A US$17 Million Raise Puts Montana's Critical Minerals District Back in the Spotlight

1. 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.
2. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
3.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

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 on December 30 that it had closed a bought deal private placement for gross proceeds of CA$17,000,220, including the full exercise of the underwriters' overallotment option. The financing involved the issuance of 36,957,000 units priced at CA$0.46 per unit. Each unit consisted of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable at CA$0.64 until December 30, 2028.

Red Cloud Securities Inc. acted as co-lead underwriter and sole bookrunner alongside Research Capital Corp., which also served as co-lead underwriter. In return for their services, the underwriters received cash fees totaling CA$987,114 and 2,145,900 non-transferable broker warrants. These broker warrants are exercisable at the offering price for 36 months and are subject to a customary four-month plus one-day hold period under Canadian securities law.

The company stated that proceeds from the offering will be used for exploration and advancement of the Stillwater West nickel, platinum group element (PGE), copper, cobalt, and gold project in Montana's Stillwater mining district, as well as for general corporate purposes and working capital. Michael Rowley, president and chief executive officer, commented in the news release, "As a result of strong support demonstrated in this placement, we are ending 2025 with funds in place for a robust 2026 season."

The financing was conducted under the listed issuer financing exemption in accordance with Canadian securities regulations, allowing the shares and warrant shares issued under that exemption to be immediately freely tradeable if sold to Canadian purchasers. The offering also included sales to purchasers in the United States and offshore jurisdictions under applicable private placement exemptions. Final approval from the TSX Venture Exchange remains pending.

Critical Minerals Demand and Strategic Significance Strengthen

The U.S. Department of Defense allocated US$7.5 billion in 2025 to bolster its reserves of critical minerals such as cobalt, lithium, and graphite. According to a December 26 report from Mother Jones, this effort was part of a broader initiative under the One Big Beautiful Bill Act to ensure secure domestic access to materials essential for national defense and emerging energy technologies. A strategist from the Transition Security Project noted that "the criticality of a mineral is linked, in part, to its significance to national security," while highlighting that minerals like graphite and cobalt could have been used to electrify over 100,000 buses or support more than double the U.S.'s current battery energy storage capacity. The report emphasized the increasing overlap between critical mineral policy and clean energy objectives, even as stockpiles are controlled for military readiness.

On December 30, CNBC reported that China elevated silver to the status of a strategic material by introducing new export controls. While not a full ban, the restrictions were placed on the same regulatory level as rare earths. An unnamed industry insider cited by China's Securities Times said the policy shift "formally elevates the metal from an ordinary commodity to a strategic material." The move followed the U.S. government's November decision to add silver to its critical minerals list, recognizing its industrial uses in batteries, solar cells, and electronics. As of late December, silver prices had more than doubled in 2025, making it the metal's best-performing year since 1979.

Demand and pricing pressure have also attracted premium buyers. CNBC reported that Canada-based Kuya Silver was approached by multiple international firms in late December offering to pay US$8 to US$10 per ounce above market value for physical silver, underscoring strong interest in secure physical supply channels. According to a flash survey by the EU Chamber of Commerce in China, most respondents expected the new Chinese export controls to affect their operations or supply chains.

In a December 31 analysis by Barchart, investor focus on critical minerals remained high, especially in the context of broader energy independence strategies. The publication noted that "mining companies" across the sector were part of an "overarching bullish narrative," especially as the costs of power generation rose and supply security concerns continued to shape U.S. industrial policy. The piece identified metals tied to electrification and national defense as essential components of the next-generation resource economy.

Analysts Underscore Strategic Value and Resource Growth

On October 6, Couloir Capital issued a research note maintaining its Buy rating on Stillwater Critical Minerals and raised its fair value estimate from CA$0.45 to CA$0.93 per share. The firm introduced a probability-weighted valuation model and emphasized the company's mix of battery and precious metals as a key factor supporting the higher valuation. Couloir wrote that the Stillwater West project presented "a compelling opportunity to help close the U.S. critical mineral supply gap," specifically highlighting copper as one of the ten U.S.-designated critical minerals targeted by the company.

This positive assessment was echoed in Red Cloud Securities' coverage on November 7, where the firm reiterated its Buy (Speculative) rating and maintained a CA$1.20 per share target price. Mining analyst Taylor Combaluzier described Stillwater West as "the largest Ni-PGE project in an active US mining district," and noted its geological similarities to major mineralized systems. He attributed part of the company's strategic positioning to its location and commodity mix, which he suggested may have influenced Glencore's decision to acquire a 15% equity stake.

Red Cloud further highlighted the company's focus on expanding its 2023 mineral resource estimate using data from approximately 5,800 meters of drilling completed in 2023 and 2025. Combaluzier stated that "the validation of the team's geological model with a high hit rate for targeted lithology in the ~3,400m 2025 program is a significant positive." The firm identified upcoming catalysts as the release of assay results from the 2025 drill campaign and an updated mineral resource estimate expected in the first half of 2026.

Catalysts Section: Positioned Within a U.S. Critical Minerals Hub

Stillwater Critical Minerals has positioned its flagship Stillwater West project as a U.S.-based source of multiple critical minerals. According to its December 2025 investor presentation, the company holds 100% ownership of the Stillwater West project, which spans 33 kilometers of the metal-rich Stillwater Igneous Complex in Montana. The district hosts 10 minerals designated as critical by the United States government, including nickel, cobalt, copper, platinum, and palladium.

The project's most recent mineral resource estimate outlined 1.6 billion pounds of combined nickel, copper, and cobalt, alongside 3.8 million ounces of platinum, palladium, rhodium, and gold, based on a 0.20% nickel-equivalent cut-off grade. In addition to the mineral resources, the project benefits from regional infrastructure and adjacency to Sibanye-Stillwater's producing operations.

Stillwater West has also attracted strategic support from Glencore, which has invested a total of CA$8.4 million to date, with an option to increase that investment by another US$7.8 million. Glencore currently holds a 15% ownership stake in the company.

Looking ahead, Stillwater has outlined several upcoming milestones, including an updated resource estimate, drill results from its 2025 campaign, and continued collaboration with the U.S. government and research institutions. The company's participation in federal initiatives — such as ARPA-E projects focused on carbon capture and critical mineral recovery — further reflects its integration into the broader U.S. strategy for domestic supply chain development.

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%, 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.

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.