Mr. Michael Rowley reports

STILLWATER CRITICAL MINERALS CLOSES FIRST TRANCHE OF BROKERED LIFE OFFERING FOR GROSS PROCEEDS OF C$3.5 MILLION

Stillwater Critical Minerals Corp. has closed the first tranche of its previously announced best efforts private placement for total gross proceeds of $3,479,164 from the sale of 15,126,802 units of the company at a price of 23 cents per unit. Red Cloud Securities Inc. acted as sole agent and bookrunner in connection with the offering.

Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of 34 cents at any time on or before June 25, 2028.

In accordance with National Instrument 45-106, Prospectus Exemptions, the units were issued to Canadian purchasers pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The common shares and the warrant shares underlying the units are immediately freely tradeable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada. The units were also sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended. All securities not issued pursuant to the listed issuer financing exemption are subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the issue date.

The company intends to use the net proceeds of the offering for the exploration and advancement of the company's flagship Stillwater West Ni-PGE-Cu-Co-plus-Au (nickel, platinum group element, copper, cobalt plus gold) project in the Stillwater mining district in Montana, for a lesser exploration program at its Kluane critical minerals project in Yukon, Canada, and for general corporate purposes and working capital as is more fully described in the offering document.

As consideration for their services in the first tranche, Red Cloud received aggregate cash fees of $241,493.20 and 714,840 non-transferable common share purchase warrants. Each broker warrant is exercisable into one common share at the offering price for a period of 36 months from the date of issuance.

Glencore Canada Corp., a subsidiary of Glencore PLC, has indicated that it intends to exercise its pro rata equity participation rights in the offering pursuant to the investor rights agreement with the company dated May 1, 2024. The closing of the final tranche of the offering is expected to occur on or before June 30, 2025.

There is an offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals is a resource-stage 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. 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 NI 43-101 mineral resource estimate, released January, 2023, positions Stillwater West with the largest nickel-platinum group element resource in an active U.S. mining district as part of a compelling suite of 10 minerals now listed as critical in the United States.

Stillwater also holds a 49-per-cent interest in 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 minerals project on trend with Nickel Creek Platinum's Wellgreen deposit in Canada's Yukon. The company also holds the Duke Island Cu-Ni-PGE property in Alaska and maintains a back-in right on the high-grade past-producing Yankee-Dundee mine in British Columbia.

We seek Safe Harbor.