Stillwater Critical Minerals Reports Wide and High-Grade Near-Surface Ni-Cu-Co-PGE-Au Sulphide Mineralization Extending CZ Deposit at Stillwater West Project in Montana, USA

The most recent news (February 26, 2026) reports the first assay results from the 2025 resource expansion drill campaign at the Stillwater West project in Montana. Key highlights include: - Hole CZ2025-01: 201.6m @ 0.20% Recovered Nickel Equivalent (NiEq), including 4.0m @ 0.76% NiEq. - Hole CZ2025-02: 106.1m @ 0.34% NiEq, including 4.9m @ 0.73% NiEq. - These results confirm the extension of shallow, sulphide-rich mineralization beyond the current CZ deposit boundaries. - The drilling was partially funded by a third strategic investment from Glencore Canada.

The news is Routine - Positive. While the drill results are successful and validate the "Platreef-style" geological model, they are incremental in nature. - Validation: The results confirm that geophysical anomalies identified in 2024 accurately map sulphide mineralization, reducing exploration risk for future programs. - Continuity: Extending mineralization toward the Central and HGR deposits supports the company's goal of a larger, contiguous resource. - Expectation Management: The market was already aware of the 2025 drill program and the strategic backing of Glencore. These results meet, but do not yet significantly exceed, the high-grade expectations required to re-rate the company before the formal resource update. - Financial Context: The company successfully closed a C$17M bought deal in December 2025, meaning they are well-funded to act on these results in 2026.

Stillwater Critical Minerals is focused on its 100%-owned Stillwater West Project in Montana, USA. It is a large-scale, bulk-tonnage project containing 10 critical minerals (Ni, Cu, Co, Pt, Pd, Rh, Au, Cr, Ir, Ru). The project is unique for its "Platreef-style" mineralization, paralleling the massive South African deposits, and is located adjacent to Sibanye-Stillwater’s high-grade PGE mines.