Silver Storm Provides Bi-Weekly MCTO Status Update

Toronto, Ontario, August 13, 2024: 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, 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 certain complexities associated with the acquisition of the La Parrilla assets, the accounting and audit process remains ongoing at this time. The Company and its auditor continue to make progress and work diligently toward completing the Annual Filings. The Company maintains its expectation that it will be in a position to file the Annual Filings no later than August 28, 2024. The Company does not anticipate any further delay in filing its Annual Filings together with the related officer certifications for the financial period ended June 30, 2024, due by August 29, 2024.

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 Annual Filings; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Annual Filings; (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.