Mr. Michael Rowley reports

STILLWATER CRITICAL MINERALS PROVIDES UPDATE ON CORPORATE, EXPLORATION, AND DEVELOPMENT ACTIVITIES

Stillwater Critical Minerals Corp. has provided an update on its corporate, exploration and development activities with a focus on advancing its 100-per-cent-owned flagship Stillwater West Ni-PGE-Cu-Co + Au (nickel-platinum group element-copper-cobalt plus gold) critical minerals project in the Stillwater mining district of Montana, United States.

Corporate highlights

• Stillwater West is advancing as a significant large-scale potential source of 10 minerals now listed as critical by the United States government;
• Closed $8.78-million in private placements on Aug. 13, 2025, including a third investment by Glencore PLC at a 64-per-cent premium to the June, 2024, financing;
• Glencore holds a 15-per-cent strategic equity position in Stillwater, with representation on Stillwater's board of directors and technical committee;
• Research coverage initiated by Taylor Combaluzier, PGeo, at Red Cloud Securities Inc. in July, 2025.

Exploration and development highlights

• The 2025 program has been strategically designed to expand wide nickel, copper, cobalt, platinum, palladium, rhodium, gold and chromium mineralization defined in the January, 2023, mineral resource estimate (MRE).
• The updated MRE will build on the current resource of 3.8 million ounces of platinum group elements (PGE) and Au plus 1.6 Blb (billion pounds) of Ni+Cu+Co (nickel plus copper plus cobalt) with a focus on mid- and high-grade mineralization in the largest undeveloped nickel-PGE deposit in an active United States mining district.
• Drilling commenced in July, 2025, at Stillwater West with two drill rigs, one at each of the Chrome Mountain and Iron Mountain deposit areas, over seven kilometres apart.
• Drilling began with two deeper holes, one at each deposit area, to depths of approximately 708 metres and 692 metres. These holes enabled the company's first use of down hole geophysics with the objective of improving the understanding of subsurface geology and refining future drill targeting.
• Drilling is continuing in the fifth and sixth holes.
• Over 3,100 metres have been drilled in the 2025 campaign to date, bringing the project total to more than 43,100 metres.
• Results, along with assays from 2,510 metres previously drilled at the Chrome Mountain deposit area and select historic drill holes, will support an updated MRE in H1 2026.
• Completed the first ever borehole EM on the first two drills holes this season on Iron and Chrome Mountain deposits.
• Assays are pending from all holes.

"Stillwater is entering a significant phase of growth with the completion of our largest capital raise to date at a higher valuation, and with drilling under way to expand resources that include 10 minerals designated as critical in the U.S." said Michael Rowley, president and chief executive officer. "Supported by additional working capital, an expanded geological model and an experienced technical team, we look forward to providing further updates as work progresses at Stillwater West."

"The 2024 geophysical survey marked a turning point in our understanding of the Stillwater igneous complex," said Dr. Danie Grobler, vice-president of exploration. "Early core from this season is visually promising, with mineralized intervals and textures consistent with our model. The first two holes at Chrome Mountain intersected near-surface disseminated, net-textured to semi-massive Ni plus PGE plus Cu plus Co plus Au mineralization. We look forward to sharing assay results as they become available. The 2025 campaign represents a significant step forward as we continue to unlock the full potential of what we believe is one of America's most important critical mineral districts."

Near-term outlook

The company expects to provide the following updates into 2026:

• Results from the 2025 drill program;
• 3-D model updates and geologic reinterpretations;
• Updates on non-core assets;
• Updated NI 43-101 mineral resource estimate at Stillwater West;
• Updates on U.S. government initiatives, including funding opportunities to accelerate advancement of Stillwater West as a major primary source of critical minerals.

Funding and grant updates

Stillwater is currently partnered on $2.75-million (U.S.) in grants from the Department of Energy via Cornell University and Lawrence Berkeley Laboratories. The company has increased its engagement with the U.S. government for support in several forms including the Department of Energy and the Department of Defense in particular, recognizing the strong alignment between Stillwater West and the government's stated objectives regarding domestic supply chains. Recent milestones underscore the U.S. Government's commitment to advancing domestic production of critical minerals:

• Sibanye-Stillwater's neighboring mine added to the FAST-41 list for streamlining of permits.
• The inclusion of two other Montana mine projects on the FAST-41 list.
• Sibanye-Stillwater confirming 45X tax credit status for critical minerals production.
• The U.S. government's executive order announced March 20, 2025, titled "Immediate Measures to Increase American Mineral Production."
• Continued engagement with the U.S. Geological Survey in relation to U.S. critical minerals project advancement.

Upcoming events

Michael Rowley, president and chief executive officer of Stillwater, is scheduled to attend the following events. Additional events will be announced as confirmed.

1. Carbontech Summit 2025 -- New York, N.Y. -- Sept. 24, 2025;
2. BIOBY Mining & Energy Expo -- Minneapolis, Minn. -- Oct. 1 to Oct. 3, 2025;
3. Precious Metals Summit -- Zurich, Switzerland, Nov. 10 to Nov. 11, 2025;
4. AEMA's Annual Meeting -- Sparks, Nev., Dec. 7 to Dec. 12, 2025;
5. VRIC 2026 -- Vancouver, B.C. -- Jan. 25 to Jan. 26, 2026;
6. AMEBC Round Up -- Vancouver, B.C. -- Jan. 26 to Jan. 29, 2026;
7. PDAC 2026 -- Toronto, Ont., March 1 to March 4, 2026;
8. Swiss Mining Institute Conference -- Zurich, Switzerland, March 18 to March 19, 2026.

Option grant

The company is pleased to announce that, subject to the approval of the TSX Venture Exchange, it has granted 1.2 million options to certain directors and officers of the company in accordance with the company's long-term performance incentive plan (LTIP). Each option is exercisable into one common share in the capital of the company at a price of 30 cents per share, based on the five-day moving average volume weighted price of the shares on the TSX-V on Sept. 12, 2025. The options will vest over a period of five years from the date of grant. All vesting is in accordance with the shareholder approved LTIP.

Correction to previous private placement announcements

As announced Aug. 13, 2025, Stillwater sold, under the two tranches of the brokered LIFE offering, the upsized non-brokered additional offering and the Glencore offering, an aggregate of 38,182,504 units at a price of 23 cents per unit for gross proceeds of approximately $8.78-million. If the warrants under the offerings are exercised in full, it would provide the company with over an additional $6.4-million in funding.

Red Cloud Securities Inc. acted as sole agent and bookrunner in connection with the two tranches of the brokered LIFE offering. As consideration for its services, Red Cloud was paid cash commissions and was issued broker warrants. The company paid Red Cloud cash commissions of $164,413 (not including Red Cloud's legal fees, taxes and expenses of $77,080) and $164,407 (not including Red Cloud's legal fees, taxes and expenses of $11,300) for the first and second tranches, respectively, for a total of $328,820. The company previously disclosed in its news release dated June 25, 2025, that the company paid Red Cloud aggregate cash fees of $241,493 for the first tranche, but this figure included the $77,080 in legal fees, taxes and expenses. As previously disclosed, the company also issued to Red Cloud 714,840 and 714,814 broker warrants for the first and second tranches, respectively, for a total of 1,429,654 broker warrants. Each broker warrant is exercisable into one common share at 23 cents for a period of 36 months from the date of issuance and are also subject to a hold period expiring four months and one day from the date of issuance ending on Oct. 26, 2025, and Nov. 16, 2025, for the first and second tranches, respectively. The company also paid finders' fees totalling $3,105 in cash and 13,500 finder warrants. Each finder warrant is exercisable into one common share at a price of 34 cents for a period of 36 months of the date of issuance and are subject to a hold period expiring four months and one day from the date of issuance ending on Nov. 16, 2025.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals is a mineral exploration and development 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 U.S.

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 Territory. 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 in British Columbia, following its sale in 2013.

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. Mr. Ostenson is a geologist at Stillwater and is not independent of the company.

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