Blende Silver : MDA (Blende Silver Corp. 2025 11 30 MDA Final)

About this update from Blende Silver Corp.

BLENDE SILVER CORP. Management Discussion and Analysis For the year ended November 30, 2025 This Management Discussion and Analysis ("MD&A") focuses on significant factors that affected Blende Silver Corp. ("Blende Silver" or the "Company") during the year ended November 30, 2025 and to the date of this report. This MD&A should be read in conjunction with the financial statements for the year ended November 30, 2025. The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All amounts presented in this MD&A are in Canadian dollars unless otherwise indicated. Additional information related to Blende Silver Corp. is available on SEDAR+ at https://www.sedarplus.ca This MD&A contains information up to and including March 26, 2026. FORWARD LOOKING STATEMENTS This Management's Discussion and Analysis ("MD&A") contains certain statements that may be deemed "forward-looking statements," within the meaning of certain securities laws. Forward-looking statements relate to management's expectations or beliefs about future performance, events, or circumstances that include, but are not limited to, future production, costs of production, prices of gold, reserve or resource potential, exploration and operational activities, and events or developments that the Company expects or targets. Forward-looking statements can usually be identified by words such as: "future", "plans", "scheduled", "expects", "intends", "estimates", "forecasts", "will", "may", "could", "would", and variations thereof. Although the Company believes that these statements are based on reasonable assumptions, all forward-looking statements involve known and unknown risks and uncertainties that may cause the actual performance, events, or circumstances of the Company to be materially different than anticipated. The forward-looking information in this MD&A describes the Company's expectations as of the date of this MD&A. Such forward-looking statements, including but not limited to those with respect to the price of metals, the timing and amount of estimated future mineralization and economic viability of properties, capital expenditures, costs and timing of exploration projects, permitting timelines, title to properties, the timing and possible outcome of pending exploration projects and other factors and events des...

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