Explorer Unlocks High-Value Critical Minerals in U.S.
Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE) is raising over CA$6M to advance its massive nickel and platinum group element project in Montana, a top U.S. resource expansion play. Read more to see what's driving investor interest.
Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE) announced a brokered private placement of up to CA$6 million through Red Cloud Securities Inc. to fund exploration at its Stillwater West project in Montana, USA. The offering consists of up to 26,086,956 units priced at CA$0.23 per unit, each unit comprising one common share and one-half of a common share purchase warrant. Each whole warrant will be exercisable at CA$0.34 for a period of 36 months following the closing date. An overallotment option allows for up to an additional CA$1 million in gross proceeds.
The offering is structured under a listed issuer financing exemption in accordance with Canadian securities law, enabling shares and warrants to be immediately tradeable in Canada, subject to standard hold periods for certain participants, including Glencore Canada Corporation. Glencore has indicated its intention to exercise its pro-rata participation rights, reinforcing its strategic interest in Stillwater with its third investment in Stillwater in three years. As noted in the announcement, "Glencore . . . intends to exercise its pro-rata equity participation rights in the Offering pursuant to the investor rights agreement with the company dated May 1, 2024."
Stillwater plans to use the proceeds to advance its flagship Stillwater West Ni-PGE-Cu-Co-Au project and for general corporate purposes. Located in the Stillwater mining district of Montana, the project is adjacent to Sibanye-Stillwater's operations and hosts what the company describes as "the largest nickel-platinum group element resource in an active U.S. mining district" based on its January 2023 NI 43-101 estimate.
The offering is expected to close in tranches by June 25, 2025, subject to regulatory approvals including that of the TSX Venture Exchange. A cash commission of 6.0% (or 3.0% for President's List investors) and broker warrants are payable to Red Cloud.
Critical Minerals Sector: Strategic Supply Chains and Rising Demand
The global critical minerals sector has become increasingly vital to national security, clean energy transitions, and industrial resilience. Countries around the world, including the United States and Canada, have intensified efforts to develop domestic supply chains and reduce dependency on foreign sources, particularly China. On June 13, Indian Defence Review highlighted a warning from the Climate Institute of Canada that domestic output of critical minerals could fall from CA$9.2 billion in 2023 to CA$4 billion by 2040 without urgent action. "The demand will increase over the next 15 years, while the local production will decrease," said Marisa Beck, the institute's director of research in growth. Beck also estimated that Canada would need to invest CA$30 billion to meet domestic demand and CA$65 billion to serve international markets, calling for the development of at least 30 new mines.
According to a June 14 article in the Washington Examiner, the Trump administration expanded the FAST-41 permitting program to include six mining projects in 2025, with the goal of strengthening the United States' domestic production of critical minerals. The program, originally established under President Obama, was designed to reduce permitting delays for infrastructure projects. Emily Domenech, head of the Permitting Council, stated, "My goal would be to move as many projects to construction in the first two years of the Trump administration as is humanly possible." She added that 25 additional critical mineral projects were being tracked under the program's transparency function.
On June 16, Reuters reported that G7 leaders had agreed on a draft strategy to protect critical mineral supply chains amid market disruptions caused by China's export restrictions. The draft stated, "Non-market policies and practices in the critical minerals sector threaten our ability to acquire many critical minerals." The document emphasized the need for member countries to diversify mining, processing, manufacturing, and recycling to mitigate risks from geopolitical leverage.
What's Driving Stillwater Forward
Stillwater Critical Minerals is aiming to become a primary U.S. source of low-carbon critical minerals. According to the Stillwater investor presentation, its flagship Stillwater West project spans 33 kilometers of the Stillwater Igneous Complex and hosts a diversified resource of battery and platinum group metals. As of its latest resource estimate, the project contains 1.6 billion pounds of nickel, copper, and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold. The site also holds 2.3 billion pounds of chromium, plus still-to-be inventoried amounts of lesser platinum group metals such as iridium and ruthenium, all of which are listed as critical.
With more than 40,000 meters of drilling completed and multiple mineralized zones remaining open in all directions, Stillwater West offers expansion potential across five defined deposit areas. The company's technical team includes veterans from Ivanhoe Mines and Glencore, which has already invested US$7.04 million and holds a 15.4% ownership stake.
Strategic collaborations also support the company's development path. Stillwater is a mining partner in Cornell University and Lawrence Berkeley National Lab with funding from ARPA-E-for carbon sequestration, mineral recovery, and geological hydrogen production. The company has also signed a memorandum of understanding with U.S. Strategic Metals for domestic supply chain development.
Upcoming catalysts include a planned resource expansion drill campaign, metallurgical testing, and a preliminary economic assessment. Additional updates are expected on Stillwater's non-core assets, including the Drayton-Black Lake gold project and the Duke Island copper-nickel project.
Streetwise Ownership Overview*
Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE)
*Share Structureas of 3/26/2025Source: Stillwater Critical Minerals Corp.With a growing presence in a historically productive U.S. mining district and also in government, Stillwater Critical Minerals continues to align its activities with federal initiatives targeting domestic critical mineral supply.
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.
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Important Disclosures:
Stillwater Critical Minerals is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 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.