Stillwater Critical Minerals Closes $3.89 Million Placement with $2.1 Million Lead Order from Glencore

VANCOUVER, BC / ACCESSWIRE / May 1, 2024 / Stillwater Critical Minerals (TSX.V:PGE)(OTCQB:PGEZF)(FSE:J0G) (the "Company" or "Stillwater") is pleased to announce that, following an oversubscription of more than 55% due to strong investor demand, it has closed the non-brokered private placement of units of the Company (the "Units") announced March 28, resulting in gross proceeds of $3,891,720 via the issuance of 27,798,000 Units at a price of $0.14 per Unit (the "Offering"). Glencore Canada Corporation ("Glencore"), a wholly owned subsidiary of Glencore plc, subscribed for 15,000,000 Units under the Offering.

Stillwater President and CEO, Michael Rowley, stated, "We are very pleased with the strong interest from both new and existing shareholders who continue to recognize the strong potential of our flagship Stillwater West project in Montana. Our vision of rapidly advancing a large-scale primary source of low-carbon nickel, cobalt, platinum group elements, copper and other critical minerals in a famously productive American mining district is strongly aligned with the US government's stated mandate to secure domestic supplies of nine of the minerals we host at Stillwater West. We look forward to providing further updates on a number of initiatives that are currently underway, including drill results from our resource expansion campaign, in the near term."

Each Unit is comprised of one common share of the Company (each, a "Common Share") and one half of one Common Share purchase warrant, with each full warrant (each, a "Warrant") entitling the holder to purchase one Common Share at an exercise price of $0.21, which would provide over $2.9 million in additional funding, if exercised in full. The Warrants shall be exercisable for three years from the date of issue, subject to early acceleration if the volume weighted average trading price of Stillwater's Common Shares on the TSX Venture Exchange (the "TSX-V") is greater than $0.315 for a period of 20 consecutive trading days. Upon closing of the Offering, Glencore increased its ownership and control of the outstanding Common Shares, on a non-diluted basis, to 15.41% and, assuming the exercise of its Warrants, 22.72% of the outstanding Common Shares on a partially diluted basis.

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