Nov 5, 2024

Stillwater Critical Minerals Reports 1.13 g/t Rhodium at Stillwater West PGE-Ni-Cu-Co + Au Project, Montana

Introduction:

Stillwater Critical Minerals Corp. (TSXV:PGE) has reported rhodium assay results from resource expansion drilling at its 100%-owned Stillwater West PGE-Ni-Cu-Co + Au project in Montana, USA, highlighted by 1.13 g/t Rh over 1.2m within a broader interval of 14.6m grading 1.38 g/t 4E (Pt+Pd+Au+Rh).

Drill Results:

1.13 g/t Rh over 1.2m within 14.6m of 1.38 g/t 4E (CM2023-03)
0.162 g/t Rh over 3.7m within an interval of 0.99 g/t 4E (CM2023-01)
0.103 g/t Rh over 7.9m (CM2020-05, previous result)
0.100 g/t Rh over 6.1m (CM2007-02, previous result)

Project Overview:

The Stillwater West project is located adjacent to Sibanye-Stillwater's world-class critical minerals mining operations in Montana. It covers 32 kilometers of the Stillwater Igneous Complex and contains significant PGE-Ni-Cu-Co + Au resources.

The project currently has a mineral resource estimate of 115,000 ounces of rhodium, which is expected to expand with these new results. The mineralization at Stillwater West is characterized by wide intervals of bulk-tonnage grade material containing higher-grade zones across a 9.5-kilometer-long area.

Program Details:

The reported results come from resource expansion drilling focused on the west side of the DR and Hybrid deposits at Chrome Mountain. The drilling has intersected widespread rhodium mineralization at potentially significant co-product grades. Results are being incorporated into updated block models driven by a new 3D geologic model. Metallurgical testing has previously confirmed recovery of rhodium along with palladium and platinum in preliminary flotation tests.

Understanding These Results:

Rhodium is typically mined as a co-product at grades often below 0.1 g/t. The grades reported by Stillwater, including up to 1.13 g/t Rh, are considered significant for this metal. Rhodium has a much higher value than platinum or palladium, with recent two-year average prices around USD 6,500/oz.

The polymetallic nature of the mineralization at Stillwater West, including PGEs, nickel, copper, cobalt, and gold, provides potential for a robust mining operation with multiple revenue streams. The scale and grade of mineralization are comparable to major PGE-Ni mines in South Africa's Bushveld Complex.

Management Commentary:

Michael Rowley, President and CEO:

"The strength and sheer scale of mineralization at Stillwater West continues to impress us as we add mineralization at several grade cut-offs, providing us with excellent optionality on potential mine methods as we advance towards our vision of becoming a primary source of critical minerals in the US." (quote continues)

Next Steps & Catalysts:

The company is incorporating these results into an updated mineral resource estimate for the Stillwater West project. Further drilling and exploration work is ongoing to expand the known mineralization.

Stillwater is also pursuing additional government funding for critical mineral supply and is actively engaged with US officials regarding support for domestic critical mineral production.

Commodity Outlook:

Rhodium has seen elevated prices since 2017 due to supply constraints. It is critical for catalytic converters and has limited production in North America. Recent geopolitical events have highlighted the importance of securing domestic supplies of critical minerals like rhodium, platinum, palladium, nickel, and cobalt in the United States.

Conclusion:

The latest rhodium results from Stillwater West demonstrate the project's potential to become a significant source of critical minerals in the US. With strong grades, large scale, and polymetallic mineralization, Stillwater West is well-positioned to advance towards development amid growing government support for domestic critical mineral production.

Sources:

PGE Drill Results Announcement

Additional Figures:

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Nov 4, 2024