Stillwater Critical Minerals Update – catalysts, markets, next steps, video from Zurich

Good morning –

We got back fine from a roadshow that went from Toronto on to Switzerland for meetings in Baar ahead of Precious Metals Summit and the Family Office Forum (both in Zurich).

Meetings were excellent and I am struck with the increasing interest in the company, and with the more generalist nature of the funds and family offices that we are attracting. A very good sign that we are attracting non-mining capital to the space as we grow past $100M in market cap and on to bigger things.

MARKETS

Markets rose dramatically in October before becoming very volatile over the past month since then. Current focus is on the likelihood of a interest rate cut from the US Fed on Dec 10^th. Recent sentiment favors a cut (see https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html). However John Feneck and others note that the risk of getting too bullish for a cut Dec 10^th is the recent nonfarm beat as no data has been released for the months of Oct and Nov data. Note that these are to be released Dec 16^th.

Bigger picture, Feneck notes we saw strong price action in the GDX and GDXJ Nov 24^th, with both GLD and SLV up nicely too, with earnings for GDX and GDXJ holdings now essentially over (ie no negative surprises expected).

CATALYSTS AND NEXT STEPS

We have been asked for an update on expected catalysts over the next six months. This recent interview from Zurich does a good job of laying that out, and even looks out 18 months and more:

https://www.youtube.com/watch?v=lijDn_kNCJ4

In summary, we expect the following over the coming weeks and months:

Assay results – As noted in the video, we saw a number of drill intercepts that were visually very interesting, some predicted by the model and some new. Pictures of some of those were released here https://criticalminerals.com/news/2025/stillwater-critical-minerals-provides-update-on-corporate-exploration-and-development-activities/ and are included in our presentation here https://criticalminerals.com/investors/presentations/ Recently we spoke to our lab, ACT Labs in Kamloops, and they confirmed they experienced delays commissioning new automated machinery in their processing line but are catching up nicely now. As mentioned in the video we have partials now and are planning to release results in tranches of results as whole holes come in and we can properly model and present the results in context. We will do rhodium, tellurium, and other assays including lesser PGMs in follow-up to be reported in Q1 next year (ie won’t delay broader results for follow-up assays).

Updated Resource (MRE) – Key next step after receipt of assay results is the updated Mineral Resource Estimate. As noted here https://criticalminerals.com/news/2025/stillwater-critical-minerals-engages-mine-technical-services-to-complete-an-updated-mineral-resource-estimate-at-stillwater/Video we have reunited the team that modeled Ivanhoe’s Platreef mine (now in production!) and expect the updated MRE in H1 of 2026, ideally within a month or so of PDAC.
Government Support – We saw a definite increase in activity with the US government reopening and we continue to work with our Congressman and Senators on several possible avenues of support including funding. In addition our trip to NYC, and Columbia University in particular, brought leads on additional work with the DOE and other government funding.
2026 plans – We are planning our biggest season ever for 2026 and look forward to announcing that as we finalize details. Some of these items are discussed in the above video.
Non-core assets – We are active on our non-core projects and will have news flow on these as well, especially as the Canadian government looks to follow the US and others with funding and fast-tracking of critical minerals projects.

That covers the coming six or so months. Bigger picture we remain focused on Stillwater, Montana, as we see the potential for the project to accelerate its advancement and form a foundational role in the domestic American supply chain for a least ten commodities now listed as critical.