Mr. Bruce Counts reports

STORM EXPLORATION MOU WITH NIGIGOONSIMINIKAANING FIRST NATION

Storm Exploration Inc., further to its news release dated Nov. 6, 2023, is providing additional details regarding its memorandum of understanding (MOU) signed on Oct. 27, 2023, with the Nigigoonsiminikaaning First Nation (NFN), concerning the company's Gold Standard project, located 65 kilometres north of the community of Fort Frances in Northwestern Ontario.

"Storm is pleased to be working with the Nigigoonsiminikaaning on the exploration and development of the Gold Standard project," said Storm's president and chief executive officer, Bruce Counts. "With this agreement in place, Storm is in a position to plan a drill program to test the large VMS target identified on the project."

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 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 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 MOU is accepted by the TSX Venture Exchange;
• 3 per cent of the first $10-million in exploration costs incurred from the date the MOU is accepted by the TSX-V;
• 2.5 per cent of exploration costs incurred in excess of $10-million incurred from the date the MOU is accepted by the TSX-V.

In addition, the company will issue an aggregate of 1.3 million common shares of Storm to the NFN, subject to the company conducting exploration activities on the project, as follows:

• 100,000 shares upon TSX-V acceptance of the MOU;
• 200,000 in shares on each of the first and second anniversaries of the MOU;
• 400,000 in shares on each of the third and fourth anniversaries of the MOU.

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 (g/t) gold (Au) (see Storm's news release dated Sept. 27, 2022).

A property-wide airborne electromagnetic survey conducted by Storm in October, 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's news release dated Feb. 8, 2023). It is important to note that no assays were reported for the historical drill holes and that all were less than 30 metres (m) deep, suggesting that the potential for discovery at Gold Standard remains strong.

The road-accessible Gold Standard project comprises 284 mineral claims covering 6,016 and is located 65 kilometres north of Fort Frances in Ontario. The project lies within 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 CEO 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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