Stillwater Critical Minerals Closes $3.89 Million Placement with $2.1 Million Lead Order from Glencore - Seite 2

Proceeds from the Offering are intended to be used for exploration and development activities at the Company's North American nickel projects, as well as for working capital and general and administrative expenses.

In connection with the Offering, the Company and Glencore have amended the investor rights agreement dated June 30, 2023 to provide for an additional right of Glencore, subject to certain conditions, to appoint a board member for so long as it maintains a 15% interest in the Company, and an additional board member if the Company increases its board size to nine or more directors, subject to a maximum board size of 12 directors. In addition, the Warrants issued to Glencore (together with the warrants of the Company currently held by Glencore, as amended pursuant to the Offering) provide for an "exercise cap" whereby any exercise of such warrants, when taken together with all Common Shares held by Glencore, that would result in Glencore's shareholdings in the Company exceeding 19.9% of the total outstanding Common Shares from time to time, will be subject to prior written approval by the Company and, if applicable, its shareholders and the TSX-V.

Certain directors and officers of the Company subscribed for 2,017,142 units of the Offering for gross proceeds of $282,399.88. Participation of the officers and directors in the Offering is considered a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transactions are exempt from the formal valuation and minority approval requirements in MI 61-101 as neither the fair market value of the securities to be issued, nor the fair market value of the consideration for the securities to be issued, insofar as it involves such insiders, exceeds 25% of the Company's market capitalization.

All securities issued pursuant to the Placement will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws and the policies of the TSX-V. The securities have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. The private placement remains subject to the final approval of the TSX-V.

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