PGE.V · 2026-02-26 12:00:00

Stillwater Critical Minerals Reports Wide and High-Grade Near-Surface Ni-Cu-Co-PGE-Au Sulphide Mineralization Extending CZ Deposit at Stillwater West Project in Montana, USA

Exploration Programs

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Stillwater Critical Minerals Reports Wide and High-Grade Near-Surface Ni-Cu-Co-PGE-Au Sulphide

Mineralization Extending CZ Deposit at Stillwater West Project in Montana, USA

February 26, 2026 – Vancouver, BC – Stillwater Critical Minerals Corp. (TSX.V: PGE; OTCQB: PGEZF; FSE:

J0G) (the “ Company”, or “ Stillwater”) reports the first results from its 2025 resource expansion drill

campaign at the Company’s 100%-owned Stillwater West project in Montana, USA. Stillwater West is one

of the few U.S. critical minerals projects with a significant nickel and platinum group e lement (“PGE”)

resource and is located immediately adjacent to Sibanye -Stillwater’s Stillwater mines, the only primary

PGE producer in the United States. This release is focused on the CZ deposit area at Iron Mountain where

drilling intersected shallow, near -surface sulphide -rich polymetallic nickel -copper-cobalt-platinum-

palladium-gold (“Ni-Cu-Co-PGE-Au”) mineralization that extends beyond the limits of the January 2023

Mineral Resource Estimate (“MRE”).

Highlights

• The 2025 drill program was designed to expand the January 2023 MRE along a 10 -kilometer (“Km”)

mineralized trend at Stillwater West, where a broad zone of sulphide-rich nickel, copper, cobalt, PGE,

gold and chromium mineralization has been defined across multiple deposits.

• Two holes were completed at the CZ deposit and both intersected shallow, near -surface sulphide

mineralization. As detailed in Table 1, b road, continuous bulk -tonnage intercepts contain internal

higher-grade horizons, demonstrating continuity across a thick mineralized package and confirming

significant opportunity for resource expansion beyond current MRE boundaries:

o CZ2025-01:

▪ Bulk tonnage zone: 201.6 meters (“m”) @ 0.20% Recovered Nickel Equivalent (“NiEq”)

from 16.9 m (see Table 1 for full metal grades);

▪ Mid-grade zone: 53.3 m @ 0.37% NiEq from 24.4 m;

▪ Higher-grade zone: 29.0 m @ 0.44% NiEq from 41.5 m; and

▪ High-grade zone: 4.0 m @ 0.76% NiEq from 43.3 m.

▪ These intercepts include 1.52 m grading 0.92% Ni, 0.27% Cu, 0.085% Co, and 0.58 g/t 3E

(Pt+Pd+Au) starting at 43.3 m, and 3.7 m grading 1.0 g/t 3E starting at 44.8m.

o CZ2025-02:

▪ Bulk tonnage zone: 106.1 m @ 0.34% NiEq from 12.2 m (see Table 1);

▪ Mid-grade zone: 84.4 m @ 0.38% NiEq from 13.4 m;

▪ Higher-grade zone: 30.5 m @ 0.51% NiEq from 60.0 m;

▪ High-grade zone: 4.9 m @ 0.73 % NiEq from 75.9 m as 0.40% Ni, 0.23%Cu, 0.042% Co,

and 0.48 g/t 3E; and

▪ High-grade zone: 4.9 m @ 0.72% NiEq from 85.6 m as 0.43% Ni, 0.29% Cu, 0.043% Co ,

and 0.40 g/t 3E.

• Results extend known mineralization toward the Central and HGR deposits, confirming strike

continuity of the shallow-dipping conductive sulphide target and highlighting potential for meaningful

resource expansion east and west along the open Peridotite and Basal Zones.

• Assays are pending from the remaining six holes, along with rhodium results for the 2025 program.

• Stillwater is funded and permitted and is finalizing 2026 drill plans focused on resource growth and

step-out testing of conductive sulphide targets.

• Drill core will be on display at core shack 3116B on March 3rd and 4th, 2026, at PDAC.

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Table 1 – Highlight 2025 drill results from Iron Mountain CZ deposit area.

Notes: 1) Highlighted significant intercepts with grade -thickness values over 7 percent -meter recovered NiEq are

presented above, except as noted. 2) Recovered Nickel Equivalents (“NiEq”) are presented for comparative purposes

using conservative long-term metal prices (all USD): $8.00/lb nickel (Ni), $4.50/lb copper (Cu), $15.00/lb cobalt (Co),

$1,250/oz platinum (Pt), $1,250/oz palladium (Pd), $3,000/oz gold (Au), and $6,500/oz rhodium (Rh). 3) NiEq is

determined as follows: NiEq% = [Ni% x recovery] + [Cu % x recovery x Cu price/ Ni price] + [Co% x recovery x Co price

/ Ni price] + [Pt g/t x recovery / 31.103 x Pt price / Ni price / 2,204 x 100] + [Pd g/t x recovery / 31.103 x Pd price / Ni

price / 2,204 x 100] + [Au g/t x recovery / 31.103 x Au price / Ni price / 2,204 x 100]. 4) In the above calculations:

31.103 = grams per troy ounce, 2,204 = lbs per metric tonne, and 100 and 0.01 convert assay results reported in %

and g/t. 5) The following recoveries have been assumed for purposes of the above equivalen t calculations: 85% for

Ni and 90% for all other listed metals, based on recoveries at similar nearby operations. 6) Total metal equivalent

values include both base and precious metals. In terms of dollar value, 0.20% nickel equates to a copper value of

0.36%, or a palladium value of 0.88 g/t, using the above metal values. 7) Intervals are reported as drilled widths and

are believed to be representative of the actual width of mineralization .

Table 2 – Drill Hole Location and Depths

Stillwater’s President and CEO, Michael Rowley, said “These results confirm the extension of shallow

sulphide-rich mineralization beyond the current CZ deposit resource and demonstrate the effectiveness

of our updated geological model. Importantly, continuity of mineralization towards the Central and HGR

deposits to the east reinforces the district-scale scale potential of Stillwater West. With additional assays

pending and an updated Mineral Resource Estimate targeted for the first half of 2026, we see a clear path

to meaningfully growing one of the few significant U.S.-based nickel-PGE resources.”

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Dr. Danie Grobler, Vice -President Exploration, commented “ Our 2025 work defined two near -surface,

highly prospective areas at Chrome Mountain and Iron Mountain. All eight holes intersected magmatic

sulphide mineralization, confirming that the large geophysical anomalies map sulphide-rich stratigraphy

beyond current resource boundaries. At Iron Mountain, the CZ deposit conductive trend appears to

connect toward the Central-HGR resource areas, while at Chrome Mountain a large anomaly extends to

the southeast—together indicating potential continuity over a 10 -kilometer strike length of mineralized

magmatic stratigraphy. These results validate our model and materially expand the set of drill -ready

targets for resource growth. Furthermore, our current geological interpretation including results from

CZ2025-01 indicates probable thrust-fault duplication of the lower Peridotite zone with its mineralized

zones in the CZ deposit area, as shown in Figures 8 and 9.”

2025 Drill Program Overview

As shown in Figures 3 to 5, the 2025 exploration drilling program consisted of eight drill holes totaling

3,471 meters, focused on expanding mineralisation at existing resources including:

• Chrome Mountain – four holes in the DR/Hybrid deposit area

• Iron Mountain – two holes in the CZ deposit area and two holes in the HGR deposit area

The CZ deposit holes were collared near the eastern margin of the 2023 CZ deposit resource to test the

eastern strike extension of a shallow -dipping sulphide -rich conductive target associated with the

Peridotite–Basal Zone contact (Figures 6 and 7).

Drilling was located approximately 300 meters east of historic high -grade mineralization intersected in

IM2008-01, and 600 meters east of high-grade near-surface mineralization intersected in hole CZ2021-01

which returned 64.8 m grading 0.76% NiEq from 13.2 m including higher grade zones of 0.98% NiEq over

40.1 m and 1.24% NiEq over 17 m.

Figure 1 - Core from the Camp Zone deposit area drill hole CZ2025-01 showing near-surface net-textured

to semi-massive mineralization.

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Figure 2 - Core from the Camp Zone deposit area drill hole CZ2025-01 showing near-surface net-textured

to semi-massive mineralization.

Geological Interpretation and Targeting

Target selection for the 2025 C Z deposit drilling was guided by integrated interpretation of

electromagnetic, chargeability, and magnetic data, together with the updated geological model.

Both 2025 CZ deposit drill holes intersected shallow, net -textured to semi -massive sulphide

mineralization, confirming the conductive response observed in the 2024 MobileMT (“MMT”) geophysical

survey. Drill hole CZ2025-01 was extended to a final depth of 450 metres and successfully intersected the

targeted low-resistivity MMT anomaly, confirming the presence of contact-style, sulphide-rich base metal

and palladium-rich PGE mineralization along the Peridotite–Basal Zone floor contact (Figures 8 and 9).

Mineralization Styles and Resource Implications

Results from the 2025 CZ deposit drilling continue to support the first comprehensive geological model

developed across the lower Stillwater Igneous Complex. The results demonstrate the presence of three

key mineralization styles:

1. Broad Platreef-style Ni-PGE-Cu-Co mineralization, characterized as thick, shallow-dipping

sulphide-rich intervals developed along the lower Stillwater Igneous Complex stratigraphy;

2. Nickel sulphide-rich structurally upgraded N-series mineralization; and

3. Stratiform reef-type PGE-Ni-Cu chromitite mineralization.

The intersections reported demonstrate the potential to significantly expand the 2023 MRE, including:

• Bulk-tonnage mineralization at >0.20% NiEq;

• Thick mid-grade intervals at >0.35% NiEq; and

• Higher-grade zones at >0.70% NiEq contained within broader mineralized envelopes.

All CZ mineralization remains open along strike and at depth, with follow-up drilling planned to test

step-outs along the conductive trend toward the Central deposit (Figure 7).

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Additional 2025 Drilling and Next Steps

Assays remain pending from drilling at the Chrome Mountain and Iron Mountain HGR deposit areas.

The 3,471 meters completed in 2025, together with 2,310 meters drilled in 2023 and select historic holes,

are being incorporated into an updated Mineral Resource Estimate targeted for the first half of 2026.

Follow-up drilling at CZ and adjacent deposits is planned for 2026, focused on extending shallow sulphide

mineralization along strike and at depth. The Company continues to refine target s across the lower

Stillwater Igneous Complex in collaboration with Glencore via the technical committee in advance of the

2026 drill program.

Glencore Strategic Investments

The 2025 drill program was funded partially by a third strategic equity investment by Glencore Canada

Corporation, a wholly owned subsidiary of Glencore plc , as announced August 13, 2025 . Glencore

maintains a 13.1% equity ownership and provides ongoing technical support through participation in the

project’s technical committee.

CZ Deposit Resource Growth Implications

The CZ deposit drill results confirm the Company’s updated model for sulphide-rich mineralization within

the Peridotite and Basal Zone contact and demonstrate scale — from broad, near-surface bulk-tonnage

envelopes to internal higher-grade horizons that could support selective mining and blending scenarios.

Step-out drilling shows mineralization extending beyond the 2023 MRE and remaining open along strike

and at depth, providing multiple clear vectors for resource expansion. Pending assays from Chrome

Mountain and the HGR area at Iron Mountain are expected to add further growth potential ahead of the

updated MRE targeted for H1 2026.

Upcoming Events

Company representatives will attend PDAC 2026 in Toronto, where drill core from the C Z, HGR and

Chrome Mountain programs will be available for viewing at the Core Shack. In addition, the Company will

attend the following upcoming events:

1) Red Cloud Pre-PDAC - Toronto, Canada, February 26-27, 2026. For information, click here.

2) Metals Investor Forum - Toronto, Canada, February 27-28, 2026. For information, click here.

3) PDAC 2026 - Toronto, Canada, March 1-4, 2026. For information, click here.

4) SMI Conference - Zurich, Switzerland, March 18-19, 2026. For information, click here.

5) SAFE Summit 2026 - Washington, D.C., USA, April 27-28, 2026. For information, click here.

6) Top Shelf Partners - Washington, D.C., USA, May 17-19, 2026. For information, click here.

7) Top Shelf Partners - Ft. Lauderdale, Florida, USA, May 20-22, 2026. For information, click here.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF | FSE: J0G) is a mineral exploration and

development company advancing its 100% -owned Stillwater West Ni -PGE-Cu-Co + Au project in the

Stillwater mining district of Montana, USA. Stillwater West is directly adjacent to Sibanye -Stillwater’s

operating Stillwater mines and processing infrastructure, the only primary PGE-producing complex in the

United States. An NI 43-101 mineral resource estimate released in January 2023 positions Stillwater West

as one of the few significant U.S.-based nickel + PGE resources and includes ten minerals currently listed

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as critical in the United States. With strategic investments by Glencore and an experienced technical team

with Bushveld and Platreef-style expertise, the Company is well positioned to advance the project toward

the next phase of technical studies and resource growth drilling.

Stillwater also holds a 49% interest in the high-grade Drayton-Black Lake-gold project adjacent to Nexgold

Mining’s development -stage Goliath Gold Complex in northwest Ontario, currently under an earn -in

agreement with Heritage Mining, and the Kluane PGE -Ni-Cu-Co critical minerals project on trend with

Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory. The Company also holds the Duke

Island Cu -Ni-PGE property in Alaska and maintains a back -in right on the high -grade past -producing

Yankee-Dundee in BC, following its sale in 2013.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director – Stillwater Critical Minerals

Email: [email protected] Phone: (604) 357 4790

Web: http://criticalminerals.com Toll Free: (888) 432 0075

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward -looking statements” or “forward -looking

information”. In particular, this press release contains forward -looking information relating to, among other things, the

interpretation of exploration results, the potential for resource expansion, the timing and results of future resource estimates

(including the targeted H1 2026 updated MRE), the timing and success of exploration activities, permitting timelines, and future

plans and objectives of the Company. All statements in this release, other than statements of historical facts, are forward-looking

statements that involve various risks and uncertainties. Although Stillwater Critical Minerals believes the expectations expressed

in such for ward-looking statements are based on reasonable assumptions, such statements are not guarantees of future

performance and actual results or developments may differ materially from those in the forward -looking statements. For more

information on Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their annual

filings that are available at www.sedarplus.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture

Exchange) accepts responsibility for the adequacy or accuracy of this release.

A consolidated PDF containing the figures referenced below is available at the following link.

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