Mr. Michael Rowley reports

STILLWATER CRITICAL MINERALS COMPLETES PROPERTY-WIDE GEOPHYSICAL SURVEY AND DEMONSTRATES CONTINUITY OF MINERALIZATION ACROSS 9.5 KILOMETERS IN FIRST-EVER 3D GEOLOGIC MODEL OF THE LOWER STILLWATER IGNEOUS COMPLEX IN MONTANA, USA

Stillwater Critical Minerals Corp. has completed a property-wide geophysical airborne survey and has had a breakthrough in 3-D geologic modelling of the lower Stillwater igneous complex. These new data will drive continued advancement of the project including drill campaigns and the expansion of mineral resources, among other objectives at its flagship Stillwater West Ni-PGE-Cu-Co (nickel-platinum-group-element-copper-cobalt) plus Au (gold) project in Montana.

Highlights

• Property-wide geophysical surveys completed in September, 2024, informed the first-ever detailed 3-D geologic model of the lower Stillwater igneous complex;
• The model demonstrates continuity of mineralization across the 9.5-kilometre length of lower Stillwater igneous complex which hosts the company's current resources in five deposits at Stillwater West project;
• Historically, 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 40 kilometres and supports the highest-grade palladium-platinum mines in the world;
• Stillwater's current resources of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium and gold are hosted in five deposits that remain open for expansion along trend and at depth across 9.5 kilometres at the centre of the 61-square-kilometre Stillwater West project, which is adjacent to Sibanye-Stillwater along approximately 32 km of strike within the Stillwater igneous complex.

Stillwater's president and chief executive officer, Michael Rowley, said: "The team's work this year regarding both the airborne survey and also the detailed geologic model confirm the expansion potential we see in several possible mining scenarios at Stillwater West and inform our campaigns to reach that objective. Together we have successfully leveraged a substantial database including approximately 40,000 metres of drilling to date to complete the first ever geologic model of the lower part of this famously productive and metal-rich American mining district, with a focus on magmatic nickel-copper sulphide mineralization. That wealth of data, combined with Glencore PLC's backing and in-house expertise from similar geology in South Africa's Bushveld igneous complex, has positioned us exceptionally well with robust inventories of nickel, copper, cobalt, platinum group elements and chromium in an active American mining district at a time when the U.S. is aggressively looking to diminish the current heavy import reliance of nine of the commodities we have inventoried.

"We look forward to further announcements with a focus on continued expansion at Stillwater West while also turning our attention to various studies relating to potential production scenarios. Updates on other initiatives, including pursuit of government funding, monetization of non-core assets, CO2 sequestration and geologic hydrogen studies are also expected."

Property-wide airborne geophysical survey

Expert Geophysics Ltd. has completed the geophysical surveys over the Stillwater West project as announced July 18, 2024. The surveys, designed and executed in collaboration with Glencore PLC via the Stillwater West technical committee, totalled approximately 1,170 line kilometres and included test surveys over the Chrome Mountain resource area for the purpose of comparing the TargetEM26 time-domain electromagnetic (EM) survey with the MobileMTm magneto-telluric (MMT) 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 (IP) and magnetic/VLF by the company, resulted in the decision to fly the property-wide survey using the MMT system. The decision was based on the MMT system's demonstrated ability to better distinguish and define multiple conductive targets, and to greater depths.

Stillwater, along with input from Glencore, is now fine-tuning multiple large-scale priority conductive drill targets across the 12-kilometre main resource area in addition to ranking additional large, untested conductive targets across the broader 61-square-kilometre property based on preliminary results of the 2024 survey. Detailed results of the approximately 178- and 992-line-kilometre EM and MMT (respectively) surveys, plus related VLF and magnetic surveys completed by Expert, will be the subject of a subsequent news release as final results become available.

Geologic model

The development of a new 3-D geologic model of Stillwater West is a major milestone in the advancement of the project as it is the first time the lower portion of the iconic Stillwater igneous complex has been modelled in detail. Developed by the company from over 40,000 metres of drill data in addition to recent mapping and geophysical surveys, it effectively connects the east and west ends of a large and world-class district and provides a road map to expansion of the company's resources and advancement of the overall project, which is focused on the lower Stillwater igneous complex.

The surface expression of the J-M Reef deposit is also shown. In production since 1986, the J-M Reef deposit is a 40-kilometre-long high-grade PGE-bearing nickel and copper sulphide reef-type deposit that is located stratigraphically above Stillwater West. Currently mined in three locations by Sibanye-Stillwater, the J-M Reef is known as the highest-grade palladium-platinum deposit in the world. It has been drilled and mapped extensively since its discovery in the early 1970s and is an indicator of the continuity of mineralization across the parallel magmatic layers of the Stillwater igneous complex, including the adjacent Stillwater West project.

Vice-President of Exploration Dr. Danie Grobler said: "Recent breakthroughs in our detailed geological model show pronounced continuity of the mineralized zones along strike in the layered Stillwater igneous complex. This is further enhanced by our understanding of the geometry and orientation of these units at depth, improving our confidence in completing successful intersections in future drill campaigns. Preliminary results from the latest geophysical airborne survey -- which was designed to provide comprehensive coverage of the prospective lower Stillwater igneous complex -- indicates strong electromagnetic anomalies along the footwall contact zone of the Stillwater West project which are consistent with the massive sulphide and contact-style Ni-Cu sulphide-rich bodies that we targeted with the survey. These anomalies form important Platreef-contact-style targets for testing in planned upcoming drill campaigns."

Dr. Grobler continued: "It is further anticipated that the survey will open the remainder of the strike length held by the company for exploring high-confidence discovery targets in the future. This season also included a follow-up confirmatory investigation by our technical adviser, Professor Wolfgang Maier, who is in the process of completing a detailed collaborative scientific paper on the Peridotite zone of the Stillwater igneous complex, as first author. This work has enhanced our understanding of the geochemistry and mineralization styles and controls of the lower Stillwater igneous complex stratigraphy."

Government funding

The company is now partner to $2.75-million (U.S.) in funding from the U.S. Department of Energy (DOE) via two grants under the Advanced Research Projects Agency program via collaborations with Cornell University and Lawrence Berkeley National Laboratory, as announced Feb. 14, 2023, and Aug. 15, 2024, in addition to work with the U.S. Geological Survey and state organizations.

The company has been partnered with the U.S. Geological Survey at Stillwater West for over six years, continuing its multidecade interest in the Stillwater igneous complex.

Stillwater is pursuing additional U.S. government funding, including recent applications in response to announced opportunities available through the Department of Energy and the Department of Defense.

Parallels with the South Africa's Bushveld complex

The Stillwater igneous complex is well known to parallel South Africa's Bushveld igneous complex, and developments at the Stillwater complex have generally paralleled those at the Bushveld, highlighting their significant geologic similarities. For example, Sibanye-Stillwater's high-grade J-M Reef deposit was discovered by the direct application of geologic models developed during discovery of the high-grade Merensky reef deposit in the Bushveld.

More recent developments on the Bushveld have focused on the Platreef deposits, in the northern limb of the Bushveld, which depart from the conventional narrow reef-type mines that dominate global platinum group element mining with the occurrence of thick mineralized horizons that support bulk mining techniques and include much higher battery metal content. The mines of the Platreef are among the largest and most profitable in the world, and their mix of commodities offers an attractive internally hedged suite of in-demand critical minerals that is globally very rare. Starting with Anglo American's PGE-Ni-Cu Mogalakwena mines in 1993 and continuing today with Ivanhoe's underground Platreef mine, these mines have demonstrated the world-class nature of these bulk-tonnage, critical mineral systems within the Bushveld complex. With more than 20 billion pounds of nickel and copper in sulphide mineralization, and over 200 million ounces of platinum group metals and gold, these two mines are known primarily as platinum group element mines yet are also the largest nickel mines in South Africa.

Platreef-style deposits also compare very favourably in an environmental sense as they contain nickel sulphide mineralization that is capable of producing nickel metal with a much smaller footprint than nickel recovered from laterite deposits, which currently provides the majority of global nickel supply. Additional environmental benefits are possible through reaction of atmospheric carbon dioxide with certain ultramafic rocks present in Platreef-style deposits, and the production of hydrogen from those rocks. Testwork is under way to evaluate the potential for commercial-scale carbon sequestration and hydrogen production during a possible mining operation Stillwater West.

Upcoming events

Stillwater's president and chief executive officer, Michael Rowley, will be available for meetings and presenting at the following events:

1. Red Cloud Fall Mining Showcase -- Toronto, Ont., Oct. 16 to Oct. 17;
2. Commodities Global Expo 2024 -- Fort Lauderdale, FLA, Oct. 20 to Oct. 21;
3. Precious Metals Summit -- Zurich, CH, Nov. 11 to Nov. 12, 2024;
4. 121 Mining Events -- London, U.K., Nov. 14 to Nov. 15.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals is a mineral exploration company focused on its flagship Stillwater West nickel/platinum group element/copper/cobalt plus gold 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 strategic investments 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, nickel and other metals by neighbouring Sibanye-Stillwater. An expanded National Instrument 43-101 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 United States. To date, five Platreef-style nickel and copper sulphide deposits host a total of 1.6 billion pounds of nickel, copper and cobalt and 3.8 million ounces of palladium, platinum, rhodium and gold at Stillwater West. All of these deposits remain open for expansion along trend and at depth.

Stillwater also holds the high-grade Black Lake/Drayton gold project adjacent to Nexgold Mining's development-stage Goliath gold complex in Northwestern Ontario, currently under an earn-in agreement with Heritage Mining and the Kluane platinum group element/nickel/copper/cobalt critical mineral project on trend with Nickel Creek Platinum's Wellgreen deposit in Yukon, Canada.

Quality control and quality assurance

Mike Ostenson, PGeo, 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.

We seek Safe Harbor.