Stillwater Critical Minerals is strategically focused on advancing the Stillwater West project with a primary goal of expanding the mineralization outlined in the 2023 Mineral Resource Estimate (MRE). The 2025 drilling campaign is currently underway and is designed to build on the 2023 Mineral Resource Estimate (MRE), which currently stands at 2.1 billion pounds of NiEq in inferred resources. To date, more than 3,100 meters have been drilled in the 2025 drill program, bringing the total meterage at the project to over 43,100 meters.
Investment Highlights
- Stillwater Critical Minerals Corp. (TSX-V: PGE) (“PGE”, or “Company”) is a junior mining company with a focus on battery metals, via its flagship asset, Stillwater West in Montana, USA.
- 2025 drill program on track for an updated MRE by H1 2026: The 2025 drilling campaign is currently underway and is designed to build on the 2023 Mineral Resource Estimate (MRE), which presently stands at 1.8B lbs NiEq in inferred resources. To date, more than 3,100 meters have been drilled in the 2025 drill program, bringing the total meterage at the project to over 43,100 meters. We expect the ongoing drilling program to support an updated, larger MRE in H1 2026.
- Follow-up C$1.8M Financing Complete; 2025 Total at C$8.8M. The Company has raised a total of C$8.78 million in capital so far this year, ensuring sufficient liquidity to fund the 2025 drill program. Glencore exercised its rights to participate in the funding, acquiring 6 million units for a total of ~C$1.4 million, further reinforcing its confidence in Stillwater’s exploration upside. Glencore’s support de-risks the project, providing confidence that the 2025 drill program will be fully executed as planned.
- Based on our analysis and valuation models, we are maintaining our BUY rating and updating our fair value per share estimate to $0.93 per share, from $0.45 per share. We are now using a probability-weighted framework, which gives credit to resource-expansion outcomes, thereby lifting the fair value to $0.93 per share.
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