Michael Rowley, President and CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), joins us to outline the key news that it has executed a definitive agreement for a strategic equity investment by Glencore Canada Corporation, a wholly-owned subsidiary of Glencore plc (GLEN.L) (GLCNF), for exposure to their flagship Stillwater West Project in Montana. Pursuant to the Placement, Glencore has agreed to purchase 19,758,861 units of Stillwater at a price of $0.25 per unit for gross proceeds of $4.94 million, with each unit comprising one common share and 0.70 of a common share purchase warrant. Each full warrant shall entitle Glencore to purchase one common share at an exercise price of $0.375, providing up to approximately $5.2 million additional funding, if exercised in full.
As announced on January 25, 2023, the updated Resource Estimate includes 1.6 Billion lbs Battery Metals and 3.8 Million ounces PGE+Gold. Base Case Inferred mineral resources of 1.6 billion pounds of nickel, copper and cobalt and 3.8 million ounces palladium, platinum, rhodium, and gold, in a constrained model totaling 255 million tonnes at an average grade of 0.39% total estimated recovered NiEq (or 1.19 g/t Palladium Equivalent). Mike makes the point that the mining approach for Stillwater Critical Minerals that is being proposed is more of a bulk mining deposit more akin to the South African Platreef battery metals and platinum group elements mines and development projects found on the northern limb of the Bushveld Igneous Complex, and why they have recruited 2 key ex-Ivanhoe team members to lead the next phase of exploration and de-risking of the deposit for the company.
We discuss how the influx of capital from Glencore’s strategic positions sets up the exploration team for another meaningful 5,000 – 6,000 meter drill program for this year, to follow up on the nickel sulfide mineralization targets hit last year, and further growth and expand the resources at Stillwater West.
If you have any questions for Mike regarding Stillwater Critical Minerals, then please email me at Shad@kereport.com.
- In full disclosure, Shad is a shareholder of Stillwater Critical Minerals.
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