Silver Storm Closes $14.625 Million First Tranche of Non-Brokered Private Placement Led by Eric Sprott and Announces Further Upsize Up to $21.0 Million

Silver Storm Mining Ltd. closed the first tranche of a non-brokered private placement on August 26, 2026, raising $14,625,000 by issuing 29,250,000 units at $0.50 per unit. Eric Sprott subscribed for 15,000,000 units for $7,500,000, maintaining his position as a major strategic shareholder. The offering size has been upsized from an initial $15,000,000 to a maximum of $21,000,000, representing up to 42,000,000 units.

Each unit consists of one common share and one-half of a warrant, with warrants exercisable at $0.70 for 18 months. Proceeds are designated for surface and underground drilling at the La Parrilla Silver Mine Complex and general working capital. The balance of the offering is expected to close around August 28, 2026, pending TSXV approval.

Silver Storm Mining Ltd. (SVRS) has secured financing to provide essential liquidity for its expanded 15,000-meter drilling program and to sustain operations during the critical ramp-up phase. The offering was upsized to $21 million, a move that reflects strong demand from institutional and accredited investors and validates the project's quality and management's capital-raising execution.

The dilutive nature of the offering, which includes 29.25 million new units plus 14.625 million warrants, represents a standard cost of growth for pre-revenue mining companies. This transaction serves as a routine follow-up to the announcements made on August 21 and August 24, providing expected capital without introducing unexpected strategic shifts.

Silver Storm Mining Ltd. (SVRS) is focused on the La Parrilla Silver Mine Complex in Durango, Mexico, and the San Diego advanced exploration project. The La Parrilla operation transitioned from care and maintenance to an active, revenue-generating status in the second quarter of 2026. The oxide processing circuit produced its first silver-gold doré pour in June 2026, followed by the first lead-silver and zinc concentrate shipments in July 2026. Additionally, the sulphide flotation circuit has been expanded to a nameplate capacity of 1,250 tonnes per day.

The company holds a 27.1 million ounce Ag.Eq mineral resource (Indicated and Inferred), with 90% of Indicated ounces being sulphides. No formal mineral reserve estimate or feasibility study currently exists; production decisions rely on internal data and historical production metrics.