Stillwater Critical Minerals Corp. provided a first tranche of drill results from resource expansion drilling completed at the Company's flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana in 2023. The campaign was funded by a June 2023 strategic equity investment by Glencore Canada Corporation, a wholly owned subsidiary of Glencore plc ("Glencore").

Glencore has also provided on-going technical support to the project through the technical committee which included multiple site visits and assistance with geological and geophysical interpretations. As announced May 1, 2024, Glencore made an additional investment in Stillwater, bringing them to a 15.4% equity position in the Company for total funds of approximately $7.05 million to date. Six holes totaling 2,310 meters were completed with a focus on expanding deposits at the west end of the current nine-kilometer-long Stillwater West resource area.

Holes CM2023-04, -05 and -06, reported here, successfully intercepted magmatic nickel and copper sulphide mineralization associated with a large and previously untested electromagnetic ("EM") anomaly that forms part of a string of anomalies extending over 12 kilometers along strike, as predicted by the Company's geologic model. Results demonstrate significant potential to expand the 2023 Mineral Resource Estimate ("MRE") at three cut-off grades, with wide widths of higher-grade mineralization at >0.70% recovered Nickel Equivalent ("NiEq") cut-off grade contained within thick mid-grade intervals at >0.35% NiEq cut-off that are in turn set within long lengths of potential bulk tonnage mineralization at >0.20% NiEq cut-off grade, including: CM2023-04: Bulk tonnage: 98.8 meters @ 0.27% NiEq (97.2 to 196.0m); Mid-grade: 44.0 meters @ 0.35% NiEq (100.7 to 144.7m); High-grade: 2.6 meters @ 0.71% NiEq (110.7 to 113.3m). CM2023-05: Bulk tonnage: 293.8 meters @ 0.22% NiEq (247.5 to 541.3m) and 45.1 meters @ 0.33% NiEq (284.7 to 329.8m); Mid-grade: 52.1 meters @ 0.49% NiEq (488.6 to 540.7m) and 14.9 meters @ 0.60% NiEq (508.7 to 523.6m); High-grade: 4.8 meters @ 1.22% NiEq (492.0 to 496.8m).

CM2023-06: Bulk tonnage: 158.9 meters @ 0.22% NiEq (160.8 to 319.7m); Mid-grade: 25.9 meters @ 0.50% NiEq (251.2 to 277.1m); High-grade: 5.8 meters @ 0.96% NiEq (259.7 to 265.5m). Results continue to drive the first ever detailed geological model completed across the lower Stillwater Igneous Complex, with these results informing three mineralization styles in particular: broad Platreef-style Ni-PGE-Cu-Co mineralization associated with the 12-kilometer-long EM anomaly, nickel sulphide-rich N-series mineralization, and stratiform reef-type PGE-Ni-Cu chromitite mineralization, as detailed below. Final assays are pending from holes CM2023-01, -02, and -03, in addition to rhodium assays.

All deposits and mineralization remain open for expansion in planned follow-up drilling. The Company is looking at the potential to recover value from the ferrochrome content, driven by the 2.3-billion-pound chromium resource defined by the January 2023 MRE and historic production of chromium from the Stillwater district. Highlighted significant intercepts with grade-thickness values over 7 percent-meter recovered NiEq are presented above, except as noted.

Recovered Nickel Equivalents ("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 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 have 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 widths and are believed to be representative of the actual width of mineralization.