Fully Funded & Largest Drill Program Ever - Stillwater Critical Minerals

Mike Rowley, President and CEO of Stillwater Critical Minerals, updates on progress at the Lower Stillwater Complex in Montana. He outlines the company’s fully funded position after a late December placement, Glenore’s 13% ownership following its third equity investment, and the upcoming mineral resource estimate, the first to be based on a working geology model using AB chromitites mapped across 20 km. Rowley emphasizes the project’s polymetallic character, its location immediately adjacent to Sibanye’s operations, the potential to produce sulfuric acid locally amid global supply constraints, strong interest from Montana officials in domestic processing, and the largest drilling program in the company’s history commencing this summer.

• Stillwater Critical Minerals is fully funded for the next two years following its December placement, with Glenore now at 13% ownership after writing three successive checks and remaining actively engaged on the tactical committee while expressing interest in greater US critical minerals involvement.
• The next mineral resource estimate (targeted for H1, likely late June) represents the first resource based on a proper geology model rather than grade models alone, with AB chromitites now mapped across 20 km and geological continuity confirmed by recent drilling at Iron Mountain.
• The current resource contains approximately 1.66 billion pounds of nickel, copper and cobalt plus 3.8 million ounces of platinum, palladium, rhodium and gold, including the only rhodium resource in the United States, with scenarios ranging from bulk tonnage (255 Mt) to a mid-grade zone of roughly 120 Mt within a polymetallic deposit.
• The high-sulfidation nature of the system, combined with the project’s location in an established producing district with existing infrastructure, creates a realistic opportunity to produce sulfuric acid locally, a potentially valuable by-product given current global shortages affecting nickel operations in Asia.
• Major drilling with three rigs is scheduled to begin in July (two at Iron Mountain, one at Chrome Mountain), supported by additional work on the Kanani project in the Yukon, while the company targets PEA-level studies within the next 18 months after first delivering the upcoming resource update and other near-term catalysts.