Critical Minerals Play Draws Rapid Investor Demand

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) announced that it had entered into a bought-deal private placement for gross proceeds of approximately CA$10 million on December 15. Under the initial agreement, Red Cloud Securities Inc., as co-lead underwriter and sole bookrunner alongside Research Capital Corporation, agreed to purchase for resale 21,740,000 units at a price of CA$0.46 per unit.

Each unit consisted of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of CA$0.64 for a period of 36 months following the closing date. The company also granted the underwriters an option to purchase up to an additional 4,348,000 units at the same price, which could increase gross proceeds to CA$17 million.

Later the same day, Stillwater announced that it had increased the size of the bought-deal private placement to gross proceeds of approximately US$15 million, originally denominated in Canadian dollars, following investor demand. Under the upsized offering, the underwriters agreed to purchase 32,609,000 units on the same terms and pricing as the original transaction. The over-allotment option remained unchanged.

According to the company, the net proceeds of the offering were intended "for the exploration and advancement of the Company's flagship Stillwater West Ni-PGE-Cu-Co+Au project in the Stillwater mining district in Montana, U.S., as well as for general corporate purposes and working capital." The offering is being conducted pursuant to the listed issuer financing exemption under National Instrument 45-106, which allows the common shares and warrant shares to be immediately freely tradeable in Canada, subject to applicable securities laws. The transaction is expected to close on or about December 30, 2025, subject to regulatory approvals, including approval from the TSX Venture Exchange.

Where Energy, Security, and Strategy Converge

According to a December 10 analysis from the U.S. Energy Information Administration's Energy Minerals Observatory, critical minerals such as copper, cobalt, and silicon were described as "vital for energy technologies," while the report emphasized that "most critical minerals markets are less transparent than mature energy markets, such as crude oil or coal." The EIA stated that supply chains for energy-relevant critical minerals contained "numerous data gaps," which muted price discovery and complicated market analysis. It also noted that long development timelines were a defining characteristic of the sector, writing that large critical mineral mining projects approved in the 2010s took "16 years from initial discovery to first production," contributing to supply inelasticity in the short term.

A December 15 report by Abi McGowan and Mariel Ferragamo highlighted the growing strategic importance of critical minerals in U.S. policy discussions, noting that the National Security Strategy emphasized "securing access to critical supply chains and materials" as a core priority. The article stated that the administration viewed critical minerals as essential inputs for "automobiles, military equipment, and cell phones," and quoted the strategy directly: "The United States must never be dependent on any outside power for core components, from raw materials to parts to finished products." The report also cited expert commentary explaining that minerals diplomacy had been placed "as a central pillar" of international engagement, particularly in regions rich in mineral resources, reflecting the sector's role in national security and industrial competitiveness.

Dialogue Earth wrote on December 16 that critical minerals such as lithium, cobalt, nickel, and copper were "key inputs for making batteries, solar panels and wind turbines," making them central to efforts to meet global climate targets. The article quoted Natural Resources Governance Institute adviser Antonio Hill, who said, "The surge in demand for minerals is tied to their use in meeting targets … necessary to meet Paris Agreement objectives." Hill also stated that responsible development was essential, warning that "we cannot allow mistakes of mining's past and present to be repeated into the future," while emphasizing that effective governance of critical minerals was increasingly viewed as foundational to a stable and durable energy transition.

Research Coverage Highlights the Value of Domestic Critical Minerals

On October 6, analyst Tim Wright and the Couloir Capital Research Team reaffirmed their Buy rating and raised their fair value estimate for Stillwater Critical Minerals to CA$0.93 per share, up from CA$0.45. The analysts explained, "We are now using a probability-weighted framework, which gives credit to resource-expansion outcomes, thereby lifting the fair value." Couloir reported that the company had drilled over 3,100 meters in 2025, bringing total drilling at the site to more than 43,100 meters. The firm stated this work would support an expanded mineral resource estimate in 2026 and cited CA$8.78 million in total funding, including CA$1.4 million from Glencore, as a positive de-risking factor. The report noted that Stillwater West offered a compelling mix of grade and scale in an active U.S. mining district and could play a role in closing the critical mineral supply gap domestically.

Couloir, a day later, reiterated its Buy rating and CA$0.93 fair value estimate, pointing to Stillwater's blend of battery and precious metals, large-scale resource potential, and location within a strategic U.S. jurisdiction. The analysts wrote that these attributes "position it well to contribute to the nation's domestic critical mineral supply objectives."

In a November 7 update, Red Cloud Securities also reaffirmed its Buy rating and CA$1.20 per share target. Following his visit to site, analyst Taylor Combaluzier described Stillwater as "one of the most attractive ways to gain exposure to critical minerals in the U.S." He highlighted the company's expanding resource base, government grant support, and proximity to refining infrastructure as key strengths driving the firm's continued confidence in the project.

Capital Deployment Aligned With District-Scale Development

Stillwater West is the company's flagship asset, located in Montana's Stillwater mining district, a region with more than a century of platinum group element and base metal production. According to the company's investor presentation, the most recent mineral resource estimate outlined approximately 1.6 billion pounds of contained nickel, copper, and cobalt, along with 3.8 million ounces of palladium, platinum, rhodium, and gold across five defined deposits within a 10-kilometer section of the broader project area.

The upsized financing follows earlier strategic funding, including an equity investment by Glencore Plc (GLEN:LSE; GLN:JSE; GLCNF:OTCMKTS), which holds a 15% ownership interest and retains warrants for an additional CA$7.8 million investment. Stillwater has positioned the Stillwater West project as a potential domestic source of multiple minerals designated as critical by the U.S. government, supported by its location adjacent to existing mining infrastructure and producing operations.

Recent work programs have focused on expanding the geological model through geophysical surveys and drilling. Mobile magnetotelluric data collected in 2024 identified large conductive anomalies beneath known deposits, which are currently being tested through an ongoing drill campaign. Results from 2025 drilling were pending at the time of the financing announcement, with proceeds expected to support continued exploration, technical studies, and general corporate activities tied to advancing the project. 

Ownership and Share Structure¹

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%.

Institutions own approximately 30% of the company, and Glencore Canada Corp. owns 15%. About 15% of the company's shares are in retail.

There are about 273 million shares outstanding with 212 million free float trading shares, while the company has a market cap of CA$120 million and trades in a 52-week range of CA$0.0900 - CA$0.60.