In a January 2023 technical report, the company defined 1.6 billion lb. of nickel, copper and cobalt in inferred resources, and 3.8 million oz. of palladium, platinum, rhodium and gold, all contained within 255 million tonnes of material at an average grade of 0.39% nickel equivalent (or 1.19 g/t palladium equivalent).
This resource was 62% higher in tonnage compared to the project’s inaugural estimate, and is contained within five deposits in the 9-kilometre central area of the property, all of which are open along strike and at depth.
The Stillwater district itself has a rich mining history for PGEs, nickel, copper, chromium as well as other commodities. The Stillwater West project is located right next to the high-grade PGE mines operated by Sibanye-Stillwater, which have over 14 million oz. of palladium and platinum in past production.
“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 US,” said Michael Rowley, CEO of Stillwater Critical Minerals.
In total, the company has raised C$2.5 million via a private placement of units priced at C$0.14 each, with Glencore’s order being by far the largest. The units have an exercise price of C$0.21, and would provide up to C$1.875 million in additional funding should they be exercised.
Last June, the commodity trading giant made its first investment by purchasing C$4.94 million worth of Stillwater Critical’s units, then priced at C$0.25 each, to gain a 9.99% interest in the company on a non-diluted basis.
Shares in Stillwater Critical Minerals closed Thursday’s session 3.5% higher at C$0.145 apiece. The company has a market capitalization of C$28.7 million.