Wide And High-Grade Intervals Of Platreef-Style Mineralization In Resource Expansion Drilling

VANCOUVER - Stillwater Critical Minerals reported wide, high-grade intervals of nickel sulphide mineralization with palladium, platinum, rhodium, cobalt, copper and gold in a final tranche of first-pass drill results from the 14-hole resource expansion campaign completed at the flagship Stillwater West PGE-Ni-Cu-Co + Au project in Montana. Additional rhodium results are pending.

Results continue to support the Company's priority objective of expanding the October 2021 inaugural mineral resource estimates with multiple wide and highly mineralized intervals returned in step-out drilling in six holes at the HGR deposit area at Iron Mountain. Drilling in 2021 focused on resource expansion in three of the five deposit areas delineated by the 2021 estimates. Similar wide and well-mineralized intervals have now been reported from all three deposit areas. Mineralization remains open to expansion along trend and at depth in all five deposit areas, which are set within 12 kilometers of the broader 32-kilometer-long land package in the lower Stillwater Igneous Complex.

These results, alongside results released May 3 and March 7, 2022, and December 20, 2021, demonstrate significant potential to expand the October 2021 mineral resource estimates with multiple long intervals at grades well above the 0.20% NiEq cut-off grade used in that study.

Results also continue to highlight the potential for significant co-product rhodium values at Stillwater West, with drill samples in Iron Mountain holes IM2021-04, -05, and -06 returning up to 0.365 g/t Rh within the mineralized horizons. At recent values, rhodium trades at more than 16 times the value of platinum and seven times the value of palladium on a spot price basis at over US$14,000 per ounce. Sibanye-Stillwater, adjacent to Stillwater Critical Minerals' Stillwater West project, is the primary US producer. Supply constraints for rhodium have supported rising prices since 2017.

Complete first-pass assay results have now been reported from all 14 holes drilled in 2021. Additional rhodium assays are pending on mineralized intervals.

Danie Grobler, Vice-President of Exploration, said, "Stillwater West continues to demonstrate significant equivalence with the Platreef deposits of the northern Bushveld Complex. Our priority updating the geologic model to support planning and refining of drill targets for the next phase of follow-on work. Our current focus is to define detailed stratigraphic and structural controls within the 2021 Inferred Resource areas. We are also in the process of reviewing and prioritizing higher-grade pegmatoidal pyroxenite targets within the Stillwater stratigraphy that have not been fully tested."

Michael Rowley, President and CEO, said, "Results from the Iron Mountain drill campaign continue to demonstrate the remarkable potential for expansion of our inaugural mineral resource with multiple wide intercepts of battery and precious metals and contained intervals at successive higher grades. In particular our success in targeting Platreef-style nickel sulphide mineralization in step-out holes in the area of IM2019-03 shows excellent potential for resource growth, similar to our success in the DR and Hybrid deposit areas over seven kilometers to the west. We continue to see confirmation of a large mineralized system with an impressive endowment of eight of the commodities listed as critical by the US government. We look forward to further updates on our planned resource expansion, exploration priorities for 2022, and other news in the near term."