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TICKERS: PGE; PGEZF; J0G

Co. Should be on Investors' Radar: Analyst
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Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE) offers a prime opportunity to gain exposure to critical minerals in the U.S. at a time when these commodities have extensive governmental support, noted a Red Cloud Securities report.

Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE) is a U.S.-based "one-stop shop" for critical minerals, wrote Taylor Combaluzier, vice president and mining analyst at Red Cloud Securities, in a Sept. 29 research note after a site visit to the Stillwater West project, host of 10 critical minerals.

"Given the company's presence in a prolific mining district and potential to significantly expand the current about 1,800,000,000 pounds of nickel equivalent resource base, we believe that the stock should be on the radar of investors," Combaluzier wrote.

150% Return to Target

At the time of Combaluzier's report, the company was trading at about CA$0.48 per share, at a discount to peers on an enterprise value/Ni eq pound basis, US$0.048 versus US$0.094, the analyst noted.

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

Red Cloud's target price on the critical metals junior is CA$1.20 per share, implying a potential return for investors of 150%.

Stillwater Critical Minerals remains a Buy.

Site Visit Events

Combaluzier recently visited Stillwater Critical Minerals' Stillwater West nickel-copper-platinum group elements (Ni-Cu-PGEs) project in Montana. During his time there, he took a helicopter tour of the project, flying over the two active drill rigs, one each at Chrome Mountain and Iron Mountain. He saw Sibanye-Stillwater Ltd's. (SBSW:NYSE) Stillwater and East Boulder operations and Columbus Metallurgical Complex from the air and/or the ground.

He visited the main facilities, during which Stillwater Critical Minerals President and Chief Executive Officer Michael Rowley and Vice President of Exploration Dr. Danie Grobler provided a technical overview. The analyst also examined drill core from Chrome Mountain, fresh from the drill rig, with guidance by Grobler and the site geologists. Combaluzier could see extensive net-textured to semi-massive nickel-platinum group elements-copper-cobalt-gold mineralization on inspection and found it impressive, he wrote.

What to Know

In his site visit report, Combaluzier presented the factors that make Stillwater Critical Minerals compelling.

High-Caliber Technical Team: Stillwater Critical Minerals' technical team is comprised of experienced individuals with "impressive credentials and experience in world-class magmatic ore deposits," the analyst wrote. At the helm is Grobler, who led the delineation and advancement of Ivanhoe's Platreef PGE-Ni-Cu mine. Members include Senior Geologist Albie Brits who also worked at Ivanhoe Mines, and Senior Geologic Adviser Dr. Wolfgang Maier, an ultramafic expert and Cardiff University professor.

This seasoned team with experience advancing projects with similar geology is an advantage for Stillwater Critical Minerals. The team should increase investor confidence in the company and provide "higher chances of success," Combaluzier wrote.

Existing Infrastructure: The company has the advantage of using existing infrastructure, as the active mining district Stillwater West is in has roads, power and water and is close to an existing mining workforce and Sibanye-Stillwater's concentrator and smelter.

Favorable Jurisdiction: Resource friendly Montana has an established permitting system and a history of hosting large-scale mining operations, including Golden Sunlight mine, Berkeley Pit, and Spring Creek Coal mine.

Robust Political Support: U.S. governmental support for domestic critical mineral mining operations and a domestic supply chain is unprecedented today. Stillwater West could be a key part of such a pipeline.

"In our view, Stillwater Critical offers investors a prime opportunity to gain exposure to critical minerals in the U.S. at a time when they have never been more in favor and supported by the current U.S. Administration," Combaluzier wrote.

Possible Governmental Funding: The company received US$2.75 million (US$2.75M) in government grants to date and is positioning for additional governmental funding, particularly from the U.S. Department of Energy and Department of Defense. Red Cloud expects that Stillwater Critical Minerals will make an announcement relative to this in the near term.

Strong Community Support: The locals welcome the economic benefits of another mining operation in the region, thanks in large part to Sibanye-Stillwater's Good Neighbor Agreement. This legally binding partnership with various local groups, formed in 2000, ensures responsible mine operations and water resource protection and allows residents to meet regularly with company representatives.

Partnership with Glencore: Glencore first invested in PGE in June 2023 and subsequent participation in equity raises has garnered it a 15% ownership stake. Stillwater Critical has access to Glencore's technical advisers. Glencore may be seeking 100,000,000 tons of mid-grade material, which Stillwater West has already exceeded.

"In our view, once Stillwater West is advanced sufficiently, it would be conceivable that Glencore could be a potential buyer of the project/company," Combaluzier wrote. "Glencore does not currently have any U.S. nickel mining operations, and this could be a way for it to enter a top-tier jurisdiction and gain control of a potentially significant large-scale polymetallic district."

Nearly Predictive Model: Stillwater Critical Minerals' geological model of Stillwater West's complicated geology is getting close to being predictive, such that it consistently is hitting mineralization with the drill bit, according to Grobler. Efforts continue to integrate drilling, geochemical and geophysical data into the model to refine it further.

Upcoming MRE Update: The company is in the midst of its 2025 drill program aimed at expanding mineralization identified in the 2023 mineral resource estimate (MRE) and has completed 3,100 meters (3,100m) so far. Results are pending. Stillwater Critical Minerals is prioritizing good-looking intercepts over entire holes for assaying to affect faster turnaround of results.

An updated MRE is expected in H1/26, which is to include 2,510m of previous drilling at Chrome Mountain in addition to select historic drill holes.

Exploration Upside: On the 6,176-hectare Stillwater West property, there remain numerous prospective areas beyond those in the MRE for drill testing or inclusion in an MRE. Part of the 25 kilometer-long core of the system remains untested, and mineralization remains open in all directions.  The high-grade gold-copper-PGE Pine target, with potentially several hundred thousand ounces of gold mineralization present, has not been incorporated into an MRE.

"This demonstrates to us that there remains lots to be explored beyond Chrome Mountain and Iron Mountain at the project," Combaluzier wrote. "There is potential for the deposits to expand and grow into one another."

Upcoming Catalysts

Combaluzier noted the potential catalysts ahead in the near term for Stillwater Critical Minerals. Drill results from Stillwater West is one, to be released as they become available, on an ongoing basis. Two others are an update to the project's existing MRE, due out in H1/26, and the preliminary economic assessment to follow in H2/26.

One or more potential announcements that the company has received governmental funding could happen at any time and potentially spark a rise of the company's share price. Updates from noncore projects could have the same effect, too.

Share Ownership and Structure

Management owns 7.25% of Stillwater Critical Minerals. Other major shareholders include Glencore Plc with 15.03%, Palette Investment Management Inc. with 1.23% and Dolefin SA with 0.92%, reported Combaluzier.

The critical metals junior has 271.3 million basic shares outstanding. It has a market cap of CA$130.2M. It has a 52-week range of CA$0.09–0.50 per share.


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Important Disclosures:

Important Disclosures:

  1. Stillwater Critical Minerals is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
  2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
  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. 

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Disclosures for Red Cloud Securities, Stillwater Critical Minerals, September 29, 2025

Disclosure Statement Updated September 29, 2025 Disclosure Requirement Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud Securities registration as an Investment Dealer is specific to the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan. We are registered and authorized to conduct business solely within these jurisdictions. We do not operate in or hold registration in any other regions, territories, or countries outside of these provinces. Red Cloud Securities bears no liability for any consequences arising from the use or misuse of our services, products, or information outside the registered jurisdictions. Part of Red Cloud Securities Inc.'s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document. Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the content of this report. Company Specific Disclosure Details Company Name Ticker Symbol Disclosures Stillwater Critical Minerals Corp. TSXV:PGE 1,2,3 1. The analyst has visited the head/principal office of the issuer or has viewed its material operations. 2. The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit. 3. In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer. Date Rating Target Status % 2024-10-21 NA NA BUY 37% 2025-07-31 BUY (S) 1.20 BUY (S) 20% 2025-09-16 BUY (S) 1.20 HOLD 0% 2025-09-29 BUY (S) 1.2

4. In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration. 5. An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly. 6. Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities. 7. A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. 8. Red Cloud Securities Inc. is a market maker in the equity of the issuer. 9. There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions. Recommendation Terminology Red Cloud Securities Inc. recommendation terminology is as follows: • BUY – expected to outperform its peer group • HOLD – expected to perform with its peer group • SELL – expected to underperform its peer group • Tender – clients are advised to tender their shares to a takeover bid • Not Rated or NA – currently restricted from publishing, or we do not yet have a rating • Under Review – our rating and target are under review pending, prior estimates and rating should be disregarded. Companies with BUY, HOLD or SELL recommendations may not have target prices associated with a recommendation. Recommendations without a target price are more speculative in nature and may be followed by “(S)” or “(Speculative)” to reflect the higher degree of risk associated with the company. Additionally, our target prices are set based on a 12-month investment horizon. Dissemination Red Cloud Securities Inc. distributes its research products simultaneously, via email, to its authorized client base. All research is then available on www.redcloudsecurities.com via login and password. Analyst Certification Any Red Cloud Securities Inc. research analyst named on this report hereby certifies that the recommendations and/or opinions expressed herein accurately reflect such research analyst’s personal views about the companies and securities that are the subject of this report. In addition, no part of any research analyst’s compensation is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.





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