Storm Exploration completes sale of Miminiska project

The most recent news release, dated February 13, 2026, announces the completion of a multi-step transaction. Storm exercised its option to acquire a 100% interest in the Miminiska and Keezhik projects from Landore Resources Canada Inc. for a final payment of $1,312,500. Immediately, Storm sold the Miminiska Project to Canadian Goldfields Discovery Corp. (CGDC) for total consideration of approximately $5.8 million. This includes $3.8 million in cash at closing, 7.5 million shares of CGDC, and deferred cash payments totaling $1.525 million due over the next nine months. A final payment of $787,500 (in shares or cash) is due on the nine-month anniversary, subject to share issuance caps. Concurrently, the company outlined exploration plans for its three remaining core projects (Gold Standard, Keezhik, Attwood), with drilling slated for Gold Standard in Q2 2026 and Keezhik in Q3 2026.

The news is materially positive. It successfully executes a strategy telegraphed in the December 1, 2025, announcement. The transaction transforms Storm's financial position. Based on the September 30, 2025, interim financials, the company had a cash balance of only $7,926 and a working capital deficit of over $1 million. The immediate $3.8 million cash injection (with more to come) radically strengthens the balance sheet, eliminating the near-term liquidity crisis and funding the promised 2026 exploration programs without immediate shareholder dilution. The deal also simplifies the asset portfolio, allowing management to focus on three district-scale projects. The news confirms prior expectations and removes execution risk associated with the sale. The CEO's statement about a "robust balance sheet" is now substantiated by this transaction.

Storm Exploration Inc. is a junior mineral exploration company focused on gold and base metal projects in Northwestern Ontario, Canada. Historically, its flagship was the Miminiska gold project in the Miminiska-Fort Hope greenstone belt, which hosted drill-confirmed high-grade gold mineralization. Following the just-completed sale of Miminiska, the company's focus shifts to three 100%-owned, district-scale projects: 1. Keezhik Project: A gold exploration project acquired alongside Miminiska, also in the Fort Hope belt. Historical drilling confirmed high-grade intersections. Landore retains a 2% NSR (buyable to 1% for $1M). Drilling is planned for Q3 2026. 2. Gold Standard Project: A gold and base metals (Cu, Zn) project in the Manitou-Stormy Lake belt. It hosts a >5km long conductivity anomaly indicative of VMS-style mineralization. Drilling is planned for Q2 2026. 3. Attwood Project: A gold and copper project also in the Fort Hope belt, with base metal potential. Target definition work is planned for 2026, with drilling anticipated in 2027.