Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE) is a junior mining company concentrating on battery metals with its primary asset being Stillwater West in Montana.
The company's 2025 drilling campaign is aiming to enhance a 2023 Mineral Resource Estimate (MRE), which currently stands at 1.8 billion pounds of NiEq (nickel equivalent) in inferred resources, the Couloir Capital Research Team wrote in an updated note on October 6.
So far, over 3,100 meters have been drilled in the 2025 program, bringing the total drilling at the project to more than 43,100 meters. The firm said it anticipates that the ongoing drilling will support an updated and expanded MRE in the first half of 2026.
The company also has successfully raised a total of CA$8.78 million this year, ensuring adequate liquidity to fund the 2025 drilling activities. Glencore exercised its rights to participate in the financing, acquiring 6 million units for approximately CA$1.4 million, further demonstrating its confidence in Stillwater’s exploration potential, Couloir said. Glencore’s backing reduces the project's risk, providing assurance that the 2025 drill program will proceed as planned.
Couloir maintained its Buy rating and updated its fair value per share estimate to CA$0.93, up from CA$0.45 per share.
"We are now using a probability-weighted framework, which gives credit to resource-expansion outcomes, thereby lifting the fair value to CA$0.93 per share," the firm wrote.
2025 Drilling Campaign Underway
Stillwater Critical Minerals is strategically focused on advancing the Stillwater West project with the primary aim of expanding the mineralization outlined in the 2023 Mineral Resource Estimate. The 2025 drilling campaign is currently underway, building on the 2023 MRE, which currently stands at 2.1 billion pounds of NiEq in inferred resources, Couloir said.
So far, more than 3,100 meters have been drilled in the 2025 program, bringing the total drilling at the project to over 43,100 meters. We anticipate that the ongoing drilling will support an updated and larger MRE in the first half of 2026.
The company is exploring the potential for carbon sequestration and geological hydrogen production as part of its commitment to sustainability, with the prospect of integrating these elements into future mining plans, Couloir noted. These efforts position Stillwater as a leading U.S. company in meeting the growing demand for critical minerals and supporting the green energy transition.
The company’s 2025 drill campaign targets the expansion and upgrading of the existing resource base at its flagship Stillwater West Project in Montana.
Grade and Scale in a Producing District
Stillwater West is one of the very few critical minerals projects located within the United States that offers the combination of grade and scale in a producing district, the research company noted. This positions Stillwater West on a very short list of assets with the potential to play a significant role in realizing the goals outlined in the U.S. Inflation Reduction Act and other ongoing initiatives aimed at helping the U.S. bridge the critical mineral supply gap.
Couloir said it believed Stillwater West is well-positioned to rapidly advance as a potential large-scale, low-carbon source of nickel, copper, cobalt, palladium, platinum, and rhodium.
Couloir said it expected the following catalysts to significantly influence its valuation estimate: project progress announcements, updates on further developments at the Drayton-Black Lake Project, and news indicating substantial changes to the company’s capital structure, such as new financing through equity or debt.
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