Sulfide textures and metal partitioning

[Recorded March 13th, 2026 – There is a technical glitch in Danie’s display for the first 45 seconds and then it comes into the video]  —  Michael Rowley, President & CEO, Dr. Danie Grobler, Vice President of Exploration, and Justin Modroo, Project Geophysicist, of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF) provide different layers of input to this exclusive video roundtable with these 3 officers of the Company. We get a visual review the evolving geological understanding from the 2025 drill program, with key exploration initiatives on tap for 2026, and the value proposition at the Stillwater West Ni-PGE-Cu-Co + Au project in Montana.

Mike outlines that their Stillwater West Project is a very large polymetallic resource with a substantial copper inventory and the largest nickel project in an active U.S. mining district, in addition to palladium, platinum, rhodium, copper, cobalt, chromium, and gold; plus as yet unquantified amounts of ruthenium and iridium. Overall, Stillwater West is uniquely positioned to become a primary source of 10 commodities now listed as critical, given their location immediately adjacent to Sibanye-Stillwater’s operating mine complex in Montana.

Danie shares an overview of the structural controls of the geological environment that hosts the mineralization, using the South African Bushveld Igneous Complex as analog, and how their five “Platreef-style” (or contact-type) Ni-Cu-Co-PGE+Au deposits may tie together in a larger sense.   He goes on to outline why their 2025 exploration initiatives were successful and shows the semi-massive to massive sulfides in the drill core, and in the assays that have been reported thus far.  He also shares how there are several mineralized events in the sulfides bringing in pockets of higher-grade polymetallic zones within the overall bulk tonnage type of deposit

Justin goes on to highlight what they are learning from the geophysical surveys over their district-scale land package, and why their team has high-confidence in the upcoming 2026 drill program, to keep stepping out along the parameters and character of this mineralized trend.

Highlights and upcoming catalysts:

• The 2025 drill campaign is now complete, totaling 3,471m in eight holes, with all assays pending near-term release (the first 2 holes results were leased in news out today a few days after the recording of this interview)
• The updated MRE will incorporate 14 drill holes totaling 5,781 meters (“m”) from the 2023 and 2025 programs, plus select historic holes not included in the current estimate.
• The updated Mineral Resource Estimate is expected in the latter part of H1 2026, and it will mark the next step in advancing Stillwater West as a potential large-scale source of ten minerals listed as critical in the U.S.
• The update will build upon the January 25, 2023, Inferred Mineral Resource and results will support further technical studies and economic assessments.
• The work is being led by Mr. Timothy Kuhl (MTS) and Dr. Danie Grobler (Stillwater) who together previously worked with the late Dr. Harry Parker on the resource estimation and technical reports for Ivanhoe Mines’ Platreef Mine.

To view the YouTube video of this discussion:
https://youtu.be/LT1OhLVUPlQ

If you have any questions for the team at Stillwater Critical Minerals, then please email them into me at  Shad@kereport.com.

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