Stillwater Critical Minerals

What Stillwater Critical Minerals does

Stillwater Critical Minerals Corp. (TSX.V: PGE; OTCQB: PGEZF; FSE: J0G), formerly Group Ten Metals Inc., is a Canadian-domiciled, publicly-traded mineral exploration and development company headquartered in Vancouver, British Columbia. The company's flagship asset is the 100%-owned Stillwater West Ni-PGE-Cu-Co+Au project in Montana, USA, located directly adjacent to Sibanye-Stillwater's operating Stillwater, East Boulder, and Blitz PGE mines. The project covers a district-scale land position with more than 20 kilometres of strike length in the lower Stillwater Igneous Complex and hosts an NI 43-101 Mineral Resource Estimate containing 1.6 billion pounds of nickel/copper/cobalt, 2.3 billion pounds of chromium, 3.8 million ounces of platinum group elements and gold, and 115,000 ounces of rhodium — the only known rhodium resource in the United States. The technical team applies Bushveld and Platreef-style exploration models combined with district-scale geological modeling, geophysical surveys (IP and EM), and systematic drilling programs to identify and expand the polymetallic sulphide resource.

Beyond Stillwater West, the company holds a portfolio of North American exploration assets: a 49% interest in the Drayton-Black Lake Gold Project in Ontario (under earn-in with Heritage Mining), the Kluane PGE-Ni-Cu Project in the Yukon Territory, and the Duke Island Cu-Ni-PGE property in Alaska. The company is pre-revenue with no commercial production; cumulative cash burn is approximately CA$8.4 million annually against a CA$17 million cash position as of December 2025 (approximately two years of runway). Capital formation has been driven by repeat equity placements — including a CA$5 million strategic investment from Glencore Canada in June 2023 (9.99% non-diluted ownership; 15.87% with warrants) and a CA$17 million bought-deal private placement in December 2025 — bringing total equity raised since inception to over CA$40 million.

The intended end-use segments for future production are U.S. government and defense (critical mineral security and stockpiles), battery/EV manufacturers (nickel, copper, cobalt supply), and industrial manufacturers (chromium for stainless steel). Commercial revenue will depend on advancing Stillwater West from exploration through feasibility, permitting, and mine development — a multi-year pathway — at which point the company expects to sell extracted minerals directly to refiners, metal traders, and end-users, with an initial focus on U.S. domestic supply chains.

Name

Stillwater Critical Minerals

Legal name

Stillwater Critical Minerals Corp.

Website

https://criticalminerals.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Stillwater Critical Minerals is a Vancouver-based, TSX Venture-listed mineral exploration company advancing the flagship Stillwater West Ni-PGE-Cu-Co+Au polymetallic critical minerals project in Montana, adjacent to Sibanye-Stillwater's operating mines, with additional exploration assets in Yukon, Ontario, and Alaska. The company is pre-revenue and strategic-backed by Glencore.

Ownership category

akta.pro rank

Product category

Critical Minerals Exploration

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Copper, Nickel, Lead, and Zinc Mining (21223)

SIC

Metal Mining (1000), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

Keywords

• Mineral resource exploration
• Critical minerals development
• Platinum group elements
• Polymetallic mining projects
• Nickel copper exploration

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Pre-Revenue Exploration Stage: The company is in early-stage development without commercial operations, recording no revenue. The company had CA$17 million in cash as of December 2025 against an annual cash burn of CA$8.4 million, providing approximately 2 years of runway. Future revenue will come from mineral production and sales once the Stillwater West project reaches commercial production.

Distribution channels1 record

Marketing channels9 records

Core offering

Stillwater Critical Minerals is a mineral exploration and development company advancing a portfolio of critical minerals and precious metals projects in North America, with its flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana. The company targets platinum group elements (platinum, palladium, rhodium), nickel, copper, cobalt, chromium, and gold through district-scale geological modeling, geophysical surveys, and systematic drilling programs. The company is pre-revenue and intends to develop domestic sources of critical minerals for U.S. supply chains.

Product overview

Stillwater Critical Minerals is a mineral exploration and development company operating a portfolio of critical minerals and precious metals projects across North America. The company's flagship asset is the Stillwater West Ni-PGE-Cu-Co+Au project in Montana, a large polymetallic system containing ten critical minerals. The company also holds interests in the Drayton-Black Lake gold project in Ontario, the Kluane PGE-Ni-Cu critical minerals project in Yukon, the Duke Island property in Alaska, and maintains a back-in right on the Yankee-Dundee project in BC. The company was previously known as Group Ten Metals and underwent a name change in 2022.

Differentiator

Problem solved

Functional benefit

Products and services

• Stillwater West Ni-PGE-Cu-Co + Au Project Flagship polymetallic critical minerals project located in Montana, USA, adjacent to Sibanye-Stillwater's operating mines. Targets nickel, copper, cobalt, chromium, palladium, platinum, rhodium, and gold mineralization across the Chrome Mountain and Iron Mountain resource areas, containing ten minerals listed as critical by the U.S. government.
• Drayton-Black Lake Gold Project Gold exploration project in northwest Ontario, Canada, adjacent to Nexgold Mining's Goliath Gold Complex, operated under an earn-in agreement where Heritage Mining may earn additional interest through exploration expenditures.
• Kluane PGE-Ni-Cu Project Critical minerals project in Canada's Yukon Territory on trend with Nickel Creek Platinum's Wellgreen deposit, targeting platinum group elements, nickel, copper, and cobalt.
• Yankee-Dundee Project High-grade past-producing project in British Columbia, Canada, where Stillwater retains a back-in right.
• Duke Island Cu-Ni-PGE Property Copper-nickel-platinum group element property located in Alaska, USA.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered secondary and core.

• Metallic Minerals Corp.secondaryStrategic or Co-development Partner · 27 February 2026Collaboration under The Metallic Group brand at PDAC 2026 Convention in Toronto, sharing Booth #2724. Both companies are part of the Metallic Group of Companies, a collaboration of leading precious and base metals exploration companies with shared management and technical expertise.
• Sibanye-StillwatercoreStrategic or Co-development Partner · 17 June 2025Adjacent operator of the Stillwater, East Boulder, and Blitz PGE mines. Stillwater West is directly adjacent to Sibanye-Stillwater's operating Stillwater mines and processing infrastructure, providing access to established infrastructure, workforce, and mining expertise. Sibanye-Stillwater operates the only primary PGE-producing complex in the United States.
• Heritage MiningsecondaryStrategic or Co-development Partner · 29 November 2021Definitive agreement with Heritage Mining on the Drayton-Black Lake gold project in Ontario, Canada. Stillwater holds a 49% interest in the project under an earn-in agreement with Heritage Mining, allowing Heritage to earn additional interest through exploration expenditures.
• Mount Cairnes ResourcessecondaryStrategic or Co-development Partner · 25 July 2019Earn-in agreement with Mount Cairnes Resources for the Ultra PGE-Ni property in Canada's Yukon Territory, allowing Mount Cairnes to earn an interest in the project through exploration expenditures.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Sibanye-Stillwater: The dominant PGE producer in the Stillwater district and operator of the only primary PGE-producing complex in the United States. Directly relevant as Stillwater West's neighbor and the most important infrastructure/operational comparable.
• Impala Platinum Holdings (Implats): One of the world's largest PGE producers with major operations on the Bushveld Complex in South Africa. Comparable as the global analog for Stillwater West's Bushveld/Platreef-style polymetallic exploration model.
• Ivanhoe Mines Ltd. Canadian-listed major polymetallic miner developing large-scale nickel-copper-PGE and copper projects. Comparable as a polymetallic critical minerals developer with similar commodity exposure profile.

Direct peers

• Platinum Group Metals Ltd. Canadian-listed PGE-focused exploration and development company advancing the Waterberg PGE project in South Africa. Closely comparable business model (junior PGE explorer), commodity focus, and strategic partnership history with major mining houses.
• Nickel Creek Platinum Corp. Holds the Wellgreen PGE-Ni-Cu deposit in Canada's Yukon Territory, on-trend with Stillwater's Kluane project. Highly comparable as a junior polymetallic (PGE-Ni-Cu) explorer at a similar stage of development.
• Metallic Minerals Corp. Sister company within The Metallic Group of Companies, sharing management and technical resources with Stillwater Critical Minerals. Highly comparable as a junior precious and base metals explorer with similar team, GTM, and TSX-V listing profile.
• Generation Mining Limited: Canadian-listed critical minerals developer advancing the Marathon Palladium-Copper project in Ontario. Comparable as a polymetallic (Pd-Cu-Pt-Au-Ag) explorer/developer with similar capital markets profile.
• Canada Nickel Company: Canadian-listed critical minerals explorer advancing nickel projects in the Timmins district. Comparable as a junior nickel/critical minerals explorer benefiting from similar U.S./Canadian policy tailwinds and investor themes.
• Foran Mining Corporation: Canadian-listed copper-zinc developer with shared CFO (Tim Thiessen). Comparable as a junior polymetallic critical minerals developer with similar TSX listing profile and stage of development.

Regional players

• NexGold Mining Corp. Canadian gold developer whose Goliath Gold Complex is adjacent to Stillwater's Drayton-Black Lake gold project in Ontario. Highly relevant as Stillwater holds a 49% interest in Drayton-Black Lake under an earn-in agreement with Heritage Mining (associated with NexGold).

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/GroupTenMetals
• LinkedInlinkedin.com/company/stillwater-critical-minerals

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds8 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stillwater Critical Minerals