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Silver Storm Provides Bi-Weekly MCTO Status Update

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TORONTO, October 09, 2024--(BUSINESS WIRE)--Silver Storm Mining Ltd. ("Silver Storm" or the "Company") (TSX.V: SVRS | OTCQB: SVRSF | FSE: SVR) is providing this bi-weekly update on the status of its management cease trade order issued on July 30, 2024 (the "MCTO"), by its principal regulator, the British Columbia Securities Commission (the "BCSC"), under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). The Company announced on July 30, 2024 (the "Default Announcement"), 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 (collectively, the "Annual Filings") by the filing deadline of July 29, 2024 (the "Filing Deadline").

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 (the "Interim Filings", and together with the Annual Filings, the "Required Documents"). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than August 29, 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. On September 27, 2024, the BCSC provided the Company an extension until October 11, 2024 to complete its Annual Filings. 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.

The Company confirms that, other than as described above, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default with its Required Documents; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Documents; (iii) the Company confirms as of the date of this news release, that there is no insolvency proceeding against it; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.