Stillwater Critical Minerals announced the first tranche of results from work completed in 2022 on its 100%-owned Stillwater West platinum group element, nickel, copper, cobalt, and gold (PGE-Ni-Cu-Co + Au) project adjacent to Sibanye-Stillwater's mining operations in Montana, USA. A series of news releases are planned to report the results of work on key objectives including expansion of the 2021 Mineral Resource Estimate (the 2021 MRE), integration of Platreef geologic models, and field campaigns including geophysical and geological field programs both within and outside defined deposit areas. Additional updates are also expected from on-going carbon sequestration testing and other initiatives the Company is currently advancing.

Pine Target Highlights: Rock chip samples taken across approximately two meters of exposed shear in a trench at the Pine target in 2022 returned high-grade gold, palladium and platinum mineralization with an average of 9.0 g/t Au, 0.69 g/t Pd, and 0.69 g/t Pt. Significant nickel and cobalt values are also reported, consistent with past results from this area. Work in 2022 also included the acquisition of historic core to support the advancement of drill-defined high-grade mineralization at Pine towards completion of an NI-43-101-compliant resource.

Mineralization at Pine was not included in the five deposits delineated by the 2021 MRE at the Chrome and Iron Mountain target areas, up to nine kilometers east of Pine within the Stillwater Igneous Complex. Historic drilling at Pine returned values of 16.94 g/t 3E (16.19 g/t Au, 0.24 g/t Pt, 0.50 g/t Pd) over 7.98 meters and 31.02 g/t 3E (28.7 g/t Au, 1.06 g/t Pt, 1.27 g/t Pd) over 2.6 meters in the area of the 2022 trench samples. Mineralization remains open to expansion in all directions including towards very high-level gold-in-soil anomalies extending up to two kilometers west of Pine, in addition to the adjacent high-level palladium, platinum, and nickel-copper soil anomalies.

Elevated gold values are also demonstrated in high-grade drill results two kilometers east of Pine at the Chrome Mountain deposit area, and nine kilometers east at the Iron Mountain deposit area. Pine Target: The Pine target is situated in the Wild West target area, approximately two kilometers west of deposits at the Chrome Mountain area, and nine kilometers west of deposits at the Iron Mountain area. It is on the western side of the 12-kilometer-long resource area that contains the five deposits modeled in the 2021 MRE and has been detailed by Induced Polarization (IP) geophysical surveys conducted by the Company in 2020 and 2021.

Results to date demonstrate very high-grade gold, palladium and platinum mineralization in drilling, soils and rock sampling, in addition to significant battery metals - in particular nickel and cobalt. Work in 2022 focused on a geological sampling and mapping program, and the acquisition of some of the drill core from the 1983 and 2004 drill campaigns with the objective of finalizing drill targets and advancing drill-defined high-grade gold with PGE-Ni-Cu mineralization towards completion of an NI43-101-compliant mineral resource. At present, seven drill holes from 1983 and 2004 define a precious metals-rich mineralized zone that is 150 meters strike with an average width of 15 meters that has been tested to a depth of 90 meters.

Mineralization remains open to expansion in all directions including towards very high-level gold-in-soil anomalies extending up to two kilometers west of Pine, in addition to the adjacent high-level palladium, platinum, and nickel-copper soil anomalies. High-grade gold plus platinum group elements values have also been reported from drilling and surface samples at the Chrome and Iron Mountain deposit areas in addition to large-scale nickel, copper and cobalt bulk tonnage mineralization. Pine is one of several priority targets for follow up exploration in 2023.

Mineral Resource Update and Integration of Platreef Geologic Models: The update to the 2021 MRE is entering the final stages of completion with release anticipated early in 2023. The updated models are driven by the integration of geologic models from the Platreef district of South Africa's Bushveld complex, and the most recent 14-hole expansion drill campaign which returned multiple wide and high-grade battery and precious metal intercepts in wide step-outs from known mineralization at the three most advanced deposit areas within the 12-kilometer core of the project. Significance of the Platreef Deposit Model: The Stillwater Igneous Complex is well-known to parallel South Africa's Bushveld Igneous Complex, and developments at the Stillwater complex have generally paralleled those at the Bushveld, highlighting their significant geologic similarities.

For example, Sibanye-Stillwater's high-grade J-M Reef deposit was discovered by the direct application of geologic models developed during discovery of the high-grade Merensky reef deposit in the Bushveld.