Stillwater Critical Minerals Corp. has more than tripled its inferred mineral resource and established its first indicated resource at the Stillwater West project in Montana, shifting the project from a purely conceptual inventory to a more advanced technical foundation.

The updated mineral resource estimate comprises an inferred total of 805.1 million tonnes grading 0.34% total nickel equivalent at a base-case 0.20% cut-off. That figure represents a substantial increase from the January 2023 estimate, which stood at 255 million tonnes of inferred resources containing 1.6 billion pounds of nickel, copper, and cobalt and 3.8 million ounces of platinum, palladium, rhodium, and gold.

The August 2026 model expands those inferred totals to 4.8 billion pounds of nickel, copper, and cobalt, alongside 7.4 million ounces of platinum, palladium, gold, and rhodium. In addition, the company established a maiden indicated resource of 29.4 million tonnes grading 0.38% total nickel equivalent, containing 190 million pounds of nickel, copper, and cobalt and 0.359 million ounces of platinum, palladium, gold, and rhodium. The 2023 estimate contained no indicated resources.

The updated resource incorporates 14 new drill holes totaling 5,781 metres from the 2023 and 2025 campaigns, alongside verified historical data and refined structural interpretations. These updates combined the previously separate CZ and Central deposits at Iron Mountain into four modeled zones across a 10-kilometre central project area.

The company holds a 100% ownership interest in the project, subject to a 2% net smelter return royalty with a 1% buy-down provision. Glencore also holds a strategic investment in the company.

“This updated Mineral Resource estimate marks an important step forward for Stillwater West. Beyond the substantial increase in the estimated tonnage and contained metal, the establishment of our first Indicated Mineral Resource and the continued refinement of our geological model significantly enhance our understanding of this large and evolving mineral system. The 2026 resource estimate provides a stronger technical foundation for advancing metallurgical studies, engineering and future economic evaluation, while reinforcing our belief that Stillwater West ranks among North America's most significant undeveloped polymetallic critical mineral projects.”

— Michael Rowley, President and CEO of Stillwater Critical Minerals

Stillwater Critical Minerals will file an independent National Instrument 43-101 technical report for the updated resource estimate on SEDAR+ within 45 days of the August 27 announcement, supporting the next phase of technical studies and metallurgical testing.

Read the full announcement: Stillwater Critical Minerals More Than Doubles Stillwater West Inferred Mineral Resource and Establishes Maiden Indicated Resource