Mr. Michael Rowley reports

STILLWATER CRITICAL MINERALS IDENTIFIES MULTIPLE NEW SULPHIDE-RICH MINERALIZED STRUCTURES IN RESOURCE EXPANSION DRILLING AT STILLWATER WEST

Stillwater Critical Minerals Corp. has provided an update on diamond drilling completed at the company's flagship Stillwater West nickel-platinum-group-element-copper-cobalt plus gold project in Montana in 2023, and other initiatives.

Highlights -- Stillwater West:

• The 2023 drill campaign focused on expansion of the National Instrument 43-101 compliant resources, announced on Jan. 25, 2023, with particular focus on expanding recent high-grade discoveries at Chrome Mountain at the west end of the nine-kilometre-long resource area.
• Six holes totalling 2,310 metres were completed within and outside of the current resource area, west and south of the current DR-Hybrid deposit, as part of a planned multiphase program.
• Multiple new mineralized zones were intercepted (see Sept. 12, 2023, release).
• Results include identification and expansion of the N series of sulphide-rich mineralized structures parallel to high-grade nickel sulphide mineralization first discovered by the company in drill holes CM2021-05 and CM2020-04.
• Drilling in 2023 intercepted the N2 and N3 mineralized zones in parallel to high-grade mineralization in CM2021-05, which is now known as N1. As reported May 3, 2022, N1 returned 13.2 metres grading 2.89 per cent recovered nickel equivalent (NiEq) (2.31 per cent nickel, 1.51 grams per tonne 4E, 0.35 per cent copper, and 0.115 per cent cobalt), starting at 37.6 metres, and is contained within 400.8 metres of continuous battery and precious metal mineralization.
• N series structures and associated high-grade mineralization are now understood to be part of a series of north-south-trending structures that crosscut the layered sequence and Platreef-style mineralization of the Stillwater igneous complex.
• Drilling also confirmed nickel and copper sulphide mineralization in a large and previously untested geophysical anomaly which forms part of a string of untested anomalies extending over 12 kilometres along strike.
• All core has now been submitted to the lab for assay with results expected over the coming weeks.
• Mineralized zones were predicted by the updated exploration model, demonstrating the company's success in advancing the first ever detailed geologic model of the lower Stillwater igneous complex.
• The 2023 drill campaign is the first campaign financed by the strategic investment made by Glencore PLC in June, 2023, and the first to apply updated geological models which incorporate similar geology from South Africa's Platreef district under the direction of Dr. Danie Grobler, who joined the team in May of 2022 as vice-president of exploration.
• Drilling for 2024 is now being planned to continue expansion around known mineralization at the existing resource areas, at recent discoveries, including the N series structures, and also more broadly across the 32-kilometre-long project.

Michael Rowley, Stillwater president and chief executive officer, stated: "We continue to advance new sulphide-rich discoveries at our flagship Stillwater West project as we apply geologic models from South Africa's giant polymetallic nickel sulphide mines to similar geology at our Stillwater West project. Recent work is identifying additional styles of mineralization, and we look forward to expanding further on these exciting developments as they advance. Over all, the Stillwater district remains underexplored -- and therefore wide open for significant expansion of known mineralization -- despite having produced critical and strategic minerals such as nickel, copper, palladium, platinum and chrome for over a century. We look forward to reporting assay results and providing updated analysis as we work with our partners at Glencore PLC and the U.S. Geological Survey to advance primary domestic supply of nine of the commodities identified as critical by the U.S. government. Additional news is expected from our Kluane and Drayton-Black Lake projects, carbon sequestration studies, and other initiatives including continued work on government funding channels."

Dr. Grobler, Stillwater vice-president of exploration, said: "Drilling in 2023 focused on intersecting several of the north-south-trending high-grade and high-tenor nickel sulphide mineralized N-structures recognized during the 2022 field season. A 100-per-cent target intercept rate was achieved due to predictability and good correlation of the N-structure orientations within the 3-D structural model developed by the team, including results from a 2023 ground magnetic survey across Chrome Mountain. The first two holes intersected both of the sulphide-rich N1 and N2 structures at shallow depth. Drill hole CM2023-03 intersected an approximately 20-metre-thick zone of nickel sulphide mineralization at a depth of 223 metres from surface. All three of these holes also intersected a PGE plus Ni plus Cu mineralized pegmatoidal pyroxenite layer at its predicted position within the geological model. Drill hole CM2023-04 intersected disseminated, net-textured to semi-massive nickel sulphide mineralization from approximately 100- to 180-metre depth. In addition to the above, drill holes CM2023-05 and CM2023-06 both intersected zones of net-textured to semi-massive nickel and copper sulphide mineralization associated with a previously untested large shallow electromagnetic anomaly at Chrome Mountain. This anomaly forms part of a string of untested anomalies found near the footwall contact zone which runs more than 12 kilometres along strike from west of Chrome Mountain to Iron Mountain in the east. Visual inspection of the 2023 core shows many similarities to Stillwater's CZ deposit, located approximately five kilometres to the east, which contains the highest nickel grades in the 2023 declared resource. This exciting discovery is expected to form a priority target for the upcoming 2024 campaign."

Coming Events -- Clean Energy and Precious Metals Virtual Investor Conference and AMEBC Core Shack

Stillwater Critical Minerals president and CEO Mr. Rowley, will present live on Dec. 5 at 10 a.m. ET/1 p.m. PT with a question-and-answer to follow. Mr. Rowley is also available for one-on-one meetings following the event.

The company looks forward to displaying core from the 2023 drill season at the upcoming AMEBC Mineral Roundup event held in Vancouver, B.C., from Jan. 22 to 25, 2024. .

Government gunding

The company continues to work with Cornell University under a Department of Energy grant, as announced Feb. 14, 2023, and separately with the U.S. Geological Survey on other programs at Stillwater West. In addition, the company is actively pursuing other U.S. government initiatives relating to developing domestic supply of critical minerals and will make further announcements as information becomes available.

Kluane PGE-Ni-Cu project update

Geological mapping, drone lidar and imagery acquisition, claim staking, and prospecting and rock sampling programs were completed in 2023 at the company's 100-per-cent-owned Kluane PGE-Ni-Cu project in Yukon, Canada, with fieldwork funded in part by a Yukon Mineral Exploration Program grant. Follow-up work, including completion of detailed geologic maps over priority areas and the advancement targets for later campaigns, is continuing.

The company has also begun to formally examine potential opportunities for carbon capture at the Kluane project with an initial focus on developing a procedure to identify and map rocks for their potential to sequester carbon based on existing data sources, remote sensing and imagery.

The Kluane project consists of a large 260-square-kilometre land position containing the Spy, Ultra and Catalyst properties, all of which occur within the Kluane mafic-ultramafic belt, a system of PGE-Ni-Cu deposits which are part of a sequence of mafic-ultramafic rocks that extends through Yukon from Northern British Columbia to central Alaska. Located near the Alaska Highway, the Kluane project properties are on trend with the Wellgreen Ni-Cu-PGE deposit.

Drayton-Black Lake

Heritage Mining continues to meet the requirements of the earn-in agreement announced Nov. 29, 2021, by the completion of exploration work on the company's district-scale Drayton-Black Lake gold project in Ontario, and the issuance of shares and cash to the company. Results are pending from Heritage's recent drill campaigns, and follow-up exploration programs are now being planned for 2024.

The Drayton-Black Lake project site is located in Northwestern Ontario in the Abrams-Minnitaki Lake Archean greenstone belt approximately 25 kilometres east of the town of Sioux Lookout, Ont. Access and infrastructure are excellent, featuring direct road access, and proximity to rail and power. Heritage Mining compiled the significant project database as part of advancing the substantial exploration potential of the project, including demonstrated high-grade gold in drill results and bulk samples across more than 30 kilometres of underexplored strike in a geologic setting that is shared with Treasury Metals' adjacent development-stage Goliath gold complex project. Work since the 1990s has proven more than 14 million ounces of gold in the broader district in this emerging and highly active gold belt lead by New Gold's Rainy River mine and other deposits, and Heritage is effectively applying geological models and exploration methods that have been successful elsewhere in the district.

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 project in the iconic and famously productive Stillwater mining district in Montana, United States. With the addition of two renowned Bushveld and Platreef geologists to the team and a strategic investment 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 remains open for expansion along trend and at depth.

Stillwater also holds the high-grade Drayton-Black Lake gold project adjacent to Treasury Metals' development-stage Goliath gold complex in Northwestern 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.

Qualified persons

Mike Ostenson, PGeo, is the qualified person for the purposes of National Instrument 43-101 for the Montana property, and he has reviewed and approved the technical disclosure contained in this news release.

Debbie James, PGeo, is the qualified person for the purposes of National Instrument 43-101 for the Yukon and Ontario properties, and she has reviewed and approved the technical disclosure contained in this news release.

We seek Safe Harbor.