Mr. Michael Rowley reports

STILLWATER CRITICAL MINERALS ANNOUNCES UPSIZE OF BOUGHT DEAL LIFE PRIVATE PLACEMENT FOR GROSS PROCEEDS OF C$15 MILLION

Stillwater Critical Minerals Corp., as a result of strong investor demand, has increased the size of its previously announced bought deal private placement from gross proceeds of $10,000,400 to gross proceeds of $15,000,140. Pursuant to the upsized underwritten offering, Red Cloud Securities Inc., as co-lead underwriter and sole bookrunner, and Research Capital Corp., as co-lead underwriter, will purchase for resale 32,609,000 units of the company at a price of 46 cents per unit.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at a price of 64 cents at any time on or before that date that is 36 months following the closing date (as herein defined).

The company will grant to the underwriters an option, exercisable in full or in part up to 48 hours prior to the closing date, to purchase for resale up to an additional 4,348,000 units at the offering price for additional gross proceeds of up to $2,000,080. The underwritten offering and the securities issuable upon exercise of the overallotment option shall be collectively referred to as the offering.

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, as well as for general corporate purposes and working capital, as is more fully described in the amended offering document (as defined herein).

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the units will be offered for sale to purchasers in certain of the provinces of Canada 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 expected to be immediately freely tradeable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada. The units may also be 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 will be subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the closing date.

There is an amended and restated 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 amended offering document before making an investment decision.

The offering is scheduled to close on or about Dec. 30, 2025, or such other date as the company and Red Cloud may agree. Completion of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

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. 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 in January, 2023, positions Stillwater West with the largest nickel 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 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.

We seek Safe Harbor.