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Stillwater Reports Rhodium Results and Highlights Defined Chromium at Stillwater West, Montana, USA

Updated Resource Estimate Progress

By The Northwire Desk — AI Analysis May 21, 2026 · 08:00 PGE · 0.3 Stillwater Critical Minerals Corp.

Executive Summary

Stillwater Critical Minerals reported rhodium (Rh) assay results from its 2025 resource expansion drill campaign at the Stillwater West project in Montana.
The company defined a significant chromium resource of 2.3 billion pounds (Blbs) contained chromium at the 100%-owned Stillwater West project.
Rhodium drilling intercepts confirmed widespread mineralization, with holes CM2025-01 and IM2025-01 showing grades up to 0.167 g/t Rh over 1.22m.
Results will be incorporated into an updated NI 43-101 Mineral Resource Estimate (MRE) targeted for release in the first half of 2026.
The five-year average and current spot price for rhodium is approximately US$10,000/oz, highlighting the economic potential of the defined mineralization.

Material Impact

The news confirms progress toward the updated MRE announced in October 2025, which was scheduled for H1 2026.
Defining a specific chromium resource of 2.3 Blbs adds material value to the project's critical mineral portfolio beyond nickel and PGEs.
Rhodium is ranked as a priority critical mineral by the U.S. government for potential GDP disruption, enhancing the strategic profile of the asset.
However, this news is part of an ongoing drill campaign leading to a known milestone (the H1 2026 MRE), making it largely expected rather than a surprise discovery.
The stock price has declined significantly from January highs ($0.62) to current levels ($0.30), suggesting the market may have already priced in exploration progress or is awaiting the final resource estimate.

PGE · Price

Company Overview

Flagship Project: Stillwater West located in the Stillwater Igneous Complex, Montana, USA.
Asset Type: 100%-owned claim block containing five deposit areas with thick, drill-defined Platreef-style mineralization.
Mineralization: Polymetallic sulphide mineralization including Nickel-Copper-Cobalt-PGE-Gold-Chromium-Rhodium.
Status: Exploration and Development phase; currently advancing toward an updated resource estimate.
Strategic Location: Proximity to Sibanye-Stillwater’s producing J-M Reef mine provides district expertise and infrastructure potential.

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