Blackrock Silver — Capital/Financing Update 2022

Mar 8, 2022

Form 51-102F3 Material Change Report

Item 1.Item 2.Item 3.Item 4.	Name and Address of CompanyBlackrock Silver Corp. (the “Company”)Suite 2710 – 200 Granville StreetVancouver, BCCanada V6C 1S4Date of Material ChangeMarch 3, 2022News ReleaseNews Release dated March 3, 2022 was disseminated through Newsfile Corp.Summary of Material Change

The Company completed a non-brokered private placement (the “ Offering ”) with 2176423 Ontario Ltd., a company beneficially owned by Eric Sprott, as the sole investor. The Offering consisted of a total of 5,681,819 common shares of the Company (“ Common Shares ”) at a price of C$0.88 per Common Share for gross proceeds of C$5,000,000.72.

Item 5.1 Full Description of Material Change

The Company completed the Offering with 2176423 Ontario Ltd., a company beneficially owned by Eric Sprott, as the sole investor. The Offering consisted of a total of 5,681,819 Common Shares at a price of C$0.88 per Common Share for gross proceeds of C$5,000,000.72.

The Company intends to use the net proceeds of the Offering for exploration of the Company’s portfolio of gold and silver projects in Nevada, and for general working capital.

In connection with the closing of the Offering, the Company issued 227,272 Common Shares (the “ Finder's Shares ”) to Research Capital Corporation (the “ Finder ”) as a finder's fee, which was equal to 4% of the number of Common Shares placed by the Finder under the Offering.

The Common Shares and Finder's Shares issued in connection with the Offering are subject to a hold period expiring on July 4, 2022. The Offering is subject to final approval of the TSX Venture Exchange.

Item 5.2Item 6.Item 7.	Disclosure for Restructuring TransactionsNot applicable.Reliance on subsection 7.1(2) of National Instrument 51-102
	Not applicable.Omitted InformationNot applicable.

Item 8. Executive Officer

Andrew Pollard, President & Chief Executive Officer Telephone: (604) 817-6044

Item 9. Date of Report

March 7, 2022

FORWARD-LOOKING STATEMENTS

This material change report contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern the net proceeds from the Offering and the intended use of proceeds therefrom. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; exploration costs, timing and amount of exploration expenditures; and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: the availability of funds; the timing and content of work programs; results of exploration activities of mineral properties; the interpretation of drilling results and other geological data; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains; general market and industry conditions; and those risks set out in the Company's public documents filed on SEDAR. 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 the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this material change report if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

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