Exploration Company Advances Major Montana Nickel Opportunity
Research Report

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Disclosures for Couloir Capital, Stillwater Critical Minerals Corp., October 6, 2025:

This report has been prepared by an analyst on contract with or employed by Couloir Capital Ltd. The analyst certifies that the views expressed in this report, which include the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report, accurately reflect his or her personal views about the subject securities and the issuer. No part of his / her compensation was, is, or will be directly or indirectly related to the specific recommendations. Couloir Capital, its affiliates, and their respective officers, directors, representatives, researchers, and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Couloir Capital may have provided, in the past and may provide, in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Couloir Capital has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate, but cannot be guaranteed. This document does not consider the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g., prohibitions to investments due to law, jurisdiction issues, etc.) that may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before making an investment. Couloir Capital will not treat recipients of this document as clients by virtue of having viewed this document.

Company-specific disclosures, if any, are below:

1 In the last 24 months, Couloir Capital Ltd. has been retained under a service agreement by the subject issuer. This service agreement includes analyst research coverage.

2 The views of the Analyst are personal.

3 No part of the Analyst’s compensation was directly or indirectly related to the specific ratings as used by the research Analyst in the Reports.

4 The Analyst does not maintain a financial interest in the securities or options of the Company.

5 Couloir Capital does maintain a financial interest in the securities or options of the Company.

6 The information contained in the Reports is based upon publicly available information that the Analyst believes to be correct but has not independently verified with respect to truth or correctness.

Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE) is a junior mining company concentrating on battery metals with its primary asset being Stillwater West in Montana.

The company's 2025 drilling campaign is aiming to enhance a 2023 Mineral Resource Estimate (MRE), which currently stands at 1.8 billion pounds of NiEq (nickel equivalent) in inferred resources, the Couloir Capital Research Team wrote in an updated note on October 6.

So far, over 3,100 meters have been drilled in the 2025 program, bringing the total drilling at the project to more than 43,100 meters. The firm said it anticipates that the ongoing drilling will support an updated and expanded MRE in the first half of 2026.

The company also has successfully raised a total of CA$8.78 million this year, ensuring adequate liquidity to fund the 2025 drilling activities. Glencore exercised its rights to participate in the financing, acquiring 6 million units for approximately CA$1.4 million, further demonstrating its confidence in Stillwater’s exploration potential, Couloir said. Glencore’s backing reduces the project's risk, providing assurance that the 2025 drill program will proceed as planned.

Couloir maintained its Buy rating and updated its fair value per share estimate to CA$0.93, up from CA$0.45 per share.

"We are now using a probability-weighted framework, which gives credit to resource-expansion outcomes, thereby lifting the fair value to CA$0.93 per share," the firm wrote.

2025 Drilling Campaign Underway

Stillwater Critical Minerals is strategically focused on advancing the Stillwater West project with the primary aim of expanding the mineralization outlined in the 2023 Mineral Resource Estimate. The 2025 drilling campaign is currently underway, building on the 2023 MRE, which currently stands at 1.8 billion pounds of NiEq in inferred resources, Couloir said.

So far, more than 3,100 meters have been drilled in the 2025 program, bringing the total drilling at the project to over 43,100 meters. We anticipate that the ongoing drilling will support an updated and larger MRE in the first half of 2026.

The company is exploring the potential for carbon sequestration and geological hydrogen production as part of its commitment to sustainability, with the prospect of integrating these elements into future mining plans, Couloir noted. These efforts position Stillwater as a leading U.S. company in meeting the growing demand for critical minerals and supporting the green energy transition.

The company’s 2025 drill campaign targets the expansion and upgrading of the existing resource base at its flagship Stillwater West Project in Montana.

Grade and Scale in a Producing District

Stillwater West is one of the very few critical minerals projects located within the United States that offers the combination of grade and scale in a producing district, the research company noted. This positions Stillwater West on a very short list of assets with the potential to play a significant role in realizing the goals outlined in the U.S. Inflation Reduction Act and other ongoing initiatives aimed at helping the U.S. bridge the critical mineral supply gap.

Couloir said it believed Stillwater West is well-positioned to rapidly advance as a potential large-scale, low-carbon source of nickel, copper, cobalt, palladium, platinum, and rhodium.

Couloir said it expected the following catalysts to significantly influence its valuation estimate: project progress announcements, updates on further developments at the Drayton-Black Lake Project, and news indicating substantial changes to the company’s capital structure, such as new financing through equity or debt.