Stillwater hires MTS for updated MRE at Stillwater

Executive Summary

• Stillwater Critical Minerals Corp. has engaged Mine Technical Services (MTS) to complete an updated National Instrument 43-101-compliant mineral resource estimate (MRE) for its 100%-owned Stillwater West project in Montana.
• The updated MRE is expected in the first half of 2026 and will incorporate data from 14 drill holes (5,781 meters) from the 2023 and 2025 programs, plus select historic holes.
• The 2025 drill campaign is complete (3,471m in 8 holes), with assays pending; results are expected to support further technical studies and economic assessments.

Key Details

• Engagement: Mine Technical Services (MTS) engaged to update the NI 43-101 mineral resource estimate.
• Timeline: Updated MRE expected in H1 2026.
• Drilling Data:
  • Total drill holes to be incorporated: 14.
  • Total meters to be incorporated: 5,781 meters.
  • 2025 Drill Program: Complete, totaling 3,471 meters in 8 holes. All assays are currently pending.
  • 2023 Drill Program: Included in the update.
  • Historic Holes: Select historic holes not included in the current estimate will also be incorporated.
• Technical Approach:
  • Updating deposit models to incorporate new data, improved geologic domaining, geostatistics, and structural controls.
  • Leveraging insights from the Platreef district in South Africa.
  • Team led by Timothy Kuhl (MTS) and Dr. Danie Grobler (Stillwater), who previously worked on Ivanhoe Mines' Platreef mine.
• Current Resource Context (Jan 25, 2023 MRE):
  • Located within five deposits in the 9.5-kilometer central area of the project.
  • Deposits are open along strike and at depth.
  • Base case mineralization defined at 0.20% NiEq cut-off; higher-grade zones at 0.35% and 0.70% NiEq.
  • Defines eight critical minerals: Nickel, Copper, Cobalt, Palladium, Platinum, Rhodium, Gold, and Chromium.
  • Stillwater West hosts the largest known Rhodium and Chromium resources in the U.S.
• Expansion Potential:
  • Excellent expansion potential identified in multikilometre-scale geophysical targets and metal-in-soil anomalies within the 20-kilometer length area.
  • Untested anomalies extend across the 33-kilometer-long project.
  • Recent exploration drilling and airborne geophysical surveys enhanced target generation for the 2025 expansion campaign, resulting in intersections of multiple near-surface magmatic sulphide zones in all three target areas.
• Near-Term Milestones (through H1 2026):
  • Release of 2025 drill program results (assays and interpretations).
  • Release of updated 3-D geological and mineralization models.
  • Release of updated MRE.
  • Updates on non-core assets across North America.
  • Updates on U.S. government initiatives.

Notable Quotes

• Michael Rowley, President and CEO: "Reuniting the team responsible for defining the large-scale polymetallic critical mineral resources at Ivanhoe's Platreef mine to complete an updated resource estimate is an important step towards evaluating production scenarios at Stillwater West... Our work applying those robust mine models to similar geology in Montana is timely given America's focus on securing domestic supplies of the commodities we have at Stillwater West."
• Dr. Danie Grobler, Vice-President of Exploration: "Their extensive experience in Platreef-type geology and resource estimation is expected to provide significant value to the project... Recent exploration drilling and airborne geophysical surveys substantially enhanced our target generation and prioritization for the 2025 expansion drill campaign, resulting in the successful intersection of multiple near-surface magmatic sulphide zones in all three target areas."