Silver Storm Mining Ltd.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Silver Storm Mining Ltd. (formerly Golden Tag Resources Ltd.) holds advanced-stage silver projects located in Durango, Mexico. Silver Storm recently completed the acquisition of 100 per cent of the La Parrilla Silver Mine Complex, a prolific operation that comprises a 2,000-tonne-per-day mill, as well as five underground mines and an open pit, which collectively produced 34.3 million silver equivalent ounces between 2005 and 2019. The Company also holds a 100-per-cent interest in the San Diego Project, which is among the largest undeveloped silver assets in Mexico.

Investment Highlights

• A Near-Term Silver Producer
• Mid-2025 target to restart mining at the past-producing La Parrilla Silver Mine Complex
• Clear, Low Risk Pathway to Production
• Multiple Upcoming Catalysts
• Development Opportunity at San Diego
• Attractive Valuation, Re-Rating Potential
• Significantly undervalued compared to peers
• Environment, Social Responsibility and Governance
• Focus on community, safety and the environment
• Durango: A Top Mexican Mining State
• Silver:
• Low-Carbon Transition Fuels Increased Silver Demand
• An Essential Metal for the Low Carbon Economy
• Current Environment is Ripe for Strong Silver Returns

ASSETS BASED IN DURANGO STATE

La Parrilla Silver Mining Complex (Ag-Au-Pb-Zn)

Surface and Underground Infrastructure in Place to Support Near Term Restart

District Scale Property

• Large, underexplored 69,478 ha land package

Developed Infrastructure (~US$150M in Place Replacement Value)

• Five underground mines, three key areas: Rosarios, San Marcos, and Quebradillas
• Mines are primarily sulphide
• 2,000 tpd processing facility
• 1,000 tpd flotation and 1,000 tpd leaching circuits
• Fully-permitted for production

History of Production (Dating to 1956)

• Average of 3.52 Moz silver equivalent (~67% Ag + 33% Pb/Zn) produced between 2012-2018

Near-Term, Low Risk Restart Opportunity

• 7,000 m Phase 1 drill program in progress
• 10,000 m follow up drill program to come
• Q4 2024 technical studies and mine plan to support future restart of mining and processing activities

Initial Mineral Resource Estimate

(SRK Consulting, August 2023)

• The mineral resource estimate was modelled using 22 zones across 3 underground mining areas
• Indicated resource of 615 kt totaling 5.19 Moz AgEq
• 85% of indicated AgEq ounces are sulphides
• Inferred resource of 1,257 kt totaling 10.33 Moz AgEq
• 65% of inferred AgEq ounces are sulphides
• Excellent in and near-mine exploration upside to grow resource

Phase 1 Exploration Plan

Low-Risk Resource Drilling to Facilitate Restart Plan

• 7,000 m in-fill and step-out drill program underway
• Primarily testing the extensions of known structures
• Program designed to increase the Inferred Resource base
• Drilling in proximity to underground mining infrastructure and existing development
• Three key target areas:
• Quebradillas Underground – 3,000 m
• Rosarios and Cuerpo 340 – 3,000 m
• San Marcos – 1,000 m

Phase 1 Drilling Results

Quebradillas Underground

• 3,000 m of drilling to test the strike and down-dip extensions of three key zones
• Cuerpo 460, Norte-Sur, and San Nicolas

Drilling Highlights

• Q-23-020: 14.62 m @ 1,810 g/t AgEq
• Including 9.57 m @ 2,466 g/t AgEq and 4.00 m @ 682 g/t AgEq
• Q-23-022A: 13.05 m @ 911 g/t AgEq
• Including 2.60 m @ 2,361 g/t AgEq and 2.15 m @ 1,266 g/t AgEq
• Q-23-010: 14.80 m @ 500 g/t AgEq
• Including 7.14 m @ 650 g/t AgEq and 4.36 m @ 607 g/t AgEq
• Q-23-024: 9.39 m @ 689 g/t AgEq
• Including 5.25 m @ 1,000 g/t AgEq
• Q-23-007: 8.72 m @ 324 g/t AgEq
• Including 4.46 m @ 436 g/t AgEq and 2.26 m @ 330 g/t AgEq

San Diego Project (Ag-Au-Pb-Zn)

The Right Location

• 91.65 ha land package in the heart of the prolific Velardeña Mining District
• 4 mining concessions 100% owned by Silver Storm
• 75 km southwest from Torreon, 160 km northeast of Durango

Sizeable Silver and Zinc Resource with Expansion Potential

• Mineral Resource Estimate (SGS Canada, April 2013)
• Mineralization consists of a series of high-grade Ag-Pb-Zn veins which widen at depth and large endoskarn deposits
• Resource estimate based on 33,000 m of drilling across 23 zones / veins
• Indicated resources of 16.5 Mt containing 31.6 Moz Ag and 438 Mlbs Zn (55.5 Moz AgEq)
• Inferred resources of 42.1 Mt containing 83.8 Moz Ag and 1,211 Mlbs Zn (155.3 Moz AgEq)

Large Development Opportunities

• Potential to expand resource in multiple areas:
• Current resources open laterally and at depth
• Recent drilling of the 57 Target confirms open pit potential
• Higher-grade structures (>150 g/t AgEq) could potentially be processed at La Parrilla

4 Key Exploration Zones

• 1849 Zone
• Broad zone of skarn mineralization with bulk tonnage potential.
• Fernandez Zone
• Broad intercepts of endoskarn mineralization with bulk tonnage potential
• Montanez Zone
• Potential additional skarn mineralization
• 57 Target
• Hole 21-57 drilled 72 g/t AgEq over 274 m commencing from surface
• Open pit potential above the Fernandez Zone

Current Program

• Soil sampling and ground geology
• Investigations of outcropping veins
• Identify targets for drilling

Management

Management and Directors

Greg McKenzie, JD, MBA, President, CEO & Director

A former senior investment banker with over 20 years of experience. He has held positions with Morgan Stanley, CIBC World Markets and Haywood Securities and executed transactions in excess of $18 billion. Mr. McKenzie previously practiced corporate law with a leading Canadian securities and M&A law firm.

Will Ansley, CPA, CA, Chief Operating Officer

Over 20 years of mining industry experience including development & construction of seven mines in the Americas. He has held senior roles at FNX Mining, Lake Shore Gold, and acted as Chief Operating Officer of Mineral Streams Inc. in its sale to AuRico Metals Inc. in 2015.

Kalenci Flores, General Manager, Mexico

A mining engineer who has over 20 years of experience in both technical service and management roles in the mining industry, specializing in underground mining operations. He has held roles with First Majestic, Endeavour Silver, Mandalay, Nyrstar, and Coeur.

Bruce Robbins, M.Sc.A, Geologist, QP

Has over 30 years' experience as a geologist. He has managed the budgets of multi-million dollar exploration programs.

Carmelo Marrelli, Chief Financial Officer

The Principal of the Marrelli Group, a Chartered Professional Accountant (CPA, CA, CGA) and a member of the Institute of Chartered Secretaries and Administrators.

Dwayne Melrose, Director

Over 30 years of international mining experience. He is the former President and CEO of True Gold Mining, Gold Reach Resources, and VP of Exploration of Minco Silver.

Talal Chehab, BA, LL.B, Director

An Ontario lawyer who operates a law firm in Toronto specializing in corporate-commercial law.

Tom English, Director & Chairman of the Audit Committee

Holds over 20 years experience in the financial industry at investment banks including CIBC World Markets and Salman Partners.

News Update

On February 18, 2025 Silver Storm Mining Ltd. Private Placement

Financing type: non-brokered private placement

Gross proceeds: $3,900,000.06

Offering: 43,333,334 listed shares with 43,333,334 warrants attached

Offering price: nine cents per listed share

Warrant exercise terms: 16 cents per listed share for a period of 36 months

On February 11, 2024, Silver Storm Mining Ltd. announced the results of an updated Mineral Resource estimate (“Updated Mineral Resource Estimate”) reported in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”)for the Company’s 100% owned La Parrilla Silver Mine Complex, located in Durango Mexico.

Highlights of the Updated Mineral Resource Estimate include:

• 107% increase in Indicated Mineral Resources, from 5.2 Moz Ag.Eq1,2 in the 2023 Mineral Resource Statement to 10.8 Moz Ag.Eq
• 58% increase of Inferred Mineral Resources, from 10.3 Moz Ag.Eq in the 2023 Mineral Resource Statement to 16.3 Moz Ag.Eq
• Approximately 90% of the Indicated and 85% of the Inferred Mineral Resource tonnage is sulphide mineralization; 10% of the Indicated and 15% of the Inferred Mineral Resource tonnage is oxide mineralization
• Silver dominant: 66% of the Indicated and 69% of the Inferred Updated Mineral Resource gross metal value is derived from silver
• 23 additional mineralized structures have been modelled, including several that were previously mined by the former operator, with significant upside potential
• Total all-in exploration cost of US$0.22/oz Ag.Eq discovered

Greg McKenzie, President and CEO, commented, “We are incredibly pleased with this latest resource update. We achieved a material 107% increase in Indicated Resources and there was also a significant increase in Inferred Resources at La Parrilla. With further drilling, we would expect to maintain a continued conversion rate. The Company is now very well positioned, having a fully permitted silver mine complex, with a sizable Mineral Resource endowment that could potentially feed the La Parrilla processing plant for several years.

On February 06, 2025, Silver Storm Mining Ltd. has closed the final tranche of its non-brokered private placement offering of units of the company, which was initially announced on Dec. 5, 2024. Under the final tranche of the offering, 5,043,335 units were issued at a price of nine cents per unit for aggregate gross proceeds of $453,900.18. under the offering, the company issued an aggregate of 43,333,334 units, raising total gross proceeds of $3,900,000.06.

On February 03, 2025, Silver Storm Mining Ltd. reported that on Jan. 30, 2025, closed an additional tranche of the non-brokered private placement offering of units previously announced on Dec. 5, 2024. Under this tranche of the offering, 23,951,999 units were issued at a price of nine cents per unit for aggregate gross proceeds of $2,155,680. This tranche included a $1.5-million investment from current significant shareholder First Majestic Silver Corp. (FM). In total under the offering, the company raised total gross proceeds of $3,446,100.

Each unit consists of one common share of the company and one common share purchase warrant. Each warrant shall be exercisable to acquire one additional common share at an exercise price of 16 cents until 36 months after closing.

On January 23, 2025, Silver Storm Mining Ltd. is increasing the size of the previously announced non-brokered private placement offering of units of the company for gross proceeds of up to $3,500,000.01 at a price of nine cents per unit subject to approval from the TSX Venture Exchange. The offering will include an investment of $1.5-million from current significant shareholder First Majestic Silver Corp. (FM). See previous news releases dated Dec. 5, 2024, Dec. 19, 2024, Jan. 6, 2025, Jan. 9, 2025, and Jan. 16, 2025, for further details of the offering. To date under the offering, the company has raised gross proceeds of $1,290,420.

The company intends to use the net proceeds from the offering to complete its upcoming National Instrument 43-101 resource statement, and for general corporate and working capital purposes.

On Jan. 16, 2025, Silver Storm Mining Ltd. closed the third tranche of its non-brokered private placement offering of units of the company previously announced on Dec. 5, 2024. Under the third tranche of the offering, 8,716,667 units were issued at a price of nine cents per unit for aggregate gross proceeds of $784,500.03. The third tranche included a $500,000 investment from current significant shareholder Eric Sprott. To date under the offering, the company has raised total gross proceeds of $1,290,420.

Each unit consists of one common share of the company and one common share purchase warrant. Each warrant shall be exercisable to acquire one additional common share at an exercise price of 16 cents until 36 months after closing.

On January 10, 2025, Silver Storm Mining Ltd. has released drill results from its phase 2 diamond drilling program at the company's 100-per-cent-owned La Parrilla silver mine complex, located in Durango, Mexico. Results from the 10 holes (1,406 metres) contained within this release are from the C460 zone, within the Quebradillas mine. The company also provides an update on its non-brokered private placement offering.

It drilled 1,335 G/T Ag.Eq over 3.7m within broader intervsl of 618 G/T Ag.Eg over 18 m in C460 zone and extends high-grade zone 138 m at depth.

Greg McKenzie, president and chief executive officer, commented: "The C460 zone drill results reported today are indicative of the importance of this zone in a restart of operations. Hole Q-24-057 returned 696 g/t AgEq over 2.02 m, approximately 138 m below the 1767 EL stope, combined with previously reported holes Q-23-020 grading 1,810 g/t AgEq over 14.6 m and Q-23-022A grading 911 g/t AgEq over 13.05 m, also beneath the 1767 EL stope, demonstrate the high-grade potential of this undeveloped 138 m section of the southern C460 zone. Our excellent follow-up high-grade drill results to date, which are in proximity to previous production stopes with high-grade historical channel samples, shows the potential for expansion of high-grade mining in C460."

On January 06, 2025, Silver Storm Mining Ltd. announced the drill results from its Phase 2 diamond drilling program at the Company’s 100% owned La Parrilla Silver Mine Complex, located in Durango Mexico. Results from the 12 holes (1,502 metres (“m”)) contained within this release are from the San Nicolas and C550 Zones, within the Quebradillas mine. The Company also announces the closing of the second tranche (the “Second Tranche”) of its non-brokered private placement offering (the “Offering”) of units of the Company (each, a “Unit”) previously announced on December 5, 2024.

It drilled 847 g/t Ag.Eq Over 4.2 m within a broader interval of 565 g/t Ag.Eq over 7.2 m in C550 and 535 g/t Ag.Eq over 2.5 m in San Nicolas, extending both zones.

Greg McKenzie, President and CEO, commented: “We are very pleased with the results from San Nicolas and C550. At San Nicolas, through holes Q-24-054 and 056, we have extended high-grade mineralization up to 70 m above the last mined stope in the area, and this mineralization is open to the southeast. Also, with hole Q-24-063, we have confirmed high-grade mineralization extends at least 40 m beneath the last development in this area. At C550, where historical drilling is sparse, through hole Q-24-065 we have identified a high-grade zone extending 77 m below the last development in this area, as well as identified a new zone of mineralization to the south of C550. These results, when combined with historical holes drilled by First Majestic Silver Corp. (“FM”) should have a positive impact on future Mineral Resources.”

On December 19, 2024, Silver Storm Mining Ltd. announced the closing of the first tranche (the “First Tranche”) of its non-brokered private placement offering (the “Offering”) of units of the Company (each, a “Unit”) previously announced on December 5, 2024. Under the First Tranche of the Offering, 5,173,555 Units were issued at a price of $0.09 per Unit for aggregate gross proceeds of $465,619.95.

The Offering has received conditional approval from the TSX Venture Exchange (the “TSXV”).

On December 16, 2024, Silver Storm Mining Ltd. announced the further drill results from its Phase 2 diamond drilling program at the Company’s 100% owned La Parrilla Silver Mine Complex, located in Durango Mexico. Results from the 9 holes (947 metres (“m”)) contained within this release are from the San Marcos Mine. The company confirmed 100 Metre High-Grade Depth Extension in San Marcos.

Greg McKenzie, President and CEO, commented: “We are pleased with the infill drill results confirming the extension of the high-grade sulphide zone 100 m below the last mined stope in the San Marcos mine. Results from the four holes in this area indicate that mineralization is becoming wider at depth than the previously mined horizons. It is also important to recognize that additional oxide mineralization was successfully intersected, these areas are close to surface or mine development and could be used to supplement the oxide circuit in a potential restart scenario.”

On December 09, 2024, Silver Storm Mining Ltd. announced the results from the Phase 2 diamond drill program at the Company’s 100% owned La Parrilla Silver Mine Complex, located in Durango Mexico. Results from the 10 holes (1,322 metres (“m”)) contained within this release are from the Rosarios and Footwall Zones, within the Rosarios mine.

It identified 3 High Grade Zones in Central Rosarios Spanning 275 m and Extends Mineralization up to 148 m Below Last Mined Area.

Greg McKenzie, President and CEO, commented: “We are really pleased with the drill results from Phase 1 & 2 within Central Rosarios. Three of the high-grade areas collectively reported today outline a terrific zone at depth with continuity over a strike length of 275 metres. Two of these areas were predicted to be blank within the existing resource model.

On December 05, 2024, Silver Storm Mining Ltd. intends to complete a non-brokered private placement offering of up to 22,222,222 units of the company at a price of nine cents per unit for gross proceeds of up to $2-million. The company reserves the right to increase the size of the offering, subject to the approval of the TSX Venture Exchange.

Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant shall be exercisable to acquire one additional common share at an exercise price of 16 cents until 36 months from the date of issuance.

The company intends to use the net proceeds from the offering to complete its upcoming National Instrument 43-101 resource statement and for general corporate and working capital purposes.

On December 02, 2024, Silver Storm Mining Ltd. announced the drill results from its Phase 2 diamond drilling program at the Company’s 100% owned La Parrilla Silver Mine Complex, located in Durango Mexico. Results from the 5 holes (1,182 metres (“m”)) contained within this release are from the Norte-Sur Zone, within the Quebradillas mine.

It drilled 516 g/t Ag.Eq Over 3 m Within Broader Interval of 302 g/t Ag.Eq Over 15 m in Norte-Sur and Extends High-Grade Zone 180 m at Depth.

Greg McKenzie, President and CEO, commented: “Our Phase 1 & 2 high-grade drill results demonstrate the Norte-Sur Zone extends at least 180 metres below the previous mined stopes, with excellent lateral continuity, and remains open at depth. The distribution of high-grade drill holes in this area, combined with channel sample results taken within previously mined stopes, provide us with confidence in prioritizing this area for potential restart of mining activities.”

On November 28, 2024, Further to the TSX Venture Exchange bulletin dated Aug. 16, 2023, the exchange has accepted an amendment as announced on Nov. 24, 2024, with respect to a non-brokered private placement originally announced on March 6, 2023.

Number of shares: 35,317,610 shares

Amended number of shares: 35,392,610 shares

Purchase price: 20 cents per share

Warrants: 17,658,805 share purchase warrants to purchase 17,658,805 shares

Amended number of warrants: 17,696,305 share purchase warrants to purchase 17,696,305 shares

Warrant exercise price: 34 cents for a three-year period

On November 25, 2024, Silver Storm Mining Ltd. has released its transition and succession plan for the role of chief financial officer. Carmelo Marrelli, the company's current CFO, will be stepping down from his position once a suitable successor is appointed. To ensure a smooth transition, the company has commenced the search for a new CFO; however, Mr. Marrelli will remain available as needed to facilitate a seamless transition of responsibilities to his successor.

"Carmelo has been a valuable member of our team, providing financial expertise over many years, helping the company transition from explorer through the acquisition of La Parrilla," said Greg McKenzie, president and chief executive officer. "On behalf of the board of directors, shareholders and the entire team, I want to extend our heartfelt thanks to Carmelo for his years of commitment."

On November 14, 2024, Silver Storm Mining Ltd. announced that the Company's participation in two key investor conferences in November. The Company will join the 121 Mining Investment Conference in London, scheduled for November 14-15, 2024. Following this, Silver Storm will also be featured at the 50th Annual New Orleans Investment Conference, taking place from November 20-23, 2024, at the Hilton New Orleans Riverside. These events present valuable opportunities to connect with investors and discuss the Company's strategic initiatives and growth potential in the silver mining sector.

On October 21, 2024, The British Columbia Securities Commission (BCSC), as the principal regulator of Silver Storm Mining Ltd., has issued a failure to file cease trade order (CTO) for its failure to file its annual financial statements, management's discussion and analysis, and related officer certifications for the financial year ended March 31, 2024, and its unaudited interim financial statements, related management's discussion and analysis, and officer certifications for the three months ended June 30, 2024.

As previously disclosed, due to certain complexities associated with the acquisition of the La Parrilla assets, the accounting and audit process remains ongoing at this time. The company continues to work diligently with its auditor to facilitate the completion of the required documents. The company anticipates that the 2024 audit will be completed shortly and expects to make the annual filings on or about Oct. 24, 2024. The company expects the interim filings to be filed within five business days of the annual filings once completed. The CTO will remain in effect until two full business days following the receipt by the BCSC of all filings the company is required to make under British Columbia securities law, including the required documents.

On October 16, 2024, A cease trade order was issued by the British Columbia Securities Commission on Oct. 15, 2024, against Silver Storm Mining Ltd. for failing to file its annual audited financial statements for the period ended March 31, 2024, the interim financial report for the period ended June 30, 2024, the management's discussion and analysis for the periods ended March 31, 2024, and June 30, 2024, and the certification of annual and interim filings for the periods ended March 31, 2024, and June 30, 2024, respectively.

Upon revocation of the cease trade order, the company's shares will remain suspended until the company meets TSX Venture Exchange requirements. Members are prohibited from trading in the securities of the company during the period of the suspension or until further notice.

On October 09, 2024, Silver Storm Mining Ltd. is providing this biweekly update on the status of its management cease trade order, issued on July 30, 2024, by its principal regulator, the B.C. Securities Commission, under National Policy 12-203 (Management Cease Trade Orders). The company announced on July 30, 2024, that it expected to be unable to file its annual financial statements, management's discussion and analysis, and related officer certifications for the financial year ended March 31, 2024, by the filing deadline of July 29, 2024.

As a result of the delay in filing the annual filings, the company was unable to file its unaudited interim financial statements, related management's discussion and analysis, and chief executive officer and chief financial officer certifications for the three months ended June 30, 2024. Under National Instrument 51-102, the required interim filings were required to be made no later than Aug. 29, 2024.

On September 27, 2024, Silver Storm Mining Ltd.'s principal regulator, the B.C. Securities Commission, has granted an extension to the existing management cease trade order granted on July 30, 2024, from Sept. 27, 2024, to Oct. 11, 2024. The MCTO was granted due to a delay in the filing of its annual financial statements, management's discussion and analysis, and related officer certifications for the financial year ended March 31, 2024, by the filing deadline of July 29, 2024.

As a result of the delay in filing the annual filings, the company was unable to file its unaudited interim financial statements, related management's discussion and analysis, and chief executive officer and chief financial officer certifications for the three months ended June 30, 2024. Under National Instrument 51-102, the required interim filings were required to be made no later than Aug. 29, 2024.

On September 25, 2024, Silver Storm Mining Ltd. is providing this biweekly update on the status of its management cease trade order issued on July 30, 2024, by its principal regulator, the B.C. Securities Commission, under National Policy 12-203 (Management Cease Trade Orders). The company announced on July 30, 2024, that it expected to be unable to file its annual financial statements, management's discussion and analysis, and related officer certifications for the financial year ended March 31, 2024, by the filing deadline of July 29, 2024.

The financial statements, related management's discussion and analysis, and chief executive officer and chief financial officer certifications for the three months ended June 30, 2024. Under National Instrument 51-102, the required interim filings were required to be made no As a result of the delay in filing the annual filings, the company was unable to file its unaudited interim later than Aug. 29, 2024.

The company confirms that, other than as described above, there are no material changes to the information contained in the default announcement.

On September 12, 2024, Silver Storm Mining Ltd. is providing this biweekly update on the status of its management cease trade order (MCTO) issued on July 30, 2024, by its principal regulator, the British Columbia Securities Commission, under National Policy 12-203, Management Cease Trade Orders. The company announced on July 30, 2024, that it expected to be unable to file its annual financial statements, management's discussion and analysis (MD&A), and related officer certifications for the financial year ended March 31, 2024, by the filing deadline of July 29, 2024.

As a result of the delay in filing the annual filings, the company was unable to file its unaudited interim financial statements, related management's discussion and analysis, and CEO and CFO certifications for the three months ended June 30, 2024. Under National Instrument 51-102, the required interim filings were required to be made no later than Aug. 29, 2024.

As previously disclosed, due to certain complexities associated with the acquisition of the La Parrilla assets, the accounting and audit process remains continuing at this time. The BCSC has given the company until Sept. 27, 2024, to complete its annual filings, which the company anticipates being in a position to meet. The company expects the interim filings to be filed within five business days of the annual filings once completed. The MCTO will remain in effect until two full business days following the receipt by the BCSC of all filings the company is required to make under British Columbia securities law, including the required documents. The MCTO does not affect the ability of other shareholders, including the public, to trade in securities of the company.

On September 05, 2024, Silver Storm Mining Ltd. announced that it will be attending the 2024 Precious Metals Summit in Beaver Creek, CO being held September 10-13, 2024.

The Summit is the world’s leading independent investment conference dedicated to explorers, developers, and emerging producers of gold, silver, and platinum group metals. This exclusive, invitation-only event will gather institutional investors, sell-side representatives, and corporate executives from senior precious metals companies, alongside nearly 200 carefully selected, high-potential issuers from the global mining and mineral exploration sectors.

On August 15, 2024, Silver Storm Mining Ltd. has released drill results from its phase 2 diamond drilling program at the company's 100-per-cent-owned La Parrilla silver mine complex, located in Durango, Mexico. Results from the 14 holes (2,327 metres (m)) contained within this release are from the Rosarios and San Carlos zones, within the Rosarios mine.

An overview video on the La Parrilla project is available on YouTube. Key highlights include:

• Numerous high-grade intercepts were encountered within the Rosarios mine underneath and in proximity to previous mined stopes. The current drill results, when combined with historical holes drilled by First Majestic (FM), are expected to have a positive impact on future mineral resources.
• Hole RO-24-028 returned 1,306 g/t (grams per tonne) AgEq (silver equivalent) over 1.60 metres within a broader interval of 887 g/t AgEq over 2.54 m. Hole RO-24-015 returned 1,791 g/t AgEq over 0.35 m within a broader interval of 711 g/t AgEq over 1.03 m and 1,170 g/t AgEq over 0.50 m and 1,071 g/t AgEq over 1.35 m within a broader interval of 598 g/t AgEq over 3.91 m.
• These high-grade intercepts are located approximately 45 m to the west a previously mined stope.
• Hole RO-24-032A returned 731 g/t AgEq over 1.40 m and 510 g/t AgEq over 0.50 m within a broader interval of 305 g/t AgEq over 5.60 m.
• Hole RO-24-034 returned 350 g/t AgEq over 1.06 m, 475 g/t AgEq over 0.40 m and 617 g/t AgEq over 0.42 m, 396 g/t AgEq over 0.40 m, and 592 g/t AgEq over 0.40 m and 1,085 g/t AgEq over 0.50 m.
• These high-grade intercepts are located approximately 35 m under the last stope mined in this area.
• Hole RO-24-026 returned 421 g/t AgEq over 1.13 m and 316 g/t AgEq over 1.72 m within a broader interval of 276 g/t AgEq over 5.46 m. Historical hole LBT-11-01 intersected 523 g/t AgEq over 0.60 m and 670 g/t AgEq over 1.30 m. Hole RO-24-014 returned 285 g/t AgEq over 1.02 m and 431 g/t AgEq over 0.69 m. Historical hole ILP-RO-18-60 returned 1,167 g/t AgEq over 1.45 m within a broader interval of 434 g/t AgEq over 6.25 m.
• This high-grade area extends approximately 148 m below the last stope mined in this area and 128 m below indicated and inferred resources identified by SRK.

Three exploration holes confirm the continuity of the San Carlos zone, first discovered by FM in 2015 with hole ILP-14M-15-02 returning 361 g/t AgEq over 1.40 m: hole RO-24-036 returned 722 g/t AgEq over 0.66 m and 284 g/t AgEq over 0.50 m. The mineralization from these holes is located 135 m south of the Rosarios zone and approximately 335 m from surface.

Greg McKenzie, president and chief executive officer, commented: "We are pleased with the high-grade results within Central Rosarios, now with six intercepts exceeding 1,000 g/t AgEq. It is important to recognize this area was predicted to be blank. The results reported today extend the high-grade mineralization up to 128 m below the indicated and inferred resources identified by SRK and we anticipate the drilling will have a positive impact on future mineral resources, both in terms of tonnage and grade."

On July 30, 2024, Silver Storm Mining Ltd. anticipates the filing of its annual financial statements, management's discussion and analysis, and related officer certifications for the financial year ended March 31, 2024 (collectively, the annual filings), will be delayed beyond the required filing deadline under parts 4 and 5 of National Instrument 51-102 -- Continuous Disclosure Obligations and pursuant to National Instrument 52-109 -- Certification of Disclosure in Issuer's Annual and Interim Filings, being July 29, 2024 (the filing deadline).

As a result of certain complexities associated with the acquisition of the La Parrilla assets, the accounting and audit process is continuing at this time. Accordingly, the company has determined that it will not be able to complete the audit and file the annual filings by the filing deadline. The company intends to work closely with its auditor and expects to file the annual filings as soon as possible, and in any event, no later than Aug. 28, 2024. The company does not anticipate any further delay in filing its annual filings together with the related officer certifications for the financial period ended June 30, 2024, due by Aug. 29, 2024.

On July 19, 2024, The TSX Venture Exchange has accepted for filing the company's proposal to issue 972,200 common shares to settle outstanding debt of $175,000 at a deemed price of 18 cents per common share. Number of creditors: one creditor

On June 24, 2024, Silver Storm Mining Ltd. has released further drill results from its phase 1 diamond drilling program at its 100-per-cent-owned La Parrilla silver mine complex, located in Durango, Mexico. Results from the 16 holes (1,935 metres ("m")) contained within this release are from the San Marcos Mine. Key highlights include:

In San Marcos South, hole SM-24-010 returned 504 g/t Ag.Eq1 over 5.14 m and 367 g/t Ag.Eq over 2.63 m within a broader interval of 249 g/t Ag.Eq over 19.03 m and 427 g/t Ag.Eq over 2.13 m

SM-24-011 returned 569 g/t Ag.Eq over 2.00 m and 431 g/t Ag.Eq over 1.87 m within a broader interval of 319 g/t Ag.Eq over 11.75 m

Greg McKenzie, President and CEO, commented: "We are pleased with the strong drill results from the San Marcos Mine, where we have intersected high-grade mineralization in both the South & North Zones approximately 100 m below the last mined stopes. In particular, the South Zone appears to be getting wider at depth where hole SM-24-011 intersected 319 g/t Ag.Eq over 11.8 m (true width ~ 11 m) compared to 2.4 m within the last mined stope 100 m higher. We anticipate these results should have a positive impact on future Mineral Resources, both in terms of tonnage and grade. Follow up drilling will be performed in proximity to holes 010 and 011 allowing for the potential addition of indicated resources within this area of San Marcos."

May 27, 2024, Silver Storm Announces Rosarios Mine Drill Results

In Central Rosarios: hole RO-24-015 returned 598 g/t AgEq (silver equivalent) over 3.91 m, including 1,170 g/t AgEq over 0.50 m and 1,071 g/t AgEq over 1.35 m.

https://www.silverstorm.ca/2024/rosarios-mine-drill-results

May 7, 2024, Silver Storm Announces La Estrella Zone Drill Results

Hole Q-23-030 intersected the La Estrella Zone returning 455 g/t AgEq over 4.13 m including 1,617 g/t AgEq over 0.60 m

https://www.silverstorm.ca/2024/silver-storm-announces-la-estrella-zone-drill-results

April 22, 2024, Silver Storm Announces 2024 Brand Awareness Program and Grant of Incentive Stock Options

https://www.silverstorm.ca/2024/svrsclosessecondtranche-hfeje-9sjkt-t5b6z-hpzdp

April 11, 2024, Silver Storm Announces Closing of $4.63 Million Second and Final Tranche of Oversubscribed Non-Brokered Private Placement Offering, including $3 Million Investment by Eric Sprott

https://www.silverstorm.ca/2024/svrsclosessecondtranche-hfeje-9sjkt-t5b6z

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