BLACKROCK SILVER CORP.

Condensed Consolidated Interim Financial Statements

For the Six Months Ended April 30, 2022 and 2021

(Unaudited - Expressed in Canadian Dollars)

BLACKROCK SILVER CORP.

Condensed Consolidated Interim Statements of Financial Position

(Expressed in Canadian Dollars)

April 30,

October 31,

2022

2021

(unaudited)

(audited)

Assets

Current assets

$

7,587,800

Cash

$

8,535,438

Amounts receivable

144,787

80,379

Prepaid expenses and deposits

237,079

139,293

7,969,666

8,755,110

Non-current assets

33,000

Guaranteed investment certificate (Note 9)

33,000

Equipment

211,102

136,895

Exploration and evaluation assets (Note 4)

3,404,448

2,515,193

$

11,618,216

$

11,440,198

Liabilities and Shareholders' Equity

Current liabilities

$

718,579

Accounts payable and accrued liabilities

$

829,292

Due to related parties (Note 6)

105,915

260,090

Share compensation liability (Note 5)

387,774

231,680

1,212,268

1,321,062

Long-term liabilities

284,334

Share compensation liability (Note 5)

180,447

1,496,602

1,501,509

Shareholders' Equity

54,906,424

Share capital (Note 5)

41,665,824

Reserves (Note 5)

9,371,669

9,315,760

Deposit for share issuance

-

5,045,611

Accumulated other comprehensive income (loss)

200,615

56,282

Deficit

(54,357,094)

(46,144,788)

10,121,614

9,938,689

$

11,618,216

$

11,440,198

Nature of Operations and Going Concern (Note 1)

Commitments and Contingencies (Note 9)

Subsequent Events (Note 10)

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

- 2 -

BLACKROCK SILVER CORP.

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss

(Unaudited - Expressed in Canadian Dollars)

Three Months Ended

Six Months Ended

April 30,

April 30,

2022

2021

2022

2021

Exploration expenditures (Note 6)

$

2,867,583

$

5,431,030

Drilling

$

5,737,904

$

9,111,885

Geology and consulting

281,820

293,410

585,332

563,609

Geophysics

-

14,975

39,529

32,898

Legal fees

-

10,293

-

16,487

Property investigation costs

-

23,455

-

46,042

(3,149,403)

(6,080,037)

(6,055,891)

(9,770,921)

Operating expenses

40,126

71,616

Accounting and audit

39,250

41,044

Bank charges

3,806

3,263

7,877

6,144

Consulting fees (Note 6)

10,165

27,325

13,025

57,577

Insurance

21,539

14,481

45,588

26,706

Legal fees

30,745

32,979

65,149

79,237

Management fees (Note 6)

219,347

163,369

434,259

294,504

Marketing and communications

438,675

418,337

825,710

768,545

Office

56,305

24,218

90,188

45,946

Regulatory and filing fees

44,527

22,210

69,236

43,504

Rent

3,870

4,347

7,740

10,490

Share-based compensation (Notes 5, 6)

179,372

2,147,959

379,927

2,366,463

Travel

13,454

9,203

15,359

16,102

Wages (Note 6)

34,184

39,020

69,736

68,793

(1,096,115)

(2,945,961)

(2,095,410)

(3,825,055)

Other income (expense)

Foreign exchange loss

(33,913)

(107,969)

25,957

(167,015)

Change in fair value of share compensation

(139,092)

(86,962)

liability (Note 5)

(9,932)

70,034

(173,005)

(117,901)

(61,005)

(96,981)

Net Loss for the Period

(4,418,523)

(9,143,899)

(8,212,306)

(13,692,957)

Other comprehensive income (loss)

34,255

144,333

Foreign currency translation adjustment

60,629

(19,430)

Total Comprehensive Loss for the Period

$

(4,384,268)

$

(9,083,270)

$

(8,067,973)

$

(13,712,387)

Basic and diluted loss per share

$

(0.03)

$

(0.08)

$

(0.05)

$

(0.12)

Weighted average number of shares

outstanding, basic and diluted160,233,686 108,221,638 156,320,717 113,255,831

The accompanying notes are an integral part of these condensed consolidated interim financial statements

- 3 -

BLACKROCK SILVER CORP. (Formerly Blackrock Gold Corp.)

Condensed Consolidated Interim Statements of Cash Flows (Unaudited - Expressed in Canadian dollars)

Six Months Ended April 30

2022

2021

Cash provided by (used for):

Operating activities

$

(8,212,306)

Net loss for the period

$

(13,692,957)

Adjustment for items not involving cash:

Depreciation included in exploration expenditures

17,769

2,121

Foreign exchange

126,018

(81,994)

Share-based payments

379,927

2,366,463

Change in fair value of share compensation liability

86,962

(70,034)

(7,601,630)

(11,476,401)

Changes in non-cash operating capital:

Amounts receivable

(64,408)

(52,127)

Prepaid expenses and deposits

(99,886)

(90,027)

Accounts payable and accrued liabilities

(88,783)

(138,009)

Due to related parties

(153,516)

(331,044)

(8,008,223)

(12,087,608)

Investing activity

(813,416)

Exploration and evaluation additions

(409,695)

Fixed asset purchase

(88,199)

(84,954)

(901,615)

(494,649)

Financing activities

8,560,921

Issuance of common shares

10,744,810

Share issuance costs

(369,111)

(830,102)

Settlement of restricted share units

(147,820)

-

8,043,990

9,914,708

Decrease in cash

(947,638)

(2,667,549)

Effect of exchange rate changes on cash

(81,790)

242,276

Cash, beginning of the period

8,535,438

6,589,531

Cash, end of the period

$

7,587,800

$

4,164,258

The accompanying notes are an integral part of these condensed consolidated interim financial statements

- 4 -

BLACKROCK SILVER CORP. (Formerly Blackrock Gold Corp.)

Condensed Consolidated Interim Statements of Changes in Equity (Unaudited - Expressed in Canadian dollars)

Deposit for

Accumulated

other

Number of

Share

share

comprehensive

shares

capital

issuance

Reserves

income (loss)

Deficit

Total equity

Balance at October 31, 2020

106,719,549

$

19,704,677

$

-

$

5,345,673

$

28,289

$

(18,123,651)

$

6,954,988

Private placements

14,375,000

10,350,000

-

-

-

-

10,350,000

Share issue costs

-

(1,079,185)

-

249,083

-

-

(830,102)

Warrants and finder's warrants

exercised

1,271,190

376,368

-

(16,558)

-

-

359,810

Share options exercised

300,000

58,490

-

(23,490)

-

-

35,000

Share-based payments

-

-

-

2,145,180

-

-

2,145,180

Net loss for the period

-

-

-

-

-

(13,692,957)

(13,692,957)

Foreign currency translation

adjustment

-

-

-

-

(19,430)

-

(19,430)

Balance at April 30, 2021

122,665,739

29,410,350

-

7,699,888

8,859

(31,816,608)

5,302,489

Private placements

16,000,001

12,000,001

-

-

-

-

12,000,001

Share issue costs

-

(1,253,216)

-

380,707

-

-

(872,509)

Shares issued in settlement of RSUs

120,664

108,597

-

-

-

-

108,597

Warrants and finder's warrants

exercised

4,507,425

1,343,892

-

(3,414)

-

-

1,340,478

Share options exercised

500,000

56,200

-

(31,200)

-

-

25,000

Share-based payments

-

-

-

1,629,779

-

-

1,629,779

Deposits for future share issuance

5,045,611

-

-

-

5,045,611

Net loss for the period

-

-

-

-

-

(14,328,180)

(14,328,180)

Foreign currency translation

adjustment

-

-

-

-

47,423

-

47,423

Balance at October 31, 2021

143,793,829

41,665,824

5,045,611

9,315,760

56,282

(46,144,788)

9,938,689

Private placements

14,431,819

12,000,001

(5,045,611)

-

-

-

6,954,390

Issuance of finders' shares

227,272

218,181

-

-

-

-

218,181

Share issue costs

-

(701,032)

-

113,740

-

-

(587,292)

Shares issued in settlement of RSUs

155,600

147,820

-

-

-

-

147,820

Warrants exercised

4,899,378

1,575,630

-

(116,919)

-

-

1,458,711

Share-based payments

-

-

-

59,088

-

-

59,088

Net loss for the period

-

-

-

-

-

(8,212,306)

(8,212,306)

Foreign currency translation

adjustment

-

-

-

-

144,333

-

144,333

Balance at April 30, 2022

163,507,898

$

54,906,424

$

-

$

9,371,669

$

200,615

$

(54,357,094)

$

10,121,614

The accompanying notes are an integral part of these condensed consolidated interim financial statements

- 5 -

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Blackrock Gold Corp. published this content on 29 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2022 21:31:05 UTC.