Stillwater Critical Minerals Announces Closing of Bought Deal Financing for Gross Proceeds of C$17 Million

Stillwater Critical Minerals (PGE) has closed a significant bought deal private placement, raising gross proceeds of C$17,000,220. The financing consisted of 36,957,000 units priced at C$0.46 per unit. Each unit includes one common share and one-half of a share purchase warrant, with each full warrant exercisable at C$0.64 for a period of 36 months. This financing was upsized from the original C$10 million announced on December 15, 2025. Red Cloud Securities and Research Capital Corporation acted as agents. The funds are earmarked for the advancement of the Stillwater West project in Montana and for general working capital.

• Financial De-risking: This C$17M injection, combined with the C$3.4M reported as of September 30, 2025, provides the company with a massive cash runway for 2026. This effectively eliminates the immediate risk of a "liquidity crunch" following a high-burn quarter in Q3 2025 where exploration expenditures reached C$4.4M.
• Valuation Validation: The financing was conducted at C$0.46, which is a 100% premium to the C$0.23 financing completed just four months prior in August 2025. This suggests strong institutional appetite and a fundamental re-rating of the Stillwater West asset by the market.
• Upsize Significance: Moving from a C$10M target to a C$17M close indicates oversubscription and high demand, likely driven by the anticipation of pending 2025 drill results and the 2026 Mineral Resource Estimate (MRE) update.
• Future Overhang: While positive, the deal adds nearly 37 million shares to the float and 18.47 million warrants at C$0.64. This creates a potential resistance level at $0.64 as warrant holders may look to hedge or take profits if the price reaches that threshold.

Stillwater Critical Minerals is focused on its 100%-owned Stillwater West project in Montana, USA. The project is adjacent to Sibanye-Stillwater’s high-grade PGE mines. Stillwater West is a "Platreef-style" deposit, characterized by large-scale, bulk-tonnage mineralization including Nickel, Copper, Cobalt, Platinum, Palladium, Rhodium, and Gold. The project currently hosts 1.6 billion pounds of Ni-Cu-Co and 3.8 million ounces of Pd-Pt-Rh-Au in the Inferred category.