Co. Aims to Drill 80,000m at Montana Project in 2025
Research Report

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Disclosures for Red Cloud Securities, Stillwater Critical Minerals, September 16, 2025

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Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE) continues to drill the Chrome Mountain and Iron Mountain deposits at its Stillwater West nickel-copper-platinum group elements (Ni-Cu-PGE) project in Montana, aiming to expand the current mineral resource estimate (MRE), reported Taylor Combaluzier, vice president and mining analyst at Red Cloud Securities, in a Sept. 16 research note.

"We expect ongoing drilling to support a larger MRE with Indicated resources in H1/26 before a preliminary economic assessment (PEA)," Combaluzier wrote.

253% Upside Suggested

Stillwater Critical Minerals' share price at the time of the analyst's report was about CA$0.34, reflecting a discount to that of peers. On an enterprise value per pound of nickel equivalent basis, PGE was trading at US$0.024 versus peers at US$0.048.

Red Cloud's target price on the Canadian mineral explorer remains the same, at CA$1.20 per share, implying a potential return on investment of 253%.

"We see rerating potential from resource expansion followed by an increase in the valuation multiple as PGE moves from an explorer to a developer," wrote Combaluzier.

The company is a Buy.

It has 271.3 million shares outstanding, a market cap of CA$90.9 million (CA$90.9M) and a 52-week range of CA$0.09–0.38 per share.

Positive Drill Results Expected

In a recent progress update on Stillwater West, Stillwater Critical Minerals' management noted that drilling began at Chrome Mountain and Iron Mountain in July to expand the existing resource estimate prepared in 2023, reported Combaluzier. The current resource, all Inferred, is 1,800,000,000 pounds of nickel equivalent or 15,000,000 ounces of palladium equivalent.

Initially, one hole was drilled at each deposit, one down to 708 meters (708m), the other down to 692m. Then a downhole electromagnetic survey was done at both holes, the results of which the company is using to better understand the geology and hone future drill targets. This approach is similar to when it used 2024 mobile magnetotelluric (MMT) surveys to inform 2025 plans. At that time, the MMT survey results indicated that several undrilled zones bore geophysical signatures like the ones in known mineralized zones.

Since July, Stillwater Critical Minerals expanded its drilling at Stillwater West to 43,100m from 3,100. Now, its goal is to drill to 80,000m. The fifth and sixth holes are being drilled.

Given that initial photographs from the Stillwater West program show core containing significant visible nickel and copper sulphides, Red Cloud anticipates positive drill results, noted the analyst. These data along with data results from the modest surface exploration work being done at Stillwater Critical Minerals' Kluane PGE-Ni-Cu project in the Yukon should generate lots of news throughout H2/25.  

CA$8.8M Raised This Year

As for funding, Combaluzier pointed out, Stillwater Critical Minerals raised a total of CA$8.8M so far this year. Also, it received a CA$1.38M investment from 15% stakeholder, Glencore Plc (GLEN:LSE;  GLN:JSE; GLCNF:OTCMKTS). Glencore is contributing in another way, too, providing input on this year's Stillwater West drill campaign, via the Stillwater West Technical Committee.

Investment Thesis Intact

Combaluzier recapped Red Cloud's investment thesis on Stillwater Critical Minerals and noted it "remains compelling."

"We like Stillwater as it offers PGE and base metal resource expansion potential in a prolific mining district at a time of unprecedented support for critical minerals in the USA," Combaluzier commented.

The company's flagship project is located favorably, in Montana and next to Sibanye-Stillwater Ltd.'s (SBSW:NYSE)  world-class Stillwater PGE operation. Stillwater West's geological setting, the Stillwater Layered Igneous Complex, is similar to South Africa's Platreef, home to two of the world's largest Ni-Cu-PGE deposits.

The possibility of expanding Stillwater West's resource comes from its five known deposits. All are within 9.5 kilometers (9.5 km) of a prospective 25-km trend and remain open.

Stillwater Critical Minerals has been awarded US$2.75M in government grants and could receive more as it is positioning itself for this very purpose. The company is well supported otherwise, as part of The Metallic Group and by Glencore, Sprott Asset Management and other similar institutions.

What to Watch For

Investors can expect a steady news flow of drill results from Stillwater West and exploration results from Kluane throughout 2025, noted Combaluzier.

An updated Stillwater West MRE is expected in H1/26, followed by a PEA in H2/26. Other potential catalysts include updates on any of the company's noncore projects.