Silver Storm Mining Ltd.

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

Company Data

Introduction

Silver Storm Mining Ltd. holds advanced-stage silver projects located in Durango, Mexico. In 2023, Silver Storm acquired 100 per cent of the La Parrilla Silver Mine Complex, a prolific past-producing operation comprising a 2,000-tonne-per-day mill, as well as five underground mines and an open-pit that 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

• Near-Term Restart Opportunity
• 1Q 2026 target to restart mining at the past-producing La Parrilla Silver Mine Complex
• Produced over 34 Moz AgEq between 2006 and 2019
• Excellent In-Place Infrastructure
• ~US$150 M of in-place infrastructure including a 2,000 tpd mill and partial mining fleet
• Fully permitted for production
• Modest restart capital requirements
• Significant Re-Rate Potential
• Updated La Parrilla resource incorporating 18,626 m of drilling, growing Indicated resources by 107% and Inferred resources by 58%
• Rehabilitation of plant and mine to be completed within 7-9 months of financing
• Significantly undervalued compared to peers
• Further Upside Optionality
• San Diego is one of the largest undeveloped silver projects in Mexico
• Investigating potential milling synergies with La Parrilla
• Large 38,128 hectare land package
• Environment, Social Responsibility and Governance
• Focus on community, safety and the environment
• Durango: Widely recognized as one of Mexico’s top mining states
• Silver:
• The Unsung Hero of the New Economy
• An Essential Metal for New Technologies and the Low Carbon Economy
• Demand for Solar Power is Driving Supply Deficits
• Most Silver is Mined as a By-Product
• Current Environment is Ripe for Strong Silver Returns
• The Gold:Silver Ratio has Averaged ~65 to 1 Over the Past 30 Years

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 38,128 ha land package

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

• Three key underground mining areas: Rosarios, San Marcos, and Quebradillas
• Mines are primarily sulphide
• 2,000 tpd processing facility with two circuits
• 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

• February 2025 updated mineral resource estimate grew indicated resources by 107% and inferred by 58%

Updated Mineral Resource Estimate

(SRK Consulting, December 31, 2024)

• The Mineral Resource Estimate was modelled using 45 zones across 3 underground mining areas (Rosarios, San Marcos, Quebradillas)
• Indicated resource of 1,197 kt totaling 10.8 Moz AgEq
• Increased Indicated resources by 107%
• 90% of indicated AgEq ounces are sulphides
• Inferred resource of 1,988 kt totaling 16.3 Moz AgEq
• Increased Inferred resources by 58%
• 85% of inferred AgEq ounces are sulphides
• Additional 3.8 Moz AgEq in pillars that are excluded from the resource
• First Majestic routinely mines this material at their other operations

La Parrilla Resources and Drill Program

Low-Risk Resource Drilling to Facilitate Restart Plan

Initial Silver Storm Drill Program Completed leading to updated Mineral Resource Estimate

• 138 drill holes totaling 18,626 m
• Quebradillas Mine – 66 drill holes totaling 9,057 m
  Key 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
• Rosarios Mine – 47 drill holes totaling 6,687 m
  Key Drilling highlights:
• RO-24-015: 3.91 m @ 598 g/t AgEq
• Including 0.50 m @ 1,170 g/t AgEq and 1.35 m @ 1,071 g/t AgEq
• RO-24-014: 0.69 m @ 431 g/t AgEq and 1.02 m @ 285 g/t AgEq
• RO-24-020: 1.87 m @ 300 g/t AgEq
• Including 0.46 m @ 588 g/t AgEq
• RO-24-028: 2.54 m @ 887 g/t AgEq
• Including 1.60 m @ 1,306 g/t AgEq
• RO-24-032A: 5.60 m @ 305 g/t AgEq
• Including 1.40 m @ 731 g/t AgEq and 0.50 m @ 510 g/t AgEq
• RO-24-026: 5.46 m @ 276 g/t AgEq
• Including 1.13 m @ 421 g/t AgEq and 1.72 m @ 316 g/t AgEq
• San Marcos Mine –25 drill holes totaling 2,882 m
  Key Drilling highlights:
• SM-24-010: 19.03 m @ 249 g/t AgEq and 2.13 m @ 427 g/t AgEq
• Including 5.14 m @ 504 g/t AgEq and 2.63 m @ 367 g/t AgEq
• SM-24-011: 11.75 m @ 319 g/t AgEq
• Including 2.00 m @ 569 g/t AgEq and 1.87 m @ 431 g/t AgEq
• SM-24-012: 0.49 m @ 503 g/t AgEq and 1.21 m @ 141 AgEq
• SM-24-017: 1.00 m @ 405 g/t AgEq
• SM-24-016: 3.25 m @ 191 g/t AgEq
• SM-24-005: 2.50 m @ 178 g/t AgEq and 1.00 m @ 371 g/t AgEq
• SM-24-004: 0.55 m @ 283 g/t AgEq
• Silver dominant resource
• ~64% of the Indicated and ~67% of the Inferred Mineral Resource gross metal value is comprised of silver

La Parilla Ore Stockpiles

Existing High-Grade Sulphide and Oxide Stockpiles Available for Potential Restart Scenario

• Open pit oxide stockpile: estimated 1 million tonnes with average grade of 60-65 g/t AgEq
• High-grade sulphide stockpile: 43,151 tonnes with average grade of 217 g/t Ag, 1.80% Pb, 1.84% Zn
• >US$50M in potential revenue based on recent metal prices

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, 160km northeast of Durango

Sizeable Silver and Zinc Resourcewith 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

Subject to Additional Funding

• 5,000 – 10,000 m drill program
• Infill drilling to follow based on results
• Updated resource estimate
• Preliminary Ecological Appraisal (PEA) followed by feasibility study
• Construction and production

Management

Management and Directors

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

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.

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 November 13, 2025, Silver Storm Mining Ltd. announced that the Company is participating in the upcoming 121 Mining Investment Conference in London. Greg McKenzie, President & CEO of Silver Storm will be presenting about the Company's recent and future planned activities.

121 Mining Investment London will be hosting over 150 mining companies and more than 500 sophisticated investors for two days of pre-arranged, targeted 1-2-1 meetings.

On November 04, 2025, Silver Storm Mining Ltd. has fully drawn $7.0-million (U.S.) under the previously announced prepaid offtake financing facility with Samsung C&T Hongkong Ltd. and QSSC S.A. de C.V., both subsidiaries of Samsung C&T, as originally announced on Oct. 10, 2025.

Greg McKenzie, president and chief executive officer, commented: "This is a significant milestone for Silver Storm, providing the financial flexibility to execute our growth plans and deliver value to shareholders. We are pleased to strengthen our partnership with Samsung C&T, a global leader in commodity trading."

The company intends to use the proceeds of the facility for 1) rehabilitation and preparation activities at the company's La Parrilla silver mine complex, including mill rehabilitation and upgrading, underground development; 2) for general corporate and working capital purposes.

On October 30, 2025, Silver Storm Mining Ltd. announced that it will present at Red Cloud's Fall Mining Showcase 2025. Shareholders and interested parties are invited to attend the event and learn more about the company's latest developments.

The annual conference will be hosted in-person, at the Sheraton Centre Toronto Hotel on November 4 & 5, 2025, bringing together investors, mining companies and industry leaders.

Greg McKenzie, President & CEO, will be presenting on November 4th at 11:20 am Eastern Standard time and will be holding one-on-one investor meetings throughout the conference.

On October 22, 2025, Silver Storm Mining Ltd. has changed its auditor from Dale Matheson Carr-Hilton Labonte LLP to BDO Canada LLP, effective Oct. 13, 2025.

At the request of the company, the former auditor resigned as auditor of the company, effective Oct. 13, 2025. The board of directors appointed the successor auditor as the company's auditor, effective Oct. 21, 2025, until the next annual general meeting of shareholders.

There were no reservations in the former auditor's reports on the company's financial statements for the two most recently completed fiscal years, and there are no reportable events (as defined in National Instrument 51-102, Continuous Disclosure Obligations) between the company and the former auditor.

On October 21, 2025, Silver Storm Mining Ltd. has commenced rehabilitation activities at its 100-per-cent-owned La Parrilla silver mine complex in Durango state, Mexico. Highlights:

• Processing plant rehabilitation program has commenced;
• Engineering contractor engaged and mobilized: Dynamic Engineering Services Ltd. was awarded the contract for rehabilitation of the La Parrilla processing plant; estimated completion time is seven to nine months;
• Sulphide circuit will be expanded to 1,250 tonnes per day, representing a 25-per-cent increase;
• Long-lead items ordered for processing plant, including flotation cells;
• Underground rehabilitation work under way: initial activities include drift cleaning, scaling, ventilation upgrades and recommissioning of underground services;
• Strategic restart plan: SRK Consulting (Canada) Inc. has been engaged to review the company's restart plan for La Parrilla.

"The commencement of rehabilitation activities and the ordering of long-lead items at La Parrilla marks an important milestone for Silver Storm," stated Greg McKenzie, president and chief executive officer. "With the existing infrastructure in place and recent financings completed, we are taking decisive steps in respect of the company's objective of bringing the historic La Parrilla silver mine complex back into production and creating value for our shareholders and the communities of Durango. Rehabilitation and preparation activities will take seven to nine months, and, subject to further technical evaluations, we could target the potential restart of operations as early as the second quarter of 2026."

On October 10, 2025, Silver Storm Mining Ltd. announced that it has entered into a definitive agreement (the “Agreement”) with Samsung C&T Hongkong Ltd and QSSC S.A.DE C.V., both subsidiaries of Samsung C&T (“Samsung”) on an offtake prepayment financing for the restart of operations at the past producing La Parrilla Silver Mine Complex (“La Parrilla”), in Durango, Mexico. Key Highlights:

• Facility: US$7.0 million (the “Amount”) secured Prepaid Financing Facility for 18 months
• Interest Rate: 1-Month SOFR1 + 4.75%
• Repayment Terms: Six months interest and capital repayment grace period from initial availability, with repayments made in equal monthly installments over a 12-month period. Repayments may be made as deductions from concentrate sales.
• Security: Corporate guarantee and share pledge, and first ranking security in the assets of La Parrilla.
• Offtake: Offtake for 100% of the lead-silver and zinc concentrate produced at La Parrilla over a two-year period.

The proceeds of the Facility will be used to fund the restart of La Parrilla operations, including mill rehabilitation and upgrading, underground development and working capital for La Parrilla.

Greg McKenzie, President and CEO, commented, “The Agreement with Samsung represents a key step in our strategic vision of transitioning the Company into an operating entity. The Company has sufficient liquidity to complete the planned restart and rehabilitation activities at La Parrilla. Samsung’s involvement as a guaranteed purchaser for the concentrates reflects the confidence of a leading industry participant in our path forward and provides Silver Storm with another partner that is committed to bringing La Parrilla back into operation.”

On October 03, 2025, Silver Storm Mining Ltd. announced that its initial fall conference participation and the retention of Renmark Financial Communications Inc. (“Renmark”).

Silver Storm will be attending and/or presenting at the following initial events this fall, with other events to be added. Representing the Company will be Greg McKenzie, Director, President & CEO.

• 121 Mining Investment Global Online – Online: October 14 - 15
• Spartan Capital Investor Conference – New York, NY: November 3
• Red Cloud Fall Mining Showcase – Toronto, ON: November 4-5
• 121 Mining Investment London – London, UK: November 17-18

As of October 1, 2025, the company retained the services of Renmark to provide investor relations services to the Company (the “Services”) for an initial term of twelve (12) months, which term is subject to monthly renewal.

Greg McKenzie, President & Chief Executive Officer stated, “We are pleased to announce that we have selected Renmark to reinforce Silver Storm Mining Ltd.’s profile in the financial community and enhance the visibility of our company. We chose Renmark because its standards and methodologies fit best with the message we wish to communicate to the investing public.”

On September 22, 2025, Silver Storm Mining Ltd. has closed its previously announced bought deal private placement for gross proceeds of $13,766,250, which includes the proceeds from the partial exercise of the underwriter's overallotment option. Pursuant to the offering, the company sold 55,065,000 units of the company at a price of 25 cents per unit. Red Cloud Securities Inc. (the underwriter) acted as sole underwriter and bookrunner in connection with the offering.

Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of the company at a price of 35 cents at any time on or before Sept. 22, 2028.

The company now has sufficient liquidity and intends to use the net proceeds from the offering to advance the restart of the La Parrilla silver mine complex in Durango, Mexico, as well as for general corporate purposes and working capital, as is more fully described in the offering document (as defined herein).

On September 03, 2025, Silver Storm Mining Ltd. announced that it has entered into an agreement with Red Cloud Securities Inc. (“Red Cloud”), as sole underwriter and bookrunner, pursuant to which Red Cloud has agreed to purchase for resale 52,000,000 units of the Company (the “Units”) at a price of C$0.25 per Unit (the “Offering Price”) on a “bought deal” basis in a private placement for gross proceeds of C$13,000,000 (the "Underwritten Offering").

Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.35 at any time on or before that date which is 36 months after the Closing Date (as herein defined).

The Company will grant to Red Cloud an option, exercisable up to 48 hours prior to the Closing Date, to purchase for resale up to an additional 8,000,000 Units at the Offering Price for additional gross proceeds of up to C$2,000,000 (the “Over-Allotment Option”). The Underwritten Offering and the securities issuable upon exercise of the Over-Allotment Option shall be collectively referred to as the “Offering”.

The Company intends to use the net proceeds from the Offering to advance the restart of the La Parrilla Silver Mine Complex in Durango, Mexico as well as for general corporate purposes and working capital, as is more fully described in the Offering Document (as defined herein).

July 18, 2025, Silver Storm Mining Ltd. and Till Capital Corporation announced the successful acquisition by Silver Storm of all of the issued and outstanding common shares of Till pursuant to a court-approved plan of arrangement.

https://www.silverstorm.ca/2025/svrs-announces-till-shareholder-approval-r6t6h

July 10, 2025, Silver Storm announces Till Capital shareholder approval of arrangement, with closing targeted for on or about July 17, 2025.

https://www.silverstorm.ca/2025/svrs-announces-till-shareholder-approval

July 7, 2025, Silver Storm Closes Final Tranche of $4.0 Million Non-Brokered LIFE Financing

https://www.silverstorm.ca/2025/svrs-closes-final-tranche-of-non-brokered-life-financing

June 23, 2025, Silver Storm Mining Ltd. announced that it intends to complete a non-brokered private placement for gross proceeds of up to $2.6-million from the sale of up to 20 million units of the Company at a price of 13 cents per unit.

https://www.silverstorm.ca/2025/svrs-announces-non-brokered-life-offering-of-up-to-26-million

June 12, 2025, Silver Storm Commences Trading on the OTCQB Venture Marketunder the trading symbol SVRSF.

https://www.silverstorm.ca/2025/silver-storm-commences-trading-on-the-otcqb

June 11, 2025, Silver Storm Closes Final Tranche of $12,012,000 Brokered LIFE Financing

https://www.silverstorm.ca/2025/silver-storm-closes-final-tranche-of-brokered-life-financing

May 21, 2025, Silver Storm Mining Announces C$6M Brokered Private Placement

https://www.silverstorm.ca/2025/silver-storm-announce-brokered-offering-of-up-to-6-0-million

May 6, 2025 Silver Storm Announces Acquisition of Till Capital

https://www.silverstorm.ca/2025/silver-storm-announces-acquisition-of-till-capital

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