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

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.

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 described in this MD&A involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

The reader should verify all claims and do their own due diligence before investing in any securities mentioned or implied in this document. Investing in securities is speculative and carries a high degree of risk.

Forward-looking statements are based on management's current plans, estimates, projections, beliefs, and opinions and we do not undertake any obligation to update forward-looking statements should the

assumptions related to these plans, estimates, projections, beliefs and opinions change, except as required by law.

Blende Silver is a mineral exploration company focused on the identification, acquisition, exploration and development of mineral properties in the Yukon Territory, Canada. It is listed on the TSX Venture Exchange, trading under the symbol "BAG".

Blende Silver is focused on the advancement of its Blende mineral property (the "Blende Project"), located in the Mayo Mining District, Yukon. The Company has positioned itself as a base metals exploration company.

During the year ended November 30, 2025 the Company continued project planning. There was no exploration program in the current season. The Company holds 260 mineral claims in Yukon, Canada. The claims are in good standing as follows: 38 claims to December 2027, 152 claims to December 2028 and 70 claims to December 2029.

Blende Zn-Pb-Ag Property, Mayo Mining District, Yukon Canada

Blende Silver's 100% owned Blende Zn-Pb-Ag-Cu Property is situated 75 km northeast of Keno City, Yukon. The winter-road accessible, 5,346 ha property encompasses the largest carbonate-hosted Zn-Pb-Ag deposit in Yukon and one of the largest undeveloped Zn-Pb-Ag deposits in Western Canada. The Property was previously explored by Billiton who between 1989 - 1991 drilled 77 holes (15,185 m) and calculated an historic open pit mineral resource of 19.6Mt averaging 3.04% Zn, 2.80% Pb and 56 g/t Ag.

The Blende Property was subsequently acquired by the Company in 2005 and between 2005-2009 the Company drilled an additional 45 holes (8,694 m), spending in excess of $5.2M in acquisition and exploration to acquire 100% interest in the Property. During the period 2009-2017 the Blende Project was placed under care and maintenance as a result of the prolonged downturn in base metal prices and availability of exploration capital. In light of the recent rise in base metal prices, particularly Zn and Pb, the Company has elected to renew its efforts to advance the Blende Property.

In June, 2017 the Company commissioned Moose Mountain Technical Services (MMTS), a private consulting firm to upgrade the Blende geological database, re-model the geology, calculate a maiden Blende NI 43-101 Mineral Resource Estimate utilizing all post-Billiton drill hole data and detail results in a NI 43-101 Technical Report. The Company also commissioned Mr. Frank Wright, P.Eng., of F. Wright Consulting Inc. to conduct a preliminary scoping evaluation on the recently collected metallurgical samples, focussing on basic pre-concentration and flotation studies for all mineralization types modeled at Blende. A four month, staged metallurgical program entailed characterization and optimization studies for comminution, dense media separation (DMS), flotation, liquid /solid (L/S) separation and concentrate characterization. Results from this study provide additional basis for the Blende Mineral Resource estimate and concentrate sample for further pyrometallurgical and hydrometallurgical recovery studies.

In August, 2017 MMTS collected 51 historic drill core samples from the Blende Property for Specific Gravity (SG) determinations, required to develop a density model for mineral resource classification, and 175 kg of drill core for metallurgical test work studies.

In November, 2017 Mr. Frank Wright, P.Eng., commenced a preliminary four month staged metallurgical test program entailing characterization and optimization studies for comminution, dense media separation (DMS), flotation, liquid/solid (LS) separation and concentrate characterization on 175 kilograms of mineralized split drill core samples obtained from the Blende Deposit, which had been stored on site for

several years. Despite an elevated extent of sulphide oxidation the test results showed a good response using conventional mineral processing procedures. Head grades ranged from 1.5% to 5.4% for lead, 1.5% to 3.5% for zinc, along with 17 to 65 g/t for silver. Based on the ratio of sulphide to total sulphur analysis the extent of oxidation ranged from 32% to 92%. Studies concluded the Blende Deposit has an average oxide content of 21% which allows for recovery of both sulfides and oxides at the recoveries used in the recently released Blende National Instrument (NI) 43-101 Mineral Resource Estimate. (see News Release April 11, 2018)

As a means of pre-concentration prior to milling, Blende metallurgical samples were subjected to DMS at a pre-screened particle size from ¼" (6.3 mm) to 1" (25 mm). The samples responded favorably with the grades of the concentrate close to double that of the DMS feed grades. When including screened fines, the metal recovery ranged from 85% to 90% for lead; and 82% to 86% for zinc, while rejecting approximately half the feed mass.

Differential flotation performed on the drill core samples also provided an encouraging initial response without the need for fine grinding. While further optimization is required, a satisfactory response was evident at a relatively moderate grind of a particle size distribution 80% passing 110 microns. Locked cycle and continuous testing flotation was not performed for this initial portion of testing on the Blende samples. The estimated flotation recoveries are from the open cycle tests, which include cleaner tailing that are recycled in a locked cycle or continuous circuit. For zinc, this recovery was more challenged than lead, likely due to oxidation resulting in a portion of the zinc reporting to the lead concentrate, despite use of depressant and pH control. For the samples tested this resulted in an average estimated ~70% zinc recovery to the zinc float concentrate. Lead float recoveries for this test program were approximately 85%, at a corresponding concentrate grade of ~60% lead. Most of the silver, as would be desired for maximum smelter payments, report to the lead concentrate, with a total silver recovery of 90%, at a grade of up to 823 g/t silver into the lead concentrate, depending on the head assay.

Mr. Wright, P.Eng. states "With further evaluation the process response can be expected to improve on these results with ongoing project advancement. In part this would be due to evaluating more representative mineralized samples taken at depth that are shown to have a lower extent of sulphide oxidation. In turn that should improve process performance as compared to these more highly oxidized samples that had been stored on surface. Regardless, metallurgical test results to date provide an encouraging indication that the Blende mineralogy will respond well to standard process techniques."

On April 11, 2018 the Company announced the maiden open pit-constrained NI 43-101 Blende Mineral Resource estimate. The Base Case Mineral Resource is reported below in Table 1.

*NI 43-101 Resource Estimate for the Blende Property, Yukon Territory; Susan C. Bird, M.Sc., P.Eng; Robert J. Morris, M.Sc., P.Geo. and Frank Wright, P.Eng. (May 25, 2018).

Despite an elevated extent of sulphide oxidation in the historic drill core metallurgical samples, metallurgical test results showed a good response using conventional mineral processing procedures.

The Blende Project is a potential bulk tonnage, open pit approach that offers some distinct cost advantages to other advanced Pb/Zn projects in Canada, which are typically underground. Blende Resource mineralization outcrops at surface, is confined to 2 pit shapes approximately 2 km apart and remains open in areas northwest, southeast and below the "reasonable prospects of economic extraction" open pit shapes.

On June 5, 2018, the Company reported it had recently received and filed an NI 43-101 Resource Estimate Technical Report, dated May 25, 2018, for the Company's 100% owned Blende Property, Yukon, on https://www.sedarplus.ca. The Technical Report was prepared by Moose Mountain Technical Services (MMTS), an independent mining consulting company. Furthermore, readers are invited to click here to view an animated 3D virtual tour of the Blende Zn-Pb-Ag Property location, geology and mineral resource. The winter-road accessible Blende Property is situated 64 km northeast of Keno Hill, Yukon, Canada.

NI 43-101 Report Recommendations

MMTS has recommended additional geological investigation should include a program to laterally extend known mineralization and test the down dip extension of this mineralization. Also, a program of infill drilling is recommended to increasingly test continuity of mineralization between existing drill sections. This will aid in upgrading the confidence level of the Blende Mineral Resource.

A proposed work program includes:

• Major infill drilling at the Far West Zone, West Zone-area and East-area zones to increase confidence in the resource estimation. Program should also concentrate on obtaining a meaningful database of SG measurements.

• Exploration drilling in the Far East Zone to properly identify and delineate zones of mineralization.

• Continual metallurgical studies to better determine appropriate process procedures and optimal recoveries.

• Although the Central Zone has seen limited drilling, it requires further geologic mapping, and needs to be put in the newly understood structural context, prior to any serious drill program.

• Additional geological mapping and reconnaissance contour soil sampling on the northwest, southeast and northern extensions of the claim group.

An Estimated Budget is shown below in Table 2 - Blende Project Estimated Budget

Qualified Person

Ms. Sue Bird, P.Eng., Principal at MMTS is independent of the Company and a 'Qualified Person' (Q.P.) as defined under Canadian National Instrument NI 43-101. Ms. Bird was responsible for the Mineral Resource Estimate and directly related information.

ATAC Resource's 65 km all-season Rau Project access tote road was approved in an agreement between the Government of Yukon and the First Nation of Na-Cho Nyäk Dun. This is a significant positive development for exploration and mining in the region. While Blende Silver has no formal relationship, negotiations or agreement in place with any related party to use the all-season tote road, if and when it is developed, the Company will closely monitor developments and explore any all-season Blende Property access opportunities when appropriate.

The Blende Property is subject to a 2% net smelter return royalty interest in favour of Sandstorm Gold Ltd. and a 1% net smelter return royalty interest in favour of John Bernard Kreft. Under the Royalty Interest, the Company is required to pay Sandstorm Gold, as an advance royalty payment against the Royalty Interest: (i) $50,000 on the date a feasibility report is completed on the Blende Property and (ii)

$50,000 on or before each and every anniversary date of such feasibility report until the date of