Goldstorm contracts Simcoe for Crown geophysical work

Executive Summary

• Goldstorm Metals has engaged Simcoe Geoscience Ltd. to conduct ground‑based magnetotelluric (MT) and induced polarization (IP) surveys on its 100 % owned Crown Property in the Golden Triangle, targeting the Copernicus zone and Orion Spine anomalies.
• The geophysical program will begin mid‑August, covering ~15 km of IP lines with a depth target of ≥900 m to refine drill target prioritization.
• The company clarifies its June 27 2025 financing: $2,088,903.64 gross proceeds from the issuance of 15,441,482 non‑flow‑through units at $0.07 each and 9,999,999 flow‑through units at $0.1008 each, less $42,596.38 cash commissions and issuance of 608,519 finder warrants.

Key Details

• Geophysical Contract: Simcoe Geoscience Ltd. will perform MT and IP surveys on the Crown Property (~16,000 ha) adjacent to Seabridge Gold’s KSM project and Newmont’s Brucejack mine.
• Survey Scope – IP: 15 line‑kilometres of Alpha IP data collected from five parallel lines (≈3 km each), dipole spacing 100 m, targeting a depth of at least 900 m.
• Survey Scope – MT: Magnetotelluric work will focus on the Copernicus zone and other geochemical anomalies along the Orion Spine.
• Program Timeline: Field work to commence in mid‑August 2026 and last several weeks.
• Exploration Objective: Improve geological understanding, identify conductivity anomalies, delineate regional structures, and prioritize drill targets for forthcoming preliminary drilling on a 1.4 km trend of the Copernicus zone.
• Financing Clarification (June 27 2025):
• Non‑flow‑through units: 15,441,482 units @ $0.07 → $1,080,903.74 gross proceeds.
• Flow‑through units: 9,999,999 units @ $0.1008 → $1,007,999.90 gross proceeds.
• Total gross proceeds: $2,088,903.64.
• Cash commissions paid: $42,596.38.
• Finder warrants issued: 608,519 non‑transferable warrants.
• Qualified Person: Ken Konkin, P.Geo., President & CEO (NI 43‑101).

Notable Quotes

“We are excited to begin this geophysical phase of exploration on the Crown project that will assist our team in prioritizing drill targets along the Orion Spine… The goal is to evaluate the underlying geology … to determine if a large intrusive‑related target at depth may be the source for the mobilized copper‑gold‑silver mineralization identified on surface.” – Ken Konkin, President & CEO

Materiality Assessment: Non‑Material – Positive (the announcement provides operational progress and financing clarification but does not constitute a material financial event).