Stillwater Critical Minerals Corp.
Company Data
| Introduction
| Projects in Hand
| Management
News Update
| Chinese
| Address ： |
Suite 904 – 409 Granville Street Vancouver, BC Canada V6C 1T2 |
| Tel No.： | 604-357-4790 |
| Toll Free No.： | 1-888-432-0075 |
| Web Site： | www.criticalminerals.com |
| E-mail： | cackerman@criticalminerals.com |
| Contact Person： | Chris Ackerman |
| Position： | VP Corporate Development |
| Traded Market： | TSX-V | OTCQB | FSE |
| Traded Symbol： | PGE | PGEZF | 5D32 |
| Outstanding Shares： | ~177.39 million |
| 52 Week High： | $ 0.315 |
| 52 Week Low： | $ 0.15 |
| Present Price： | Click Here |
Stillwater Critical Minerals is a Canadian mineral exploration company focused on critical minerals at its flagship Stillwater West PGE-Ni-Cu-Co + Au Project in the iconic and famously productive Stillwater mining district of Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighboring Sibanye-Stillwater.
An expanded NI 43-101 mineral resource estimate, released January 2023, delineates a compelling suite of critical minerals contained within five Platreef-style nickel and copper sulphide deposits at Stillwater West which host a total of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold, and remain open for expansion along trend and at depth.
Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold Project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum’s Wellgreen deposit in Canada’s Yukon Territory.
Stillwater West Ni-PGE-Cu-Co + Au Project, Montana, USA
Project highlights
- 100%-owned, large, brownfields project in Montana’s Stillwater District, one of the world’s largest and highest-grade PGE-Ni-Cu regions adjacent to Sibanye-Stillwater’s high-grade PGE Mines with over 15Moz past Pd+Pt production.
- 2023 mineral resource estimate update expanded the inaugural resource by 62% and defined 1.6 billion pounds (“Blbs”) of nickel, copper and cobalt and 3.8 million ounces (“Moz”) palladium, platinum, rhodium, and gold (“4E”) in a constrained model totaling 255 million tonnes (“Mt”) at an average grade of 0.39% total estimated recovered NiEq (or 1.19 g/t Palladium Equivalent “PdEq”).(See news release dated Jan 25, 2023)
- The selective mining high-grade component yielded 11.6Mt at 1.05% Total NiEq (or 3.24 g/t Total PdEq) as 0.56% Ni, 0.33% Cu, 0.03% Co with 0.54 g/t Pd, 0.27 g/t Pt, 0.15 g/t Au and 0.019 g/t Rh. Expansion of this high-grade component results from the addition of high-grade mineralization encountered in the 2021 drill campaign.
- The 2023 Resource is contained within five deposits in the nine-kilometer central area of the project, all of which are open along strike and at depth. Coincident multi-kilometer scale geophysical targets and metal-in-soil anomalies indicate excellent expansion potential. Untested anomalies and earlier stage targets extend across much of the 32-kilometer-long Stillwater West project.
- The Stillwater District has a rich mining history for PGEs, Ni, Cu, Cr, and other commodities, including government subsidized production of high-grade Cr in the 1940s and 1950s.
- The project features an extensive database –– including over 38,000 m of core –– to which Stillwater Critical Minerals is applying modern geological models developed in South Africa at Ivanhoe’s Platreef and Anglo American’s Mogalakwena mines.
- Road access, power, and mining infrastructure are excellent with three adjacent operating mines that include two concentrator facilities, and a nearby smelter-refinery complex.
Black Lake-Drayton Gold Project, Northwest Ontario, Canada
Overview
- ~15,257Ha; adjoins Treasury Metals’ Goliath Gold Complex in Rainy River-Dryden-Sioux Lookout gold district
- 100% owned by Stillwater Critical Minerals, with a definitive agreement granting Heritage Mining right to earn up to a 90% interest over four years signed November 2021
- Located in mature mining district of Ontario, offering low geo-political risk,direct road and rail access, and close proximity to power
- Over 176 holes drilled with historic holes confirming high-grade Au and Cu mineralization
- Four priority areas based on historic high-grade drill intersections: Moretti, Alcona, Shaft and Forster
Kluane PGE-Ni-Cu Project, Yukon Territory, Canada
Emerging world-class Canadian PGE-Ni-Cu district
Overview
- Kluane Mafic-Ultramafic belt extends 600 km from northern British Columbia to central Alaska and hosts known PGE-Ni-Cu deposits
- 100% ownership in four claim blocks
- The Wellgreen deposit hosts over 1.8 billion pounds of nickel, 1.1 billion pounds of copper, 5.7 million ounces of platinum group metals ("PGM's") and 107 million pounds of cobalt (M&I), which demonstrates the world-class potential of the belt
- Similar geology to largest known PGE-Ni-Cu deposits including the Bushveld and Stillwater complexes
Near-Term Priorities at Kluane Project
- Continue ongoing discussions re best avenue to monetize asset via earn-in or JV
- Undertake modest surface exploration program to expand known mineralization, refine targets
Summary
Potential to become a low-carbon world-class, US-based source of battery metals and platinum group elements
Stillwater West Project
- District-scale asset, 100% owned
- Exceptional team, including former Ivanhoe lead geologists
- NI 43-101-compliant mineral resource estimate of 1.6Blbs Ni, Cu, and Co, plus 3.8Moz Pd, Pt, Rh and Au
- Extensive expansion potential within core 9km area and more broadly across 32km strike length
- Top-tier US jurisdiction with world-class mineral endowment and a long history of production
- Attractive mix of in-demand commodities
Exploration Potential
- Underexplored, with demonstrated scale and grade
- Substantial database and predictive geologic model speeds progress
- Multiple kilometer-scale targets for expansion of existing resources
Company
- Timing – Growth stage company
- People – Veteran management and technical teams
- Permitted and funded, with no debt
- Assets – 100% ownership of three district-scale assets
Management, Directors, and Advisors
Michael Rowley, BSc, President & CEO, Director
Co-founder of Stillwater Critical Minerals with 30 years executive experience in the exploration, mineral processing, and mine environmental industries.
Danie Grobler, Ph.D., Vice-President of Exploration
World-recognized expert in the discovery and mining of battery and platinum group metals. Over 25 years experience in global exploration, including Head of Geology and Exploration for Ivanhoe Mines.
Greg Johnson, Executive Chairman
30 years in exploration, development of large-scale mining projects raising over $650 million in project financing. Co-founder of NovaGold Resources.
Albie Brits, P.Geo., Senior Geologist
28 years focused on the advancement of projects from grassroots to production. Former Senior Geologist and Manager Project Geology for Ivanhoe Mines.
Gordon Toll, Independent Director
Over $5B raised in the resource industry with more than 50 years experience. Past senior roles with Ivanhoe Mines, Fortescue Minerals, BHP Billiton and Rio Tinto.
Gregor Hamilton, Director
24 years experience in mining sector as a geologist, investment banker and entrepreneur. Capital markets and global experience in M&A and structured finance.
Mike Ostenson, P.Geo., Managing Geologist, Qualified Person
20 years experience in the Stillwater district. Senior technical roles for Beartooth Platinum, Stillwater Mining Co. and AngloGold.
Justin Modroo, P.Geo., Project Geophysicist
20 years industry experience, including Stillwater Complex work with Premium Exploration and Beartooth Platinum.
Chris Ackerman, VP Corporate Development
Over 10 years of Corporate Development and IR experience. Currently Senior Management with Metallic Group peers Metallic Minerals Corp. and Granite Creek Copper.
Harry Burgess, P.Eng., Advisor, Mining & Mine Engineering
Garth Kirkham, P.Geo., P.Geoph., Advisor, Geology & Mining
Doug Warkentin, P.Eng., Advisor, Processing & Metallurgy
Dr. Wolfgang Maier, Senior Geological Advisor
On April 22, 2024, Due to strong investor demand, Stillwater Critical Minerals Corp.'s non-brokered private placement announced March 28, 2024, has been increased to 27.5 million units for gross proceeds of $3.85-million from the previously announced 17,857,143 units for gross proceeds of $2.5-million.
All other terms of the offering remain unchanged. Glencore Canada Corp., a wholly owned subsidiary of Glencore PLC, has agreed to purchase 15 million units of Stillwater pursuant to the placement, for gross proceeds of $2.1-million.
The offering is expected to close on or about April 26, 2024, and is subject to customary conditions, including acceptance by the TSX Venture Exchange. All securities issued pursuant to the offering will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.
On March 28, 2024, Stillwater Critical Minerals Corp. has commenced a non-brokered private placement offering of up to 17,857,143 units of the company at a price of 14 cents per unit for gross proceeds of up to approximately $2.5-million.
Glencore Canada Corporation ("Glencore"), a wholly-owned subsidiary of Glencore plc, has agreed to purchase 15 million units of Stillwater pursuant to the Placement, for gross proceeds of $2.1 million.
Stillwater President and CEO, Michael Rowley, stated, "We are pleased to have Glencore's continued support through their participation in this placement as we advance our flagship Stillwater West project as a large-scale source of nine metals that are now listed as critical in the USA. With the largest nickel resource in an active US mining district, and high co-product values of copper, cobalt, palladium, platinum, rhodium and gold, we are uniquely positioned to play a key role in the US government's stated objective of building domestic supply chains of these essential commodities."
On January 05, 2024, The TSX Venture Exchange has consented to the extension in the expiry date of the following warrants. Private placement:
Number of warrants: 21,635,000
Original expiry date of warrants: July 17, 2023 (amended to Jan. 17, 2024)
New expiry date of warrants: July 17, 2024
Exercise price of warrants: 30 cents (unchanged)
These warrants were issued pursuant to a private placement of 22.5 million shares with 22.5 million share purchase warrants attached, which was accepted for filing by the exchange effective July 21, 2020.
On December 05, 2023, Stillwater Critical Minerals Corp. has provided an update on diamond drilling completed at the company's flagship Stillwater West nickel-platinum-group-element-copper-cobalt plus gold project in Montana in 2023, and other initiatives. Highlights -- Stillwater West:
- The 2023 drill campaign focused on expansion of the National Instrument 43-101 compliant resources, announced on Jan. 25, 2023, with particular focus on expanding recent high-grade discoveries at Chrome Mountain at the west end of the nine-kilometre-long resource area.
- Six holes totalling 2,310 metres were completed within and outside of the current resource area, west and south of the current DR-Hybrid deposit, as part of a planned multiphase program.
- Multiple new mineralized zones were intercepted (see Sept. 12, 2023, release).
- Results include identification and expansion of the N series of sulphide-rich mineralized structures parallel to high-grade nickel sulphide mineralization first discovered by the company in drill holes CM2021-05 and CM2020-04.
- Drilling in 2023 intercepted the N2 and N3 mineralized zones in parallel to high-grade mineralization in CM2021-05, which is now known as N1. As reported May 3, 2022, N1 returned 13.2 metres grading 2.89 per cent recovered nickel equivalent (NiEq) (2.31 per cent nickel, 1.51 grams per tonne 4E, 0.35 per cent copper, and 0.115 per cent cobalt), starting at 37.6 metres, and is contained within 400.8 metres of continuous battery and precious metal mineralization.
- N series structures and associated high-grade mineralization are now understood to be part of a series of north-south-trending structures that crosscut the layered sequence and Platreef-style mineralization of the Stillwater igneous complex.
- Drilling also confirmed nickel and copper sulphide mineralization in a large and previously untested geophysical anomaly which forms part of a string of untested anomalies extending over 12 kilometres along strike.
- All core has now been submitted to the lab for assay with results expected over the coming weeks.
- Mineralized zones were predicted by the updated exploration model, demonstrating the company's success in advancing the first ever detailed geologic model of the lower Stillwater igneous complex.
- The 2023 drill campaign is the first campaign financed by the strategic investment made by Glencore PLC in June, 2023, and the first to apply updated geological models which incorporate similar geology from South Africa's Platreef district under the direction of Dr. Danie Grobler, who joined the team in May of 2022 as vice-president of exploration.
- Drilling for 2024 is now being planned to continue expansion around known mineralization at the existing resource areas, at recent discoveries, including the N series structures, and also more broadly across the 32-kilometre-long project.
On September 12, 2023, Stillwater Critical Minerals Corp. has provided an update on drilling now under way at the company's flagship Stillwater West nickel/platinum group element/copper/cobalt plus gold project in Montana. The company is further pleased to provide updates on exploration programs underway now at the Company's Canadian projects including the Kluane PGE-Ni-Cu project in Yukon, and drilling at the Drayton - Black Lake gold project in Ontario via Heritage Mining, as part of their earn-in deal. Highlights:
- Drilling focused on expansion of the NI 43-101-compliant resources announced January 25, 2023 (the "2023 Resource") is underway now, funded by the strategic investment by Glencore PLC announced June 30, 2023.
- Crews have begun the sixth hole and completed more than 1,800 meters drilling to date.
- All holes in the 2023 campaign to date are west and south of the DR-Hybrid deposit at Chrome Mountain, which forms the western edge of the five deposits that span nine kilometers to comprise the 2023 Resource.
- Multiple intervals showing visible sulphide mineralization have been returned to date. Drilling has focused in the area of recent high-grade discoveries made by the Company such as drill hole CM2021-05, which returned 13.2 meters grading 2.89% Recovered Nickel Equivalent1 ("NiEq") (2.31% Ni, 1.51 g/t 4E, 0.35% Cu, and 0.115% Co), starting at 37.6 meters and contained within 400.8 meters of continuous battery and precious metal mineralization (see news release May 3, 2022).
- The 2023 campaign is the first to apply updated geological models which incorporate similar geology from South Africa's Platreef district under the direction of Dr. Danie Grobler, who joined the team in May of 2022 as Vice-President Exploration.
- The Company is applying geologic models from the Platreef district based on well-documented parallels between the Stillwater Igneous Complex and the Bushveld Igneous Complex, which hosts very large Ni-Cu-PGE mines that are now in operation by Ivanhoe Mines and Anglo American.
July 20, 2023, Stillwater Critical Minerals Corp. has started 2023 expansion drilling at its flagship Stillwater West nickel-platinum-group-element-copper-cobalt and gold project in Montana, United States, and has provided an update on other initiatives including work already under way. Highlights:
Drilling will focus on expansion of the National Instrument 43-101 compliant resources announced Jan. 25, 2023, which demonstrated world-class grade and scale with 1.6 billion pounds of nickel, copper and cobalt and 3.8 million ounces of palladium, platinum, rhodium and gold (4E) in a base case study totalling 255 million tonnes (Mt), with a high-grade component of 11.6 Mt grading 1.05 per cent recovered nickel equivalent (as 0.56 per cent Ni, 0.33 per cent Cu, 0.03 per cent Co, 0.54 gram per tonne Pd, 0.27 g/t Pt, 0.15 g/t Au and 0.019 g/t Rh).
Priority is on expansion of high-grade mineralization at the DR-Hybrid deposit at Chrome Mountain, including:
Drill hole CM2021-05, which returned 13.2 metres grading 2.89 per cent recovered nickel equivalent (NiEq) (2.31 per cent Ni, 1.51 g/t 4E, 0.35 per cent Cu and 0.115 per cent Co), starting at 37.6 metres. This high-grade mineralization, contained within 400.8 metres of continuous battery and precious metal mineralization, is of a type not previously identified in the Stillwater district and appears to be related to 8.5 metres of similar high-grade, high-tenor nickel sulphide returned in hole CM2020-04, approximately 125 metres down dip to the west. See news releases from May 3, 2022, and March 3, 2021.
Drilling is also expected to expand on high-grade targets at the CZ and HGR deposits at Iron Mountain, up to nine kilometres east of Chrome Mountain, as stepouts from the following intercepts:
Drill hole CZ2021-01, which returned 63.7 metres grading 0.86 per cent NiEq (0.47 per cent Ni, 0.42 g/t Pd, 0.27 per cent Cu and 0.04 per cent Co as well as significant Pt and Au values), within 367.6 metres of continuous mineralization. This hole was a stepout from hole CZ2019-01 which returned 62 metres grading 0.56 per cent NiEq and also 3.54 metres of 2.67 per cent NiEq (as 1.53 per cent Ni, 0.49 per cent Cu, 0.099 per cent Co and 3.45 g/t 4E) within 399 metres of continuous mineralization, starting at surface. The CZ deposit benefits from a historic resource and positive preliminary metallurgical work completed by Amax in the 1970s. See news releases from Dec. 20, 2021, and Jan. 21, 2020;
Drill hole IM2021-05 in the HGR deposit area returned 7.3 metres grading 0.70 per cent NiEq (as 0.45 per cent Ni, 0.51 g/t 4E, 0.17 per cent Cu and 0.026 per cent Co), and 2.4 metres 2.04 per cent NiEq (as 1.55 per cent Ni, 0.85 g/t 4E, 0.17 per cent Cu and 0.087 per cent Co), within 379.2 metres of continuous battery and precious metal mineralization starting at surface. This hole was a stepout from hole IM2019-03, which returned 26.8 metres grading 0.85 per cent NiEq (as 0.34 per cent Ni, 0.15 per cent Cu, 0.019 per cent Co and 1.24 g/t 4E) within 272.5 metres of continuous mineralization. See news releases from July 7, 2022, and Dec. 18, 2019.
The 2023 campaign will be the first to apply updated geological models which incorporate similar geology from South Africa's Platreef district under the direction of Dr. Danie Grobler, who joined the team in May of 2022 as vice-president, exploration.
This campaign is financed by the recent 9.99-per-cent strategic equity investment by Glencore and is expected to consist of approximately 5,000 meters of diamond core drilling.
Michael Rowley, president and chief executive officer of Stillwater Critical Minerals, stated: "We are very pleased to announce the arrival of equipment and crews for our 2023 drill campaign with a view to expanding our recent high-grade nickel and copper sulphide discoveries, enriched in cobalt and precious metals. Those intercepts included some of the widest and highest-grade intervals in their respective years and drove a robust and low-cost expansion of our previous mineral resource. We are focused on continuing that trend as we apply our new understanding of the geology of the Stillwater complex from the giant mines of South Africa. The broader fundamentals are stronger than ever for our sector, and the recent strategic investment by Glencore in Stillwater is an important validation of both the project and the underlying fundamentals of U.S. critical mineral supply. We look forward to further announcements from this iconic and expanding American mining district, which has been producing high-grade critical minerals for over 100 years."
On July 14, 2023, The TSX Venture Exchange has consented to the extension in the expiry date of the following warrants. Private placement:
Number of warrants: 21,635,000
Original expiry date of warrants: July 17, 2023
New expiry date of warrants: Jan. 17, 2024
Exercise price of warrants: 30 cents (unchanged)
These warrants were issued pursuant to a private placement of 22.5 million shares with 22.5 million share purchase warrants attached, which was accepted for filing by the exchange effective July 21, 2020.
On July 04, 2023, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on June 23, 2023.
Number of shares: 19,758,861 shares
Purchase price: 25 cents per share
Warrants: 13,831,203 share purchase warrants to purchase 13,831,203 shares
Warrant exercise price: 37.5 cents for a three-year period, subject to acceleration
Number of placees: one place
On June 30, 2023, Stillwater Critical Minerals Corp. has completed a 9.99-per-cent strategic equity investment by Glencore Canada Corp., a wholly owned subsidiary of Glencore PLC. Pursuant to the placement, Stillwater issued 19,758,861 units at a price of 25 cents per unit for gross proceeds of approximately $4.94-million.
Each unit comprised one common share and 0.70 of a common share purchase warrant. Each full warrant entitles Glencore to purchase one additional common share for 37.5 cents, providing up to approximately $5.2-million in additional financing if all placement warrants are exercised in full. The placement warrants are exercisable for three years, subject to early acceleration if the volume weighted average trading price of Stillwater's common shares on the TSX Venture Exchange is greater than 56.25 cents for a period of 20 consecutive trading days. All securities issued pursuant to the placement are subject to a hold period of four months and one day.
Stillwater Critical Minerals president and chief executive officer Michael Rowley stated: "We are very pleased to bring Glencore to the underexplored yet truly world-class geology of the Stillwater igneous complex via this cornerstone investment in Stillwater. Together, we are focused on advancing the next phase of critical mineral supply from this iconic American district. Preparations are under way now for phase 1 drilling with a focus on expansion of high-grade nickel sulphides with significant copper, cobalt, palladium, platinum, rhodium and chrome, as defined in our past campaigns. We look forward to announcing further details in the coming weeks, along with the start of drilling."
On June 23, 2023, Stillwater Critical Minerals Corp. has executed a definitive agreement for a strategic equity investment by Glencore Canada Corp., a wholly owned subsidiary of Glencore PLC, in the form of a non-brokered private placement financing for exploration and development activities at the company's North American nickel projects, as well as for working capital, and general and administrative expenses.
Pursuant to the placement, Glencore has agreed to purchase 19,758,861 units of Stillwater at a price of 25 cents per unit for gross proceeds of $4.94-million, with each unit comprising one common share and 0.70 of a common share purchase warrant. Each full warrant shall entitle Glencore to purchase one common share at an exercise price of 37.5 cents, providing up to approximately $5.2-million additional financing, if exercised in full. The warrants shall be exercisable for three years from the date of issue and contain a customary acceleration provision, which shall be effective if the volume-weighted average trading price of the common shares on the TSX Venture Exchange is greater than 56.25 cents for a period of 20 consecutive trading days.
Following closing of the investment, Glencore will have ownership and control of 9.99 per cent of the outstanding common shares of Stillwater on a non-diluted basis and, including the warrants, 15.87 per cent of the outstanding common shares on a partially diluted basis. Glencore does not currently own or control any securities of the company.
Michael Rowley, Stillwater Critical Minerals president and chief executive officer, stated: "We are very pleased to welcome Glencore, one of the top five largest mining companies in the world, as a major investor. This represents a major step forward for Stillwater as we advance our flagship Stillwater West project with the vision of becoming a large-scale source of battery and precious minerals that are now listed as critical in the U.S., and elsewhere. There are very few projects globally, and especially located within the United States, that offer the combination of grade and scale in a producing district that we see at Stillwater West. We are now booking drills and crews for our 2023 drill campaign, with a focus on expansion of the high-grade nickel-copper sulphides identified in our past campaigns. We look forward to announcing further details in the coming weeks, along with the start of drilling."
May 5, 2023, Stillwater Critical Minerals Applies for Warrant Extension
https://criticalminerals.com/news/2023/stillwater-critical-minerals-applies-for-warrant-extension/
April 20, 2023, Stillwater Critical Minerals Appoints Dr. Wolfgang Maier as Senior Geological Advisor
March 14, 2023, Stillwater Critical Minerals Files Technical Report for the Updated Mineral Resource Estimate at the Stillwater West Project in Montana, USA
February 14, 2023, Stillwater Critical Minerals Partners with Cornell University on Hydrometallurgy and Carbon Sequestration Initiatives for its Stillwater West Project in Montana, USA
Stillwater Critical Minerals Expands Resource 62% to 1.6 Blbs Battery Metals and 3.8 Moz PGE+Gold at Stillwater West Project in Montana, USA
Stillwater Critical Minerals Reports High-Grade Gold and Platinum Group Elements with Battery Metals at the Pine Target, Stillwater West PGE-Ni-Cu-Co + Au Project, Montana, USA