Stillwater Critical Minerals Corp · TSXV:PGE
Stillwater Critical Minerals — Investor Presentation (July 2025)
54 slides from Stillwater Critical Minerals's investor presentation, Jul 11, 2025
Slide 1: The Future of U.S. Critical Mineral Supply
TSX-V: PGE OTCQB: PGEZF FSE: J0G The Future of U.S. Critical Mineral Supply J U LY 11, 20 25 TSX: PGE.V CRITICAL MINERA LS.COM 1 OTCQB: PGEZF 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 ESTIMATES This presentation contains certain forward-looking statements that reflect the current views and/or expectations of Stillwater Critical Minerals Corp
Slide 3: Portfolio & Strategy
Portfolio & Strategy TSX-V: PGE OTCQB: PGEZF FSE: J0G Our Projects KLUANE PGE-Ni-Cu ▪ 100% ownership on two district-scale assets that Yukon 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 Stillwater?
Why Stillwater? TSX-V: PGE OTCQB: PGEZF FSE: J0G Background: Mouat Chromium Mine, Stillwater, Montana, USA SCALE TIMING World-class deposits with expansion potential across 34km With 40,000 meters of drilling complete, Stillwater West is advancing as a large-scale primary source of nine minerals lis
Slide 5: The Need For Domestic Supply of Critical Minerals
The Need For Domestic Supply of TSX-V: PGE OTCQB: PGEZF FSE: J0G Critical Minerals Most of the world’s nickel comes from Chinese Reliance on imported operations in Indonesia critical minerals poses a and carries much higher The US threat to the national environmental and China controls government se
Slide 6: Critical Mineral Supply in the USA
TSX-V: PGE OTCQB: PGEZF FSE: J0G Vision 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 ten critical minerals at our flagship Stillwater West Ni-Cu-Co-
Slide 7: 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 8: 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 9: Strategic Investment
Strategic Investment TSX-V: PGE OTCQB: PGEZF FSE: J0G 15.4% 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 $7.04 million investment by Glencore to date Sudbury with an option to increa
Slide 10: 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 11: US Government – Recent Events
TSX-V: PGE OTCQB: PGEZF FSE: J0G US Government – Recent Events March 20, 2025 – The White House issues an Executive Order entitled ‘Immediate Measures to Increase American Mineral Production’ continuing the government’s focus on rapidly building domestic supply chains. May 2, 2025 – The White House
Slide 12: 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 ▪ 62% increase driven by a modest drill program
Slide 13: High-Demand Commodities
High-Demand Commodities TSX-V: PGE OTCQB: PGEZF FSE: J0G Attractive and ‘Internally Diversified’ Blend at Stillwater West1 Nickel Copper 1.05 Blbs 499 Mlbs Nickel demand continues Cobalt A deficit in copper 9.0% to grow, driven by EV and concentrate supply is alloy demand. Growing environmental and
Slide 14: Rising Demand
Rising Demand TSX-V: PGE OTCQB: PGEZF FSE: J0G Global Demand in Net Zero Scenario 2023 - 2040 M tonnes M tonnes K tonnes 2023 2030 2040 2023 2030 2040 2023 2030 2040 Nickel Copper Cobalt • Significant demand increases projected • Increased dependence on foreign sources • Increasing supply chain risk
Slide 15: Montana - Resource Industries
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Montana - Resource Industries ALBERTA Long history of mineral wealth: • 1852 gold rush • Dominant North American copper producer by WWI Libby Project (Ag, Cu)1 • 24Blbs of copper to date Hecla Mining from Butte area Hog Heaven (Ag, Au, Cu, Pb, Zn)2 •
Slide 16: Stillwater District
Stillwater District TSX-V: PGE OTCQB: PGEZF FSE: J0G Over a Century of American Critical Minerals Production Core Shack Stillwater Critical Minerals Tailings Sibanye-Stillwater Blitz Mine Sibanye-Stillwater Mountainview Mine Historic Chromium Mine Stillwater Mill Sibanye-Stillwater Stillwater Mine S
Slide 17: Stillwater District
Stillwater District TSX-V: PGE OTCQB: PGEZF FSE: J0G Mines, Infrastructure and Land Status Smelter, Refinery & Recycling Complex - Columbus, MT (60 km) Stillwater Layered Complex: • One of the five largest mafic-ultramafic layered J-M Reef Deposit (Sibanye-Stillwater) complexes in the world • 40km x
Slide 18: 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) EAST BOULDER MINE (Sibanye-Stillwater) Picket Pin Reef (Stillwater Critica
Slide 19: Platreef-style Deposits
Platreef-style Deposits TSX-V: PGE OTCQB: PGEZF FSE: J0G The World’s “Porphyry-Scale” Nickel and PGE Deposits Ivanhoe Mines Platreef Deposit Mogalakwena “Platreef” Deposit (Anglo American) Platreef-style 8 Blbs Ni+Cu & 95 Moz PGEs1 15 Blbs Ni+Cu & 152 Moz PGEs2 deposits The two mines on the Platreef
Slide 20: Cross-Section Through the Stillwater Igneous Complex
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Cross-Section Through the Stillwater Igneous Complex Cross-section through the layered stratigraphy of the Stillwater Igneous Complex demonstrates: • Large-scale conductive anomalies at the Chrome Mountain and Iron Mountain deposit areas • Expansion d
Slide 21: Expansion Potential
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Expansion Potential 2000 0.45 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 22: 2024 Geophysical Survey Results Across 20km
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G 2024 Geophysical Survey Results Across 20km Magnetic inversion produced from the 2024 MobileMTm (‘MMT’) data shows the presence of extensive strike-parallel thrusts within the floor of the Stillwater Complex (shown in black). The low magnetic anomaly
Slide 23: Geological Model Updated and Expanded to Kilometers
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Geological Model Updated and Expanded to 20 Kilometers A multi-face strike section across the East Boulder Mine Area 1,500m (Sibanye-Stillwater) extent of the main claim block at 0.45 Stillwater West. The strike extensive 0.4 conductive anomaly derive
Slide 24: Cross-Section A-A’ (Chrome Mountain Deposit Area)
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Cross-Section A-A’ (Chrome Mountain Deposit Area) Priority drill target Strike section A-A’ due east of the 2023 MRE area at Chrome Mountain. A highly conductive zone can be seen proximal to the floor contact. The conductive anomaly may be attributed
Slide 25: Cross-Section B-B’ (HGR Deposit Area, Iron Mountain)
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Cross-Section B-B’ (HGR Deposit Area, Iron Mountain) Priority drill target TSX: PGE.V 25 OTCQB: PGEZF FSE: 5D32
Slide 26: Cross-Section C-C’ (HGR Deposit Area, Iron Mountain)
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Cross-Section C-C’ (HGR Deposit Area, Iron Mountain) Priority drill target Open TSX: PGE.V 26 OTCQB: PGEZF FSE: 5D32
Slide 27: 3D Model – Chrome Mountain
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G 3D Model – Chrome Mountain Stillwater Igneous Complex Stratigraphy Norite I Zone Bronzitite Zone Peridotite Zone Basal Bronzitite Zone Basal Metasediment Drill Data 1 km CM2007-07 CM2007-06 Recent 3D model shows multi-kilometer scale of mineralization
Slide 28: Long-Section Through Current Deposits
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Long-Section Through Current Deposits Shows the scale of mineralization at Stillwater West, with focus on the Peridotite Zone across the 9.5 -kilometer span that hosts the current deposits. 40,000 meters of drilling define world-class resources of nin
Slide 29: Five Deposits with Kilometer-Scale Expansion Potential
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Five Deposits with Kilometer-Scale Expansion Potential Large conductivity and chargeability anomalies correspond with sulphide CHROME MOUNTAIN mineralization in drilled areas Pine Drill-defined high-grade gold Includes IM2019-03: 26.8m @ 0.34% Ni, 0.1
Slide 30: 12-Kilometer Anomaly Only
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G 12-Kilometer Anomaly Only GEOPHYSICS Resistivity at 2,600m ohm-meters DRILL RESULTS Reported as Total Equivalent Grade-Thi ckness (Ni and Pd) Full 3E Data Base Metal 2023 MINER AL R ESOURCE ESTIMATES Block Model O ut lines Partially Drill Tested <26 N
Slide 31: Reduced-to-Pole Magnetic Data from 2024 MMT Survey
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Reduced-to-Pole Magnetic Data from 2024 Magneto-Telluric (MMT) Survey Reduced-to-Pole (RTP) magnetic data from the 2024 MobileMTm survey demonstrates: • Highly magnetic anomalies are associated with the mafic-ultramafic rocks of the peridotite zone, a
Slide 32: Resistivity Depth Section from 2024 MMT Survey
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Resistivity Depth Section from 2024 Magneto-Telluric (MMT) Survey Plan view of the MobileMTm (MMT) derived resistivity voxel model in depth section at 2600 meters amsl. The data emphasize the presence of possible magmatic sulphide East Boulder Mine Ar
Slide 33: 14 Target Areas
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G District-Scale System Fugro DIGHEM EM Survey <75 150 Conductance (Conductivity) 14 Target areas 200 56kHz Apparent Resistiv ity 800 (ohm-meters) 1500 2500 >5000 Defined by major conductive high anomalies with broad, coincident soil East Target Area Pi
Slide 34: Soil Geochemistry (Pt, Pd, Au)
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G PRECIOUS METALS Soil Geochemistry (Pt, Pd, Au) SOIL GEOCHEMISTRY Pt + Pd + Au (ppb) >200 Highly anomalous precious 75 – 200 50 – 75 BAN 25 – 50 and base metal values 15 – 25 5 – 15 Hybrid HGR BZ PZ cover 25km strike in lower DR Central Crescent Stillw
Slide 35: Milestones and Catalysts
Milestones and Catalysts TSX-V: PGE OTCQB: PGEZF FSE: J0G • $7M private placement, plus Glencore • Drill campaign • $3.9M Glencore-led • Expanded resource financing • Metallurgical studies • Airborne survey • PEA study • US government funding • Updates on non-core projects: • 3D geologic model • Klu
Slide 36: Capital Structure
Capital Structure TSX-V: PGE OTCQB: PGEZF FSE: J0G And Relative Share Price Performance Platinum ETF Share price (as of July 11, 2025) C$0.235 Shares issued & outstanding 233M Options (avg. exercise price: $0.239) 18M TSV Venture Nickel ETF Warrants (avg. exercise price: $0.336) 38M PGE.V Fully dilu
Slide 37: Enterprise Value Increase
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: Commodities Cycles vs Trade Weighted Dollar
COMMODITIES CYCLES VS TSX-V: PGE OTCQB: PGEZF FSE: J0G TRADE WEIGHTED DOLLAR Major Commodity Cycles over Last 50 years Value Gap Current levels TSX: PGE.V 38 OTCQB: PGEZF 38 FSE: 5D32
Slide 39: Precious Metals / Relative Value of Precious & Base Metals
TSX-V: PGE OTCQB: PGEZF FSE: J0G RELATIVE VALUE OF PRECIOUS & BASE METALS, ENERGY VS GENERAL MARKET OVER LAST COMMODITY CYCLE Goldman Sachs Commodity Sub-Index for Precious Metals, Base Metals and Energy vs S&P 500 Since 1995 Last Commodity Cycle Peak GSCI Base Metals Sub-Index GSCI Precious Metals
Slide 40: Venture Index
TSX-V: PGE OTCQB: PGEZF FSE: J0G EXCEPTIONAL VALUE OPPORTUNITY IN 2025 Current Levels SMALL-CAP JUNIOR MINING EQUITIES Gold XAU 3304 +80% higher than 2011 205 10% below 2011 levels Venture 733 500% below 2007 levels Venture and XAU Index vs Gold Since 1998 Spot Gold CDNX Venture Major Decade+ XAU La
Slide 41: The Metallic Group
The Metallic Group A Collaboration of Leading, Independent Exploration Companies TSX.V: PGE TSX.V: MMG OTCQB: PGEZF OTCQB: MMNGF Experience with leading Building on a Proven Model for A Track Record of explorers, developers and Value Creation Discoveries producers Board and Management with Credited
Slide 42: The Metallic Group
The Metallic Group A Collaboration of Leading, Independent Exploration Companies TSX.V: PGE TSX.V: MMG OTCQB: PGEZF OTCQB: MMNGF Strategy & Approach to Business Built on the NovaGold Model Leadership Properties Acquisitions Technology Value Infrastructure Experienced Identify Potential Make Acquisit
Slide 43: Appendix I
TSX-V: PGE OTCQB: PGEZF FSE: J0G Appendix I TECHNICAL TSX: PGE.V 43 OTCQB: PGEZF FSE: 5D32
Slide 44: Chrome Mountain - DR/Hybrid Deposit Resource Models
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Chrome Mountain - DR/Hybrid Deposit Resource Models with Select Drill Results CM2023-02: CM2007-07: 215m @ 0.20% NiEq including 226m @ 0.30% NiEq including • Significant potential to CM2020-04: 13.9m @ 0.39% NiEq and 23.8m @ 0.51% NiEq expand existing
Slide 45: CZ and Central Deposit Areas – Iron Mountain
Stillwater West TSX-V: PGE OTCQB: PGEZF • Significant expansion at low discovery cost in 2023 FSE: J0G CZ and Central Deposit Areas – Iron Mountain resource update • IP survey guided drill campaign to high grades and IM2008-03 wide mineralized widths 355-54 355-24 • Open in all directions - further
Slide 46: HGR Deposit Area - Iron Mountain
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G • Significant expansion at low discovery cost in 2023 HGR Deposit Area - Iron Mountain resource update • IP survey guided drill campaign to high grades and PLAN VIEW wide mineralized widths IM2019-03: • Open in all directions - further expansion poten
Slide 47: Expansion Drill Results over Geophysics
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G DRILL RESULTS Reported as Total Equivalent Grade-Thi ckness (Ni and Pd) Expansion Drill Results with 2023 Resources Over Geophysics NiEq %-m Full 3E Data Base Metal Data Only Data O nly PdEq g-m GEOLOGIC BOU NDAR IES: BAN < 10 < 25 BAN – Banded Series
Slide 48: Expansion Drill Results over Soil Anomalies
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Expansion Drill Results with Current Resources Over Multi-Kilometer-Scale Metals-in-Soil Anomalies Palladium-Platinum-Gold SO IL GEOCHEMISTR Y BAN Pt + Pd + Au (ppb) Palladium-Platinum-Gold in Soil >200 75 – 200 50 – 75 25 – 50 BAN HGR BZ 15 – 25 5 –
Slide 49: Current Resource Outlines Over Geology
Stillwater West TSX-V: PGE OTCQB: PGEZF FSE: J0G Current Resource Outlines Over Geology DRILL RESULTS Reported as Total Equivalent Grade-Thi ckness (Ni and Pd) Full 3E Data Base Metal NiEq %-m Data Only Data O nly PdEq g-m < 10 < 25 10 - 20 25 - 50 20 - 35 50 - 100 35 - 75 100 - 200 HGR > 75 > 200 B
Slide 50: Appendix II
TSX-V: PGE OTCQB: PGEZF FSE: J0G Appendix II OTHER ASSETS TSX: PGE.V 50 OTCQB: PGEZF FSE: 5D32
Slide 51: 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 52: 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 53: 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 54: Stillwater Critical Minerals Corp.
TSX-V: PGE OTCQB: PGEZF FSE: J0G Stillwater Critical Minerals Corp. Suite 904 - 409 Granville Street Vancouver, BC, Canada, V6C 1T2 Email: info@criticalminerals.com Tel: 604.357.4790 Toll Free: 888.432.0075 CRITICAL MINERA LS.COM @ Stillwater _CM TSX: PGE.V 54 OTCQB: PGEZF FSE: 5D32
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