Explorer Secures CA$7M for Montana Copper-Gold Expansion

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Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE) has completed the final tranche of its previously announced best efforts private placement, securing gross proceeds of approximately CA$7 million. The final tranche closed on July 15, 2025, raising CA$3.52 million through the issuance of 15,307,980 units priced at CA$0.23 per unit. In total, the company issued 30,434,782 units under the full offering. Each unit consists of one common share and one-half of one warrant, with each whole warrant exercisable at CA$0.34 until July 15, 2028.

Red Cloud Securities Inc. acted as the sole agent and bookrunner. As compensation for its services in the final tranche, Red Cloud received CA$164,407.27 in cash fees and 714,814 non-transferable broker warrants, each exercisable into one common share at the offering price for 36 months. An additional CA$3,105 in finders' fees and 13,500 finders' warrants were issued on the same terms. These broker and finders' warrants are subject to a hold period expiring November 16, 2025.

The company also announced a follow-on, non-brokered private placement of up to one million units at the same offering price to accommodate additional subscriptions, including participation from Glencore and insiders. This follow-on offering is not being conducted under the listed issuer financing exemption and will carry a four-month hold period. No finders' fees will apply to the follow-on tranche. 

The net proceeds from both offerings are expected to support ongoing exploration at Stillwater West, the company's flagship nickel, platinum group elements, copper, cobalt, and gold project in Montana. Additional funds will be directed to a smaller-scale program at the Kluane critical minerals project in Yukon and general working capital needs. 

Glencore Canada Corp., a subsidiary of Glencore PLC and a strategic shareholder in Stillwater Critical Minerals, has indicated its intent to exercise participation rights under a May 2024 investor agreement. Participation by director Gregor Hamilton and expected by other insiders classifies the transactions as related party dealings under applicable securities regulations. The company has relied on exemptions under Multilateral Instrument 61-101 to proceed without a formal valuation or minority shareholder approval. Final approval of the offering remains subject to the TSX Venture Exchange. 

Copper and Gold Sectors Respond to Fed Policy and Trade Developments

Gold remained above US$3,300 per ounce in July, supported by market reactions to interest rate policy and shifting currency dynamics. On July 9, Kitco News reported that prices were steady following the U.S. Federal Reserve's decision to hold rates unchanged in June. The Fed's minutes indicated that while most members were awaiting further economic data, some expressed openness to a rate cut at the next meeting. LPL Financial Chief Economist Jeffrey Roach said the economy "continues to trudge along," allowing time to evaluate the potential effects of tariffs.

Copper prices also experienced notable movement in July, following trade policy updates and supply constraints. A July 11 report from Pretiorates cited new record highs in U.S. copper prices after former President Donald Trump announced plans for a 50% tariff on copper imports. The report highlighted uncertainty around whether the tariffs would apply to refined copper, concentrates, or manufactured goods, noting a spike in shipments ahead of the expected implementation. "The US copper price shot up again, and traders are rushing to get their material across the Atlantic before the tariff hammer officially falls," the report stated.

On July 14, Ahead of the Herd emphasized structural challenges in the U.S. copper supply chain, stating that the country imported around one million tonnes of refined copper in 2024 while producing only half of its consumption needs. Jefferies analysts wrote, "The U.S. does not have nearly enough mine/smelter/refinery capacity to be self-sufficient in copper," pointing out that only two smelters were operating at the time.

Excelsior Prosperity confirmed on July 14 that U.S. copper futures reached their highest monthly close in June before climbing further in July. Analyst Shad Marquitz attributed part of the increase to the tariff announcement, but noted that upward momentum was already underway.

As copper remains essential to renewable energy, electric vehicles, and defense, concerns about domestic supply continue to draw attention. Ahead of the Herd concluded, "Almost every manufacturing process uses copper, and it just got 50% more expensive," adding that U.S. buyers will likely face higher costs due to limited refining capacity and ongoing import dependence.

The Financial Times reported that the Pentagon agreed to a US$400 million investment in MP Materials, the largest U.S. rare earth producer. The deal includes the acquisition of a 15 percent equity stake and funding for a new 10,000-metric-ton magnet manufacturing facility. The agreement features long-term offtake terms and a price floor for key rare earth elements, signaling a broader shift in U.S. policy toward direct involvement in the supply and processing of materials essential for national defense and advanced manufacturing.

In a Reuters article from July 15, the U.S. Department of Defense reaffirmed its commitment to strengthening domestic critical minerals production. According to Reuters, a defense official stated that the Pentagon has invested nearly US$540 million into critical minerals projects to date and intends to continue doing so under the Defense Production Act and other authorities. The official emphasized the government's aim to diversify supply sources for defense-related technologies and reduce reliance on foreign-controlled supply chains, particularly those dominated by China.

Also on July 15, CNBC reported that the U.S. Department of Defense is accelerating efforts to secure access to critical minerals and counter China's dominance in the rare earth supply chain. A defense official confirmed that the Pentagon recently acquired a direct equity stake in MP Materials, making it the company's largest shareholder. MP operates the only rare earth mine in the U.S., located in Mountain Pass, California, along with a magnet manufacturing facility in Fort Worth, Texas.

The official stated that rebuilding the domestic industrial base for critical minerals and rare earth magnets "won't happen overnight," but emphasized that the Department of Defense is taking immediate steps to identify and support opportunities in the sector. The Pentagon has invested US$540 million to date in building critical mineral supply chains across the U.S. and allied nations and will continue to do so in line with congressional appropriations.

Positioned in a Strategic Critical Minerals Corridor

Stillwater Critical Minerals is focused on the Stillwater West project in Montana, one of the largest nickel and platinum group metals projects in an active U.S. mining district. The property is located adjacent to Sibanye-Stillwater's operating complex and contains mineral resources defined under NI 43-101 including 1.64 billion pounds of nickel, copper, and cobalt, and 3.81 million ounces of platinum group elements and gold at a 0.20% nickel-equivalent cut-off. 

According to the company's July 2025 presentation, the 40,000-meter drill database and 2023 mineral resource estimate demonstrate scale, grade, and expansion potential across a 12-kilometer core area. A new geophysical survey completed in 2024 has refined drill targets across the project's Peridotite Zone, with mineralization remaining open in all directions.

Stillwater Critical Minerals has also formed partnerships with government agencies and academic institutions on carbon sequestration and hydrometallurgy initiatives. The company is collaborating with Cornell University and Lawrence Berkeley National Labs under funding from the U.S. Department of Energy and has signed a memorandum of understanding with US Strategic Metals. Glencore's involvement includes a CA$7.04 million investment to date, a board position, technical committee participation, and 15.4% ownership in Stillwater Critical Minerals. 

Ownership and Share Structure

Management and insiders own approximately 20% of Stillwater, according to the company. 

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 25% of the company, high-net-worth investors own about 37%, and Glencore Canada Corp. owns 15.4%. About 18% of the company's shares are in retail, Stillwater said. 

There are about 233 million shares outstanding with 180.5 million free float traded shares, while the company has a market cap of CA$49.93 million and trades in a 52-week range of CA0.0900 - CA0.3050.