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Stillwater Critical Minerals

Explorer, with a project stated to be in Montana, United States.

Montana · United States — as stated on the recordings

explorer Montana, United States
May 2026Covered
9 of 10Topics on record
1 executiveNamed on the record
Stage
Explorer
Jurisdiction
Montana, United States
Latest appearance
18 May 2026
On record
1 interview · 16 statements · 1 executive

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
91 million pounds cobalt
Management-stated Mike Rowley May 2026
Money on hand
fully funded, late December placement
Management-stated Mike Rowley May 2026
What happens next
work on Kluane in the Yukon this year, finalizing plans
Management-stated Mike Rowley May 2026
The main open question
The resource was upgraded only 20 months ago to a geology-based model, replacing prior grade-only estimates—creating execution risk in near-term resource updates.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
3 independent voices on record — 2 constructive, 1 neutral
Nick Smart, Don Durett, John Feneck
Outside voices

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Stillwater Critical Minerals's own claims across 1 interview — most-covered theme first.

What outside voices pick up on

3 independent voices — people who do not speak for the company — across 3 mentions.

2 constructive 1 neutral
  • Nick Smart “Used as peer comparison — ~3M oz resource, ~$100-200M market cap, lower grades than Pedra Branca; not a direct recommendation”
  • Don Durett “Down ~45% on sentiment; Durrett sees this as a mispricing given its large PGE mine in safe jurisdiction.”
  • John Feneck “He says it is benefiting from copper, platinum and palladium and has Glencore support.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says the company holds the only US rhodium resource and 1.6 billion pounds of nickel, copper, cobalt plus 3.8M oz of PGE metals in a producing Montana district, with a tested geology model now guiding the 255M-ton bulk resource.

What it rests on
Evidence: 3 moments from 1 interview
Read the full case

Management says the company holds the only US rhodium resource and 1.6 billion pounds of nickel, copper, cobalt plus 3.8M oz of PGE metals in a producing Montana district, with a tested geology model now guiding the 255M-ton bulk resource. Glencore has written three consecutive checks and owns 13%, suggesting strategic validation of the asset and fully-funded exploration through PEA-level economics next year.

▼ Bear case

The resource was upgraded only 20 months ago to a geology-based model, replacing prior grade-only estimates—creating execution risk in near-term resource updates.

What it rests on
Evidence: 1 moment from 1 interview
Read the full case

The resource was upgraded only 20 months ago to a geology-based model, replacing prior grade-only estimates—creating execution risk in near-term resource updates. No operating mine financials or production economics are detailed; the peer comparison shows lower grades than similar assets, and PEA timing remains 18 months away with a June resource update subject to assay delays.

◆ Watch next

Concrete catalysts: (1) June H1 resource update—first major reassessment using new geology model; (2) July drill start through snow season—test of exploration upside claims; (3) Next-year PEA—first path-to-economics study; (4) Glencore's…

What it rests on
Evidence: 2 moments from 1 interview
Read the full case

Concrete catalysts: (1) June H1 resource update—first major reassessment using new geology model; (2) July drill start through snow season—test of exploration upside claims; (3) Next-year PEA—first path-to-economics study; (4) Glencore's next move—three placements signal confidence, but no binding acquisition or offtake announced yet.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 7 statements

The deposit 4

Key takeaway. Management of Stillwater Critical Minerals describes a deposit with multiple scenarios, including bulk tonnage of 255 million tons, mid-grade of 120 million tons, and a high-grade scenario, all as of May 2026.

Read the full summary

The company reports a resource of 1.6 billion pounds of nickel, copper, and cobalt and 3.8 million ounces of palladium, platinum, rhodium, and gold, including 91 million pounds of cobalt. Management also points to exploration upside in a rhodium resource, mapped AB chromites across 20 km, and JM Reef contiguity below the Sibanye deposit.

What was actually said
deposit type
bulk tonnage 255 million tons, mid-grade 120 million tons, high-grade scenario
“The bulk tonnage is 255 million tons. They the mid-grade is sort of 120 million tons. And then there's a very high-grade scenario within that.”
Mike Rowley· 18 May 2026·
exploration upside
rhodium resource, mapped AB chromites across 20 km, JM Reef contiguity below Sibanye deposit
“It is the only rhodium resource in the US and one of the very, very few in North America.”
Mike Rowley· 18 May 2026·
resource size
91 million pounds cobalt
“we of course have uh, 91 million pounds cobalt right there in Montana in a producing district.”
Mike Rowley· 18 May 2026·
Show the other 1 statement
resource size
1.6 billion pounds of nickel, copper, and cobalt and 3.8 million ounces of palladium, platinum, rhodium, and gold
“The current resources are 1.6 billion pounds of nickel, copper, and cobalt and 3.8 million ounces of palladium, platinum, rhodium, and gold.”
Mike Rowley· 18 May 2026·

Jurisdiction 1

What was actually said
country
United States, Montana
“We're in Montana. We're in a producing district.”
Mike Rowley· 18 May 2026·

Technical risk 2

Key takeaway. Stillwater Critical Minerals management says a key technical assumption is that their AB chromites model will be verified; the first hole at Iron Mountain, IM-209501, intercepted a 4.9 m interval of grade.

Read the full summary

They note the geology model has only been in place for the past 20 months and that previous resources were based on grade models, not geology.

What was actually said
key assumption
AB chromites model verification, first hole IM-209501 intercepted at Iron Mountain with 4.9 m interval of grade
“the first hole at Iron Mountain, we ran two rigs, uh intercepted the AB chromite basically where they predicted it would be. Um and you see that in the results. It's a nice, I think, 4.9 m uh interval of grade.”
Mike Rowley· 18 May 2026·
stated risk
geology model only for past 20 months, previous resources based on grade models not geology
“we're basing our resource for the first time on our geology model. We actually have a working geology model. And that's only for the past, say, 20 months or something. Previous resources, the previous two, were grade models.”
Mike Rowley· 18 May 2026·

Economics 2 statements

Economics 1

What was actually said
price assumption
2023 resource at market prices at that time, conservative trailing average prices, nickel 47% by value
“In the 2023 resource at market prices at that time, conservative trailing average prices, we were sort of 47% nickel by value.”
Mike Rowley· 18 May 2026·

Financing 1

What was actually said
financing status
fully funded, late December placement
“We're fully funded um late December placement.”
Mike Rowley· 18 May 2026·

Timeline 4 statements

Timeline 4

Key takeaway. Stillwater Critical Minerals management says the company has several milestones ahead.

Read the full summary

A resource update is expected in the first half of this year, with a later event in June. Drills will start turning in July and run until the snow flies. Work on the Kluane project in the Yukon is being finalized this year, and a PEA-level economic study is targeted for next year, within roughly 18 months (by May 2026).

What was actually said
milestone
work on Kluane in the Yukon this year, finalizing plans
“we are going to do some work on Kluane in the Yukon this year. And we are finalizing plans there.”
Mike Rowley· 18 May 2026·
milestone
drills will start turning in July, run until snow flies
“drills will start turning in July. Now, we'll run them until the snow flies and the winds kick in.”
Mike Rowley· 18 May 2026·
milestone
PEA level economics next year, 18 months at outside
“Um we're saying next year, you know, 18 months uh at outside um is our current thinking.”
Mike Rowley· 18 May 2026·
Show the other 1 statement
upcoming result
resource update H1 of this year, later June event
“the resource, and we're talking H1 of this year. I think it's going to be a later June event, um given the delays in assays and things.”
Mike Rowley· 18 May 2026·

Corporate 3 statements

Management 1

What was actually said
track record
senior ex-Ivanhoe people including Danny Grobler and Albie Brits, worked with Tim Kuhl and Mine Technical Services on Platreef resource
“we continue to advance the Ivanhoe models with senior ex-Ivanhoe people.”
Mike Rowley· 18 May 2026·

Share structure 1

What was actually said
insider stake
Glencore 13%
“Glencore, you know, they wrote a third check for us. They're 13% of the company.”
Mike Rowley· 18 May 2026·

Market 1

What was actually said
potential acquirer
Glencore
“Glencore has now written three checks in three placements, one each year.”
Mike Rowley· 18 May 2026·

Outside views 3 mentions

3 mentions by people who do not speak for the company — 2 constructive, 0 cautious, 1 neutral. These are their views, not the company's.

Nick Smart
neutral
Used as peer comparison — ~3M oz resource, ~$100-200M market cap, lower grades than Pedra Branca; not a direct recommendation
Crux Investor· 03 Apr 2026·
Don Durett
bullish
Down ~45% on sentiment; Durrett sees this as a mispricing given its large PGE mine in safe jurisdiction.
The Silver Market· 27 Feb 2026·
John Feneck
bullish
He says it is benefiting from copper, platinum and palladium and has Glencore support.
Investing News· 17 Jul 2025·

Sources 1 interview

Every interview 1

DateChannelInterviewStatements
18 May 2026 Mining Network Fully Funded & Largest Drill Program Ever - Stillwater Critical Minerals 16

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

chrome mountain 1
cobalt 1
glencore 1
iron mountain 1
kluane 1
nickel 1
sibanye 1
sulfuric acid 1

Questions people ask

What is Stillwater Critical Minerals's project and where is it?

Stillwater Critical Minerals is a explorer mining company, with a project stated to be in Montana, United States. Everything here is drawn from its executives' own interviews.

Which interviews mention Stillwater Critical Minerals?

We track 1 interview mentioning Stillwater Critical Minerals, across 1 channel (Mining Network).

What are investors saying about Stillwater Critical Minerals?

3 independent voices — people who do not speak for the company — are on record discussing it (2 bullish, 1 neutral). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Stillwater Critical Minerals cover?

The most-discussed topics on record are the deposit, timeline, technical risk, economics — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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