Critical Minerals Asset in U.S. Captures Market Attention

1. Stillwater Critical Minerals is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Stillwater Critical Minerals.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE) reported on December 15 that it had entered into a bought-deal private placement agreement for gross proceeds of approximately CA$10 million. The agreement involved Red Cloud Securities Inc., acting as co-lead underwriter and sole bookrunner alongside Research Capital Corporation, for the resale of 21,740,000 units at CA$0.46 per unit.

Each unit comprised one common share and one-half of one common share purchase warrant. Each full warrant allows the purchase of one common share at CA$0.64 for a period of 36 months following the closing date. The company also provided the underwriters with an option to acquire up to an additional 4,348,000 units at the same price, which could increase total gross proceeds to C$17 million.

Later that same day, Stillwater announced an upsizing of the offering to approximately US$15 million in gross proceeds, originally in Canadian dollars, due to investor demand. The new agreement reflected an increased purchase of 32,609,000 units under the same pricing and terms. The over-allotment option remained unchanged.

According to the company, the funds are intended for continued exploration and advancement of the Stillwater West Ni-PGE-Cu-Co+Au project in Montana's Stillwater mining district, as well as general working capital and corporate purposes. The offering was structured under the listed issuer financing exemption of National Instrument 45-106, which allows common shares and warrant shares to be immediately tradeable in Canada. The transaction is expected to close on or around December 30, 2025, subject to regulatory approvals.

Where Energy, Security, and Strategy Converge

A December 10 report from the U.S. Energy Information Administration's Energy Minerals Observatory described critical minerals such as copper, cobalt, and silicon as "vital for energy technologies." The agency noted that "most critical minerals markets are less transparent than mature energy markets," adding that limited data across supply chains has hindered price discovery and market analysis. It also stated that long timelines for project development have contributed to supply inelasticity across the sector.

A December 15 article by Abi McGowan and Mariel Ferragamo highlighted that critical minerals had taken on heightened strategic importance in recent U.S. policy. The National Security Strategy emphasized "securing access to critical supply chains and materials" as a national priority. The article stated that these resources were considered essential inputs for products ranging from automobiles to defense systems, and featured expert commentary positioning minerals diplomacy as a central focus of international engagement efforts.

Dialogue Earth wrote on December 16 that minerals such as lithium, cobalt, nickel, and copper were key inputs for energy storage and clean energy infrastructure. The article quoted Antonio Hill of the Natural Resources Governance Institute, who said, "The surge in demand for minerals is tied to their use in meeting targets… necessary to meet Paris Agreement objectives." Hill also emphasized the importance of responsible development and improved global governance frameworks to avoid past mistakes in the mining sector.

Research Coverage Highlights the Value of Domestic Critical Minerals

On October 6, Couloir Capital reaffirmed its Buy rating on Stillwater Critical Minerals and increased its fair value estimate to CA$0.93 per share, up from CA$0.45. Analyst Tim Wright noted the adoption of a probability-weighted valuation model reflecting potential resource expansion. The firm cited more than 43,000 meters of total drilling and a recent CA$8.78 million in total funding, including CA$1.4 million from Glencore, as meaningful progress toward de-risking. The report described Stillwater West as offering a balance of grade, scale, and strategic U.S. location, which could contribute to closing the nation's critical mineral supply gap.

On October 7, Couloir reiterated its Buy rating and CA$0.93 fair value, noting the company's blend of battery and precious metals, its large-scale potential, and positioning within a key U.S. jurisdiction. The analysts wrote that these characteristics made Stillwater "well positioned to contribute to the nation's domestic critical mineral supply objectives."

In a November 7 update, Red Cloud Securities maintained its Buy rating and CA$1.20 target price. Analyst Taylor Combaluzier visited the team at Stillwater West and described the company as "one of the most attractive ways to gain exposure to critical minerals in the U.S.," citing resource expansion, government support, and access to refining infrastructure as core strengths. 

Capital Deployment Aligned With District-Scale Development

Stillwater West is the company's flagship asset, located in Montana's Stillwater mining district. According to the company's investor presentation, the project hosts approximately 1.6 billion pounds of nickel, copper, and cobalt, along with 3.8 million ounces of platinum group elements and gold, across five deposits within a 10-kilometer section of the district.

The latest financing followed earlier strategic backing, including an equity investment from Glencore, which holds a 15% equity interest in Stillwater and retains warrants for an additional investment of CA$7.8 million. The project is located near Sibanye’s producing mine operations and is positioned as a potential domestic source of multiple U.S.-designated critical minerals. 

Recent activities have focused on expanding the resource model through drilling and geophysics. Mobile magnetotelluric surveys identified large subsurface anomalies currently being tested. Results from the 2025 drill program were pending at the time of the financing, which is expected to support continued exploration, technical studies, and general corporate activities. 

Ownership and Share Structure¹

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

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

Institutions account for approximately 30% ownership, including 15% held by Glencore Canada Corp. The remaining 15% is held by retail investors.

Stillwater has approximately 273 million shares outstanding, with 212 million in free float. The company had a market capitalization of CA$120 million and traded in a 52-week range of CA$0.0900 to CA$0.60.