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1. Disclosure for the quote from the Stewart Thomson article published on September 2, 2026.

1. Storm Exploration Inc. has paid Street Smart (an affiliate of Streetwise Reports) a fee of US$4,000 for the preparation of an independent technical research report, published on September 2, 2026.
2. Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. Mr. Thomson is not an investment advisor. He does not know the financial situation or risk tolerance of any reader. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts. The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed. Mr. Thomson owns no securities in Storm Exploration Inc., and he has no direct financial relationship with the company.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Key Investor Takeaways

• Storm has confirmed VMS mineralization at its Gold Standard Project in northwestern Ontario, with the September 23, 2026, announcement covering five holes across 1.9 km (kilometers) of the target.
• CEO Bruce Counts subsequently said eight holes had been completed, with sulfides encountered in all eight and semi-massive to massive sulfides observed in the majority.
• The target originated from a large conductivity anomaly that coincided with historical Inco Limited drill holes containing copper and zinc mineralization, but no reported assays.
• Storm completed a CA$3.2 million oversubscribed private placement in September, including a CA$2 million investment from Eric Sprott.
• Pending assays will be important in determining the grade of the mineralized zones and will determine the size of Storm's 2027 drill program.
• The Gold Standard discovery remains an early-stage exploration story: the VMS interpretation has been supported by drilling, but its economic potential has not yet been established.

Storm Exploration's Bruce Counts on the Trail of an Overlooked Ontario VMS System

Storm Exploration Inc. (STRM:TSXV; CWVWF:OTCPK) is advancing a newly confirmed volcanogenic massive sulfide (VMS) system at its Gold Standard Project in northwestern Ontario, but the story behind the discovery began decades before the company put a drill on the property.

During an October 6 conversation with Streetwise Reports, Storm CEO Bruce Counts described the process as a combination of historical research, geophysics, geological interpretation, and, ultimately, a willingness to investigate a target that had been largely overlooked.

For Counts, the appeal of exploration is personal. With a degree in geological engineering specializing in geophysics, he began his career on the discovery team for what became Canada's first diamond mine. He worked on the project as it moved from the initial discovery of kimberlite through resource definition, feasibility work, and construction.

That experience shaped his approach to mineral exploration.

"At the end of the day, mineral explorers are treasure hunters," Counts said.

He said his preference is for earlier-stage projects where there is enough evidence to establish that mineralization exists, but historical exploration is limited. These projects are more speculative, according to Counts, but they also allow for a discovery that can change the trajectory of a company. That philosophy eventually led Storm to Gold Standard, where a large VMS system has been hiding in plain sight for more than 55 years.

An Old Target With a New Interpretation

Storm acquired the Gold Standard property in 2022 from prospectors Allan Onchulenko and Peter Gehrels, who had staked ground around three historical gold mines that were operational between 1901 and 1903. Counts said the lack of modern drilling around the old workings initially attracted his attention.

Counts then dug deeper into the exploration history of the area. About four km north of one of the old gold mines, Inco, a major mining company, had drilled four holes in 1969 and 1970. Historical records showed copper and zinc mineralization in all of the holes, but there was no record of assays. Counts reasoned that Inco must have had an exploration target and decided to stake additional mineral claims to cover the Inco holes.

Historical sampling and Storm's subsequent work added another piece to the puzzle. In 2022, Storm reported surface samples near the historical workings grading as high as 166 grams per tonne (g/t) gold (Au), 197 g/t silver (Ag), and 1.47% copper (Cu). The combination of high-grade gold and copper was unusual enough to warrant further investigation.

In late 2022, Storm surveyed the property with a Versatile Time-Domain Electromagnetic (VTEM) survey, which measures the magnetic properties of the rocks as well as how well they conduct electricity. That survey identified a seven-kilometer-long horizon of strong conductivity that coincided with the four holes drilled by Inco. The theory that the conductive horizon was due to the presence of sulphides was supported by the mineralization reported in the Inco holes

For Counts, an important question lingered: Why would a major Canadian exploration company drill into a conductive target, encounter copper and zinc, and then leave the area?

He got the answer years later through a conversation with a former Inco employee.

Counts recalled learning that Inco's exploration strategy at the time was heavily focused on nickel. The company used proprietary airborne geophysical surveys to identify conductors and then drilled them. If a target didn't show the nickel sulfides it was looking for, the company would move on without completing additional assays.

"That explains a few things," Counts said. The historical holes had not necessarily been abandoned because they were uninteresting; they had been investigated for a different commodity and under a different exploration model.

That distinction became important when Storm revisited the property.

The 7 km Clue

Storm's exploration work has included an airborne VTEM survey, which identified a large conductivity anomaly that coincided with the historical Inco drilling.

The anomaly extended for more than 5 km in Storm's initial interpretation, and later work and drilling have outlined a broader target with approximately 7 km of strike length. Storm's September 23 release reported that the first five holes tested 1.9 km of that target, with every hole intersecting disseminated and/or semi-massive to massive sulfide mineralization, including chalcopyrite and sphalerite.

Interestingly, this massive scale was part of what initially made the target difficult to interpret. Counts said the size of the conductor was unusually large for a VMS target. Graphite or another conductive horizon could potentially explain the geophysical response, and there was little historical evidence of a VMS system in the immediate area. But Counts consulted geophysicist Grant Lockhart, who agreed that the strength of the conductivity was more consistent with sulfides than graphite.

"Now it started to look like that could be a VMS target," Counts said.

Storm subsequently found sulfides at surface, while geological mapping identified features the company interpreted as consistent with a VMS environment, including felsic and mafic rocks as well as evidence of exhalative rocks. So, Storm moved to the next step: drilling.

From Hypothesis to Discovery

Storm received its drill permit in August 2026 and commenced drilling at Gold Standard in September 2026. The initial program was a test of the extensive conductivity anomaly, with the goal of determining whether VMS-type mineralization was actually present. The September 23 announcement provided the first public confirmation. During the October 6 interview, Counts said drilling had subsequently reached eight holes. According to Counts, sulfides had been encountered in all eight holes, with semi-massive to massive sulfides observed in at least six of them. The core was being logged, split, and prepared for laboratory analysis at the time of the interview.

The distinction between visual sulfide observations and assay results is important. Storm has confirmed the presence of copper- and zinc-bearing sulfides, but the company does not yet have the assay data needed to determine the grades or economic significance of the mineralization.

Technical analyst Stewart Thomson gave Storm a "Speculative Buy" rating, with a long-term price target of CA$2.60.¹

Counts acknowledged that distinction directly. "We can't gauge at this point what level that is," he said of the mineral potential, "but we know we're in a VMS system, and it's extensive."

That makes the next question less about whether the target represents a VMS system and more about what the system contains.

VMS deposits form due to hydrothermal activity associated with volcanic environments, creating concentrations of sulfide minerals that can contain copper, zinc, and, in some systems, even gold and silver. Counts described Gold Standard as a particularly large exploration target because of the length of the conductive horizon. The system appears to have a north-south component of roughly 3 km and an east-west component of roughly 4 km. That scale doesn't mean the entire anomaly represents an economic mineral deposit. Instead, the scale gives Storm a large area to search for potentially higher-grade or thicker portions of the system.

Counts referred to this next phase as finding the "sweet spot."

A Junior Explorer With More Room to Drill

The discovery comes after a significant change in Storm's portfolio.

Earlier in 2026, the company completed the sale of its Miminiska Project to Canadian Goldfields Discovery Corp. (CGM:TSXV; CGMXF:OTCMKTS) for CA$5.8 million. Storm had a market cap of approximately CA$4 million to CA$5 million at the time, according to Counts, making the transaction significant relative to the company's size. Storm subsequently turned its attention to Gold Standard as its next project ready for drilling.

The company also completed an oversubscribed CA$3.2 million private placement in September 2026. The financing included a CA$2 million investment from Eric Sprott, who became Storm's largest shareholder following the transaction. The financing was intended to fund exploration drilling at Gold Standard, along with general working expenses.

For Storm, the financing provides flexibility as it evaluates the initial drill results. Counts said the company expects to return to Gold Standard in 2027, with the size of the next program determined in part by the pending assays. A more modest program of approximately 5,000 m could be funded from the existing treasury, while a substantially larger program could require additional financing.

"If we get great results and we want to go after it really aggressively, we might be back to the market," Counts said.

What Comes Next for Storm?

Storm expects detailed geological logging from the current drill program toward the end of October or beginning of November, according to Counts. Assay results are expected later, potentially in early January 2027. Those results are expected to provide the first indication of the grades and metal content of the mineralized zones. Combined with geological logging and the drill intersections, the results will help Storm assess their thickness and continuity. The company has already established that sulfide mineralization occurs across a meaningful portion of the target. What remains unknown is whether that mineralization contains the grades and widths necessary to support a significant mineral resource.

That uncertainty is central to the story.

Counts said the initial objective of the drill program was to confirm whether the conductivity anomaly represented a VMS system. With that hypothesis now supported by drilling, the exploration question has shifted toward determining where the strongest mineralization occurs and how the system is organized.

"The mystery is still there," Counts said. "This system has a lot of secrets to give up."

For a junior explorer, that can be an important stage of the exploration cycle. The company has moved beyond a purely geophysical target, but it has not yet reached the point where the economic potential of the discovery can be established.

The next phase will therefore be driven by data: geological observations, assays, and additional drilling.

Counts' own preference is to remain on the exploration side of that process. He said his objective is to take a project through discovery and toward resource definition and economic studies, rather than necessarily remaining at the helm if the project ultimately advances into mine development. For now, however, Gold Standard remains in the part of the exploration story that Counts appears to find most compelling: the period when a geological hypothesis has survived its first serious test, but the size and quality of the underlying system remain to be determined.

"We've gone through that initial part where you've proven the hypothesis," he said. "And now it's about, where's the sweet spot? And how quickly can we get there?"

Analyst Anticipates Re-Rating Based on Storm's VMS Target

¹On September 2, 2026, technical analyst Stewart Thomson gave Storm a "Speculative Buy" rating, with a long-term price target of CA$2.60. Thomson argued that the company has an edge, being in possession of a "rare combination" of a target with both historical sulphide drill holes and high-grade gold-copper samples nearby.

"Storm stands above its competitors not by having the largest land package, but by having the most advanced assets, the cleanest balance sheet, and the strongest social license in an emerging gold district, offering shareholders a higher probability of near-term discovery with lower dilution risk . . . and from a technical analysis perspective, the bullish charts also imply a significant re-rating of the company is likely," he wrote. 

Ownership & Share Information²

Storm Exploration Inc. has a market cap of CA$24.78 million, with 36.58 million shares outstanding. The company's 52-week range is CA$0.15-CA$0.71.

Strategic Investors own 16% of shares, while Management & Insiders own 20%. The remaining 64% of shares are Retail.

Frequently Asked Questions

Q: What is a VMS deposit?

A: A volcanogenic massive sulfide (VMS) deposit is a type of mineral deposit formed by hydrothermal activity associated with volcanic environments. VMS deposits can contain copper and zinc sulfides and may also contain gold and silver.

Q: Why is the Gold Standard conductivity anomaly important?

A: The anomaly extends for several kilometers and coincides with historical drill holes that intersected copper and zinc sulfide mineralization. Modern exploration work has now provided additional evidence supporting a VMS interpretation.

Q: What did Storm's 2026 drilling confirm?

A: Storm's September 23 release reported that five holes totaling approximately 1,000 meters had intersected disseminated and/or semi-massive to massive sulfides, including chalcopyrite and sphalerite, across 1.9 kilometers of the target. Counts subsequently said eight holes had been drilled, with sulfides encountered in all eight.

Q: What will the assay results tell investors?

A: Assays will provide quantitative information about the grades of metals present in the drill intersections. Together with the widths and geological characteristics of the mineralization, those results will help Storm determine which parts of the system warrant additional drilling.

Q: What is Storm's next step at Gold Standard?

A: Storm expects to continue evaluating the system through additional exploration and drilling in 2027. The size of that program is expected to depend in part on the results from the 2026 drilling, with management discussing a potential range from approximately 5,000 meters to a substantially larger program.

Q: What type of rocks host the mineralization?
A: The sulfide zones appear to occur along contacts between mafic and felsic volcanic units. The mineralization is hosted within a bimodal volcanic sequence that also shows silicification, quartz-chlorite-sericite alteration, and chert exhalative zones.

Q: What does disseminated sulfide mineralization mean?
A: Disseminated sulfides are sulfide minerals distributed throughout a host rock rather than concentrated in a single massive zone