Blast Resources Inc. — Capital/Financing Update 2026

Jan 6, 2026

FORM 51-102F3
MATERIAL CHANGE REPORT

1. NAME AND ADDRESS OF COMPANY
   Blast Resources Inc.
   380 - 580 Hornby Street
   Vancouver, BC V6C 3B6

2. DATE OF MATERIAL CHANGE
   December 23, 2025

3. NEWS RELEASE
   News release dated December 23, 2025 was disseminated via TheNewswire

4. SUMMARY OF MATERIAL CHANGE
   Blast Resources Closes Fully-Subscribed LIFE Offering

5. FULL DESCRIPTION OF MATERIAL CHANGE
   Blast Resources Inc. (“Blast” or the “Company”) (CSE: BLST) announced that it has closed its previously announced non-brokered private placement LIFE offering (the “Offering”) by issuing 860,000 units (each a “Unit”) at a price of $0.25 per Unit for aggregate gross proceeds of $215,000.

Each Unit consists of one common share and one transferrable common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire an additional common share at a price of $0.35 per common share until December 23, 2027, subject to acceleration. The Warrants will additionally be restricted from exercise until February 22, 2026, being the 61st day following the closing of the Offering (the “Exercise Restriction Period”).

The Warrants are subject to an acceleration right held by the Company, such that if the closing price of the Company’s shares is at or exceeds $0.50 for a period of 10 consecutive trading days, the Company may, at any time after such an occurrence but not before the expiry of the Exercise Restriction Period, give written notice (via news release) to the holders of the Warrants that the Warrants will expire at 5:00 p.m. (Vancouver time) on the 30th day following the giving of notice unless exercised by the holders prior to such date. Upon receipt of such notice, the holders of the Warrants will have 30 days to exercise their Warrants and any Warrants that remain unexercised will expire.

In connection with the Offering, the Company paid cash finder’s fees of $21,500.

The proceeds raised from the Offering are expected to be used for exploration activities at the Company’s Wales Lake property and working capital and general corporate purposes.

The Units were issued pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”). Pursuant to NI 45-106, the securities forming part of the Units issued to Canadian resident subscribers under the Offering are not subject to resale restrictions. The Company is relying on the exemptions in

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Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “Order”) and is qualified to distribute securities in reliance on the exemptions included in the Order.

1. RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102

Not applicable.

1. OMITTED INFORMATION

Not applicable.

1. EXECUTIVE OFFICER

James Casey Forward, CEO

Telephone: (778) 688-1799

1. DATE OF REPORT

January 5, 2026