Silver Storm Closes First Tranche of non-Brokered Private Placement Offering

Toronto, Ontario, December 19, 2024: Silver Storm Mining Ltd. (“Silver Storm” or the "Company") (TSX.V: SVRS | FSE: SVR), is pleased to announce the closing of the first tranche (the “First Tranche”) of its non-brokered private placement offering (the “Offering”) of units of the Company (each, a “Unit”) previously announced on December 5, 2024. Under the First Tranche of the Offering, 5,173,555 Units were issued at a price of $0.09 per Unit for aggregate gross proceeds of $465,619.95.

Each Unit consists of one common share of the Company (a "Common Share") and one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall be exercisable to acquire one (1) additional Common Share at an exercise price of C$0.16 until December 19, 2027 (the “Expiry Date”).

In connection with the First Tranche of the Offering, the Company paid certain finders who introduced subscribers to the Offering  including:  Canaccord Genuity Corp., Ventum Financial Corp., and SCP Resource Finance LP, the following fees: (1) a cash commission totaling $7,493.40, being up to 7% of the gross proceeds raised under the Offering from investors introduced to the Company from such finders, and (2) 76,260 non-transferable common share purchase warrants of the Company (“Finders’ Warrants”), being up to 7.0% of the Units sold under the Offering from investors introduced to the Company from such finders. Each Finder’s Warrant entitles the holder to purchase one Common Share at a price of $0.16 for a period of 36 months.

The Units were offered by way of private placement pursuant to exemptions from prospectus requirements under applicable securities laws. The securities issued and issuable pursuant to the Offering are subject to a four month and one day hold period from the date of closing. The Warrants and Finders’ Warrants will not be listed for trading. The Company intends to use the net proceeds from the Offering to complete its upcoming NI 43-101 resource statement and for general corporate and working capital purposes.

The Offering has received conditional approval from the TSX Venture Exchange (the “TSXV”).