Stillwater Critical Minerals Corp. reported a 62% increase in the updated independent National Instrument 43-101 mineral resource estimate (2023 Resource) for its 100%-owned Stillwater West platinum group element, nickel, copper, cobalt, and gold ("PGE-Ni-Cu-Co + Au") project in Montana, USA. The study, which was completed by SGS Geological Services ("SGS"), showed significant increases in tonnage and contained metal at both a bulk tonnage 0.20% nickel equivalent ("NiEq") cut-off ("Base Case") and a 0.35% NiEq higher grade bulk tonnage cut-off.

A high-grade, selective mining component at a 0.70% NiEq cut-off is presented for the first time. 2023 Resource Highlights: Base Case Inferred mineral resources of 1.6 billion pounds ("Blbs") of nickel, copper and cobalt and 3.8 million ounces ("Moz") palladium, platinum, rhodium, and gold ("4E") in a constrained model totaling 255 million tonnes ("Mt") at an average grade of 0.39% total estimated recovered NiEq (or 1.19 g/t Palladium Equivalent "PdEq"). Significant increases in contained metals over the 2021 study at the Base Case 0.20% NiEq cut-off: Tonnage: 255Mt (62% increase); Palladium: 2.05Moz (56% increase); Nickel: 1.05Blbs (52% increase); Platinum: 1.26Moz (66% increase); Copper: 499Mlbs (44% increase); Gold: 395Koz (30% increase); Cobalt: 91Mlbs (31% increase); Rhodium: 115Koz (76% increase).

The selective mining high-grade component yielded 11.6Mt at 1.05% Total NiEq (or 3.24 g/t Total PdEq) as 0.56% Ni, 0.33% Cu, 0.03% Co with 0.54 g/t Pd, 0.27 g/t Pt, 0.15 g/t Au and 0.019 g/t Rh. Expansion of this high-grade component results from the addition of high-grade mineralization encountered in the 2021 drill campaign. Sulphur grades of 1.13% to 6.16% indicate desirable high nickel tenor in sulphide, supporting effective recovery via conventional flotation techniques.

2.27Blbs of chromium has been inventoried. Chromium is defined by the US government as a critical mineral. Deposits in the 2023 Resource are defined by 156 drill holes from a total of 230 holes drilled on the Stillwater West property and include all holes from the Company's three campaigns to date.

The 2023 Resource is contained within five deposits in the 9-kilometer central area of the project, all of which are open along strike and at depth. Multi-kilometer scale geophysical targets and metal-in-soil anomalies indicate excellent expansion potential. Untested anomalies and earlier stage targets extend across much of the 32-kilometer-long Stillwater West project.