Mr. Andrew Rees reports

BLENDE SILVER CORP. RECEIVES FIVE-YEAR CLASS 3 MINING LAND USE APPROVAL FOR FLAGSHIP BLENDE PROJECT, YUKON

The Yukon Department of Energy, Mines and Resources has granted Blende Silver Corp. a Class 3 quartz mining land use approval (approval No. LQ00608) for its 100-per-cent-owned Blende silver-zinc-lead project in north-central Yukon. The approval is effective July 13, 2026, and is valid through July 12, 2031, providing the company with a five-year permitting window to conduct advanced exploration across the project.

The Class 3 approval represents the final major permit required for the company to execute its planned multiyear exploration programs at Blende and covers all 260 quartz claims comprising the project.

Highlights of the approval:

• Five-year term (July 13, 2026, to July 12, 2031) covering all 260 quartz claims;
• Diamond drilling approved across the project area;
• Operating season of Feb. 1 to Sept. 15 annually;
• Camp facilities for up to 50 persons, supporting up to 11,300 person days of work;
• Permitted airstrip (25,000 square metres (m)), providing enhanced air access to the project;
• Upgrading of five kilometres (km) of existing access and construction of two km of new road;
• Winter access via the Wind River winter road (two round trips per year);
• On-site fuel storage sufficient to support sustained drilling and camp operations.

Andrew H. Rees, president and chief executive officer, stated: "This approval is a major derisking milestone for Blende Silver. With a five-year Class 3 permit in hand covering the entire claim package, the company now has the regulatory certainty to plan and execute sustained, multiseason drill programs at what is the largest carbonate-hosted silver-zinc-lead deposit in Yukon. The permitted airstrip and camp infrastructure will materially improve the efficiency and cost profile of our field operations. Combined with the district-scale targeting work currently under way with Ronacher McKenzie Geoscience, Blende is now positioned to advance aggressively toward resource growth."

The company acknowledges the First Nation of Na-Cho Nyak Dun, on whose traditional territory the Blende project is located, and looks forward to continued engagement and communication as exploration programs advance. The company is committed to responsible exploration, progressive reclamation and full compliance with all conditions of the approval, including wildlife, heritage and environmental protection measures.

Project context and mineral resource base

The Blende project hosts the largest carbonate-hosted silver-zinc-lead deposit in Yukon (M. Robinson and C.I. Godwin, Economic Geology, 1995) . A mineral resource estimate prepared in accordance with National Instrument 43-101 at a cut-off of 1.5 per cent zinc equivalent (ZnEq), as disclosed in the company's news release dated May 20, 2021, is reproduced in the attached table.

The mineral resource estimate for the Blende project was prepared by Sue Bird, PEng, of Moose Mountain Technical Services, an independent qualified person as defined by National Instrument 43-101, and was disclosed in the company's news release dated May 20, 2021. The estimate was prepared in accordance with the 2014 CIM definition standards and the 2019 CIM best practices guidelines. The mineral resource figures in this news release are reproduced from that disclosure and have not been updated.

The mineral resource estimate is reported at a cut-off of 1.5 per cent ZnEq and is based on the metal price, exchange rate, recovery and cost assumptions set out in the company's news release dated May 20, 2021, including silver at $26 (U.S.) per ounce, zinc at $1.30 (U.S.) per pound and lead at $1 (U.S.) per pound. Metal prices have changed since the effective date of the estimate and the estimate has not been updated to reflect current prices. The company has not undertaken a re-estimation and expresses no view as to the effect, if any, of current metal prices on the estimate. Readers should not rely on the estimate as reflecting current market conditions. Historical exploration defined the east and west zones, two primary mineralized zones located approximately two kilometres apart.

Next steps

With the Class 3 approval in hand, the company intends to plan and advance exploration programs across the Blende project over the coming seasons, subject to the conditions of the approval and applicable regulatory requirements.

About Blende Silver Corp.

Blende Silver is a Vancouver-based junior resource company focused on silver-zinc-lead exploration and development at its flagship Blende project in north-central Yukon. The 100-per-cent-owned property is the largest carbonate-hosted Ag-Zn-Pb (silver-zinc-lead) deposit in Yukon and one of the largest undeveloped carbonate-hosted Ag-Zn-Pb deposits in Western Canada. The property covers 5,345 hectares, is winter road accessible and is located approximately 63 kilometres northeast of Keno Hill, Yukon.

The Blende property lies within the Keno Hill silver district, one of Canada's highest-grade historic silver producing districts, currently being advanced by Hecla Mining Company. The property has undergone more than $9.2-million in past exploration ($5.2-million by Blende Silver), including 25,195 metres of drilling in 132 drill holes.

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