Updated Montana Resource Estimate to Expand Major Critical Metals Resource in 2026

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE) has engaged Mine Technical Services (MTS) to complete an updated mineral resource estimate (MRE) for the Stillwater West project in Montana. The updated MRE, expected in the first half of 2026, will incorporate 14 new drill holes totaling 5,781 meters from the 2023 and 2025 drill programs, as well as select historic holes not previously included. The project hosts a combination of nickel, copper, cobalt, chromium, platinum, palladium, rhodium, ruthenium, iridium, gold, and osmium, ten of which are classified as critical minerals by the U.S. government.

According to Stillwater, the update builds upon the existing January 2023 inferred resource estimate, which includes approximately 1.64 billion pounds of contained nickel, copper, and cobalt, and 3.81 million ounces of palladium, platinum, rhodium, and gold at a base case cut-off of 0.20% nickel equivalent (NiEq). That estimate spans five deposits across a 9.5-kilometer area and was supported by over 40,000 meters of drilling at the time. A key objective of the new work is to integrate recent drilling, updated geological models, structural insights, and geostatistics, including learnings from the Platreef district in South Africa.

President and CEO Michael Rowley stated in the news release, "Reuniting the team responsible for defining the large-scale polymetallic critical mineral resources at Ivanhoe's Platreef Mine to complete an updated resource estimate is an important step towards evaluating production scenarios at Stillwater West." Rowley added that the project's location in an active U.S. mining district aligns with the government's focus on securing domestic supplies of key commodities.

Dr. Danie Grobler, Vice President of Exploration, said the new MRE will reflect an improved understanding of the Stillwater complex informed by geophysical surveys and modeling. He noted that recent drilling successfully intersected multiple near-surface magmatic sulfide zones across all three primary target areas.

Critical Metals in Motion: North America Gains Ground in Nickel, Copper, and Cobalt

On October 24, Goldinvest reported that the spot price of copper closed September at US$4.64 per pound, with year-to-date gains of 18.18%. The article highlighted that junior copper mining stocks had outperformed, with the Nasdaq Sprott Junior Copper Miners Index increasing 72.46% year-to-date. The publication attributed the sector's momentum to both persistent demand from electrification and infrastructure and to widespread production disruptions at major global mines, resulting in the weakest copper mine growth rate since 2011.

The report noted that shutdowns and reduced output from operations internationally contributed to a tightening market. Goldinvest stated that "any additional incident can trigger noticeable price reactions," reflecting heightened market sensitivity to supply disruptions.

On October 6, the Couloir Capital Research Team reaffirmed its Buy rating on Stillwater Critical Minerals, raising its fair value estimate to CA$0.93 per share, up from CA$0.45.

The copper sector also benefited from supportive U.S. industrial policy measures. The Goldinvest article described how federal funding and policy interventions accelerated the development of domestic mining and critical infrastructure projects, enhancing planning certainty for U.S.-based companies.

Additional factors, including a U.S. Federal Reserve interest rate cut and increased capital flows into tangible assets, further bolstered investor interest in copper and other critical materials.

A 2024 cobalt market report released by the Cobalt Institute added that cobalt demand remained anchored in the battery sector, with over 70% of global consumption tied to battery applications. According to the report, the U.S. government classified cobalt as a critical mineral and supported domestic production through mechanisms such as the Defense Production Act. The Cobalt Institute stated that "North America was the only region globally to see cobalt mine production increase in 2023," underscoring the region's growing emphasis on supply chain diversification.

The report also noted a rise in recycling activity, with refined cobalt from recycled sources increasing to 22,525 metric tons in 2023, up from 20,645 metric tons in 2022. However, it emphasized that primary supply remained vital to meet long-term demand, particularly for high-performance applications.

Expert Opinions Highlight Strong Growth Outlook for Stillwater Critical Minerals

In a September 16 report, Taylor Combaluzier, vice president and mining analyst at Red Cloud Securities, stated that Stillwater's 2025 drill program was expected to support an expanded mineral resource estimate with Indicated resources in the first half of 2026. He noted that the company was trading at a significant discount to peers on an enterprise value per nickel equivalent pound basis, US$0.024 versus US$0.048. Red Cloud maintained its CA$1.20 per share target, which implied a potential return of 253% at the time. "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 wrote. He highlighted early drill results showing visible nickel and copper sulfides and pointed to the company's goal of reaching 80,000 meters of drilling at Stillwater West. He also emphasized that Stillwater had raised CA$8.8 million in 2025, with Glencore contributing CA$1.38 million and providing input through the Stillwater West Technical Committee.

On October 7, Red Cloud Securities reiterated its positive stance on the company. Combaluzier described Stillwater Critical Minerals as a "one-stop shop" for U.S. critical minerals and stated, "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." He also reaffirmed the CA$1.20 price target and a Buy rating.

Following a site visit, Combaluzier called attention to the quality of the technical team, led by Dr. Danie Grobler, and their previous experience with large-scale magmatic deposits. He emphasized the project's infrastructure advantages, favorable jurisdiction, strong community support, and existing government grants totaling US$2.75 million. He wrote, "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."

On October 6, the Couloir Capital Research Team reaffirmed its Buy rating on Stillwater Critical Minerals, raising its fair value estimate to CA$0.93 per share, up from CA$0.45.

"We are now using a probability-weighted framework, which gives credit to resource-expansion outcomes, thereby lifting the fair value," the firm explained. Couloir reported that Stillwater had drilled more than 3,100 meters as part of the 2025 campaign and had surpassed 43,100 meters in total drilling. The firm said it believed this drilling would support an updated mineral resource estimate in 2026. Couloir also pointed to CA$8.78 million in total funds raised, including approximately CA$1.4 million from Glencore, as a key factor in the project's de-risking. The firm highlighted Stillwater West's rare combination of grade and scale in an active U.S. mining district, adding that the project had the potential to help close the nation's critical mineral supply gap.

Platreef Expertise, Government Alignment, and Scale Define Next Steps

The upcoming mineral resource estimate at Stillwater West represents a convergence of technical depth and national strategic relevance. Stillwater is applying mine models inspired by the Platreef region in South Africa, and the current geological setting has drawn comparisons to world-class polymetallic deposits. With a 33-kilometer-long land position adjacent to Sibanye-Stillwater's producing mines, the company is pursuing an analog development approach using Platreef-style models.

Multiple resource zones at Stillwater West remain open for expansion, and the company has modeled significant exploration potential across its broader claim block, aided by results from the 2024 MobileMT geophysical survey. Large-scale conductive anomalies and updated soil geochemistry data have already guided new drilling areas. Expansion potential continues across the Iron Mountain and Chrome Mountain zones, which remain under-assayed following the 2025 campaign.

Stillwater has also received strong interest from government stakeholders. In 2025, the White House listed the Stillwater mining district, which includes Stillwater West, among ten national priorities for critical mineral production. The company is further supported by CA$8.4 million in investments from Glencore, which maintains a 15% equity stake, board position, and technical committee representation.

As Stillwater integrates its new geological and geophysical models into the MRE, the company believes the project is positioned at the intersection of scale, jurisdictional stability, and commodity diversification, with potential to contribute to U.S. supply chains across energy, defense, and advanced manufacturing sectors. 

Ownership and Share Structure¹

Management and insiders own approximately 17% of Stillwater, according to the company, and high-net-worth investors own about 23%

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 30% of the company, and Glencore Canada Corp. owns 15%. About 15% of the company's shares are in retail.

There are about 272 million shares outstanding with 212 million free float trading shares, while the company has a market cap of CA$95.00 million and trades in a 52-week range of CA$0.0900 - CA$0.60.