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Silver Storm Provides Bi-Weekly MCTO Status Update

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Silver Storm Mining (TSX.V: SVRS, OTCQB: SVRSF, FSE: SVR) provides a bi-weekly update on its management cease trade order (MCTO). Issued on July 30, 2024, by the British Columbia Securities Commission (BCSC), the MCTO followed the company's inability to file its annual financial statements and related documents for the year ended March 31, 2024, by the July 29, 2024 deadline. The delay also affected its interim filings due August 29, 2024. The BCSC has extended the deadline for annual filings to October 11, 2024, and the company expects to complete interim filings within five business days thereafter. The MCTO will remain until two business days after all required filings are submitted. The MCTO does not restrict public trading of the company's securities. Silver Storm confirms there are no material changes to the previous announcement and no insolvency proceedings.

Silver Storm Mining (TSX.V: SVRS, OTCQB: SVRSF, FSE: SVR) fornisce un aggiornamento bisettimanale sul suo ordine di sospensione delle attività di commercio (MCTO). Emesso il 30 luglio 2024 dalla Commissione di Sicurezza della Columbia Britannica (BCSC), il MCTO è seguito dall'incapacità dell'azienda di presentare i propri bilanci annuali e documenti correlati per l'anno conclusosi il 31 marzo 2024, entro la scadenza del 29 luglio 2024. Il ritardo ha anche influenzato le sue presentazioni interim previste per il 29 agosto 2024. La BCSC ha prorogato la scadenza per le presentazioni annuali all'11 ottobre 2024, e l'azienda prevede di completare le presentazioni interim entro cinque giorni lavorativi successivi. L'MCTO rimarrà attivo fino a due giorni lavorativi dopo la presentazione di tutti i documenti richiesti. L'MCTO non limita il commercio pubblico dei titoli dell'azienda. Silver Storm conferma che non ci sono cambiamenti significativi rispetto all'annuncio precedente e nessuna procedura di insolvenza.

Silver Storm Mining (TSX.V: SVRS, OTCQB: SVRSF, FSE: SVR) proporciona una actualización quincenal sobre su orden de cese de comercio administrativo (MCTO). Emitido el 30 de julio de 2024 por la Comisión de Valores de Columbia Británica (BCSC), el MCTO siguió la incapacidad de la empresa para presentar sus estados financieros anuales y documentos relacionados para el año que finalizó el 31 de marzo de 2024, antes de la fecha límite del 29 de julio de 2024. El retraso también afectó sus presentaciones interinas que vencen el 29 de agosto de 2024. La BCSC ha extendido la fecha límite para las presentaciones anuales hasta el 11 de octubre de 2024, y la empresa espera completar las presentaciones interinas dentro de cinco días hábiles después de eso. El MCTO permanecerá en vigor hasta dos días hábiles después de que se presenten todos los documentos requeridos. El MCTO no restringe el comercio público de los valores de la empresa. Silver Storm confirma que no hay cambios materiales con respecto al anuncio anterior y no hay procedimientos de insolvencia.

실버 스톰 마이닝 (TSX.V: SVRS, OTCQB: SVRSF, FSE: SVR)은 관리 거래 중단 명령(MCTO)에 대한 격주 업데이트를 제공합니다. 2024년 7월 30일 브리티시컬럼비아 증권 위원회(BCSC)에서 발효된 MCTO는 2024년 3월 31일 종료된 연간 재무제표 및 관련 문서를 2024년 7월 29일 기한 내에 제출하지 못한 것에 따른 것입니다. 이 지연은 2024년 8월 29일 마감 예정인 중간 보고서 제출에도 영향을 미쳤습니다. BCSC는 연간 제출 마감 기한을 2024년 10월 11일로 연장하였으며, 회사는 그 후 5영업일 이내에 중간 제출을 완료할 것으로 예상하고 있습니다. MCTO는 모든 필수 제출이 완료된 후 영업일 기준 2일 동안 유지됩니다. MCTO는 회사의 증권에 대한 공공 거래를 제한하지 않습니다. 실버 스톰은 이전 발표에 중대한 변경사항이 없으며, 청산 절차가 없음을 확인합니다.

Silver Storm Mining (TSX.V: SVRS, OTCQB: SVRSF, FSE: SVR) fournit une mise à jour bi-hebdomadaire concernant son ordre d'arrêt de négociation par la direction (MCTO). Émis le 30 juillet 2024 par la Commission des valeurs mobilières de la Colombie-Britannique (BCSC), le MCTO a été émis après l'incapacité de la société à soumettre ses états financiers annuels et documents connexes pour l'année se terminant le 31 mars 2024, avant la date limite du 29 juillet 2024. Ce retard a également affecté les déclarations intermédiaires dues le 29 août 2024. La BCSC a prolongé la date limite pour les dépôts annuels au 11 octobre 2024, et l'entreprise s'attend à compléter les dépôts intermédiaires dans les cinq jours ouvrables suivants. Le MCTO restera en vigueur jusqu'à deux jours ouvrables après que tous les dépôts requis aient été soumis. Le MCTO ne limite pas le commerce public des valeurs mobilières de l'entreprise. Silver Storm confirme qu'il n'y a pas de changements significatifs par rapport à l'annonce précédente et qu'aucune procédure d'insolvabilité n'est en cours.

Silver Storm Mining (TSX.V: SVRS, OTCQB: SVRSF, FSE: SVR) gibt ein zweiwöchentliches Update zu seiner Handelsaussetzung durch die Unternehmensführung (MCTO) bekannt. Diese wurde am 30. Juli 2024 von der British Columbia Securities Commission (BCSC) erlassen, nachdem das Unternehmen nicht in der Lage war, seine Jahresabschlüsse und verwandte Dokumente für das am 31. März 2024 endende Geschäftsjahr bis zur Frist am 29. Juli 2024 einzureichen. Die Verzögerung beeinflusste auch die dienlichen Einreichungen, die bis zum 29. August 2024 fällig sind. Die BCSC hat die Frist für die Jahresabschlüsse auf den 11. Oktober 2024 verlängert, und das Unternehmen erwartet, die interimistischen Einreichungen innerhalb von fünf Werktagen danach abzuschließen. Das MCTO bleibt bis zwei Werktage nach Einreichung aller erforderlichen Dokumente in Kraft. Das MCTO schränkt den öffentlichen Handel mit den Wertpapieren des Unternehmens nicht ein. Silver Storm bestätigt, dass es keine wesentlichen Änderungen zu der vorherigen Ankündigung gibt und dass keine Insolvenzverfahren eingeleitet wurden.

Positive
  • None.
Negative
  • MCTO issued due to delayed filings.
  • Inability to file annual and interim financial statements on time.
  • Extended deadline to October 11, 2024, indicating ongoing delays.

TORONTO--(BUSINESS WIRE)-- Silver Storm Mining Ltd. (“Silver Storm” or the "Company") (TSX.V: SVRS | OTCQB: SVRSF | FSE: SVR) is providing this bi-weekly update on the status of its management cease trade order issued on July 30, 2024 (the “MCTO”), by its principal regulator, the British Columbia Securities Commission (the “BCSC”), under National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). The Company announced on July 30, 2024 (the “Default Announcement”), that it expected to be unable to file 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. On September 27, 2024, the BCSC provided the Company an extension 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 will remain in effect until two full business days following the receipt by the BCSC of all filings the Company is required to make under British Columbia securities law, including the Required Documents. The MCTO 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 Default Announcement. 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.

For additional information:

Greg McKenzie, President & CEO

Ph: +1 (416) 504-2024

info@silverstorm.ca

Source: Silver Storm Mining Ltd.

FAQ

What is the current status of Silver Storm Mining's MCTO?

The MCTO remains in effect until two business days after all required filings are submitted.

Why was Silver Storm Mining issued an MCTO?

The MCTO was issued due to the company's inability to file its annual and interim financial statements on time.

When is the new deadline for Silver Storm Mining's annual filings?

The new deadline for the annual filings is October 11, 2024.

Does the MCTO affect public trading of Silver Storm Mining's shares?

No, the MCTO does not restrict public trading of the company's securities.

When does Silver Storm Mining expect to complete its interim filings?

The company expects to complete its interim filings within five business days after the annual filings are completed.

SILVER STORM MINING LTD

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