Stillwater Critical Minerals Corp · TSXV:PGE
Stillwater Critical Minerals — Investor Presentation (October 2026)
43 slides from Stillwater Critical Minerals's investor presentation, October 2026
Slide 1: October 2026 Corporate Presentation
TSX-V: PGE OTCQB: PGEZF FSE: J0G 2026 MRE UPDATE OUT NOW O CTOBER 2026 – C ORPORATE P RESENTATION TSX: PGE.V CRITICALMINERALS.COM OTCQB: PGEZF 1 FSE: 5D32
Slide 2: Forward-Looking Statements
Forward-Looking Statements TSX-V: PGE OTCQB: PGEZF FSE: J0G FORWARD-LOOKING INFORMATION CAUTIONARY NOTE TO U.S. INVESTORS REGARDING RESOURCE This presentation contains certain forward-looking statements that reflect the current views and/or expectations of ESTIMATES Stillwater Critical Minerals Corp
Slide 3: Portfolio & Strategy
Portfolio & Strategy TSX-V: PGE OTCQB: PGEZF FSE: J0G Our Projects KLUANE PGE-Ni-Cu Yukon § 100% ownership on two district-scale assets that are adjacent to world-class mines/deposits § 49% ownership on district-scale high-grade gold asset in northwest Ontario § 100% ownership of the Duke Island Ni-
Slide 4: Why is Stillwater Critical?
Why is Stillwater Critical? TSX-V: PGE OTCQB: PGEZF FSE: J0G Stillwater West is a World-Class U.S. Critical Minerals Asset LARGE-SCALE POLYMETALLIC DISTRICT HISTORY 10 U.S. critical minerals across a 33 km district-scale system 100+ years of mineral production, including government subsidies GRADE W
Slide 5: Securing Critical Mineral Supply in the USA
TSX-V: PGE OTCQB: PGEZF FSE: J0G Stillwater’s Mission Securing Critical Mineral Supply in the USA The Largest Nickel - Platinum Group Metal Project in an Active U.S. Mining District Stillwater Critical Minerals is focused on advancing world-class resources of 10 critical minerals at our flagship Sti
Slide 6: Success in Advancing Major Mining Projects
Directors, Management, Senior Technical TSX-V: PGE OTCQB: PGEZF FSE: J0G Success in Advancing Major Mining Projects Michael Rowley Greg Johnson Gordon Toll President & CEO, Director Executive Chairman Independent Director Co-founder of Stillwater Critical Minerals with over 30 years More than 30 yea
Slide 7: Advisory & Corporate Team
TSX-V: PGE OTCQB: PGEZF FSE: J0G Our People Advisory & Corporate Team Justin Modroo, P.Geo. 24+ years mining industry experience, including Stillwater Project Geophysicist Complex work with Premium Exploration and Beartooth Platinum Mike Ostenson, P.Geo. Geologist with 24+ years experience in the St
Slide 8: Strategic Investment
Strategic Investment TSX-V: PGE OTCQB: PGEZF FSE: J0G 13.1% Ownership Glencore is a global expert in nickel and one of the Glencore’s Nickel Operations world’s largest natural resource companies Key terms Raglan Nikkelverk $8.4 million investment by Glencore to date Sudbury with an option to increas
Slide 9: Industry & Government Partners
TSX-V: PGE OTCQB: PGEZF FSE: J0G Industry & Government Partners TSX-V: PGE OTCQB: PGEZF FSE: J0G Stillwater with the Federal Delegation from Montana, Feb 2025 (L-R): Senator Tim Sheehy, Rep. Troy Downing, Stillwater CEO Michael Rowley, Senator Steve Daines, Rep. Ryan Zinke Technical committee formed
Slide 10: US Government Engagement
TSX-V: PGE OTCQB: PGEZF FSE: J0G US Government Engagement Stillwater with the Federal Delegation from Montana, Feb 2025 (L-R): Senator Tim Sheehy, Rep. Troy Downing, Stillwater CEO Michael Rowley, Senator Steve Daines, Rep. Ryan Zinke Tory Kolkhorst, Senator Steve Daines’ Field Representative, at St
Slide 11: Stillwater West
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Montana - Resource Industries SASKATCHEWAN BC ALBERTA A history of responsible production and mineral wealth: NORTH DAKOTA • 1852 gold rush • Dominant North American Libby Project (Ag, Cu)3 copper producer by WWI Hecla Mining • 24Blbs of copper to dat
Slide 12: Stillwater District
Stillwater District TSX-V: PGE OTCQB: PGEZF FSE: J0G Over a Century of American Critical Minerals Production Core Facility Stillwater Critical Minerals Tailings Sibanye-Stillwater Blitz Mine Sibanye-Stillwater Mountainview Mine Historic Chromium Mine Stillwater Mill Sibanye-Stillwater Stillwater Min
Slide 13: Stillwater District
Stillwater District TSX-V: PGE OTCQB: PGEZF FSE: J0G Mines, Infrastructure and Land Status Smelter, Refinery & Recycling Complex Sibanye-Stillwater, Columbus, MT (60 km) Stillwater Layered Complex: • One of the three largest mafic-ultramafic layered complexes J-M Reef Deposit (Sibanye-Stillwater): i
Slide 14: Stillwater West
Stillwater West TSX-V: PGE OTCQB: PGEZF STILLWATER IGNEOUS COMPLEX FSE: J0G Correct Location in a World-Class Complex Area Enlarged in Cross-Section Adjacent to Producing Mines N EAST BOULDER CONCENTRATOR (Sibanye-Stillwater) r) EAST BOULDER MINE ate ti llw e-S (Sibanye-Stillwater) i bany (S Picket
Slide 15: Platreef-Style Deposits
Platreef-Style Deposits TSX-V: PGE OTCQB: PGEZF FSE: J0G The World’s “Porphyry-Scale” Critical Minerals Deposits Platreef-style deposits Platreef Mine, Bushveld Complex, South Africa Mogalakwena Mine, Bushveld, South Africa The two mines on the Platreef are the largest nickel producers in South Afri
Slide 16: Resource Estimate
Resource Estimate TSX-V: PGE OTCQB: PGEZF FSE: J0G World-Class Grade and Scale in a Producing American District § Combination of grade and scale provides BATTERY METALS PGE + GOLD (4E) optionality on mine GRADE & SCALE methods, and economic resilience § 316% tonnage increase driven by drill programs
Slide 17: Polymetallic Value
Polymetallic Value TSX-V: PGE OTCQB: PGEZF FSE: J0G 2026 Resource Value by Commodity1: Copper Attractive and ‘Internally Diversified’ Commodity Blend 1.52 Blbs Nickel Copper prices are at record highs due to 3.01 Blbs Cobalt supply challenges and surging demand Nickel demand continues to grow, drive
Slide 18: Nickel Demand Drivers
Nickel Demand Drivers TSX-V: PGE OTCQB: PGEZF FSE: J0G Listed as a ‘high priority critical mineral’ by the US DIBC, with the objective of securing domestic supplies for energy and security Supported by government and Nickel will make up to 80% of New supply will be required listed as a critical mine
Slide 19: Nickel Supply / Demand
NICKEL SUPPLY / DEMAND TSX-V: PGE OTCQB: PGEZF FSE: J0G Global Structural Supply Gap for Battery-Grade Nickel Even with all announced projects, additional nickel supply will be required to meet growing demand through 2040. Battery-Grade Nickel Nickel Supply vs. Primary Supply Requirements Nickel sul
Slide 20: PGE Demand Drivers
PGE Demand Drivers TSX-V: PGE OTCQB: PGEZF FSE: J0G Growing, Multi-Sector Demand for Platinum Group Elements PGEs are designated as ‘critical minerals’ by the USGS, with the objective of securing domestic supplies from America’s ONLY PGE district Critical Minerals Automotive Defense & Aerospace Hydr
Slide 21: Copper Demand Drivers
Copper Demand Drivers TSX-V: PGE OTCQB: PGEZF FSE: J0G Electrification and infrastructure investment are accelerating copper demand Electrification Electric Vehicles Grid Expansion Battery Materials Copper demand continues Battery electric Modernizing power grids Essential for battery packs, to grow
Slide 22: Chromium Demand Drivers
Chromium Demand Drivers TSX-V: PGE OTCQB: PGEZF FSE: J0G Essential for Stainless Steel and Industrial Infrastructure Stainless Steel Infrastructure Aerospace & Defense Critical Mineral Approximately 85-90% of Chromium improves High-strength chromium Chromium is designated global chromium demand corr
Slide 23: Stillwater West Long-Section
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Long-Section Shows the scale of mineralization at Stillwater West, with focus on the Peridotite Zone across the 20-kilometer span that hosts the current deposits. Over 43,400 meters of core with drilling now in progress define world-class resources of
Slide 24: Expansion Potential
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Expansion Potential 0.45 2000 0.4 0.35 1500 0.3 0.25 1000 0.2 0.15 500 0.1 0.05 25 3D Apparent Resistivity voxel model derived from the 2024 MobileMTm survey. The dual face vertical section shows low resistivity anomalies (priority drill targets) in c
Slide 25: 2026 Mineral Resource Estimates Over Layered Geology
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G 2026 Mineral Resource Estimates Over Layered Geology Geology map showing 2026 Mineral Resource estimate outlines at Chrome and Iron Mountains over the layered stratigraphy of the Stillwater Complex 2026 Mineral Resource Indicated Inferred 2023 Mineral
Slide 26: Main Resource Area Showing 2026 Mineral Resource Estimates Across 9km
Stillwater West Main Resource Area Showing 2026 Mineral Resource Estimates Across 9km TSX-V: PGE OTCQB: PGEZF FSE: J0G Main resource area showing 2026 Mineral Resource estimates at Chrome and Iron Mountains across 9km of lower Stillwater Complex Stratigraphy 1.5 km J- (Sib M Ree any f De e-S pos til
Slide 27: 2026 Mineral Resource Estimates Across 20km
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G 2026 Mineral Resource Estimates Across 20km Legend Eas t Drill Collar (Sib Bould any e Planned Drill Collar e-St r Mine illw NiTEq% a te r) 0.50 C 0.35 Dunite HRO 0.20 Ridge ME 0.10 2,0 MO 00 1.1 km m UN ele TA vat IN ion a’ I RO NM OU NTA CZ I N J-M
Slide 28: 2026 MRE Update
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G 2026 MRE Update § More than doubles the previous MRE. § Significantly expands the resource estimate for 10 critical minerals including priority ones: § Largest known rhodium deposit in North America. § Largest known chromium deposit in the US. § Large
Slide 29: Main Claim Block Showing 2026 Mineral Resource Estimates Across 20km
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Main Claim Block Showing 2026 Mineral Resource Estimates Across 20km Main claim block showing 2026 Mineral Resource estimates at Chrome and East Boulder Mine (Sibanye-Stillwater) Iron Mountains across C DuniteHRO over 20km of lower Ridge ME M a OU 1.1
Slide 30: Strike Section Through Chrome Mountain Along 1,300 Meters
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Strike Section Through Chrome Mountain Along 1,300 Meters 1,300m strike length Strike section through a a’ Dunite Ridge NiTEq (%) 2026 Mineral Resource estimates at Chrome Mountain along 1,300 Bald Hills meters of the Stillwater Complex. Legend Planne
Slide 31: Strike Section Through Iron Mountain Along 2,900 Meters
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Strike Section Through Iron Mountain Along 2,900 Meters Strike section through 2026 Mineral Resource estimates at Iron b 2,900m strike length b’ NiTEq (%) Mountain along 2,900 CZ Central HGR meters of the Stillwater Complex. Legend Note: Strike Sectio
Slide 32: Crescent Deposit
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Crescent Deposit c 600m strike length Crescent c’ Strike section through the 2026 Mineral Resource estimate at the Crescent deposit at Iron Mountain Showing 600 Meters of the Stillwater Complex. Legend Planned Drill Collar Stillwater Complex Stratigra
Slide 33: Peer Comparison by Market Cap
Peer Comparison by Market Cap TSX-V: PGE OTCQB: PGEZF FSE: J0G North and South American Ni-PGE-Cu-Co-Peers Source: Company filings and corporate presentations. Market data as of July 25, 2026. Stillwater trades at one of the lowest market capitalizations among comparable resource and development-sta
Slide 34: Contained Nickel Equivalent North American Peer Comparison
Contained Nickel Equivalent (NiEq) TSX-V: PGE OTCQB: PGEZF FSE: J0G North American Peer Comparison Standardized NiEq Using Recent Metal Prices and Recoveries¹ 25 23.7 20 9.06 Contained NiEq (Blbs) 15 10.3 10 1.62 6.3 14.61 5.9 5 1.23 8.64 1.8 6.03 0.7 0.9 0.4 0.17 4.63 0.1 0.25 0.35 1.66 0.48 0.53 0
Slide 35: Contained Metals North American Peer Comparison
TSX-V: PGE OTCQB: PGEZF FSE: J0G Contained Metals - North American Peer Comparison Base Metals Ni+Cu+Co (Blbs) and PGEs (Pt+Pd+Rh) + Au (Moz)¹ 25 10 22.73 8.75 9 7.79 20 8 1.78 8.70 7 Contained Base Metals (Blbs) 6.38 Contained PGEs + Au (Moz) 15 0.49 6 5 4.09 10.19 10 7.43 4 1.61 6.98 3.06 1.72 5.8
Slide 36: Milestones and Catalysts
Milestones and Catalysts TSX-V: PGE OTCQB: PGEZF FSE: J0G 2026 & Beyond 2024 - 2025 • 2026 Mineral Resource Estimate • Current expansion drill campaign 2021 - 2023 • Future resource upgrade drilling • $29M+ raised, including Glencore • Metallurgical studies with Columbia • MMT geophysical survey com
Slide 37: Value Creation Through Project Advancement
Value Creation Through Project Advancement TSX-V: PGE OTCQB: PGEZF FSE: J0G Potential 5-10x Increase in Enterprise Value from Resource Growth Through Feasibility Producer Valuations Typically reflect Profit Margin/oz or Feasibility Stage Profit Margin/lb Explorer / Developer Valuations Typically ref
Slide 38: Capital Structure
Capital Structure TSX-V: PGE OTCQB: PGEZF FSE: J0G And Relative Share Price Performance Share price (as of August 26, 2026) C$0.41 Shares issued & outstanding 312M PGE.V Options (avg. exercise price: $0.23) 20M TSV Venture Platinum ETF Nickel ETF Warrants (avg. exercise price: $0.40) 71M Fully dilut
Slide 39: Appendix: Other Assets
TSX-V: PGE OTCQB: PGEZF FSE: J0G Appendix OTHER ASSETS TSX: PGE.V OTCQB: PGEZF 39 FSE: 5D32
Slide 40: Drayton - Black Lake
Drayton - Black Lake TSX-V: PGE OTCQB: PGEZF FSE: J0G 49% Owner With Heritage Mining on a High-Grade Gold Project in the Active Rainy River District OVERVIEW • 142 km2 land package adjoining NexGold’s +3Moz Goliath Gold Complex (formerly Treasury Metals) Stillwater Critical Minerals • 30km of undere
Slide 41: Kluane PGE-Ni-Cu Project
Kluane PGE-Ni-Cu project TSX-V: PGE OTCQB: PGEZF FSE: J0G Premier land position in an emerging, world-class Canadian PGE-Ni-Cu district OVERVIEW • Kluane Mafic-Ultramafic belt extends 600 km from northern British Columbia to central Alaska and hosts known PGE-Ni-Cu deposits Kluane PGE-Ni-Cu Projects
Slide 42: Other Assets
Other Assets TSX-V: PGE OTCQB: PGEZF FSE: J0G Duke Island (SE Alaska) Yankee-Dundee Mine (SE British Columbia) Significant Cu-Ni-PGE asset, with CO2 sequestration and geoH2 potential Potential Royalty Revenues, Back-in Rights • 100% owned • Stillwater consolidated the historic Ymir Camp, once the la
Slide 43: Stillwater Critical Minerals Corp.
TSX-V: PGE OTCQB: PGEZF FSE: J0G Stillwater Critical Minerals Corp. Montana Office: PO Box 1223, Red Lodge, MT, USA, 59068 Corporate Office: Suite 904 - 409 Granville Street, Vancouver, BC, Canada, V6C 1T2 Email: info@criticalminerals.com Toll Free: 888.432.0075 CRITICALMINERALS.COM @StillwaterCriti
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