Stillwater Critical Minerals Corp. provided an update on diamond drilling completed at the Company's Stillwater West Ni-PGE-Cu-Co + Au project in Montana in 2023, and other initiatives. The 2023 drill campaign focused on expansion of the NI 43-101-compliant resources, announced on January 25, 2023 (the "2023 Resource"), with particular focus on expanding recent high-grade discoveries at Chrome Mountain at the west end of the nine-kilometer-long resource area.

Six holes totaling 2,310 meters were completed within and outside of the current resource area, west and south of the current DR-Hybrid deposit, as part of a planned multi-phase program. Multiple new mineralized zones were intercepted, Results include identification and expansion of the N series of sulphide-rich mineralized structures parallel to high-grade nickel sulphide mineralization first discovered by the Company in drill holes CM2021-05 and CM2020-04. Drilling in 2023 intercepted the N2 and N3 mineralized zones in parallel to high-grade mineralization in CM2021-05, which is now known as N1.

As reported May 3, 2022, N1 returned 13.2 meters grading 2.89% Recovered Nickel Equivalent1 ("NiEq") (2.31% Ni, 1.51 g/t 4E, 0.35% Cu, and 0.115% Co), starting at 37.6 meters and is contained within 400.8 meters of continuous battery and precious metal mineralization. N series structures and associated high-grade mineralization are now understood to be part of a series of north-south trending structures that crosscut the layered sequence and Platreef-style mineralization of the Stillwater Igneous Complex. Drilling also confirmed nickel and copper sulphide mineralization in a large and previously untested geophysical anomaly which forms part of a string of untested anomalies extending over 12 kilometers along strike.

All core has now been submitted to the lab for assay with results expected over the coming weeks. Mineralized zones were predicted by the updated exploration model, demonstrating the Company's success in advancing the first ever detailed geologic model of the lower Stillwater Igneous Complex. The 2023 drill campaign is the first campaign funded by the strategic investment made by Glencore PLC in June 2023, and the first to apply updated geological models which incorporate similar geology from South Africa's Platreef district under the direction of Dr. Danie Grobler, who joined the team in May of 2022 as Vice-President of Exploration.

Drilling for 2024 is now being planned to continue expansion around known mineralization at the existing resource areas, at recent discoveries including the N series structures, and also more broadly across the 32-kilometer-long project.