Stillwater closes $8.78-million financing

Executive Summary

• Stillwater Critical Minerals closed an $8.78 million private placement on Aug 13 2025, including a third investment by Glencore at a 64 % premium to the June 2024 round, giving Glencore a 15 % strategic equity stake and board representation.
• The 2025 drilling program at the Stillwater West flagship project has logged >3,100 m this season (43,100 m total), commenced down‑hole EM geophysics, and will support an updated NI 43‑101 mineral resource estimate in H1 2026.
• The company granted 1.2 million stock options to directors/officers (exercise price $0.30) under its LTIP and issued broker/finder warrants and paid cash commissions related to the private placement; a correction to prior fee disclosures is provided.

Key Details

• Private Placement Financing
• Gross proceeds: $8.78 million from two tranches of the brokered LIFE offering.
• Units sold: 38,182,504 at $0.23 per unit.
• Glencore investment: third tranche at a 64 % premium to June 2024 financing; now holds 15 % equity and board/technical committee seats.

• Potential additional funding if warrants are exercised: ≈ $6.4 million.

• Broker & Finder Compensation

• Red Cloud Securities cash commissions: $164,413 (first tranche) + $164,407 (second tranche) = $328,820 (excluding legal fees/taxes).
• Legal fees, taxes, and expenses: $77,080 (first tranche) + $11,300 (second tranche).
• Broker warrants issued: 714,840 (first) + 714,814 (second) = 1,429,654 warrants at $0.23 exercisable for 36 months with a hold period ending Oct 26 2025 / Nov 16 2025.

• Finder fees: $3,105 cash and 13,500 finder warrants at $0.34 exercisable for 36 months with a hold period ending Nov 16 2025.

• Option Grant

• 1.2 million options granted to directors/officers under the LTIP.
• Exercise price: $0.30 per share (based on five‑day VWAP on Sep 12 2025).

• Vesting: over five years from grant date.

• Exploration & Development Highlights

• 2025 program targets expansion of Ni, Cu, Co, Pt, Pd, Rh, Au, and Cr mineralization defined in the Jan 2023 MRE.
• Drilling commenced July 2025 with two rigs (Chrome Mountain & Iron Mountain), drilling two deep holes (~708 m & ~692 m) and continuing with holes 5‑6.
• Total drilled to date: >43,100 m (including >3,100 m in 2025 season).
• First use of down‑hole EM geophysics on the two initial holes; first borehole EM completed on both deposits.

• Assays pending for all current holes; results will feed an updated NI 43‑101 resource estimate slated for H1 2026.

• Funding & Grant Updates

• Partnered on $2.75 million U.S. DOE grants (via Cornell University and Lawrence Berkeley Labs) to support project development.

• Ongoing engagement with DOE, DoD, USGS, and participation in FAST‑41 permitting streamlining initiatives.

• Upcoming Investor/Industry Events

• CEO Michael Rowley scheduled to attend multiple conferences from Sep 2025 through Mar 2026 (Carbontech Summit, BIOBY Mining & Energy Expo, PDAC 2026, etc.).

Notable Quotes

“Stillwater is entering a significant phase of growth with the completion of our largest capital raise to date at a higher valuation, and with drilling under way to expand resources that include 10 minerals designated as critical in the U.S.” – Michael Rowley, President & CEO

“Early core from this season is visually promising, with mineralized intervals and textures consistent with our model… The 2025 campaign represents a significant step forward as we continue to unlock the full potential of what we believe is one of America’s most important critical mineral districts.” – Dr. Danie Grobler, Vice‑President of Exploration