Silver Storm Announces Extension to MCTO

Rhea-AI Summary

Silver Storm Mining (TSX.V: SVRS | OTCQB: SVRSF | FSE: SVR) announces an extension to its management cease trade order (MCTO) granted by the British Columbia Securities Commission. The MCTO, initially issued on July 30, 2024, has been extended from September 27, 2024, to October 11, 2024. This extension is due to delays in filing the company's annual financial statements and related documents for the year ended March 31, 2024, as well as the subsequent delay in filing the interim financial statements for the quarter ended June 30, 2024.

The delay is attributed to complexities associated with the acquisition of the La Parrilla assets. The MCTO restricts trading by the company's CEO and CFO but does not affect other shareholders. Silver Storm confirms its commitment to satisfying the Alternative Information Guidelines and will continue to issue bi-weekly default status reports.

Positive

• Extension granted for filing financial statements, providing more time to address complexities
• MCTO does not affect public trading of company shares

Negative

• Delay in filing annual and interim financial statements
• MCTO restricts trading for company's CEO and CFO

TORONTO--(BUSINESS WIRE)-- Silver Storm Mining Ltd. (“Silver Storm” or the "Company") (TSX.V: SVRS | OTCQB: SVRSF | FSE: SVR) announces that its principal regulator, the British Columbia Securities Commission (the “BCSC”), has granted an extension to the existing management cease trade order granted on July 30, 2024 (the "MCTO") from September 27, 2024 to October 11, 2024. The MCTO was granted due to a delay in the filing of its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended March 31, 2024 (collectively, the “Annual Filings”) by the filing deadline of July 29, 2024 (the “Filing Deadline”).

As a result of the delay in filing the Annual Filings, the Company was unable to file its unaudited interim financial statements, related management's discussion and analysis and CEO and CFO certifications for the three months ended June 30, 2024 (the “Interim Filings”, and together with the Annual Filings, the “Required Documents”). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than August 29, 2024.

As previously disclosed, due to certain complexities associated with the acquisition of the La Parrilla assets, the accounting and audit process remains ongoing at this time. The BCSC has given the Company until October 11, 2024 to complete its Annual Filings. The Company expects the Interim Filings to be filed within five business days of the Annual Filings once completed. The MCTO restricts the Company's Chief Executive Officer and the Chief Financial Officer from trading in the Company's securities but does not affect the ability of other shareholders, including the public, to trade in securities of the Company.

The Company confirms that, other than as described above, there are no material changes to the information contained in the press release issued by the Company on July 30, 2024. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default with its Required Documents; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Documents; (iii) the Company confirms as of the date of this news release, that there is no insolvency proceeding against it; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

About Silver Storm Mining Ltd.

Silver Storm Mining Ltd. holds advanced-stage silver projects located in Durango, Mexico. Silver Storm recently completed the acquisition of 100% of the La Parrilla Silver Mine Complex, a prolific operation which is comprised of a 2,000 tpd mill as well as five underground mines and an open pit that collectively produced 34.3 million silver-equivalent ounces between 2005 and 2019. The Company also holds a 100% interest in the San Diego Project, which is among the largest undeveloped silver assets in Mexico. For more information regarding the Company and its projects, please visit our website at www.silverstorm.ca.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward Looking Statements:

Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of the phrase ‘forward-looking information’ in the Canadian Securities Administrators’ National Instrument 51-102 – Continuous Disclosure Obligations. Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the MCTO and expectations relating thereto.

In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including that the Company´s financial condition and development plans do not change because of unforeseen events. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk that the Company is unable to achieve its goal of placing La Parrilla back into production; market conditions and volatility and global economic conditions including increased volatility and potentially negative capital raising conditions resulting from the continued or escalation of the COVID-19 pandemic, risk of delay and/or cessation in planned work or changes in the Company’s financial condition and development plans employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour, the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits and the presence of laws and regulations that may impose restrictions on mining, including the Mexican mining reforms; risks relating to environmental regulation and liability; the possibility that results will not be consistent with the Company’s expectations; risks relating to completion of the annual audit in a timely manner.

Such forward-looking information represents best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240927360466/en/

For additional information, please contact:

Greg McKenzie, President & CEO

Ph: +1 (416) 504-2024

info@silverstorm.ca

Source: Silver Storm Mining Ltd.

FAQ

What is the new deadline for Silver Storm Mining (SVRSF) to file its annual financial statements?

The new deadline for Silver Storm Mining (SVRSF) to file its annual financial statements is October 11, 2024, as per the extension granted by the British Columbia Securities Commission.

Why has Silver Storm Mining (SVRSF) delayed filing its financial statements?

Silver Storm Mining (SVRSF) has delayed filing its financial statements due to complexities associated with the acquisition of the La Parrilla assets, which has made the accounting and audit process ongoing.

How does the management cease trade order (MCTO) affect Silver Storm Mining (SVRSF) shareholders?

The MCTO only restricts the Company's Chief Executive Officer and Chief Financial Officer from trading in the company's securities. It does not affect the ability of other shareholders, including the public, to trade in securities of Silver Storm Mining (SVRSF).

What financial documents are affected by the delay for Silver Storm Mining (SVRSF)?

The delay affects Silver Storm Mining 's (SVRSF) annual financial statements for the year ended March 31, 2024, and the interim financial statements for the quarter ended June 30, 2024, along with related management discussions, analyses, and officer certifications.