Mr. Michael Rowley reports

STILLWATER ANNOUNCES FLOW-THROUGH PRIVATE PLACEMENT FOR THE KLUANE CRITICAL MINERALS PROJECT IN YUKON, CANADA

Stillwater Critical Minerals Corp. has arranged a non-brokered private placement financing of up to $375,000 through the issuance of 2.5 million flow-through units at a price of 15 cents per unit. Each unit consists of one flow-through share of the company and one-half of one transferable non-flow-through warrant, with each full warrant allowing the holder to purchase one common share of the company at a price of 22.5 cents per share for 24 months. Warrants shall contain a customary acceleration provision, which shall be effective if the volume-weighted average trading price of the common shares on the TSX Venture Exchange is greater than 34 cents for a period of 20 consecutive trading days.

Michael Rowley, president and chief executive officer, commented: "We are pleased with the interest shown in this placement to advance our Kluane critical minerals project. Work is expected to include ground geological programs and potential geophysical surveys, in addition to data compilation, to drive the selection of drill targets for upcoming campaigns. We look forward to providing further updates from our flagship Stillwater West project in Montana, as well as our other assets in the near term."

Dr. Danie Grobler, vice-president, exploration, noted: "Our exploration team is excited to commence fieldwork on our Kluane project. The Kluane PGE-Ni-Cu-Co metallogenic belt is well developed, mineralized and preserved in the Kluane mountain range of the Yukon. Exploration work in the belt has shown that significant mineralization occurs within these mafic-ultramafic intrusions. Styles of mineralization include broad zones of magmatic PGE-Ni-Cu in strongly disseminated to massive sulphides within the gabbro-ultramafic intrusions, Ni-rich offset ores within sulphidic footwall strata, skarn ores associated with carbonate sediments, PGE+Au-rich zones associated with hydrothermal quartz-carbonate alteration zones around intrusions, as well as only limited exploration of Ni+Cu+PGE massive sulphide concentrations within the basal contact zones of the mafic-ultramafic intrusions. The Kluane belt constitutes one of the largest tracts of Ni-Cu-PGE mineralized mafic-ultramafic rocks in North America, second only to the nickeliferous intrusions from the Proterozoic Circum-Superior belt of Canada (i.e. Thompson Ni Belt, Manitoba, and Raglan horizon, Cape Smith belt, Quebec). The discovery of significant levels of base metal and platinum group element showings, the vast extent of this mineralized terrane, its temporal association with the Siberian trap magmatism in Russia, and the accompanying Noril'sk-type Ni+Cu+Pd-enriched mineralization demonstrates the exploration potential of Stillwater's Kluane project with application of modern exploration techniques."

The offering is being conducted on a non-brokered basis, and all shares and warrants issued will be subject to a statutory hold period of four months and one day from the closing of the offering. The company may pay finders' fees on a portion of the offering, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation. Closing of the offering is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and the acceptance of the TSX Venture Exchange.

The company intends to use the gross proceeds from the sale of the flow-through shares to incur exploration expenses that are eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures as such terms are defined in the Income Tax Act (Canada).

The offering constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) as insiders of the company may subscribe in the offering. The company relied on the exemptions in Section 5.5(b) (Issuer Not Listed on Specified Markets) from the formal valuation requirements of MI 61-101 and relied on the exemption in Section 5.7(1)(a) (Fair Market Value Not More Than 25 Per Cent of Market Capitalization) from the minority shareholder approval requirements of MI 61-101. The company did not file a material change report at least 21 days before the expected closing date of the offering as the insider participation had not been confirmed at that time and the company wished to close the offering as expeditiously as possible.

About the Kluane critical mineral project

At 260 square kilometres, Stillwater's Kluane project represents the largest land position in the Kluane ultramafic belt, a mafic-ultramafic system that extends from Northern British Columbia through the Yukon to central Alaska, and hosts multiple platinum-group-element-nickel-copper deposits and occurrences. Located in Canada's Yukon territory, the Kluane PGE-Ni-Cu project is on trend with the Wellgreen deposit, a past-producing mine, now being advanced by Nickel Creek Platinum.

PGE-Ni-Cu mineralization in the Kluane belt typically occurs as magmatic disseminated to massive sulphides associated with mafic to ultramafic intrusive bodies. The most advanced targets on the Kluane project are on the Ellen property, where exploration has identified significant massive sulphide mineralization from drilling and trenching. Drilling includes 17 drill holes from 1954 to 1995 with 12 holes returning significant sulphide mineralization including 3.15 per cent Cu over 5.2 metres in MC66-1, 1.64 per cent Cu over 10.4 metres in MC66-2, 1.76 per cent Cu over 5.5 metres in hole 95-1 and a 2.13-metre intersection grading 1.96 per cent Cu and 2,098 parts per billion Au in hole 95-3. Trenching returned values of up to 7.2 per cent Cu with one gram per tonne gold and one g/t palladium. Strong copper plus gold soil geochemical signatures have been identified on the property that are coincident with a large geophysical conductor nearly one kilometre in length.

The Spy claim block also includes some more advanced targets, including the Spy sill, which has been traced for over eight kilometres with widths of 75 to 100 metres at surface. Massive sulphide mineralization at the Spy target have assayed up to 5.5 g/t 3E (3.1 g/t platinum, 1.4 g/t palladium and 1.0 g/t gold) with 3.1 per cent nickel, 2.8 per cent copper and 0.2 per cent cobalt, and historic grab sample results of up to 90.7 g/t 3E (75.8 g/t Pt, 7.9 g/t Pd and 7.0 g/t Au) with 2.6 per cent Ni, 10.5 per cent Cu and 0.09 per cent Co reported from footwall siltstones.

Trenches from the Ultra block yielded up to 19.5 g/t 3E (5.5 g/t Pt, 13.5 g/t Pd and 0.5 g/t Au), with 4.1 per cent Cu and 1.7 per cent Ni from an ultramafic sill. Exploration on Ultra since 2017 has included ground-based geophysics, unmanned aerial vehicle imagery collection, and soil and rock sampling programs, which advanced multiple targets for follow-up work as the company systematically moves several zones to drill-ready status.

Coming events

Stillwater's president and chief executive officer, 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. AME Roundup -- Vancouver, B.C., Canada, Jan. 20 to Jan. 23, 2025;
2. 121 Mining Events -- Cape Town, South Africa, Feb. 3 and Feb. 4, 2025;
3. Mining Indaba -- Cape Town, South Africa, Feb. 3 to Feb. 6, 2025;
4. Prospectors and Developers Association of Canada Conference -- Toronto, Ont., Canada, March 2 to March 5, 2025;
5. The Mining Investment Event of the North -- Quebec City, Que., Canada, June 3 to June 5, 2025;
6. Precious Metals Summit -- Beaver Creek, Colo., Sept. 9 to Sept. 12, 2025;
7. Precious Metals Summit -- Zurich, Switzerland, Nov. 10 and Nov. 11, 2025.

About Stillwater Critical Minerals Corp.

Stillwater 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 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 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.

Stillwater also holds the high-grade Drayton-Black Lake 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 PGE-Ni-Cu-Co critical mineral 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, now subject to a letter of intent toward an earn-in agreement with Granite Creek Copper and maintains a back-in right on the high-grade past-producing Yankee-Dundee in British Columbia, following its sale in 2013.

Quality control and quality assurance

Debbie James, PGeo, is the qualified person for the purposes of National Instrument 43-101, and she has reviewed and approved the technical disclosure contained in this news release. Ms. James is the project manager for the Kluane area and is not independent of the company because she has received employment income from the company and holds stock in the company.

Historic samples were collected by reputable operators, using standard QA/QC procedures and practices current at the time of collection. They are considered reliable. Samples are not necessarily representative of all the mineralization hosted in the area.

We seek Safe Harbor.