and an additional 86.9 Moz of silver equivalent inferred within 5.14 million tonnes at 523 g/t AgEq.

Calculated at US$1,900 gold and US$23 silver, Blackrock’s PEA is robust, Butler said. But at today's prices of US$100 silver and US$5,000 gold, it could achieve even greater heights.

"Incidentally, the company's next port of call is to release an updated PEA in Q1 — a catalyst that, in our view, will reveal markedly better project economics to the tune of three-fold increase," he wrote.

Additionally, management is working on a resource update for the same quarter, which could further enhance Blackrock's valuation, especially after incorporating recent drill results, he said.

Few silver stocks are better positioned for a near-term re-rating than Blackrock Silver, Butler noted. This strong position extends beyond technical success at the drill bit to its robust financial standing, bolstered by the recent closing of a CA$15 million raise. This financing, led by a landmark CA$7 million investment from strategic investor Eric Sprott, closed on January 8, increasing institutional and high-net-worth ownership to 56% of total shares.

"With this caliber of financial backing and a pipeline of near-term catalysts to boot, we find ourselves with more than enough reason to add Blackrock Silver to the Silver Advisor portfolio," he wrote.

'One of Our Silver Top Picks'

On December 2, 2025, Blackrock announced the final results of its Eastern Expansion exploration drill program at the fully owned Tonopah West silver-gold project in Nevada, according to an updated note by Research Capital Corp. Analyst Stuart McDougall on December 4, 2025.

Notably, the mineralization is now believed to be linked to three sub-parallel splays off the northerly trending Pittsburg-Monarch Fault system, historically seen as a primary feeder structure in the district, the analyst wrote. Initially, management thought the target was a continuation of the southernmost ring structure associated with the DPB South resource area. This reinterpretation adds a previously unrecognized north-south dimension to the project's potential, suggesting our assumptions for its resource potential may have been conservative.

"Management still expects to incorporate the Eastern Expansion and NW step out targets in an updated resource estimate scheduled for completion in February," the note said. "In the meantime, our target price of CA$1.30/share continues to reflect 1.25x the September 2025 resource, using US$5/ounce of contained silver and US$125/ounce of contained gold, adjusted for options, warrants, and our future equity financing assumptions."

McDougall rated the stock a Speculative Buy.

An updated research note written by Red Cloud Analyst Taylor Combaluzier on December 3, 2025, noted that the final results announced by the company included 24 holes and 6,798 meters.

"We view these results positively as they returned high grades and relatively broad zones of Ag-Au (silver-gold) mineralization within the 1.2-kilometer eastern expansion trend that parallels the Pittsburgh-Monarch fault," the analyst wrote. "We expect these results to favorably feed into an updated MRE due in Q1/26. We continue to believe that Blackrock is a prime takeout candidate given its large, high-grade resource in a world-class mining jurisdiction."

Combaluzier continued, "We view Tonopah West as one of the best junior-owned primary silver projects at the moment. Blackrock Silver is one of our silver top picks."

At least three mineralized northwest-oriented structures have been identified, he said. Notable results include: 2,122.7 g/t AgEq over 0.92 meters from 220.9 meters and 534.8 g/t AgEq over 1.04 meters from 215.5 meters (TXC25-173) from the eastern expansion program and 296.6 g/t AgEq over 6.4 meters from 183.8 meters (TXC25-178) from the M&I conversion program, which successfully captured high-grade intervals previously drilled in north-south structures. These structures suggest a series of footwall fault splays rather than a single east-west structure.

Extensions of mineralization through the eastern boundary of Tonopah West could add to tonnage in a future resource update, Combaluzier said.

"We are expecting another updated MRE in Q1/26 that is planned to include NW expansion drilling and eastern expansion drilling," the analyst said. "This expanded resource is anticipated to form the basis for an updated PEA in Q1/26 as well."

Red Cloud maintained its BUY rating on the stock and a target price of CA$1.70/share, which is largely based on a Discounted Cash Flow (DCF) model for Tonopah West to determine the firm's post-financing Net Asset Value per Share (NAVPS) at a 5% discount rate of CA$3.26 (unchanged), upon which a 0.50x multiple was applied.

The Catalyst: Bull Market Pause Could Be Opportunity

Gold and silver prices experienced a significant drop on Friday, pausing a strong rally that has seen the metals break multiple records this year, according to a January 30 report by Lee Ying Shan for CNBC. Spot gold prices fell by 6% to US$5,080.14 per ounce, while spot silver prices decreased by 14% to US$99.89, following a sharp increase.

The surge in gold prices has been driven by geopolitical, economic, and trade uncertainties, along with a weakening dollar—factors that continue to be relevant—prompting investors to seek a "safe haven." Silver has also benefited from industrial demand.

Ed Yardeni, president of Yardeni Research, suggested that the recent sell-off might have been partly triggered by reduced fears of U.S. fiscal issues, following a provisional agreement between Democrats and Republicans to prevent a government shutdown. "The surprise is that it went from US$3,000 to US$5,500 without any significant correction," Yardeni said. "A correction back to US$5,000 with some consolidation around that price would be a normal pattern in a bull market. So far, this has been more of a melt-up than a traditional bull market in precious metals."

Despite the decline, the pullback could present a good entry point for investors who missed the latest rally. Gold is still about 20% higher year to date, and silver prices over 50% higher, the article noted.

Silver's moment in the spotlight isn't over yet, despite experiencing its largest drop in years on Friday after surpassing the US$100 per ounce mark this year, according to Ivana Pino writing for Yahoo! Finance on January 30.

Over the past year, silver has more than tripled in value, outperforming gold and bringing the gold-to-silver ratio to a new low, Pino wrote. This ratio indicates how many ounces of silver are needed to equal the price of one ounce of gold. In comparison, gold has increased by about 90% over the past year.

Experts suggest that monitoring the price of gold and the gold-to-silver ratio can provide insights into whether silver is undervalued. "The gold-silver ratio is 48 compared to a long-term average of around 65 and a low of 30," said Chris Mancini, associate portfolio manager of the Gabelli Gold Fund, according to the article. "If the ratio goes down to its low of 30, that would mean that silver would be US$170 per ounce, given US$5,100 per ounce gold."

Analysts attribute silver's recent highs to several key macroeconomic factors, including a shift away from dollar-based assets, geopolitical tensions, and overall economic uncertainty, Pino said.

Ownership and Share Structure¹

Strategic entity 2176423 Ontario Ltd owns 15.81% of Blackrock Silver.

Management and Insiders hold 2.38% and Institutions own 12.33%. Of them, Konwave AG has 3.54% and Mirae Asset Global Investments holds 3.4%.

The rest is retail.

Blackrock Silver has a market cap of CA$556.4 million, 356.67 million outstanding shares, and a 52-week range of CA$0.27 to CA$1.94.