Stillwater Critical Minerals More Than Doubles Stillwater West Inferred Mineral Resource and Establishes Maiden Indicated Resource

Stillwater Critical Minerals Corp. released an updated NI 43-101 Mineral Resource Estimate (MRE) for its flagship Stillwater West project in Montana on August 27, 2026. The update establishes the company's first Indicated Mineral Resource of 29.4 million tonnes grading 0.38% NiTEq. The Inferred Resource more than doubled to 805.1 million tonnes grading 0.34% NiTEq.

Total contained metal (Indicated + Inferred) includes: * 3.01 billion pounds of Nickel * 1.52 billion pounds of Copper * 283 million pounds of Cobalt * 2.28 million ounces of Platinum * 3.97 million ounces of Palladium * 864 thousand ounces of Gold * 310 thousand ounces of Rhodium

An Inferred Chromium resource of 6.6 billion pounds was also defined, though it is excluded from the NiTEq economic assumptions. The geological model now covers four zones across a 10-kilometer central area, integrating 14 new drill holes (5,781 meters) from 2023 and 2025 campaigns alongside verified historical data.

Technical assumptions for the NiTEq calculation use metal prices of $8.00/lb Ni, $4.50/lb Cu, $11.00/lb Co, $1,250/oz Pt, $1,250/oz Pd, $3,000/oz Au, and $6,500/oz Rh, with 80-85% recoveries. The pit shell assumes open-pit mining at $2.50/t mining cost, $18/t processing cost, and a 50° slope angle. Management highlighted the project's adjacency to Sibanye-Stillwater's operating PGE mines, emphasizing shared infrastructure and skilled labor access.

Stillwater Critical Minerals Corp. (PGE) released its updated Mineral Resource Estimate (MRE) on August 27, aligning with the company’s previously stated timeline to deliver the update in the first half of 2026, as announced in October 2025. The slight delay into late August is typical for independent review cycles and does not indicate technical setbacks.

Establishing a maiden Indicated category marks a critical technical milestone, transitioning the project from purely inferred data to a higher-confidence resource class, which is a prerequisite for preliminary economic assessments (PEA) and feasibility studies. The more-than-doubling of the Inferred Resource validates the aggressive 2025-2026 exploration program and the integration of advanced geophysical modeling, including Fleet Space ANT and Simcoe IP surveys.

The resource update is expected and incremental to the ongoing exploration narrative. It does not introduce new financing, production timelines, or offtake agreements.

Prior-period context shows that the January 2023 MRE defined 254.8 Mt at 0.27% NiEq (Inferred). The 2026 update expands the footprint significantly but maintains a similar grade profile, confirming the district-scale continuity of the mineralization.

Stillwater Critical Minerals Corp. is an exploration-stage company focused on developing critical mineral assets in North America. Its flagship project, Stillwater West, is located in Montana, USA, and comprises a 61 km² claim block spanning 33 km of the lower Stillwater Igneous Complex. The project targets ten U.S.-listed critical minerals: Nickel, Copper, Cobalt, Palladium, Platinum, Rhodium, Gold, Chromium, Ruthenium, and Iridium.

The property is strategically located adjacent to Sibanye-Stillwater's producing PGM mines in Montana, providing potential access to established infrastructure, power, water, rail, and a skilled regional workforce. The company’s portfolio also includes 100% owned properties at Kluane in Yukon, Duke Island in Alaska, and Yankee-Dundee in British Columbia, as well as a 49% interest in Drayton-Black Lake in Ontario under an earn-in agreement with Heritage Mining.

Stillwater Critical Minerals Corp. is currently in the advanced exploration and resource definition stage. No mineral reserves are reported, with metallurgical testing, a preliminary economic assessment (PEA), and feasibility studies targeted for 2026.