Stillwater Reports Multiple Large-Scale Polymetallic Magmatic Sulphide Targets From 2024 Geophysical Surveys in Montana’s Historic Stillwater Mining District
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Stillwater Reports Multiple Large-Scale Polymetallic Magmatic Sulphide Targets From 2024
Geophysical Surveys in Montana’s Historic Stillwater Mining District
March 26, 2025 - Vancouver, B.C., Stillwater Critical Minerals Corp. (TSX.V: PGE | OTCQB: PGEZF | FSE: J0G)
(the “Company” or “Stillwater”) is pleased to report multiple large -scale magmatic sulphide targets generated
from a property -wide MobileMTm magneto -telluric (“MMT”) geophysical survey completed in late 2024 by
Expert Geophysics Limited at its flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana, USA.
Data from the 2024 MMT survey was processed and incorporated into the Company’s 3D geological model of
the lower Stillwater Igneous Complex to prioritize targets with a focus on expanding current mid- and high-grade
mineral resources.
Highlights
• Inversion and 3D modeling of results from 2024 MMT geophysical surveys provide multiple coincident
multi-kilometer-scale resistivity lows and conductive highs, as shown in the attached Figures.
• Magnetic inversion processing from the MMT data provides important information for project -wide
structural interpretation and highlights relationships between the metasedimentary floor and ultramafic
strata.
• Multiple very low frequency (“VLF”) data were also acquired, confirming near surface drilled
mineralization and structures.
• Limited drill testing has been completed on these new targets to date. Where available, drill results
confirm polymetallic sulphide -rich Platreef -style mineralization across wide areas of the project, as
shown in Table 1, Pictures 2 and 3, and Figure 6.
• Results have expanded the detailed 3D geological model of the lower Stillwater Igneous Complex that
has been developed by the Company from 9.5 kilometers to 20 kilometers, as shown in Figures 5 and 6.
• Results have provided multiple priority drill targets for expansion of mineral resources with particular
focus on mid- and high-grade mineralization.
• Drill targets are now being finalized and prioritized for planned upcoming drill campaigns.
• The Company is working with Glencore plc via the Stillwater West technical committee, and ALS Global
(formerly GoldSpot) to harness their cutting -edge Artificial Intelligence and Machine Learning
technology and geoscience expertise.
Stillwater’s President and CEO, Michael Rowley, said “Having relied on globalized supply chains for decades, the
United States has now made clear it intends to secure domestic inventories of, and processing capacity for, nine
critical minerals that we have inventoried at Stillwater West. Last week’s Executive Order from the White House
is the strongest directive yet in this regard, building on similar initiatives that date from 2016, and earlier. As the
third largest mineralized layered magmatic complex in the world, the Stillwater Igneous Complex is famously
well-mineralized and offers both scale and grade, making it a foundational component of this Government -
mandated national policy objective. The Stillwater Igneous Complex has provided the United States with critical
minerals for over a century, including the on -going production of palladium, platinum, rhodium, nickel, copper
and other metals by our neighbor Sibanye -Stillwater. Our Stillwater West project covers the lower Stillwater
Igneous Complex, invoking direct comparisons to the parallel geologic setting of Anglo American’s world -class
Mogalakwena Mine, and Ivanhoe’s Platreef Mine, in South Africa’s Bushveld Igneous Complex. We are well
positioned to bring these large, polymetallic mine models with robust economics to a similar geological setting
in the United States. Following our recent meetings with State and Federal officials, we are focused on
accelerating our path to mine development and production. We look forward to providing further updates and
invite investors to meet the team at the upcoming shows listed below.”
Dr Danie Grobler, Stillwater’s Vice -President, Exploration, commented “The MMT electromagnetic, horizontal
magnetic gradient, and TargetEM geophysical surveys performed by Expert Geophysics in late 2024 have imaged
large coincident low resistivity, conductive and magnetic anomalies proximal to the footwall contact of the
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Stillwater Igneous Complex. As a result of uplifting during the Laramide tectonic event, these footwall targets
can occur near surface, resulting in high quality drill targets that range in depth from shallow to over a kilometer
or more. The most conductive anomalies are located proximal to the footwall contact and correspond with net-
textured to massive sulphides, some of which have already been drill tested. For example, all six holes drilled
during the 2023 exploration season intersected significant zones of net-textured to semi-massive sulphide within
the Chrome Mountain area. The MMT results at Chrome Mountain display a large conductive anomaly extending
from the historically drilled area towards the southeast along the footwall contact. A similar anomaly is imaged
at Iron Mountain within the Camp Zone (CZ), HGR, and Crescent deposit areas. This particular anomaly is focused
below Iron Mountain and is connected to the Camp Zone and Crescent deposit areas, extending at depth to
around 1,500 meters below surface. The conductive anomaly displaces the highly magnetic anomalies of the
Banded Iron Formation within floor rocks of the Stillwater Igneous Complex. Magmatic sulphide mineralization
is known to extend below mafic -ultramafic intrusions either through a process of downward percolation or
forming part of an intrusive feeder/conduit system. We look forward to drill testing these compelling targets
with a focus on expanding our resources in the higher grade categories in particular in the upcoming planned
campaign.”
Results of Property-Wide Airborne Geophysical Surveys
Stillwater contracted Expert Geophysics Limited to perform large -scale geophysical surveys with the objective
of providing comprehensive coverage of the highly prospective lower Stillwater Igneous Complex. Particular
focus was given to modeling mid - and high-grade mineralization for expansion of existing mineral resources in
these categories in upcoming drill campaigns.
The surveys totaled 1,322 line -kilometers including test surveys over the Chrome Mountain resource area to
compare the TargetEM26 time-domain electromagnetic (“EM”) survey with the MMT frequency-domain survey.
Evaluation of these test surveys alongside the first generation DIGHEM airborne EM survey flown over the
project in 2000, together with smaller surveys and extensive ground -based Induced Polarization and
magnetic/VLF by the Company, resulted in the decision to fly the property-wide survey using the MMT system.
The MMT system’s ability to better distinguish and define multiple conductive targets to greater depths, which
is not terrain dependent, was confirmed as a result of the survey. An advanced generation of airborne AFMAG,
or Audio-Frequency Magnetic, techniques, Expert’s MMT system combines the latest advances in electronics,
airborne system design, and sophisticated signal processing techniques to use natural electromagnetic signals
in the frequency range of 25 Hz – 21,000 Hz to map resistivity and conductivity in the earth below. Multiple VLF
data were also acquired, confirming near surface drilled mineralization and structures.
The MMT surveys were completed in three grids, covering Chrome Mountain, Iron Mountain, and the Cathedral
target areas at 100-meter line spacing, along with the Stillwater East claim block at 200-meter line spacing.
The surveys proved to be highly successful, with preliminary results enabling completion of the first-ever detailed
3D geological model of the lower Stillwater Igneous Complex. As announced October 16, 2024, that earlier
version of the model made the important breakthrough of demonstrating continuity of mineralization across
the central 9.5-kilometer length of layered magmatic stratigraphy which hosts the Company’s current resources
in five deposits.
Recent analysis, including inversion work, has extended the modeled area to approximately 20 kilometers as
shown in Figures 5 and 6, with strong electromagnetic anomalies indicated along the footwall contact zone of
the Stillwater West project. These anomalies are consistent with the massive sulphide and contact-style nickel-
copper sulphide-rich bodies that the Company is targeting, and form important Platreef- or contact-style targets
for drill testing.
The high-resolution EM, magnetic, and VLF data provide detailed information about several different lithology
contacts, faults, major structures, and conductive geology indicative of nickel-copper sulphide mineralization.
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This new survey has provided higher resolution of known and unknown targets that occur near surface and now
to a depth of 1.5 kilometers.
The data maps the nature of the footwall contact and corresponding country rock xenoliths, which act as
favorable zones for sulphide trap sites. The lower peridotite contact was also well imaged, which hosts most of
the current resources, and shows continuity along strike within all three survey grids covering over 34 kilometers
(Figures 1 and 2). Magnetic inversion processing from the MMT data proved useful for project -wide structural
interpretation and highlights relationships of the metasedimentary floor and ultramafic strata. Strike-extensive,
highly magnetic susceptibility anomalies, attributed to the iron formation interbedded within the hornfels floor,
served to improve modelling of the down -dip geometry of the footwall contact. This highly prospective floor
contact zone forms the main exploration target for polymetallic mineralization across the 34-kilometer span of
the Stillwater West project.
Most of the strongest conductive anomalies (< 250 ohm -m) have never been drill tested to date and continue
along strike up to five kilometers in the Chrome Mountain area and up to seven kilometers in the Iron Mountain
area. Both the Cathedral grid and the Stillwater East grid also have robust conductive anomalies (< 250 ohm-m)
that are multiple kilometers in strike length.
Southeast trending, southwest dipping, strike -extensive low magnetic susceptibility anomalies correlate to
Laramide fore-thrusts within the floor. The low magnetic signature of these structures is thought to be related
to alteration and resultant de -magnetization of the metamorphosed metasedimentary rocks. In addition,
isolated low magnetic susceptibility anomalies caused by xenoliths are noted within the lower units of the
Peridotite zone. In places these are correlated to drill interceptions of hornfels and fine grained norite which,
locally, is out of stratigraphic position. From the xenoliths intersected within drilling and following results from
the 2024 MMT program, several anomalously low -magnetic xenoliths were modelled with the bulk of these
occurring proximally to the footwall of the Peridotite zone, intermittently along strike.
Drill holes CM2023-04, CM2023-06, and CZ2021-01 are now recognized to be early drill tests of mineralization
under hornfels xenoliths:
Table 1 – Past Drill Intercepts of 2025 Target Geophysical Anomalies
Highlighted significant intercepts with grade -thickness values over seven percent -meter recovered Nickel Equivalent (“NiEq”) are
presented above, except as noted. Recovered NiEq are presented for comparative purposes using conservative long-term metal prices (all
USD): $8.00/lb nickel (Ni), $4.00/lb copper (Cu), $22.00/lb cobalt (Co), $1,000/oz platinum (Pt), $1,950/oz palladium (Pd), $1,850/oz gold
(Au), and $10,000/oz rhodium (Rh). 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
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price / 2,204 x 100] + [Au g/t x recovery / 31.103 x Au price / Ni price / 2,204 x 100]. 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. The following recoveries h ave been
assumed for purposes of the above equivalent calculations: 85% for Ni and 90% for all other listed metals, based on recoveries at similar
nearby operations. Total metal equivalent values include both base and precious metals. In terms of dollar value, 0.20% nickel equates to
a copper value of 0.40%, or a palladium value of 0.48 g/t, using the above metal values. Intervals are reported as drilled wi dths and are
believed to be representative of the actual width of mineralization.
Picture 1 – Drill hole CM -2023-06 - High-grade polymetallic sulphide mineralization from near the central
portion of the robust 5 -kilometer-long conductive anomaly (<250 ohm -m) in the Chrome Mountain deposit
area, approximately five kilometers west of the Camp Zone (CZ) deposit and drill hole CZ -2021-01 shown in
Picture 2.
Interval of drill core from approximately 263 to 272 meters (864 to 892 feet) depth in hole CM-2023-06 showing
high-grade nickel and copper sulphide mineralization in an early test of mineralization under hornfels xenoliths.
As shown in Table 1, the hole returned a high-grade interval of 5.8 meters at 0.43% Ni, 0.13% Cu, 0.072% Co, plus
1.30 g/t 4E (0.30 g/t Pt, 0.90 g/t Pd, 0.014 g/t Rh, 0.09 g/t Au), within a 25.9 -meter interval of mid -grade
mineralization at 0.52% total recovered NiEq (0.23% Ni, 0.16% Cu, 0.037% Co, 0.13 g/t Pt, 0.32 g/t Pd, 0.07 g/t
Au, 0.009 g/t Rh) which in turn is set within 158.9 meters of bulk tonnage grade mineralization of 0.23% total
recovered NiEq (0.11% Ni, 0.06% Cu, 0.017% Co, 0.09 g/t Pt, 0.12 g/t Pd, 0.03 g/t Au, 0.005 g/t Rh), starting at
160.8 meters depth.
Updated Geological Model and Current Resource Estimate
The 2024 geophysical survey results have been incorporated into the 3D geological model. This new model
advances the project as it is the first time the lower portion of the Stillwater Igneous Complex has been modeled
in detail. This effectively connects the east and west ends of a large world-class district and providing a roadmap
to expansion of the Company’s resources and advancement of the overall project, which is focused on the lower
Stillwater Igneous Complex.
Continuity of mineralization across the entire surface expression of the magmatic layers of the Stillwater Igneous
Complex has been demonstrated primarily by Sibanye -Stillwater’s J-M Reef deposit, a high -grade PGE-bearing
nickel-copper sulphide deposit that spans more than 48 kilometers and supports the highest -grade palladium-
platinum mines in the world. Stillwater’s current Inferred Mineral Resources of 1.6 billion pounds of nickel,
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copper and cobalt (1.1 Blbs Ni, 0.5 Blbs Cu, 0.09 Blbs Co), and 3.8 million ounces of palladium, platinum, rhodium,
and gold (1.3 Moz Pt, 2.0 Moz Pd, 0.4 Moz Au, 0.1 Moz Rh) 1 are hosted in five deposits that remain open for
expansion along trend and at depth up to 20-kilometers at the center of the 61-square-kilometer Stillwater West
project, which is adjacent to Sibanye-Stillwater along approximately 34 kilometers of strike within the Stillwater
Igneous Complex.
Picture 2 – Drill hole CZ-2021-01 - High-grade polymetallic sulphide mineralization from the Camp Zone (CZ)
deposit area, located on the western edge of the 7-kilometer-long robust (<250 ohm-m) conductive anomaly
below Iron Mountain, approximately five kilometers east of the Chrome Mountain deposits and drill hole CM-
2023-06 shown in Picture 1.
Interval of drill core from 56.0 to 63.6 meters (184 to 209 feet) depth in hole CZ-2021-01 showing high-grade
nickel and copper sulphide mineralization in an early test of mineralization under hornfels xenoliths. As shown in
Table 1, the hole returned a high-grade interval of 4.6 meters at 0.96% Ni, 0.49% Cu, 0.073% Co, plus 0.87 g/t 4E
(0.11 g/t Pt, 0.58 g/t Pd, 0.10 g/t Au, 0.077 g/t Rh), within a longer 63.7 -meter interval of high -grade
mineralization at 0.84% total recovered NiEq (0.47% Ni, 0.27% Cu, 0.040% Co, 0.12 g/t Pt, 0.42 g/t Pd, 0.07 g/t
Au, 0.027 g/t Rh), which in turn is set within 367.6 meters of bulk tonnage grade mineralization of 0.28% total
recovered NiEq (0.15% Ni, 0.06% Cu, 0.015% Co, 0.06 g/t Pt, 0.17 g/t Pd, 0.02 g/t Au, 0.009 g/t Rh), starting at
10.8 meters depth.
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Upcoming Events
Stillwater’s President and CEO, Michael Rowley, will be available at the following events in 2025, in addition to
other events to be added as the Company rolls out its marketing plans over the coming year:
1) SAFE Summit – Washington, DC, USA, Apr 1-2, 2025. For information, click here.
2) Global Commodity Expo Florida - Fort Lauderdale, Florida, USA, May 11-13, 2025. For information, click
here.
3) Global Commodity Expo Atlanta – Atlanta, Georgia, USA, May 14-16, 2025. For information, click here.
4) The Mining Investment Event of the North – Quebec City, Quebec, Canada, June 3-5, 2025. For
information, click here.
5) Precious Metals Summit - Beaver Creek, Colorado, September 9-12, 2025. For information, click here.
6) Precious Metals Summit - Zurich, Switzerland, November 10-11, 2025. 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 focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive
Stillwater mining district in Montana, USA. With the addition of two renowned Bushveld and Platreef geologists
to the team and strategic investments by Glencore plc, the Company is well positioned to advance the next
phase of large-scale critical mineral supply from this world -class American district, building on past production
of nickel, copper, and chromium, and the on -going production of platinum group, nickel, and other metals by
neighboring Sibanye-Stillwater. An expanded NI 43 -101 inferred mineral resource estimate, released January
2023, positions Stillwater West with the largest nickel resource in an active U.S. mining district as part of a
compelling suite of nine minerals now listed as critical in the USA. To date, five Platreef-style nickel and copper
sulphide deposits host a total of 1.6 billion pounds of nickel, copper and cobalt (1.1 Blbs Ni, 0.5 Blbs Cu, 0.09
Blbs Co), and 3.8 million ounces of palladium, platinum, rhodium, and gold (1.3 Moz Pt, 2.0 Moz Pd, 0.4 Moz Au,
0.1 Moz Rh)1 at Stillwater West. All of these deposits remain open for expansion along trend and at depth.
Stillwater also owns 49% of the high -grade Black Lake -Drayton Gold project adjacent to Nexgold Mining’s
development-stage Goliath Gold Complex in northwest Ontario, as part of 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
Footnote: Stillwater West Inferred Mineral Resource Estimate
1) See news release dated January 25, 2023 and associated NI 43-101 Technical Report dated March 14, 2023, entitled
“Mineral Resource Estimate Update for the Stillwater West Ni-PGE-Cu-Co-Au Project, Montana, USA”, with an effective
date of January 20, 2023. The Mineral Resources were estimated by Allan Armitage, Ph.D., P.Geo of SGS Geological
Services who is an independent Qualified Person. The Technical Report is available on the company website at
www.criticalminerals.com and under the Company’s profile at www.sedarplus.ca
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Quality Control and Quality Assurance
2023 drill core samples were analyzed by ACT Labs in Vancouver, B.C. Sample preparation: crush (< 7 kg) up to 80% passing 2 mm, riffle
split (250 g) and pulverize (mild steel) to 95% passing 105 µm included cleaner sand. Gold, platinum, and palladium were analyzed by fire
assay (1C-OES) with ICP finish. Selected major and trace elements were analyzed by peroxide fusion with 8 -Peroxide ICP-OES finish to
insure complete dissolution of resistate minerals. Following industry QA/QC standards, blanks, duplicate samples, and certified standards
were also assayed.
Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43 -101, and he has reviewed and approved
the technical disclosure contained in this news release. Mr. Ostenson is a Geologist at Stillwater and is not independent of the Company.
Forward-Looking Statements
This news release includes certain statements that may be deemed "forward -looking statements". All statements in this release, other
than statements of historical facts including, without limitation, statements regarding potential mineralization, historic pr oduction,
estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and poten tial
exploration results, the timing and success of exploration activities generally, the timing and results of future resource es timates,
permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations,
environmental risks, reclamation, title, and future plans and objectives of the company are forward -looking statements that involve
various risks and uncertainties. Although Stillwater Critical Minerals believes the expectations expressed in such forward -looking
statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results o r
developments may differ materially from those in the forward -looking statements. Forward-looking statements are based on a number
of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements
include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans conti nue to be
refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms , general
economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personne l, materials
and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals ,
unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and
from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are
not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky
business. Accordingly, the actual events may differ materially from those projected in the forward -looking statements. For more
information on Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their a nnual 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.
STILLWATER WEST Ni-PGE-Cu-Co + Au PROJECT, Montana, USA www.criticalminerals.com
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The Peridotite zone of the Stillwater Igneous
Complex is highly prospective, hosting all
five Stillwater West NI43-101-compliant
deposits to date, plus mineralization in other
areas that is not yet compliant.
East Boulder Mine Area
(Sibanye-Stillwater)
Surface projection of Sibanye-Stillwater’s
adjacent J-M Reef deposit demonstrates
continuity of mineralization across 48km
of the layered Stillwater Igneous
Complex
Reduced-to-Pole (RTP) magnetic data from the 2024 MobileMTm survey demonstrates:
• Highly magnetic anomalies are associated with the mafic-ultramafic rocks of the peridotite zone, and with iron formation outside of the peridotite zone.
• Near surface expression of less magnetic country rock xenoliths and structural offset are additional features highlighted by the high-resolution dataset.
Figure 1 – RTP MAGNETIC DATA FROM THE 2024 MMT GEOPHYSICAL SURVEY
OVER TOPOGRAPHY WITH OUTLINES OF THE CURRENT DEPOSIT MODELS AND
PERIDOTITE ZONE