New Risk • Jul 31
New major risk - Revenue and earnings growth Earnings have declined by 1.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.9% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (CA$84.3m market cap, or US$60.1m). Announcement • Jul 10
Stillwater Critical Minerals Corp Commences Largest Exploration Program to Date At Stillwater West Project Stillwater Critical Minerals Corp. announced commencement of its largest exploration program to date at the Stillwater West critical minerals project in Montana, including the addition of a third drill rig, mobilization of field crews, and multiple technical initiatives supporting continued resource growth and project advancement. The Company has engaged Fleet Space Technologies to conduct a passive seismic Ambient Noise Tomography survey at the Stillwater West project, focused on imaging the lower stratigraphy and structural architecture of the Stillwater Igneous Complex. The Company has also engaged Simcoe Geoscience to infill surface Induced Polarization lines within the Chrome Mountain and Iron Mountain resource areas. Primary objectives of the expanded 2026 field program include expansion of existing near-surface resources at Chrome Mountain and Iron Mountain, continued targeting of higher-grade nickel-copper-PGE sulphide and polymetallic mineralization within the existing resource footprint, follow-up drilling on priority geophysical and geological targets identified through the Company's district-scale targeting programs, completion of targeted ground geophysical surveys to refine existing deposit expansion targets and generate additional exploration drill targets across the project area, testing new zones of sulphide mineralization within the lower Stillwater Igneous Complex, and supporting future technical and economic studies through continued resource growth and geological de-risking. The program is designed to deliver a more complete picture and improved understanding of the subsurface to rapidly build a geological framework, prioritize prospective target volumes and quantify uncertainty predictions needed for confident capital allocation, drilling and development decisions. The Company expects to provide regular updates throughout the 2026 field season and looks forward to the release of the 2026 Mineral Resource Estimate in the near-term. 
