• Stillwater Critical Minerals has rebranded from Group 10 Metals to focus exclusively on their Montana asset in the Stillwater Complex, which contains 10 critical minerals including nickel, copper, cobalt, platinum group elements, and gold.
• The company has attracted significant strategic investment from Glencore, which holds a 15.4% stake and has board representation, signaling institutional confidence in the project's potential.
• Stillwater has assembled a team of former Ivanhoe Mines executives and has completed 40,000 meters of drilling, establishing an inferred resource of 1.6 billion pounds of nickel-copper-cobalt and 3.8 million ounces of precious metals.
• The project benefits from its location adjacent to Sibanye-Stillwater's active mining operations in a pro-mining jurisdiction, with support from Montana's congressional delegation and potential access to U.S. government funding through the Defense Production Act.
• Management expects to complete a Preliminary Economic Assessment by Q3 2026, which will provide crucial economic validation for what they describe as a potential 10-20 year mine life operation.

The global push toward energy transition and supply chain security has elevated critical minerals from niche commodities to strategic national assets. Against this backdrop, Stillwater Critical Minerals has emerged as a compelling investment opportunity, leveraging decades of geological data and proven mining infrastructure in Montana's prolific Stillwater Complex. The company's recent corporate transformation and strategic partnerships position it at the intersection of America's critical mineral security objectives and significant resource endowment.

Strategic Repositioning and Focus

Stillwater Critical Minerals' decision to rebrand from Group 10 Metals reflects a calculated strategic pivot toward their most valuable asset. The company has divested non-core projects to concentrate resources on the Montana opportunity, recognizing what management describes as a "career maker, company maker" asset. This focused approach has already yielded tangible results, with the company's market capitalization reaching C$63 million at time of filming against approximately $15 million invested in acquisition and exploration to date.

The rebranding signals management's confidence in the project's scale and potential. Rather than maintaining a diversified portfolio approach, the company has committed to developing what they believe represents a district-scale opportunity comparable to South Africa's renowned Bushveld Complex.

Proven Geological Setting and Resource Base

The Stillwater Complex represents one of the world's most significant layered mafic intrusions, hosting globally important platinum group element deposits that have supported continuous mining operations for decades. Stillwater Critical Minerals has established a substantial resource base through systematic exploration, building upon 40,000 meters of historical and recent drilling data.

The company's current inferred resource contains 1.6 billion pounds of nickel, copper, and cobalt, alongside 3.8 million ounces of platinum group elements and gold. This polymetallic endowment provides natural commodity price hedging and aligns with the diverse critical mineral requirements of modern supply chains.

Management's geological model draws direct parallels to South Africa's Bushveld Complex, applying proven exploration and development concepts to the lower Stillwater Complex. CEO Michael Rowley explained:

"All we're doing is applying Bushveld thinking to the Stillwater Complex. There's similar rocks, there's similar ages, there's similar layered magmatic systems."

Location and Infrastructure Advantages

Stillwater Critical Minerals benefits from proximity to existing mining infrastructure and operations. The company's claims are located within 500 meters of Sibanye-Stillwater's active East Boulder mine, providing potential access to established processing facilities, skilled workforce, and transportation networks.

This geographic advantage extends beyond operational considerations to regulatory and political support. Montana maintains a pro-mining stance, with established permitting frameworks and demonstrated success in large-scale mining operations. The company has engaged directly with Montana's congressional delegation, including helicopter tours of the property with Congressman Troy Downing, demonstrating the political capital and support available for domestic critical mineral development.

Validation Through Strategic Investment

Glencore's decision to become a 15.4% shareholder represents significant institutional validation of Stillwater's potential. The global commodity trading and mining giant has made two separate investments and secured board representation, indicating serious strategic interest beyond passive investment. Glencore's involvement brings operational expertise, market knowledge, and potential development capital to advance the project.

The Glencore partnership also positions Stillwater within established global commodity markets and supply chains. As a major player in nickel, copper, and cobalt markets, Glencore's strategic involvement suggests confidence in the project's economic viability and market positioning.

Management and Technical Expertise

Stillwater has assembled a management team with direct experience in similar geological settings and large-scale mining operations. The recruitment of key personnel from Ivanhoe Mines, including Danie Grobler and Albie Brits, brings proven expertise in developing complex polymetallic deposits in challenging jurisdictions.

This technical depth extends to the company's geological interpretation and exploration strategy. The team's fresh perspective on historical drilling data has identified previously unrecognized mineralization patterns and economic potential within the lower Stillwater Complex.

Interview with President & CEO Michael Rowley

Economic Potential and Development Timeline

Preliminary economic modeling suggests robust project economics, with management citing bulk tonnage scenarios exceeding $50/t gross value. The polymetallic nature of the mineralization provides multiple revenue streams and reduces dependence on individual commodity price cycles.

Rowley emphasized the project's economic flexibility:

"We have grade within scale, and then we're polymetallic. We're not beholden to any one commodity price." This diversification provides stability and optionality in volatile commodity markets.

The company expects to complete a Preliminary Economic Assessment by Q3 2026, following additional drilling and resource definition work. This timeline aligns with current drilling programs and resource modelling efforts, providing near-term catalysts for value recognition.

Government Support and Policy Alignment

Stillwater's development timeline coincides with unprecedented U.S. government focus on critical mineral security. The company has identified potential funding opportunities through the Defense Production Act, which historically provides matching grant funding for strategic mineral development.

The project's alignment with national security objectives extends beyond funding opportunities to regulatory support and permitting assistance. Montana's established mining jurisdiction and federal policy priorities create a favourable development environment for domestic critical mineral projects.

The Investment Thesis for Stillwater Critical Minerals

• Strategic Resource Position: Invest in a company controlling significant critical mineral resources within America's most established platinum group element district, providing exposure to 10 critical minerals essential for energy transition and national security.
• Institutional Validation: Benefit from Glencore's 15.4% strategic investment and board participation, indicating sophisticated institutional confidence in the project's commercial viability and development potential.
• Proven Geological Model: Capitalize on management's application of successful Bushveld Complex development strategies to a similar geological setting, reducing exploration risk and accelerating resource definition.
• Infrastructure Advantage: Leverage proximity to existing mining operations and processing facilities to minimize development capital requirements and reduce project execution risk.
• Policy Tailwinds: Position for potential government funding and regulatory support aligned with U.S. critical mineral security objectives and established Montana mining jurisdiction.
• Development Timeline: Target near-term value catalysts including resource updates and Preliminary Economic Assessment completion by Q3 2026, providing clear milestones for investment thesis validation.
• Commodity Diversification: Reduce single-commodity risk through polymetallic resource exposure across nickel, copper, cobalt, platinum group elements, and gold markets.
• Management Expertise: Access proven technical and operational leadership with direct experience developing similar deposits in global markets.
• Strategic Optionality: Benefit from multiple potential development pathways including strategic partnerships, infrastructure sharing agreements, or independent development scenarios.
• Market Timing: Capitalize on critical mineral supply constraints and strategic stockpiling trends driving sustained demand growth across the company's commodity portfolio.

America's Critical Mineral Security Imperative

The global energy transition has fundamentally altered commodity market dynamics, elevating previously niche minerals to strategic national assets essential for renewable energy infrastructure, electric vehicle production, and advanced manufacturing. The United States faces acute supply chain vulnerabilities across critical mineral categories, with import dependence exceeding 80% for many essential materials including cobalt, platinum group elements, and rare earth elements.

This supply chain concentration creates both economic and national security risks, particularly given the geographic concentration of production in geopolitically sensitive regions. China's dominance in critical mineral processing and refining compounds these vulnerabilities, controlling over 60% of global lithium processing capacity and 80% of rare earth refining.

Federal policy responses have accelerated dramatically, with the Defense Production Act, Infrastructure Investment and Jobs Act, and Inflation Reduction Act allocating unprecedented resources toward domestic critical mineral development. These initiatives recognize that energy independence requires mineral security, driving sustained government investment in domestic supply chain development.

The timing convergence of supply constraints, policy support, and energy transition demand creates exceptional opportunities for domestic critical mineral developers. Projects like Stillwater Critical Minerals benefit from this triple tailwind, offering strategic value beyond traditional commodity investments.

Key Takeaway

Stillwater Critical Minerals represents a compelling intersection of strategic resource endowment, institutional validation, and policy alignment within America's most established critical mineral district.

President & CEO Michael Rowley emphasized the strategic timing and proven resource potential that positions domestic critical mineral projects for exceptional growth in the current policy environment.

"We're absolutely in the right place at the right time. Our district has produced critical minerals since long before they were critical."

The company's focused development strategy, experienced management team, and significant resource base position it to capitalize on growing critical mineral demand while benefiting from domestic supply chain security priorities. With clear development milestones and multiple strategic pathways forward, Stillwater offers investors exposure to essential commodities within a proven geological and operational framework. The combination of Glencore's strategic investment, government policy support, and substantial resource potential creates a differentiated investment opportunity in the critical minerals sector.