Mr. Michael Rowley reports

STILLWATER CRITICAL MINERALS COMPLETES STRATEGIC EQUITY INVESTMENT BY GLENCORE

Stillwater Critical Minerals Corp. has completed a 9.99-per-cent strategic equity investment by Glencore Canada Corp., a wholly owned subsidiary of Glencore PLC. Pursuant to the placement, Stillwater issued 19,758,861 units at a price of 25 cents per unit for gross proceeds of approximately $4.94-million.

Each unit comprised one common share and 0.70 of a common share purchase warrant. Each full warrant entitles Glencore to purchase one additional common share for 37.5 cents, providing up to approximately $5.2-million in additional financing if all placement warrants are exercised in full. The placement warrants are exercisable for three years, subject to early acceleration if the volume weighted average trading price of Stillwater's common shares on the TSX Venture Exchange is greater than 56.25 cents for a period of 20 consecutive trading days. All securities issued pursuant to the placement are subject to a hold period of four months and one day.

Stillwater Critical Minerals president and chief executive officer Michael Rowley stated: "We are very pleased to bring Glencore to the underexplored yet truly world-class geology of the Stillwater igneous complex via this cornerstone investment in Stillwater. Together, we are focused on advancing the next phase of critical mineral supply from this iconic American district. Preparations are under way now for phase 1 drilling with a focus on expansion of high-grade nickel sulphides with significant copper, cobalt, palladium, platinum, rhodium and chrome, as defined in our past campaigns. We look forward to announcing further details in the coming weeks, along with the start of drilling."

Proceeds from the placement are intended to be used for exploration and development activities at the company's North American nickel projects, as well as for working capital and general and administrative expenses. Stillwater has established a technical committee that includes a Glencore right to participate that will act in a non-binding advisory capacity to the board of directors of Stillwater.

In connection with the placement, the parties entered into an investor rights agreement pursuant to which Glencore is entitled to certain customary rights including: (i) participation in future equity issuances and a right to maintain its pro rata position in Stillwater; (ii) certain rights on the sale of products from Stillwater West project; and (iii) standstill provisions in favour of Stillwater.

Warrant extension

The company further reports that it has applied for TSX Venture Exchange approval to extend the expiry date of certain warrants that are due to expire July 17, 2023. Per the application, 21,635,000 July warrants that were originally issued as part of a financing completed in July, 2020, will be extended to a new expiration date of Jan. 17, 2024. Each July warrant entitles the holder to acquire one common share at an exercise price of 30 cents.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co-plus-Au (nickel, platinum group element, copper, cobalt plus gold) project in the iconic and famously productive Stillwater mining district in Montana in the United States. With the addition of two renowned Bushveld and Platreef geologists to the team and a strategic investor by Glencore, 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 continuing production of platinum group and other metals by neighbouring Sibanye-Stillwater. An expanded National Instrument 43-101 mineral resource estimate, released January, 2023, delineates a compelling suite of critical minerals contained within five Platreef-style nickel and copper sulphide deposits at Stillwater West, which host a total of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium and gold, and remain open for expansion along trend and at depth.

Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton gold project adjacent to Treasury Metals' 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.

We seek Safe Harbor.