Storm Exploration Inc. announced that it has signed a Memorandum of Understanding ("MOU") with the Nigigoonsiminikaaning First Nation (the "NFN") concerning the Company's 100% owned Gold Standard Project located 65 km 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 target. The MOU establishes a framework for ongoing 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 1,300,000 common shares of Storm over four years, commencing with 100,000 common shares upon TSXV acceptance. 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 g/t Au. 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. The road-accessible Gold Standard Project comprises 284 mineral claims covering 6,016 ha and is located 65 km northwest of the community of Fort Frances. The project lies within the traditional territory of the Naicatchewenin and Nigigooniminikaaning 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 first quarter/2024.