Stillwater Critical Minerals Year-End Update and 2026 Outlook

As we reflect on the past year and push ahead in 2026, I would like to share an update on the significant progress made at Stillwater Critical Minerals, thank you for your continued support, and outline key priorities that will guide the company in the year ahead.

Throughout 2025, our team advanced the Stillwater West critical minerals project in Montana, the largest undeveloped polymetallic platinum group elements-nickel-copper-cobalt-gold system within an active U.S. mining district. During the year, the company completed financings totalling over $26 million, executed a two-rig drill program, and increased its market capitalization to over $100 million on exchanges in both Canada and the U.S. Our work focused on expanding the resource base, strengthening strategic and government engagement, and positioning Stillwater West as a key domestic source of critical minerals essential to U.S. supply chains.

• Robust Polymetallic Mineral Resource Base: The Stillwater West project hosts the largest undeveloped polymetallic nickel-platinum group elements (PGE) system within an active U.S. mining district. The January 2023 NI 43-101 Mineral Resource Estimate outlines approximately 1.6 billion pounds of nickel, copper and cobalt, together with 3.8 million ounces of palladium, platinum, rhodium and gold contained within approximately 255 million tonnes across five primary deposits. These deposits remain open for expansion along strike and at depth and include mid- and higher-grade mineralization for additional potential mining scenarios. The scale and polymetallic composition of the deposits are expected to provide flexibility across commodity cycles and support a range of potential development scenarios.
• Expanded Geologic Model: The team more than doubled the geological model’s structural framework from ~9.5 km to ~20 km. This expanded framework is expected to support a broader drill-ready target pipeline of multiple large-scale polymetallic magmatic sulphide targets for future resource expansion beyond established deposit areas.
• 2025 Drilling to Expand Resources: The 2025 exploration program was focused on testing high-priority targets — including extensions at the Chrome Mountain and Iron Mountain deposit areas — to expand both bulk tonnage and higher-grade mineralization within and beyond the current resource footprint (assays pending).
• Updated Mineral Resource Estimate Underway: The Company engaged Mine Technical Services to complete an updated NI 43-101 Mineral Resource Estimate at Stillwater West, incorporating data from the 2023 and 2025 drill campaigns plus a select number of historic holes. The updated resource estimate is anticipated in the first half of 2026 and will provide an important foundation for subsequent technical and economic studies.
• Supportive Policy Landscape: Recent U.S. policy initiatives focused on strengthening domestic mining and mineral production highlight the strategic relevance of Stillwater West as a potential future U.S. source of critical minerals for energy, defense, and industrial supply chains.

• Capital Raised: Successfully raised over $26 million in 2025 to advance exploration, technical studies, and project development at Stillwater West.
• Strategic Investment: Received a third investment from Glencore, maintaining their 15% equity interest in the Company and underscoring confidence from a major industry partner.
• 2025 Drilling Program: Completed 3,471 meters of drilling, with an updated NI 43-101 Mineral Resource Estimate expected in H1 2026.
• Market Milestone: Surpassed $100 million market capitalization, reflecting growing recognition of Stillwater West’s strategic potential.
• Industry Recognition: Invited to numerous industry events including a Stillwater West core shack at PDAC in 2026, providing a platform to showcase the project to global mining investors and industry professionals.

Earlier in 2025, Stillwater received initiating research coverage from Red Cloud Securities, an independent investment dealer in the Canadian mining sector. Coverage is led by analyst Taylor Combaluzier, who conducted a site visit to the Stillwater West project and authored both the initial research report and a subsequent site tour report. The reports discuss the scale and polymetallic nature of the Stillwater West project, its exposure to multiple U.S.-critical minerals, and its location within a well-established mining jurisdiction in Montana. The research coverage has contributed to broader institutional awareness of the Company and its asset base within the North American critical minerals sector. Links to the reports are provided below for informational purposes only.

We were pleased to welcome industry experts including the USGS, Glencore, analysts, and members of the community and government to Montana for a series of site tours at our Stillwater West project in the past year. These visits provided a valuable opportunity to showcase the responsible practices we integrate into exploration, highlight the scale and geological potential of the district, and review historical and recent drilling and technical work firsthand. We discussed how Stillwater West fits into Stillwater Critical Minerals’ broader growth strategy and its role in North America’s critical minerals supply chain. The strong turnout and high level of engagement reinforced the growing interest from investors and industry professionals, and we greatly appreciated the thoughtful discussions and feedback shared during these visits.

In September, Stillwater was invited to speak in New York City at a Columbia University hosted event, engaging with students, faculty, and industry professionals on the evolving role of U.S.-critical minerals in the global economy. The discussion highlighted Stillwater’s approach to responsible exploration and development, the strategic importance of platinum group elements, nickel, copper, and other critical minerals, and the growing need for secure, domestic U.S. supply chains.

In November, we were pleased to present in Zurich to a group of global family offices at a Prestel & Partner hosted event, sharing our strategy, project pipeline, and disciplined approach to value creation. The discussion focused on the growing importance of high-quality precious and critical metals assets and the opportunity to build long-term value through responsible exploration.

In December, Justin Modroo, Stillwater’s Project Geophysicist, presented the Stillwater West project at the AEMA Annual Meeting in Sparks, Nevada. Justin’s presentation highlighted the project’s large-scale potential, advanced geologic understanding, and relevance to U.S. critical minerals, helping to further raise industry awareness and technical interest in Stillwater West among geoscientists and mining professionals.

At Stillwater West, resource expansion, target refinement and ongoing technical studies continue to unlock the potential of this large PGE-nickel-copper-cobalt-gold system. The project’s scale and grade, and its location in an active U.S. mining district, provide meaningful leverage to North America’s strategic supply chain priorities for critical minerals.

These achievements underscore the strength and depth of Stillwater Critical Minerals’ portfolio and the disciplined, technically-focused approach our team applies to every project. We remain committed to advancing exploration, expanding known mineralization, and generating long-term shareholder value.

Stillwater plans to advance several key technical and corporate initiatives in the first half of 2026, including drill results in the near-term followed by an updated mineral resource estimate and continued engagement with U.S. stakeholders and strategic partners.

The second half of the year is planned to include the Company’s largest exploration and technical programs to date, supported by additional drilling and project-level studies. This work is intended to advance definition of the project’s scale and inform future development pathways at Stillwater West.

We invite you to review our January 2026 corporate presentation detailing our plans at the Stillwater West project: https://criticalminerals.com/i…

Thank you again for your continued confidence in Stillwater Critical Minerals. On behalf of our entire team, I wish you and your families a joyful and prosperous 2026.

Kind regards,

Michael Rowley
President & Chief Executive Officer
Stillwater Critical Minerals

• Stillwater Critical Minerals Announces Closing of Bought Deal Financing for Gross Proceeds of C$17 Million (December 30, 2025)
• Stillwater Critical Minerals Engages Mine Technical Services to Complete an Updated Mineral Resource Estimate at Stillwater West in Montana, USA (October 27, 2025)
• Stillwater Critical Minerals Provides Update on Corporate, Exploration, and Development Activities (September 15, 2025)
• Stillwater Critical Minerals Closes Non-Brokered Private Placement Financing for Gross Proceeds of $8.78 Million (August 13, 2025)
• Stillwater Critical Minerals Mobilizes Drill Rigs to Stillwater West Critical Minerals Project in Montana, USA (June 18, 2025)
• Stillwater Reports Multiple Large-Scale Polymetallic Magmatic Sulphide Targets From 2024 Geophysical Surveys in Montana’s Historic Stillwater Mining District (March 26, 2025)

• Mining Network UK: Mike Rowley on Drilling Success, Resource Growth and US Supply Push (November, 2025)
• Red Cloud: Stillwater Critical Minerals: Stillwater West Expansion | Fall Mining Showcase 2025 (November, 2025)
• Precious Metals Summit Zurich: Stillwater Critical Minerals Presents (November, 2025)
• The KE Report: Stillwater Critical Minerals – 2025 Drilling Completed, MTS Engaged For Updated Resource Estimate (October, 2025)
• Precious Metals Summit Beaver Creek: Stillwater Critical Minerals Presents (September, 2025)
• BTV CEO Clips – Stillwater Critical Minerals: Strengthening the North American Critical Minerals Supply Chain (August, 2025)
• The KE Report: Stillwater Critical Minerals – A Visual Geologic & Exploration Update At Stillwater West From Mgmt (August, 2025)
• John Feneck & Don Durrett on Metal Stocks, Interview Stillwater Critical Minerals ($PGE | $PGEZF) (August 2025)

Find all Stillwater media coverage and interviews on our website here:  https://criticalminerals.com/i…