Mr. Bruce Counts reports

STORM AMENDS EXPLORATION AGREEMENT WITH EABAMETOONG FIRST NATION

Storm Exploration Inc., further to its news release dated May 23, 2024, has amended its exploration agreement (EA) dated May 16, 2024, with the Eabametoong First Nation (EFN) concerning the company's Miminiska, Keezhik and Attwood project located approximately 350 kilometres north of the city of Thunder Bay in Northwestern Ontario.

"This amendment completes the EA between Storm and the EFN," stated Storm's president and chief executive officer, Bruce Counts. "Storm firmly believes that the participation of local first nations is critical to a project's success, and I am excited to work with the EFN to advance the highly prospective Fort Hope properties."

The EA establishes a framework for ongoing consultation with the EFN and provides opportunities for the community to participate in the project through employment, training and business development.

Under the amended EA, the company will make a one-time cash payment of $30,000 upon acceptance of the amended EA by the TSX Venture Exchange, and reimburse certain other costs incurred by the EFN in connection with the amended EA. In addition, Storm will make annual contributions to a community fund established by the EFN as follows:

• 6 per cent of exploration expenditures to be paid in cash;

• Subject to annual TSX-V approval, 2 per cent of exploration expenditures incurred to be paid in common shares of Storm, at a rate based on the higher of the 30-day volume weighted average price (VWAP) on the date that is five business days before the issuance date or the discounted market price (as defined by the policies of the TSX-V).

Storm will also issue shares to the EFN as follows:

• $25,000 in shares upon TSX-V acceptance of the amended EA;

• $50,000 in shares on each of the first and second anniversaries of the amended EA, subject to the company carrying active exploration work on the Fort Hope projects;

• $75,000 in shares on each of the third and fourth anniversaries of the amended EA, subject to the company carrying active exploration work on the Fort Hope projects.

The number of shares issued under the amended EA to the EFN will be calculated using the 30-day VWAP on the date that is five business days before the required issuance date, subject to a minimum price of five cents per share, which equals to a maximum of 5.5 million shares issuable.

Fort Hope projects

The Miminiska, Keezhik and Attwood projects are located within the Miminiska-Fort Hope greenstone belt, approximately 350 kilometres north of Thunder Bay, Ont. Each project has the potential to host a multimillion-ounce orogenic gold deposit. In addition, the Attwood project also has the potential to host a significant base metal deposit.

The Miminiska property is the company's primary focus and hosts drill-confirmed, high-grade gold mineralization at two primary targets: Miminiska and Frond. Historical assays include 5.75 grams per tonne gold over 20.84 metres and 13.95 g/t Au over 5.32 m with mineralization hosted in banded iron formation and associated shear zones.

Notes

• Historical results have not been independently verified by Storm Exploration, and there is no guarantee that the company can reproduce the results in whole or in part. Potential investors should not rely on these historical results when making an investment decision.

• "Technical Report on the Miminiska Lake project: 2004-2005, B.J. McKay, PGeol, 28-April-2005, Volume I."

• "Geological Investigations Frond Lake Property, David S. Hunt, BSc, PGeo, February 2003, Appendix 1."

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 Inc. and qualified person under National Instrument 43-101.

About Storm Exploration Inc.

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

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