Sprott backs $15 million Blackrock Silver financing
Blackrock Silver Corp. [BRC-TSXV] said it has closed a $15 million private placement financing that was led by a $7.0 million investment by Eric Sprott.
The non-brokered private placement offering consisted of 13.6 million units priced at $1.10 per unit for gross proceeds of $14.9 million. Each unit consisted of one common share and one half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of $1.50 per share until January 8, 2028.
An Ontario numbered company owned by Sprott purchased $6.9 million worth of the offered units, a move that meaningfully strengthens Blackrock’s balance sheet as the company advances its flagship Tonopah West project towards development, said Blackrock President and CEO Andrew Pollard.
“As an emerging silver developer, we are accelerating permitting and derisking initiatives in 2026 to support the advancement of a secure, high-quality domestic source of silver for the U.S. market,’’ he said.
Blackrock shares on Friday rose 3.6% or $0.045 to $1.27. The shares trade in a 52-week range of $1.49 and 27 cents.
Blackrock is focused on its 100% controlled Nevada portfolio of properties, consisting of low sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north central Nevada and the Walker Lake trend in western Nevada.
In a press release on December 2, 2025, Blackrock announced final assay results from an eastern expansion drill program at its Tonopah West project located in Nye and Esmmeralda Counties, Nevada.
The property consolidates the western half of the famed Tonopah Silver District, which produced over 174 million ounces of silver and 1.8 million ounces of gold from approximately 7.5 million tonnes of material, making it the second largest silver district within Nevada behind Comstock Lode.
Blackrock is the first group to target unmined vein extensions starting from the historic workings on the property since production shut down nearly 100 years ago. In 2024, the company released a preliminary economic assessment (PEA) that outlined average annual production of 8.6 million silver equivalent ounces (AgEq) of silver per year at an all-in sustaining cost of US$11.96 per AgEq ounce over an eight-year mine life. Blackrock has since completed 40,000 metres of drilling, with a further updated resource estimate planned for the first quarter of 2026 that will form the basis of an updated PEA to quickly follow.
The current PEA is based on an updated mineral resource estimate with an effective date of August, 2024, consisting of 6.35 million tonnes grading 2.82 g/t gold and 237.8 g/t silver or 577,000 ounces of gold and 48.5 million ounces of silver. That amounts to an inferred resource of 100.56 mllion AgEq ounces.