Storm Exploration Amends Option Agreement for Miminiska & Keezhik

VANCOUVER, BC / ACCESSWIRE / July 5, 2023 / Storm Exploration Inc. (TSXV:STRM) ("StormEx" or the "Company") today announced that the option agreement to acquire a 100% interest in the Miminiska and Keezhik properties has been amended.

Option Agreement Amendment

StormEx and Landore Resources Canada Inc. have agreed to amend the Option Agreement to acquire a 100% interest in the Miminiska and Keezhik Properties (see news release dated May 10^th, 2021: StormEx Signs Option Agreement to Acquire 100% Interest in Miminiska & Keezhik Properties). The amendment modifies the schedule of remaining option payments which are outlined in Table 1. All other aspects of the Option Agreement remain unchanged.

Key Points

• Price to acquire a 100% interest in Miminiska and Keezhik remains unchanged
• Payment dates for the final two instalments have been extended by four months each

Table 1: Remaining Option Payments for a 100% interest in Miminiska and Keezhik Properties

Payment Date	Cash	Convertible Shares1
November 24th, 2023	$250,000	$500,000
May 24th, 2024	$500,000	$750,000
Total	$1,000,000	$1,500,000

¹StormEx can elect to make Convertible Share payments in cash or STRM shares with the number of shares defined by the 30-day volume weighted average price prior to the date of election.

About the Miminiska Property

The Miminiska Property is the Company's key focus and comprises approximately 5,500 ha of patented and unpatented mineral claims covering abundant banded iron formation. The property includes the Miminiska and Frond Prospects where historical drilling has confirmed the presence of high-grade gold. Exploration work in the project area has identified several gold occurrences between Miminiska and Frond (see Figure 1). These previous results highlight the potential for additional discoveries of high-grade gold on the project.