Critical Minerals Explorer Advances Major U.S. Project Amid Market Volatility

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. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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. 

For additional disclosures, please click here.

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) announced that it is not aware of any undisclosed material developments that would explain the recent decline in its share price. The company stated that the fluctuation appeared to be consistent with broader market volatility across multiple sectors, including mining and metals.

Stillwater is continuing to advance its core project, the Stillwater West nickel-copper-cobalt-platinum group element (Ni-Cu-Co-PGE) asset in Montana. According to the company, all assay results from its 2025 expansion drill campaign are pending. In addition, Stillwater has engaged Mine Technical Services to update the project's mineral resource estimate by incorporating data from 14 drill holes completed during the past two campaigns, along with select historic holes. This follows the previously reported 2023 NI 43-101 compliant resource estimate for Stillwater West, which included 1.6 billion pounds of nickel, copper, and cobalt, and 3.8 million ounces of platinum, palladium, rhodium, and gold at a base case cut-off of 0.20% nickel equivalent.

Stillwater also confirmed that it maintains active engagement with government stakeholders and continues work to define and expand its critical mineral resources. As stated in the November 6 announcement, "Stillwater remains well positioned to benefit from continued U.S. policy momentum and growing demand for domestic sources of nickel, copper, cobalt, chromium and platinum group elements."

As of October 31, 2025, the company reported a basic market capitalization of approximately CA$106 million, with 272 million shares outstanding and CA$4.4 million in cash and cash equivalents. The company noted it had no debt at that time.

Nickel, Copper, and Cobalt: Critical Minerals Under Supply Pressure and Policy Focus

Nickel remained under pressure through 2025, driven by global oversupply and aggressive pricing from Indonesian producers. According to an October 19 report by Forbes contributor Tim Treadgold, "Over-production in Indonesia from mines and smelters ultimately controlled by Chinese business interests is the prime cause of the price collapse which has forced rival producers around the world out of [the] nickel business."

In November, Red Cloud Securities again reaffirmed its positive outlook on Stillwater Critical Minerals. The analysis maintained its Buy rating and CA$1.20 per share price target, with analyst Taylor Combaluzier emphasizing that Stillwater remained "one of the most attractive ways to gain exposure to critical minerals in the U.S."

Nickel's price fell from US$30,000 per ton in 2022 to around US$15,000 per ton by late 2025. Despite these price levels, investor interest has increased in regions outside Chinese influence, particularly Australia, as critical mineral policy continues to shape demand profiles.

Treadgold added that nickel was "listed by the U.S., Canada, and Australia as a critical metal," citing concerns about strategic resource control and electrification.

Cobalt prices experienced a sharp rebound in late 2025, fueled by restricted supply and regulatory intervention in the Democratic Republic of Congo (DRC). On October 24, the Investing News Network reported that "tight export controls out of the Democratic Republic of Congo added tailwinds to cobalt prices in Q3," with spot prices rising to US$47,110 per metric ton, a level not seen since January 2023. In response to market oversupply and price volatility, the DRC implemented a quota system to cap exports through 2027.

According to Benchmark Mineral Intelligence, "The output cap will permit the export of 18,125 metric tons of cobalt for the remainder of 2025." William Talbot of the Cobalt Institute stated during a July webinar that cobalt demand continued to grow, driven by electric vehicles and military applications. "Despite reports that EV demand is waning in some regions, broad demand remains robust," Talbot explained. As the cobalt market rebalanced, analysts observed that export restrictions had already pushed cobalt prices up by over 240% since February.

Copper prices also faced unusual market dynamics in 2025. As Reuters analyst Taosha Wang noted on November 6, the copper-gold ratio dropped to a multi-decade low, but this did not reflect a collapse in copper demand. Rather, it underscored a structural shift driven by electrification. Wang wrote, "Electric vehicles, renewables, grid upgrades, and broader electrification, including power-hungry data centers, are responsible for a rising share of copper use." However, U.S. trade policy had a distorting effect on copper prices, particularly through tariff uncertainty that disrupted investor confidence. Mining project delays and localized supply constraints, such as those experienced at Indonesia's Grasberg mine, further complicated the supply outlook. 

Expert Commentary Underscores Supportive Fundamentals and Development Progress

On September 16, Red Cloud Securities mining analyst and vice president Taylor Combaluzier wrote that Stillwater Critical Minerals' 2025 drill program was expected to support an expanded mineral resource estimate with a conversion to 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, citing US$0.024 versus a peer average of US$0.048. Red Cloud maintained a CA$1.20 per share target at the time, representing a 253% implied return.

"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 stated. He pointed to early-stage results showing visible nickel and copper sulfides and noted the company's drilling milestone goal of 80,000 meters at Stillwater West. He also referenced Stillwater's CA$8.8 million raise in 2025, which included CA$1.38 million from Glencore, along with technical input through the Stillwater West Technical Committee.

In a follow-up note dated October 7, Red Cloud reiterated its Buy rating and CA$1.20 price target. Combaluzier described the company as a "one-stop shop" for U.S. critical minerals. He wrote, "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." Following a site visit, he also emphasized the strength of the technical team led by Dr. Danie Grobler, the project's infrastructure access, favorable jurisdiction, and community and government support. Combaluzier noted US$2.75 million in federal grant funding and concluded, "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."

In November, Red Cloud Securities again reaffirmed its positive outlook on Stillwater Critical Minerals. The analysis maintained its Buy rating and CA$1.20 per share price target, with analyst Taylor Combaluzier emphasizing that Stillwater remained "one of the most attractive ways to gain exposure to critical minerals in the U.S." He highlighted the company's expanding resource base, government funding support, and proximity to established refining infrastructure as key strengths.

On October 6, the Couloir Capital Research Team reaffirmed its Buy rating and raised its fair value estimate for Stillwater Critical Minerals to CA$0.93 per share, up from CA$0.45. The analysts cited a revised valuation framework, explaining, "We are now using a probability-weighted framework, which gives credit to resource-expansion outcomes, thereby lifting the fair value." Couloir reported that Stillwater had drilled over 3,100 meters as part of the 2025 campaign, bringing total drilling to more than 43,100 meters. The report stated this drilling would support a revised resource estimate in 2026 and referenced CA$8.78 million in total funding, including CA$1.4 million from Glencore, as contributing to the project's de-risking. The research team highlighted Stillwater West's combination of grade and scale in an active U.S. mining district and stated the project could contribute to closing the U.S. critical mineral supply gap.

Couloir Capital also reiterated its Buy recommendation, maintaining a CA$0.93 fair value estimate. The firm noted that Stillwater's blend of battery and precious metals, large-scale resource potential, and strategic U.S. location positioned it well to contribute to the nation's domestic critical mineral supply objectives.

Ongoing Expansion in a Critical U.S. Mining District

Stillwater Critical Minerals is pursuing several initiatives that could affect future developments at its flagship Stillwater West project. These include the pending assay results from the 2025 drill campaign and the forthcoming updated mineral resource estimate. Stillwater West is located within the Stillwater Igneous Complex in Montana and is adjacent to Sibanye-Stillwater's producing mine operations.

The company has modeled and drill-tested large-scale geophysical anomalies identified in 2024, which extended the geologic model of the project to 20 kilometers in strike length. Drill results reported earlier in 2025 included broad zones of nickel equivalent mineralization with internal high-grade intercepts. For example, drill hole CM2023-05 returned 294 meters grading 0.24% NiEq, including 52.1 meters at 0.55% NiEq, and 4.8 meters at 1.36% NiEq.

Strategic support from Glencore, which holds a 15% stake in the company, has also contributed to Stillwater's long-term planning. The relationship includes a technical committee and an option for Glencore to increase its investment by an additional US$7.8 million.

The project's focus on 10 critical minerals designated by the U.S. government (nickel, copper, cobalt, chromium, platinum, palladium, rhodium, gold, silver, and iridium) aligns with ongoing federal efforts to secure domestic mineral supply chains. Stillwater West remains one of the largest undeveloped nickel-platinum group element resources in the United States, located within a historically productive mining district.

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$106 million and trades in a 52-week range of CA$0.0900 - CA$0.60.