Mr. Greg McKenzie reports

SILVER STORM DRILLS 1,335 G/T AG.EQ OVER 3.7 M WITHIN BROADER INTERVAL OF 618 G/T AG.EQ OVER 18 M IN C460 ZONE AND EXTENDS HIGH-GRADE ZONE 138 M AT DEPTH

Silver Storm Mining Ltd. has released drill results from its phase 2 diamond drilling program at the company's 100-per-cent-owned La Parrilla silver mine complex, located in Durango, Mexico. Results from the 10 holes (1,406 metres) contained within this release are from the C460 zone, within the Quebradillas mine. The company also provides an update on its non-brokered private placement offering.

Key highlights include the following.

Numerous high-grade intercepts were encountered within the C460 zone up to 138 metres beyond the last mined levels where the following channel samples and mining widths were observed:

• 1767 EL graded 974 grams per tonne silver equivalent over a strike length of 23 metres and an average width of 2.9 m;
• 1743 EL graded 552 g/t AgEq over a strike length of 50 m and an average width of 1.4 m;
• 1740 EL graded 928 g/t AgEq over a strike length of 31 m and an average width of 1.9 m;
• 1725 EL graded 780 g/t AgEq over a strike length of 43 m and an average width of 1.8 m.

The current drill results, when combined with historical holes drilled by First Majestic Silver Corp., are expected to have a positive impact on future mineral resources:

• Hole Q-24-047 successfully returned 1,335 g/t AgEq over 3.68 m, 1,569 g/t AgEq over 2.10 m and 913 g/t AgEq over 2.55 m within a broader interval of 618 g/t AgEq over 18.04 m, approximately 20 m downdip from the 1725 EL stope and 25 m downdip from hole Q-23-023, which returned 347 g/t AgEq over 9.65 m.
• Hole Q-24-049 returned 1,781 g/t AgEq over 1.03 m within a broader interval of 958 g/t AgEq over 2.03 m and 549 g/t AgEq over 0.44 m and 680 g/t AgEq over 0.42 m within a broader interval of 322 g/t AgEq over 1.70 m, approximately 25 m downdip from the 1743 EL stope.
• Hole Q-24-048 returned 457 g/t AgEq over 0.90 m and 439 g/t AgEq over 1.35 m approximately 37 m downdip from the 1740 EL stope and 24 m up dip and to the north of Q-24-047.
• Hole Q-24-053 returned 759 g/t AgEq over 2.00 m within a broader interval of 380 g/t AgEq over 7.00 m approximately 67 m downdip from the 1725 EL stope.
• Hole Q-24-057 returned 696 g/t AgEq over 2.02 m within a broader interval of 396 g/t over 5.52 m, approximately 50 m downdip and south of hole Q-23-022A, which returned 2,361 g/t AgEq over 2.60 m and 1,266 g/t AgEq over 2.15 m within a broader interval of 911 g/t AgEq over 13.05 m. This intercept is located approximately 138 m downdip from the 1767 EL stope where the composited weighted average grades from historical channel samples, which are representative of the mineralization mined from this area, returned 974 g/t AgEq over a strike length of 23 m and an average width of 2.9 m.

Greg McKenzie, president and chief executive officer, commented: "The C460 zone drill results reported today are indicative of the importance of this zone in a restart of operations. Hole Q-24-057 returned 696 g/t AgEq over 2.02 m, approximately 138 m below the 1767 EL stope, combined with previously reported holes Q-23-020 grading 1,810 g/t AgEq over 14.6 m and Q-23-022A grading 911 g/t AgEq over 13.05 m, also beneath the 1767 EL stope, demonstrate the high-grade potential of this undeveloped 138 m section of the southern C460 zone. Our excellent follow-up high-grade drill results to date, which are in proximity to previous production stopes with high-grade historical channel samples, shows the potential for expansion of high-grade mining in C460."

C460 zone

The C460 zone is a sulphide replacement vein striking 344 degrees and dipping 63 degrees to the northeast with a known strike length of 425 m. The zone is mineralized over a vertical extent of 570 m and its thickness varies up to 8.5 m. The replacement vein is concordant to bedding in the sediments and mineralization comprises pyrite, pyrrhotite, galena, sphalerite, arsenopyrite, acanthite and freibergite. Phase 2 drilling consisted of 10 diamond drill holes (1,406 m) following up on the success of holes Q-23-020, reported in the company's news release dated Jan. 4, 2024, and Q-23-021 to Q-23-023, reported in the company's news release dated Feb. 22, 2024.

Hole Q-24-047 successfully returned 1,335 g/t AgEq over 3.68 m, 1,569 g/t AgEq over 2.10 m and 913 g/t AgEq over 2.55 m within a broader interval of 618 g/t AgEq over 18.04 m (78.26 m to 96.30 m), 25 m downdip from hole Q-23-023, which returned 347 g/t AgEq over 9.65 m (see the company's news release Feb. 22, 2024). This intercept is located approximately 20 m downdip from the 1725 EL stope where the composited weighted average grades from historical channel samples, which are representative of the mineralization mined from this area, returned 780 g/t AgEq over a strike length of 43 m and an average width of 1.8 m (see attached table).

Hole Q-24-048 returned 457 g/t AgEq over 0.90 m (71.10 m to 72.00 m) and 439 g/t AgEq over 1.35 m (81.20 m to 82.55 m), 24 m up dip and to the north of Q-24-047. This intercept is located approximately 37 m downdip from the 1740 EL stope where the composited weighted average grades from historical channel samples returned 928 g/t AgEq over a strike length of 31 m and an average width of 1.9 m.

Hole Q-24-049 returned 194 g/t AgEq over 2.20 m (63.21 m to 65.41 m), including 334 g/t AgEq over 0.50 m, 1,781 g/t AgEq over 1.03 m within a broader interval of 958 g/t AgEq over 2.03 m (68.76 m to 70.79 m), and 549 g/t AgEq over 0.44 m and 680 g/t AgEq over 0.42 m within a broader interval of 322 g/t AgEq over 1.70 m (83.61 m to 85.31 m). This intercept is located approximately 25 m downdip from the 1743 EL stope where the composited weighted average grades from historical channel samples returned 552 g/t AgEq over a strike length of 50 m and an average width of 1.4 m.

Hole Q-24-053 returned 759 g/t AgEq over 2.00 m within a broader interval of 380 g/t AgEq over 7.00 m (152.63 m to 159.63 m). This intercept is located approximately 67 m downdip from the 1725 EL stope, where the composited weighted average grades from historical channel samples returned 780 g/t AgEq over a strike length of 43 m and an average width of 1.8 m.

Hole Q-24-057 returned 696 g/t AgEq over 2.02 m within a broader interval of 396 g/t over 5.52 m (195.00 m to 200.52 m), 50 m downdip and south of hole Q-23-022A, which returned 2,361 g/t AgEq over 2.60 m and 1,266 g/t AgEq over 2.15 m within a broader interval of 911 g/t AgEq over 13.05 m (see the company's news release dated Feb. 22, 2024). This intercept is located approximately 138 m downdip from the 1767 EL stope, where the composited weighted average grades from historical channel samples returned 974 g/t AgEq over a strike length of 23 m and an average width of 2.9 m.

For further information, the National Instrument 43-101 technical report entitled "Independent Technical Report for the La Parrilla Silver Mine, Durango State, Mexico," with an effective date of May 31, 2023, is available for review on SEDAR+ and on the company's website.

Sample analysis and quality assurance/quality control program

Silver Storm uses a QA/QC program that monitors the chain of custody of samples and includes the insertion of blanks, duplicates and reference standards in each batch of samples sent for analysis. The drill core is photographed, logged and cut in half, with one-half retained in a secured location for verification purposes and one-half shipped for analysis. Sample preparation (crushing and pulverizing) is performed at ALS Geochemistry, an independent ISO 9001:2001 certified laboratory, in Zacatecas, Mexico, and pulps are sent to ALS Geochemistry in Vancouver, Canada, for analysis. The entire sample is crushed to 70 per cent passing minus two millimetres, and a riffle split of 250 grams is taken and pulverized to better than 85 per cent passing 75 microns. Samples are analyzed for gold using a standard fire assay with atomic absorption spectrometry (AAS) (Au-AA23) from a 30-gram pulp. Gold assays greater than 10 g/t are reanalyzed on a 30-gram pulp by fire assay with a gravimetric finish (Au-GRA21). Samples are also analyzed using a 34-element inductively coupled plasma (ICP) method with atomic emission spectroscopy (AES) on a pulp digested by four acids (ME-ICP61). Overlimit sample values for silver (greater than 100 g/t), lead (greater than 1 per cent), zinc (greater than 1 per cent) and copper (greater than 1 per cent) are reassayed using a four-acid digestion overlimit method with ICP-AES (ME-OG62). For silver values greater than 1,500 g/t, samples are reassayed using a fire assay with gravimetric finish on a 30-gram pulp (Ag-GRA21). Samples with lead values over 20 per cent are reassayed using volumetric titration with EDTA on a one-gram pulp (Pb-VOL70). No QA/QC issues were noted with the results reported herein.

Correction to Jan. 6, 2025, news release

The company wishes to issue a correction regarding the number of units issued under the second tranche of its offering. The company received subscriptions for 2,197,778 units and closed on 447,778 units. The total gross proceeds raised in the second tranche amounted to $40,300.02.

Review by qualified person and QA/QC

The scientific and technical information in this document has been reviewed and approved by Bruce Robbins, PGeo, a qualified person as defined by NI 43-101.

About Silver Storm Mining Ltd.

Silver Storm Mining holds advanced-stage silver projects located in Durango, Mexico. In August, 2023, Silver Storm completed the acquisition of 100 per cent of the La Parrilla silver mine complex, a prolific operation that comprises a 2,000-tonne-per-day mill as well as five underground mines and an open pit that collectively produced 34.3 million silver equivalent ounces between 2005 and 2019. The company also holds a 100-per-cent interest in the San Diego project, which is among the largest undeveloped silver assets in Mexico.

We seek Safe Harbor.