Couloir Research Team Sep 3, 2026
PLEASE REVIEW THE DISCLAIMER ON PAGE 5
C2026 MRE Delivers Step-Change in Scale and Broadens the Commodity Value Mix
The 2026 mineral resource estimate (MRE), effective August 27, 2026, represents a material step up in both the scale and geological confidence of Stillwater West. At a 0.20% NiTEq base case cut-off, the updated estimate comprises 805.1Mt of Inferred Resources grading 0.34% NiTEq and a maiden 29.4Mt of Indicated Resources grading 0.38% NiTEq. Combined, the resource contains 3.01Blbs Ni, 1.52Blbs Cu, 283Mlbs Co, 2.28Moz Pt, 3.97Moz Pd, 864Koz Au and 310Koz Rh. This equates to 6.3Blb of NiTEq, compared with roughly 2.1Blb in the January 2023 MRE, effectively tripling the project’s contained NiTEq inventory.
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.
- 2026 MRE Significantly Expands Resource Base and Adds Maiden Indicated Category: The August 2026 MRE marks a step change in Stillwater West’s scale and confidence, with 834.5Mt of total resources, including a maiden 29.4Mt Indicated resource at 0.38% NiTEq and 805.1Mt Inferred at 0.34% NiTEq. Contained metal totals 3.01Blbs Ni, 1.52Blbs Cu, 283Mlbs Co, 2.28Moz Pt, 3.97Moz Pd, 864Koz Au and 310Koz Rh, equivalent to 6.3Blb NiTEq versus 2.1Blb in 2023 MRE. We view the maiden Indicated category as an important de-risking milestone ahead of further metallurgy, mineplanning and economic studies.
- Current MRE Captures Only a Fraction of the District Opportunity. The current MRE covers only 10 km of Stillwater West’s 32 km property, leaving substantial exploration runway across the broader Peridotite Zone and multiple large geophysical and geological targets. The 2026 program is targeting extensions at Chrome Mountain and Iron Mountain, including potential linkage of the CZ-Central and HGR systems.
- Based on our analysis and valuation model, we are maintaining our BUY rating and updating our fair value per share estimate to $1.35 per share, implying an upside of 214% from the current market price.
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