An anonymous director reports

STORM EXPLORATION RAISES $402,500 IN FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Storm Exploration Inc. has closed a first tranche of the company's non-brokered private placement for aggregate gross proceeds of $402,500. The closing is subject to the final acceptance of the TSX Venture Exchange.

The offering, previously announced on Sept. 16, 2024, consists of units at a price of five cents per unit, and flow-through units at a price of six per FT unit. Each unit will consist of one common share of the company and one warrant entitling the holder thereof to acquire an additional common share of the company at an exercise price of 10 cents per warrant share for a period of 24 months from the date of issuance. The FT units will consist of one flow-through common share of the company and one warrant entitling the holder thereof to acquire a non-flow-through common share of the company at an exercise price of 12 cents per warrant share for a period of 24 months from the date of issuance.

In connection with the closing of the first tranche of the offering, the company has issued 8.05 million units at a price of five cents per unit. The company paid aggregate cash finders' fees of $14,400 to arm's-length finders, representing 6 per cent of the proceeds raised from subscriptions by certain placees introduced by the finders. The company has also issued to the finders 288,000 non-transferable share purchase warrants entitling the purchase of an aggregate 288,000 common shares, on the same terms as the unit warrants.

The shares acquired by the placees under the offering, and any shares which may be acquired upon the exercise of the unit warrants and the finders' warrants, are subject to a hold period of four months and one day, in accordance with applicable Canadian securities legislation.

The proceeds from the offering will be used to advance the company's gold and base metal properties in Northern Ontario and for general working capital purposes.

One related party (as such term is defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions) participated in the offering and acquired an aggregate of 250,000 units. This portion of the offering constituted a related party transaction for the purposes of TSX-V Policy 5.9 and MI 61-101. The company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101, as the fair market value of the transaction, insofar as the transaction involved interested parties, did not exceed 25 per cent of the company's market capitalization.

The company advises that units and FT units of the offering remain available, and the company expects to close the financing on or about Nov. 29, 2024.

About Storm Exploration Inc.

Storm Exploration is a Canadian mineral exploration company focused on the discovery and development of economic precious metal and base metal deposits on four district-scale projects in Northwestern Ontario: Miminiska, Keezhik, Attwood and Gold Standard.

We seek Safe Harbor.