Mr. Bruce Counts reports

STORM EXPLORATION SIGNS MOU WITH FIRST NATION ON 100% OWNED GOLD STANDARD PROJECT

Storm Exploration Inc. has signed a memorandum of understanding (MOU) with the Nigigoonsiminikaaning First Nation (NFN) concerning the company's 100-per-cent-owned Gold Standard project located 65 kilometres north of the community of Fort Frances in Northwestern Ontario. The Gold Standard project hosts multiple high-grade gold showings as well as a large, untested VMS (volcanogenic massive sulphide) target.

"Storm is pleased to be working with the Nigigoonsiminikaaning on the exploration and development of the Gold Standard project," said Bruce Counts, Storm's president and chief executive officer. "Involvement of local first nations is an important component to the success of a project, and with this agreement in place, Storm is in a position to plan a drill program that will test the large VMS target identified on the project earlier this year."

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 contribute to a community fund an amount that is proportional to its exploration expenditures and will issue 1.3 million common shares of Storm over four years, commencing with 100,000 common shares upon TSX Venture Exchange acceptance.

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 news release dated Sep. 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 hectares and is located 65 km north of the community of Fort Frances. The project lies within the traditional territory of the Naicatchewenin and Nigigoonsiminikaaning first nations, and Storm now has agreements in place with both groups.

Next steps

Planning for a scout drill program to test the large VMS target has commenced. The company plans to conduct a prospecting program over the conductivity anomaly to determine the best locations for drill testing. The VMS target can be accessed by an existing network of forestry roads and it is expected that drilling will commence in Q1 2024.

Qualified person

The technical contents of this news release have been reviewed and approved by Mr. 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 five district-scale projects in Canada: Miminiska, Toogood, Keezhik, Attwood and Gold Standard.

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