Breakthrough Targets Identified Across 20 KM Strike in Montana Survey

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Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE) has reported the identification of multiple large-scale magmatic sulphide targets from its 2024 airborne MobileMTm (magneto-telluric) geophysical survey at the Stillwater West project in Montana, USA. The survey, conducted by Expert Geophysics Limited, aimed to map conductive zones within the lower Stillwater Igneous Complex — an area recognized for hosting critical metals such as nickel, copper, cobalt, platinum group elements (PGEs), and chromium. The complex also hosts significant gold, which is not listed as critical.

Stillwater's 2024 geophysical program covered over 1,300 line kilometers across Chrome Mountain, Iron Mountain, Cathedral, and Stillwater East, with results integrated into an updated 3D geological model that now spans approximately 20 kilometers of strike length. The model builds on previous work that demonstrated mineralized continuity across the central 9.5 kilometers and now highlights newly identified conductive anomalies consistent with contact-style and Platreef-style sulfide mineralization. These targets are prioritized for upcoming drill testing with the objective of expanding existing mid- and high-grade resources. 

Inversion and modeling of the magneto-telluric data revealed multi-kilometer-scale resistivity lows and conductive highs, which typically indicate zones of sulfide mineralization. Supporting magnetic and very low frequency (VLF) data further enhanced structural interpretations. Notably, several strong conductive anomalies — measuring under 250 ohm-meters in resistivity — extend along strike for up to five kilometers in the Chrome Mountain area and up to seven kilometers in Iron Mountain. These anomalies remain largely untested by drilling. 

Stillwater Vice-President of Exploration Dr. Danie Grobler commented in the news release that the most conductive targets are "located proximal to the footwall contact and correspond with net-textured to massive sulfides," noting that some have already yielded promising drill intercepts. For example, drill hole CM2023-06 intersected a high-grade interval of 5.8 meters at 0.43% nickel, 0.13% copper, 0.072% cobalt, plus 1.30 g/t 4E (platinum, palladium, rhodium, and gold). Similarly, CZ2021-01 returned 4.6 meters at 0.96% nickel and 0.49% copper within a broader high-grade zone.

The updated geological model connects the east and west ends of the project and confirms continuity within mineralized mafic-ultramafic layers. Stillwater's current inferred resource totals 1.6 billion pounds of nickel, copper, and cobalt and 3.8 million ounces of palladium, platinum, rhodium, and gold across five deposits. These remain open for expansion at depth and along strike.

CEO Michael Rowley noted that these developments come at a time when the U.S. government has increased support for domestic critical mineral production. "As the third largest mineralized layered magmatic complex in the world, the Stillwater Igneous Complex… offers both scale and grade, making it a foundational component of this Government-mandated national policy objective," he said in a company news release.

Copper Breaks Records as Tariff Talk Fuels Surge; Gold Holds Strong

According to Bloomberg on March 25, copper futures on New York's Comex exchange surged to an all-time high of US$5.2255 per pound, surpassing the previous all-time high of US$5.199. This price spike was driven by expectations of possible 25% tariffs on copper imports and disruptions to global supply chains, including halted shipments from Chile. Matt Schwab of Quantix Commodities noted that "the uncertainty around tariffs, especially when they would be implemented," was keeping the price differential between U.S. and global copper benchmarks at elevated levels. Dan Smith of AMT also commented on rising expectations for tariffs, citing widening spreads on longer-dated copper contracts.

While copper has dominated recent headlines, gold has also demonstrated strong resilience. On March 25, Kitco reported that gold rallied from US$2,620 in mid-December to US$2,963.20 by late February, marking a US$343 advance. The market has since seen shallow and brief corrections, suggesting what Kitco described as "underlying market strength." The April gold futures contract was recently priced at US$3,025.90, and Kitco attributed gold's sustained interest to ongoing geopolitical tensions, economic uncertainty, and a weakening dollar index. David Morrison of Trade Nation provided a balanced outlook, highlighting both continued upside potential and the possibility of temporary consolidation.

A day later, on March 26, Excelsior Prosperity confirmed the copper breakout, calling it official that "copper is at new all-time highs," with trading briefly hitting US$5.37 in overseas markets. The article emphasized that copper equities had not yet responded proportionally to these price increases, noting that "resource investors are asleep at the wheel on this move higher in copper." The report suggested that many junior copper stocks had lagged behind the physical metal's gains, creating what the author described as an "opportunity hiding in plain sight."

Project Catalysts and Development Path

Stillwater's recent exploration progress aligns with several upcoming catalysts outlined in its investor presentation. With targets now defined and prioritized from the 2024 survey, a new drill campaign is scheduled to expand mid- and high-grade mineralization. The company's focus on Platreef-style deposits — bulk-tonnage polymetallic systems analogous to South Africa's Bushveld Complex — positions Stillwater West as a potentially significant U.S. source of battery and precious metals.

In addition to exploration, Stillwater is progressing toward updated metallurgical studies and a potential preliminary economic assessment (PEA). Expansion drilling results from 2023 — such as 401 meters at 0.27% recovered nickel equivalent (NiEq) in hole CM2021-05 — are expected to drive an updated resource estimate. The Peridotite Zone, which hosts all five current resources, remains open across the 20-kilometer-long corridor that has now been modeled in 3D. 

The company's partnership with Glencore plc continues to provide strategic advantages. Glencore holds a 15.4% equity stake and sits on the technical committee, offering Stillwater access to its global expertise in magmatic systems. Stillwater is also collaborating with U.S. institutions including the U.S. Geological Survey and also on potential carbon capture and critical mineral recovery initiatives under Department of Energy-funded programs. 

Stillwater is targeting key milestones in 2025, including resource expansion drilling, a resource update, and ongoing U.S. government engagement. The company's presence at major conferences such as the SAFE Summit and Precious Metals Summit underscores its effort to maintain visibility as it advances exploration and development within a district that has produced critical minerals for over a century. 

Stillwater's Advantages Outweigh Challenges, According to The National Investor

In a January 8 research note, Chris Temple of The National Investor reaffirmed his Buy recommendation on Stillwater Critical Minerals Corp., citing a positive outlook for the company. Temple emphasized the strength of Stillwater's sizable polymetallic resource, noting that nearly half of it consists of nickel. He also underscored the significance of support from Glencore and growing interest from both industry and government, which he expects to accelerate under the incoming U.S. administration.

Temple acknowledged that Stillwater may face development hurdles, such as the potential use of a block cave mining method and the evolving approach to metal recovery. However, he stressed that these challenges are outweighed by the company's advantages. He pointed out that CEO Mike Rowley remains optimistic about Stillwater's cost profile, which is projected to be more competitive than that of some peers. Temple's renewed Buy call reflects his expectation of a rebound following year-end tax-loss selling and his view that upcoming policy changes could further improve the company's outlook.

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$36.33 million and trades in a 52-week range of CA0.1000 - CA0.2200.