Mr. Greg McKenzie reports

SILVER STORM CLOSES FINAL TRANCHE OF FINANCING RAISING AN AGGREGATE OF $3.9 MILLION

Silver Storm Mining Ltd. has closed the final tranche of its non-brokered private placement offering of units of the company, which was initially announced on Dec. 5, 2024. Under the final tranche of the offering, 5,043,335 units were issued at a price of nine cents per unit for aggregate gross proceeds of $453,900.18. under the offering, the company issued an aggregate of 43,333,334 units, raising total gross proceeds of $3,900,000.06.

Each unit consists of one common share of the company and one common share purchase warrant. Each warrant shall be exercisable to acquire one additional common share at an exercise price of 16 cents until 36 months after closing.

In connection with the final tranche of the offering, the company paid certain finders who introduced subscribers to the offering, including Canaccord Genuity Corp., the following fees: (1) a cash commission totalling $8,190, being up to 7 per cent of the gross proceeds raised under the offering from investors introduced to the company from such finders; and (2) 91,000 non-transferable common share purchase warrants of the company, being up to 7.0 per cent 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 16 cents 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 National Instrument 43-101 mineral resource statement for the company's La Parrilla project and for general corporate and working capital purposes.

The offering has received conditional approval from the TSX Venture Exchange.

Early warning disclosure

First Majestic Silver Corp. acquired 16,666,666 units pursuant to the offering for total consideration of $1,499,999.94. Prior to the offering, First Majestic beneficially owned or controlled 161,682,684 common shares, representing approximately 35.63 per cent of the then outstanding common shares on a non-diluted basis. As a result of the completion of the offering, First Majestic now beneficially owns or controls 178,349,350 common shares and 25,671,166 warrants representing approximately 35.87 per cent of the outstanding common shares on a non-diluted basis, and 39.02 per cent of the outstanding common shares on a fully diluted basis assuming the exercise of all of First Majestic's warrants.

First Majestic holds its securities of Silver Storm for investment purposes. First Majestic may acquire additional securities of Silver Storm, including on the open market or through private acquisitions, or it may sell its securities of Silver Storm, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of First Majestic's early warning report with respect to the foregoing will appear on Silver Storm's profile on SEDAR+ and may also be obtained by contacting Samir Patel, First Majestic's general counsel and corporate secretary, at 604-688-3033 (First Majestic Silver, Suite 1800, 925 West Georgia St., Vancouver, B.C., V6C 3L2).

About Silver Storm Mining Ltd.

Silver Storm holds advanced-stage silver projects located in Durango, Mexico. Silver Storm recently 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.