PGE.V · 2025-09-15 12:00:00

Stillwater Critical Minerals Provides Update on Corporate, Exploration, and Development Activities

Corporate Updates

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September 15, 2025 - Vancouver, B.C., Stillwater Critical Minerals Corp. (TSX.V: PGE | OTCQB: PGEZF | FSE:

J0G) (the “ Company” or “Stillwater”) is pleased to provide an update on its corporate, exploration and

development activities with a focus on advancing its 100%-owned flagship Stillwater West Ni-PGE-Cu-Co + Au

critical minerals project in the Stillwater mining district of Montana, USA.

Corporate Highlights

• Stillwater West is advancing as a significant large-scale potential source of ten minerals now listed as

critical by the U.S. government.

• Closed $8.78 million in private placements on August 13, 2025, including a third investment by Glencore

plc (“Glencore”) at a 64% premium to the June 2024 financing.

• Glencore holds a 15% strategic equity position in Stillwater, with representation on Stillwater’s board of

directors and technical committee.

• Research coverage initiated by Taylor Combaluzier, P.Geo. at Red Cloud Securities Inc. in July 2025.

Exploration & Development Highlights

• The 2025 program has been strategically designed to expand wide nickel, copper, cobalt, platinum,

palladium, rhodium, gold and chromium mineralization defined in the January 2023 Mineral Resource

Estimate (“MRE”).

• The updated MRE will build on the current resource of 3.8 Moz of Platinum Group Elements (“PGE”) and

Au plus 1.6 Blbs of Ni+Cu+Co1 with a focus on mid- and high -grade mineralization in the largest

undeveloped nickel-PGE deposit in an active U.S. mining district.

• Drilling commenced in July 2025 at Stillwater West with two drill rigs, one at each of the Chrome

Mountain and Iron Mountain deposit areas, over seven kilometers apart.

• Drilling began with two deeper holes, one at each deposit area, to depths of approximately 708 meters

and 692 meters. These holes enabled the Company’s first use of downhole geophysics with the objective

of improving the understanding of subsurface geology and refining future drill targeting.

• Drilling is on-going in the fifth and sixth holes.

• Over 3,100 meters have been drilled in the 2025 campaign to date , bringing the project total to more

than 43,100 meters.

• Results, along with assays from 2,510 meters previously drilled at the Chrome Mountain deposit area

and select historic drill holes, will support an updated MRE in H1 2026.

• Completed the first ever borehole EM on the first two drills holes this season on Iron and Chrome

Mountain deposits.

• Assays are pending from all holes.

“Stillwater is entering a significant phase of growth with the completion of our largest capital raise to date at a

higher valuation, and with drilling underway to expand resources that include ten minerals designated as critical

in the U.S.” said Michael Rowley, President and CEO. “Supported by additional working capital, an expanded

geological model, and an experienced technical team, we look forward to providing further updates as work

progresses at Stillwater West.”

“The 2024 geophysical survey marked a turning point in our understanding of the Stillwater Igneous Complex,”

said Dr. Danie Grobler, VP Exploration. “Early core from this season is visually promising, with mineralized

intervals and textures consistent with our model. The first two holes at Chrome Mountain intersected near

surface disseminated, net-textured to semi-massive Ni+PGE+Cu+Co + Au mineralization. We look forward to

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sharing assay results as they become available. The 2025 campaign represents a significant step forward as we

continue to unlock the full potential of what we believe is one of America's most important critical mineral

districts."

Figure 1: Drilling at the Iron Mountain deposit area of the Stillwater West project, over seven kilometers east of

a second rig at the Chrome Mountain deposit area, in an iconic and historic mining district in Montana, USA.

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Figure 2: VP Exploration, Danie Grobler on-site at Figure 3: Project Geophysicist, Justin Modroo on-site

Stillwater West at Stillwater West

Figure 4: Core from drill hole IM2025-01 at the HGR deposit area at Iron Mountain – Net-textured to semi-

massive mineralization displaying sulfide liquid percolation textures is shown from around 417m depth.

Chalcopyrite

CuFeS2

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Figure 5: Core from the HGR deposit area at Iron Mountain drill hole IM2025-01 – Net-textured to semi-massive

mineralization is shown from around 400m depth.

Figure 6: Core from Chrome Mountain drill hole CM2025-02 – Near surface net-textured to semi-massive

mineralization associated with B-chromitite is shown from around 30m to 51m.

Chalcopyrite

CuFeS

Chalcopyrite

CuFeS

Pentlandite

(Fe,Ni)

grains

Reaction

chromite

Fine-

grained

mineralized

clast

Pentlandite

(Fe,Ni)

grains

Pyrrhotite

with

Pentlandite

flames

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Figure 7: One 0.61m interval of core from Chrome Mountain drill hole CM2025-02 showing sulfide infiltration

melt and breccia textures around 252m.

Infiltration texture of sulfide

melt.

Different sulfide

mineralization events

displayed by rounded

disseminated to net-

textured sulfide clasts.

Down

hole

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Figure 8: Core from the Camp Zone deposit area drill hole CZ2025-01 – Near surface net-textured to semi-

massive mineralization from around 32m to 81m depth.

Figure 9: Core from the Camp Zone deposit area drill hole CZ2025-01 – Near surface net-textured to semi-

massive mineralization from around 32m to 81m depth.

Reaction Cr

on sulfide-

silicate

contact

zones.

Coarse

pyrrhotite-

pentlandite

zones.

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Figure 10: Dr. Danie Grobler, Stillwater’s Vice-President of Exploration, Chris Jenkins and Mike Zientek from U.S.

Geological Survey, Dr. Wolfgang Maier, ultramafic expert from Cardiff University, and Rory Johnson, Stillwater

geologist, at the Stillwater West core shack in Montana, USA.

Near-Term Outlook

The Company expects to provide the following updates into 2026:

• Results from the 2025 drill program.

• 3D model updates and geologic reinterpretations.

• Updates on non-core assets.

• Updated NI-43-101 mineral resource estimate at Stillwater West.

• Updates on U.S. government initiatives, including funding opportunities to accelerate advancement of

Stillwater West as a major primary source of critical minerals.

Funding and Grant Updates

Stillwater is currently partnered on US$2.75 million in grants from the Department of Energy via Cornell

University and Lawrence Berkeley Laboratories. The Company has increased its engagement with the U.S.

government for support in several forms including the Department of Energy and the Department of Defense in

particular, recognizing the strong alignment between Stillwater West and the government’s stated objectives

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regarding domestic supply chains. Recent milestones underscore the U.S. Government’s commitment to

advancing domestic production of critical minerals:

• Sibanye-Stillwater’s neighboring mine added to the FAST-41 list for streamlining of permits.

• The inclusion of two other Montana mine projects on the FAST-41 list.

• Sibanye-Stillwater confirming 45X tax credit status for critical minerals production.

• The U.S. Government’s Executive Order announced March 20, 2025 titled Immediate Measures to

Increase American Mineral Production.

• Continued engagement with the U.S. Geological Survey in relation to U.S. critical minerals project

advancement.

Upcoming Events

Michael Rowley, President and CEO of Stillwater, is scheduled to attend the following events. Additional events

will be announced as confirmed.

1) Carbontech Summit 2025 - New York, New York - September 24, 2025. For information, click here.

2) BIOBY Mining & Energy Expo - Minneapolis, Minnesota - October 1-3, 2025. For information, click here.

3) Precious Metals Summit - Zurich, Switzerland, November 10-11, 2025. For information, click here.

4) AEMA’s Annual Meeting - Sparks, Nevada, December 7-12, 2025. For information, click here.

5) VRIC 2026 - Vancouver, BC - January 25-26, 2026. For information, click here.

6) AMEBC Round Up - Vancouver, BC - January 26-29, 2026. For information, click here.

7) PDAC 2026 - Toronto, Ontario, March 1-4, 2026. For information, click here.

8) Swiss Mining Institute Conference - Zurich, Switzerland, March 18-19, 2026. For information, click here.

Option Grant

The Company is pleased to announce that, subject to the approval of the TSX Venture Exchange (“TSXV”), it has

granted 1,200,000 options (each, an “Option”) to certain directors and officers of the Company in accordance

with the Company’s Long-Term Performance Incentive Plan (“LTIP”). Each Option is exercisable into one

common share in the capital of the Company (“Share”) at a price of $0.30 per share, based on the five-day

moving average volume weighted price of the Shares on the TSXV on September 12, 2025. The Options will vest

over a period of five years from the date of grant. All vesting is in accordance with the shareholder approved

LTIP.

Correction to Previous Private Placement Announcements

As announced August 13, 2025, Stillwater sold, under the two tranches of the brokered LIFE Offering, the upsized

non-brokered Additional Offering and the Glencore Offering, an aggregate of 38,182,504 units at a price of $0.23

per unit for gross proceeds of approximately $8.78 million. If the warrants under the offerings are exercised in

full, it would provide the Company with over an additional $6.4 million in funding.

Red Cloud Securities Inc. ("Red Cloud") acted as sole agent and bookrunner in connection with the two tranches

of the brokered LIFE Offering. As consideration for its services, Red Cloud was paid cash commissions and was

issued broker warrants. The Company paid Red Cloud cash commissions of $164,413 (not including Red Cloud's

legal fees, taxes and expenses of $77,080) and $164,407 (not including Red Cloud's legal fees, taxes and expenses

of $11,300) for the first and second tranches, respectively, for a total of $328,820. The Company previously

disclosed in its news release dated June 25, 2025 that the Company paid Red Cloud aggregate cash fees of

$241,493 for the first tranche, but this figure included the $77,080 in legal fees, taxes and expenses. As

previously disclosed, the Company also issued to Red Cloud 714,840 and 714,814 broker warrants for the first

and second tranches, respectively, for a total of 1,429,654 broker warrants. Each broker warrant is exercisable

into one common share at $0.23 for a period of 36 months from the date of issuance and are also subject to a

hold period expiring four months and one day from the date of issuance ending on October 26, 2025 and

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