Talking Our Book: Why We’re Long Blackrock Silver

Keir

Hey everyone, Keir Reynolds here — and welcome back to Zero to Tenbagger, the podcast where we do our best to separate the real shots from the moonshots in the casino of Canadian microcaps. Today, we’re going deep on a stock that’s part of the TokStocks Core Portfolio, one we’ve been invested in for a while now and we still believe offers unique leverage to the silver price. I’m talking about Blackrock Silver — ticker symbol BRC on the TSX Venture. This isn’t sponsored. Nobody paid for this segment. I just find it too interesting not to talk about.

Keir

Let’s set the stage. If you’re even remotely bullish on precious metals over the next few years — especially silver — then now is the time to be looking for names with real torque. The global silver market is in a structural deficit. Demand from solar, electronics, and investment is outpacing new supply — and exploration is still catching up after a brutal downcycle. Add to that a geopolitical backdrop that’s pushing the U.S. to secure domestic resources, and it becomes pretty clear: the next wave of silver bull market winners will be made in North America. You likely want to have some exposure to US plays with all that Trump's administration is doing.

Keir

Enter Blackrock Silver — a Nevada-based explorer with a flagship project that’s making serious waves: Tonopah West. If the name Tonopah rings a bell, it should — this district was one of the most productive silver camps in U.S. history, spitting out over 170 million ounces in the early 1900s. Blackrock has consolidated the largest land position in the district — and here’s the kicker — a lot of it was never touched by modern exploration. In other words, they’re drilling into a historic high-grade system with today’s tech — and it’s working. Recent drilling cut 10 metres grading 467 grams per tonne silver equivalent. Step-out holes are proving continuity of high-grade gold and silver mineralization over meaningful widths, running 500 metres along strike from the existing DPB resource shell to the northwest. Targeting is now underway to bridge the remaining 500 metres of vein corridor to the Northwest Step Out area — if successful, it could connect the entire 1-kilometre zone into a single, continuous high-grade system.

Keir

Let’s talk more numbers, because this is where the story starts to feel more like a sleeping giant. Their 2024 resource estimate came in at over 100 million ounces silver-equivalent, grading 570 grams per tonne Silver Equivalent — that makes it the highest-grade development-stage silver project in the world. Yes, the world. And they’ve already dropped a Preliminary Economic Assessment with some serious punch: 8.6 million ounces Silver Equivalent production annually. All-in sustaining costs: under $12 per ounce. After-tax NPV of U.S. $326 Million at conservative metals prices. IRR of 39% Payback in just 2.3 years. And that’s at $23 silver. Bump silver up by 20% — a very reasonable scenario given current macro trends and today's silver prices — and the NPV jumps to nearly U.S. $500 million with a 54% IRR.

Keir

Here’s where this becomes a real investor's opportunity. As of July 2025, Blackrock Silver is trading at around C$170 million market cap. That’s less than 40% of the project’s NPV today, and just a quarter of the NPV at higher silver prices. Even with those world-class grades, strong economics, and low jurisdictional risk, they’re trading at a significant discount to peers. And that’s not likely to last. There’s a 35,000-meter drill program underway right now to expand and upgrade the resource. A new resource update is expected this fall, followed by an updated PEA early next year. Both of those events could be major re-rating catalysts aside from rising silver prices.

Keir

We keep BRC in the TokStocks Core Portfolio because it checks a lot of boxes: High-grade, high-margin asset in the U.S. Clear development path and strong exploration upside. Multiple near-term catalysts. Management that’s been disciplined with capital. And most importantly: Leverage to silver prices without the big-cap baggage. This, we feel, is a smart lottery ticket. It’s a high-quality silver developer with compelling fundamentals and real potential upside.

Keir

So if you’re building a silver bull market portfolio — or even just want some measured risk exposure to what could be one of the tightest precious metals markets in years — Blackrock Silver likely deserves a spot on your radar. Is it a tenbagger from here? Only time will tell. But with a market cap under $200 Million and a $500 Million project potentially on deck that is likely to get much bigger, the risk-reward is compelling. Just remember, this is not investment advice. Always do your own due diligence, read the filings, look at the cap table, read the corporate pitch deck and form your own thesis. But for us? This is one of the best expressions of the silver trade on the Venture today. Until next time, stay sharp, stay skeptical, and stay tuned. This is Zero to Tenbagger, and I’m Keir Reynolds — talk soon.