An anonymous director reports

STORM EXPLORATION AMENDS MOU WITH NAICATCHEWENIN FIRST NATION

Further to Storm Exploration Inc.'s news release dated Aug. 6, 2023, it has amended its memorandum of understanding (MOU) dated July 5, 2023, with the Naicatchewenin First Nation (the NFN) concerning the company's Gold Standard project located 65 kilometres north of the community of Fort Frances in Northwestern Ontario.

The MOU establishes a framework for continuing consultation with the NFN and provides the community with an opportunity to participate in the project through employment, training and business development.

Under the terms of the amended MOU, the company will make quarterly contributions to a community fund established by the NFN in an amount that is proportional to its exploration expenditures on the project during the duration of the amended MOU as follows:

• 4 per cent of all prior exploration costs incurred during the period commencing May 1, 2022, and ending on the date the amended MOU is accepted by the TSX Venture Exchange;
• 3 per cent of the first $10-million in exploration costs incurred from the date the amended MOU is accepted by the TSX Venture Exchange;
• 2.5 per cent of exploration costs incurred in excess of $10-million incurred from the date the amended MOU is accepted by the TSX-V.

In addition, the company will issue common shares of Storm to the NFN, subject to the company conducting exploration activities on the project, as follows:

• $25,000 in shares upon TSX-V acceptance of the amended MOU;
• $25,000 in shares on each of the first and second anniversaries of the amended MOU;
• $50,000 in shares on each of the third and fourth anniversaries of the amended MOU.

The number of common shares issued under the amended MOU will be calculated using the 20-day volume weighted average of Storm's share price on the date that is five business days prior to the respective issuance date, subject to a minimum price of five cents per share.

Gold Standard project

The Gold Standard is located within the Manitou-Stormy Lake greenstone belt and is prospective for gold and base metals. The property hosts three historical small-scale gold mining operations that date from 1901 to 1903. These gold showings have seen little modern exploration and have never been tested with drilling. In 2022, Storm confirmed the high-grade nature of the old workings with grab samples that returned grades up to 166 grams per tonne Au (see Storm news release dated Sept. 27, 2022).

A property-wide airborne electromagnetic survey conducted by Storm in October of 2022 identified a large conductivity anomaly with a strike length of more than five kilometres and occurs in host rocks that are often associated with volcanogenic massive sulphide (VMS) mineralization. This is supported by copper and zinc mineralization noted in shallow historical drill holes completed between 1969 and 1971 (see Storm news release dated Feb. 8, 2023).

The road-accessible Gold Standard project comprises 284 mineral claims covering 6,016 and is located 65 km north of the community of Fort Frances. The project lies withing the traditional territory of the Naicatchewenin and Nigigoonsiminikaaning First Nations.

Qualified person

The technical contents of this news release have been reviewed and approved by Bruce Counts, PGeo, president and chief executive officer of Storm Exploration and qualified person under National Instrument 43-101.

About Storm Exploration Inc.

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

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