Mr. J. Frank Callaghan, a shareholder, reports

This news release is issued by J. Frank Callaghan (the acquiror) pursuant to the early warning requirements of National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, and with respect to a future intention regarding the disposition by the acquiror of common shares of Blende Silver Corp. (the issuer).

On May 12, 2026, Mr. Callaghan reports his intention to dispose of up to two million common shares of the issuer. Prior to the intention the acquiror owned and controlled 19,572,243 common shares in the capital of the issuer, representing 20.05 per cent of the issuer's outstanding common shares.

The intended disposition represents approximately 2.46 per cent of the outstanding common shares of the issuer (based on the issuer having 81,383,120 common shares currently issued and outstanding).

The securities were acquired for investment purposes. Depending on market and other conditions, the offeror may, from time to time, in the future, increase or decrease his ownership, control or direction over the common shares or other securities of the issuer, through market transactions, private agreements, treasury issuances, or otherwise, subject in all cases to market conditions and compliance with applicable securities laws.

NI 62-103 also requires a report to be filed with regulatory authorities in each of the jurisdictions containing additional information with respect to the foregoing matters. A copy of the early warning report will appear with Blende Silver's documents under its profile on SEDAR+.