Critical Minerals Junior Strikes Bigger in Montana with Major Backing

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Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE)  has provided an update on its corporate, exploration, and development activities centered on its flagship Stillwater West project in Montana. The project is advancing as a significant large-scale potential source of ten minerals currently designated as critical by the U.S. government.

The company recently completed its largest capital raise to date, closing CA$8.78 million in private placements on August 13. The financing included a third investment by Glencore plc at a 64% premium compared to Stillwater's June 2024 placement. Glencore now holds a 15% strategic equity position in Stillwater, with board representation and participation in the company's technical committee.

Drilling resumed at Stillwater West in July 2025 with two rigs operating at the Chrome Mountain and Iron Mountain deposits, which are located over seven kilometers apart. As of mid-September, over 3,100 meters have been drilled during the 2025 campaign, bringing the project's total to more than 43,100 meters. Initial efforts focused on two deeper holes, approximately 708 and 692 meters in depth, to support the company's first use of downhole geophysics.

These early holes enabled borehole electromagnetic (EM) surveys, the first of their kind at the project. Dr. Danie Grobler, Vice President of Exploration, stated in the news release that "early core from this season is visually promising," noting near-surface mineralization with net-textured to semi-massive textures consistent with the geological model. Assay results from the current program are pending.

According to Stillwater, the 2025 campaign is intended to build on the current 2023 mineral resource estimate of 3.8 million ounces of platinum group elements and gold, plus 1.6 billion pounds of nickel, copper, and cobalt. The company indicated that these results, along with assays from previously drilled meters and historic data, will support an updated mineral resource estimate in the first half of 2026.

Stillwater is also actively engaged in U.S. government-backed funding initiatives, currently partnered on US$2.75 million in Department of Energy grants through collaborations with Cornell University and Lawrence Berkeley National Laboratory. The company reported increasing interaction with both the Department of Energy and the Department of Defense.

President and CEO Michael Rowley stated, "Stillwater is entering a significant phase of growth with the completion of our largest capital raise to date at a higher valuation, and with drilling underway to expand resources in a historic American mining district."

National Strategies and Market Pressures Define Critical Minerals Outlook

In an August 22 report, Data Center Dynamics wrote that the Trump administration was considering reallocating US$2 billion in previously approved CHIPS and Science Act funding to support domestic critical minerals initiatives. The proposal aimed to reduce U.S. reliance on Chinese supply chains, particularly for gallium and germanium — two minerals essential to semiconductor and electronics manufacturing.

The report noted that "China currently produces 98% of the world's supply of gallium and 60% of germanium," both of which had faced export controls and supply disruptions in the prior year. The article also referenced a July agreement in which the Pentagon became the largest shareholder in a domestic rare earths producer, reinforcing the U.S. government's commitment to expanding domestic mining and processing capacity.

On August 29, Crux Investor described the critical minerals sector as undergoing "fundamental transformation driven by macroeconomic pressures, geopolitical realignments, and unprecedented government support." The report cited a 28% increase in nickel deployment for electric vehicle batteries in the first half of the year and a 21% year-over-year rise in EV sales. These figures were presented as part of broader evidence of structural demand growth despite commodity price volatility.

Crux also emphasized the market shakeout underway in the nickel sector, stating that "over 50% of global nickel supply [was] now operating at losses," which had created space for operations in secure jurisdictions with diversified production. "Strategic partnerships with established industrial players are providing third-party validation and execution confidence," the report added, pointing to increased investor scrutiny around jurisdictional security, operational scale, and ESG compliance.

More recently, on September 12, Daniel Johnson of The Canadian Press examined how Canada's evolving critical minerals strategy was influencing federal regulatory decisions. Following the proposed merger between Teck Resources Ltd. and Anglo American PLC, the Canadian government announced that it would review the deal under the Investment Canada Act, which had recently been updated to include considerations related to national economic security.

University of Ottawa law professor Jennifer Quaid explained that the act "is sort of an exceptional regime created for specific types of circumstances where a transaction raises concerns that basically go to national interest." She added that the final decision would be made by the minister responsible, who must weigh "competing interests" to determine whether such a merger is aligned with Canada's public interest. The report also noted that two of the five mining projects recently prioritized by the federal government were copper-focused, underscoring Ottawa's alignment of strategic resource development with broader economic and geopolitical goals.

Independent Analyst Highlights Value Potential

Stillwater Critical Minerals received positive coverage from Red Cloud Securities in a research report published on July 31. Analyst Taylor Combaluzier initiated coverage with a Buy rating and a target price of CA$1.20 per share, prior to completion of the private placement and Glencore's third investment. At the time, the company was trading at approximately CA$0.22 per share, suggesting a significant potential rerating if valuation reached the peer average. According to Combaluzier, "Stillwater Critical offers investors a prime opportunity to gain exposure to critical minerals in the U.S. at a time when they have never been more in favor and supported by the current U.S. Administration."

The analyst noted that Stillwater West hosts Platreef-style deposits of nickel, copper, and platinum group elements within Montana's Stillwater Igneous Complex, which he described as the world's third-largest layered mafic-ultramafic complex. The project's current mineral resource estimate included 1.8 billion pounds of nickel equivalent in the Inferred category based on 40,000 meters of drilling across five deposits. Combaluzier wrote that "the existing resource at Stillwater West is poised to materially increase with the planned 2025 drill program and future drill programs." He further stated that expansion potential existed both through new drilling and the inclusion of chromium and rhodium already identified in the system.

In his view, the company's proximity to established mining operations, combined with a growing technical dataset, positioned it well for resource expansion and potential project advancement. Combaluzier pointed out that the system remains open in all directions. He emphasized the resource's scale and potential, stating, "Given the company's presence in a prolific mining district and potential to significantly expand the current ~1,600,000,000 pounds of nickel equivalent resource base, we believe that the stock should be on the radar of investors."

The report also highlighted the company's access to government support. Stillwater had secured US$2.75 million in grants from the U.S. Department of Energy through partnerships with Cornell University and Lawrence Berkeley National Laboratory. Combaluzier wrote that "the domestic policy environment in the U.S. is extremely conducive to advancing critical minerals projects and should directly benefit Stillwater Critical Minerals." He noted further collaborations with the USGS and the University of British Columbia on mineral systems and carbon sequestration research.

Financially, the company was described as well-capitalized following a CA$7 million raise completed earlier in the month, which brought total cash reserves to approximately CA$8.9 million with no debt. The analyst viewed this as sufficient to support both the Stillwater West drill program and exploration across non-core assets. He also pointed to the company's strong shareholder base, including Glencore, which held a 13.13% equity stake and had participated in two funding rounds. Subsequent to Combaluzier's report, the company closed an additional CA$1.78 million on the same terms in a placement that included Glencore's third investment in the company, bringing their equity ownership to 15%. Additional ownership included management at 7.28% and Dolefin SA at 0.94%.

Combaluzier identified multiple near-term catalysts that could contribute to a positive market revaluation, including the release of assay results from the 2025 drill program, a mineral resource estimate update expected in H1 2026, and the potential completion of a preliminary economic assessment in the second half of the following year. He concluded that Stillwater Critical Minerals possessed "a strong balance sheet, solid local and federal governmental support, and several near-term catalysts."

On August 15, Couloir Capital stated that "Stillwater Critical Minerals Corp. is advancing carbon sequestration and geological hydrogen production, with the prospect of integrating these elements into upcoming mining plans. These endeavors position Stillwater as a leading U.S. company in critical minerals and the green energy transition." The firm highlighted these initiatives as key differentiators in Stillwater's broader strategic profile.

In a follow-up research note dated September 16, Red Cloud Securities reiterated its Buy rating and CA$1.20 target price. The firm observed that drilling had increased by 3,100 meters to a project total of 43,100 meters and confirmed that Glencore maintained its 15% stake through a CA$1.38 million follow-on investment. According to the report, "Initial photographs are impressive, with the core displaying significant amounts of visible Ni and Cu sulphides." The analysts wrote that Stillwater was "positioning for additional support" and described the 25-kilometer trend as having resource expansion potential, with five deposits remaining open. The company's valuation was noted as trading at an EV/lb NiEq of US$0.024, compared to a peer average of US$0.048. The firm concluded that rerating could follow resource growth and the transition from explorer to developer.

Catalysts: Advancing a U.S. Source of Critical Minerals

Stillwater West is positioned as the largest undeveloped nickel and platinum group elements deposit in an active U.S. mining district. The company's focus on domestic supply chains aligns with several recent government initiatives, including a March 2025 executive order aimed at boosting American mineral production.

Upcoming catalysts include pending assay results from the 2025 drill program, planned 3D model updates, and a revised NI 43-101 mineral resource estimate expected in the first half of 2026. Stillwater also anticipates updates on its non-core assets and further developments tied to U.S. policy and funding opportunities.

From a strategic standpoint, Stillwater is strengthening its institutional profile, with research coverage initiated by Red Cloud Securities in July 2025 and ongoing participation in global mining events. The company continues to highlight its dual expertise in both large-scale geophysical modeling and mineral system exploration, supported by a technical team with experience in Bushveld and Platreef-type deposits.

Stillwater's corporate presentation reinforces its view that the Stillwater Igneous Complex hosts multiple deposit types with potential for large-scale nickel, copper, cobalt, and PGE production, emphasizing the geological similarities to globally significant deposits in South Africa.

With over 43,000 meters of drilling to date, strategic investment from a global metals producer, and an active presence in federal critical mineral initiatives, Stillwater Critical Minerals is moving forward with multiple value-building initiatives aimed at supporting the development of U.S.-sourced materials essential for energy transition and advanced manufacturing. 

Ownership and Share Structure

Management and insiders own approximately 17% of Stillwater, according to the company, and high-net-worth investors own about 23%

Executive Chairman and Director Gregory Shawn Johnson owns 2.86%, President and CEO Michael Victor Rowley owns 2.56%, Independent Director Gregor John Hamilton owns 1.65%, Independent Director Gordon L. Toll owns 0.44%, and Vice President of Exploration Daniel F. Grobler owns 0.23%, according to Reuters.   

Institutions own approximately 30% of the company, and Glencore Canada Corp. owns 15%. About 15% of the company's shares are in retail, according to Stillwater's September corporate presentation said.   

There are about 272 million shares outstanding with 212 million free float trading shares, while the company has a market cap of CA$95.00 million and trades in a 52-week range of CA0.0900 - CA0.39.