Mr. Greg McKenzie reports

SILVER STORM COMMENCES HOT COMMISSIONING OF THE LA PARRILLA SULPHIDE CIRCUIT, AMENDS THE SAMSUNG PREPAYMENT AGREEMENT, AND SECURES US$5 MILLION LOAN FROM FIRST MAJESTIC

Silver Storm Mining Ltd. has commenced hot commissioning of the sulphide processing circuit at the company's 100-per-cent-owned La Parrilla silver mine complex in Durango state, Mexico. Hot commissioning represents a stage in the commissioning process during which mineralized material is introduced into the processing circuit to test the circuit under real operating conditions.

Greg McKenzie, president and chief executive officer, commented: "The start of hot commissioning of the sulphide circuit marks an important milestone for the company. Reaching this milestone less than three years after closing the acquisition of La Parrilla is a tremendous achievement for the Silver Storm team. With the first dore pour from the oxide circuit completed recently and hot commissioning of the sulphide circuit under way, we are now in the final stages of the operational restart at La Parrilla."

As part of the hot commissioning process, the sulphide processing circuit will use mineralized material from the high-grade sulphide stockpile. The feed for the sulphide circuit will continue to be sourced from the stockpile until underground development in the Quebradillas and Rosarios areas of the mine starts to provide access to run-of-mine mineralized sulphide material. The mineralized sulphide material will be utilized to produce a silver-rich lead concentrate and a zinc concentrate.

Amendment to the Samsung C&T concentrate prepayment agreement

Silver Storm, Samsung C&T Hong Kong Ltd. (SSHK) and QSSC S.A. de C.V. (together with SSHK, Samsung C&T) have agreed to amend the concentrate prepayment agreement that was entered into among the parties by extending the grace period for the initial principal and arrangement fee payments under the prepayment agreement to September, 2026, from May, 2026, with each subsequent monthly repayment deferred by a corresponding four-month period. In addition, the related concentrate supply period has also been extended by six months to 30 months. All other terms of the prepayment agreement remain unchanged. The deferral helps to align Silver Storm's obligations under the prepayment agreement more closely with the operations ramp-up plan at La Parrilla. For additional details on the prepayment agreement, please refer to Silver Storm's news releases dated Oct. 10, 2025, and Nov. 4, 2025.

Non-dilutive loan financing from First Majestic Silver Corp.

First Majestic has advanced to Silver Storm a non-revolving unsecured term loan totalling $5-million (U.S.) pursuant to the terms of a loan agreement entered into between the company and First Majestic. Silver Storm intends to use the proceeds of the loan to finance working capital related to ramping up operations at La Parrilla.

The loan closed on July 10, 2026, and matures 36 months following the closing date, bearing interest at a rate of 15 pepr cent per annum, compounded quarterly. Interest accrued during the first 12 months following the closing date is due and payable in full on the date that is 12 months following the closing date; thereafter, accrued interest is payable quarterly, together with each principal instalment described below, until the maturity date. The principal amount of the loan is repayable in eight equal quarterly instalments of $625,000 (U.S.), with the first instalment due 15 months following the closing date and each subsequent instalment due on the corresponding three-month anniversary thereafter, up to and including the maturity date. The company may prepay the loan, in whole or in part, at any time without penalty.

Related party disclosure

First Majestic beneficially owns, or exercises control or direction over, approximately 15.69 per cent of the issued and outstanding common shares of Silver Storm on a non-diluted basis (approximately 18.26 per cent on a partially diluted basis) and is accordingly a related party of the company for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The loan is therefore a related party transaction for the company within the meaning of MI 61-101.

The company is relying on the exemptions from the minority shareholder approval requirement set out in sections 5.7(1)(a) and 5.7(1)(f) of MI 61-101, on the basis that: (i) neither the fair market value of the loan, nor the fair market value of the consideration for the loan, exceeds 25 per cent of the company's market capitalization; and (ii) the loan was negotiated on reasonable commercial terms that are not less advantageous to the company than if obtained from a lender dealing at arm's length with the company, and the loan is not convertible into, and is not repayable in, equity or voting securities of the company.

The loan and the terms thereof were reviewed and unanimously approved by the company's board of directors. No director of the company is a nominee, representative or associate of First Majestic, and no director abstained from voting on, or expressed any materially contrary view with respect to, the loan.

In accordance with Section 5.2(2) of MI 61-101, the company did not file a material change report more than 21 days before the expected closing of the loan as the terms of the loan were not finalized until shortly prior to closing and the company wished to close on an expedited basis for sound business reasons; the company considers this shorter period to be reasonable and necessary in the circumstances.

Qualified person

The scientific and technical information in this document has been reviewed and approved by Shane Ghouralal, PEng, director, technical services, of the company, a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Silver Storm Mining Ltd.

Silver Storm holds advanced-stage silver projects located in Durango state, Mexico. Silver Storm is committed to advancing toward a potential near-term restart of its 100-per-cent-owned La Parrilla silver mine complex, a prolific operation comprising a 2,000-tonne-per-day mill and three underground mines. The company also holds a 100-per-cent interest in the San Diego project, which ranks among the largest undeveloped silver projects in Mexico.

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