None
SEDAR Interim Financial Statements
PGE · Price
[
{
"companyName": "Stillwater Critical Minerals Corp.",
"reportingPeriodEnd": "2025-12-31",
"reportStatus": "Unaudited",
"auditorName": null,
"auditorKeyMatters": [],
"balanceSheet": {
"cash": 16682620,
"accountsReceivable": 50316,
"prepaidExpensesAndDeposits": 208379,
"dueFromRelatedParties": 1021262,
"marketableSecurities": 400646,
"totalCurrentAssets": 18363223,
"capitalAssets": 51321,
"deposits": 314253,
"explorationAndEvaluationAssets": 3855393,
"totalAssets": 22584190,
"accountsPayableAndAccruedLiabilities": 417474,
"dueToRelatedParties": 15750,
"flowThroughSharePremiumLiability": 168754,
"totalCurrentLiabilities": 601978,
"shareCapital": 65657726,
"shareBasedPaymentReserve": 6355011,
"deficit": -50030525,
"totalShareholdersEquity": 21982212,
"totalLiabilitiesAndEquity": 22584190,
"cashPerShare": 0.0647,
"workingCapitalPerShare": 0.0689
},
"incomeStatement": {
"threeMonthsEndedDecember312025": {
"consulting": 268597,
"amortization": 937,
"explorationExpenditures": 592920,
"investorRelationsAndCorporateDevelopment": 161864,
"officeAndAdministration": 98020,
"professionalFees": 116212,
"shareBasedPaymentExpense": 292099,
"transferAgentRegulatoryAndFilingFees": 10720,
"travelAndAccommodation": 10153,
"totalExpenses": 1551522,
"otherIncome": 4293,
"interestIncome": 8464,
"unrealizedLossOnMarketableSecurities": -89174,
"netLoss": -1627939,
"basicAndDilutedLossPerShare": -0.01,
"weightedAverageSharesOutstanding": 274007871
},
"nineMonthsEndedDecember312025": {
"consulting": 710482,
"amortization": 937,
"explorationExpenditures": 5159720,
"investorRelationsAndCorporateDevelopment": 618368,
"officeAndAdministration": 191404,
"professionalFees": 376458,
"shareBasedPaymentExpense": 601266,
"transferAgentRegulatoryAndFilingFees": 35000,
"travelAndAccommodation": 24550,
"totalExpenses": 7718185,
"otherIncome": 8349,
"interestIncome": 28289,
"unrealizedLossOnMarketableSecurities": -303660,
"netLoss": -7985207,
"basicAndDilutedLossPerShare": -0.03,
"weightedAverageSharesOutstanding": 257890853
}
},
"cashFlowStatement": {
"threeMonthsEndedDecember312025": {
"netLoss": -1627939,
"itemsNotInvolvingCash": {
"otherIncome": -4293,
"amortization": 937,
"shareBasedPaymentExpense": 292099,
"unrealizedLossOnMarketableSecurities": 89174
},
"netChangeInNonCashWorkingCapital": -1446148,
"cashUsedInOperatingActivities": -2696170,
"acquisitionOfExplorationAndEvaluationAssets": 0,
"purchaseOfEquipment": -52258,
"cashUsedInInvestingActivities": -52258,
"proceedsFromPrivatePlacement": 17000220,
"shareIssueCosts": -1263539,
"proceedsOnExerciseOfWarrants": 267402,
"proceedsOnExerciseOfOptions": 28669,
"cashProvidedByFinancingActivities": 16032752,
"changeInCash": 13284324,
"cashBeginning": 3398296,
"cashEnd": 16682620
},
"nineMonthsEndedDecember312025": {
"netLoss": -7985207,
"itemsNotInvolvingCash": {
"otherIncome": -8349,
"amortization": 937,
"shareBasedPaymentExpense": 601266,
"unrealizedLossOnMarketableSecurities": 303660
},
"netChangeInNonCashWorkingCapital": -313187,
"cashUsedInOperatingActivities": -7400880,
"acquisitionOfExplorationAndEvaluationAssets": -282526,
"purchaseOfEquipment": -52258,
"cashUsedInInvestingActivities": -334784,
"proceedsFromPrivatePlacement": 25782195,
"shareIssueCosts": -2015004,
"proceedsOnExerciseOfWarrants": 388135,
"proceedsOnExerciseOfOptions": 23491,
"cashProvidedByFinancingActivities": 24178817,
"changeInCash": 16443153,
"cashBeginning": 239467,
"cashEnd": 16682620
}
},
"investmentsAndOtherAssets": [
{
"type": "Marketable Securities",
"description": "Common shares and share purchase warrants of Heritage Mining Ltd",
"ownershipPercentage": null,
"value": 400646,
"notes": "Unrealized loss of $303,660 for the nine months ended December 31, 2025"
},
{
"type": "Mineral/Resource Properties",
"description": "Exploration and evaluation assets: Stillwater West (Montana), Kluane (Yukon), Duke Island (Alaska), Drayton-Black Lake (Ontario)",
"ownershipPercentage": 100,
"value": 3855393,
"notes": "Includes acquisition costs and deferred exploration expenditures"
}
],
"shareStructure": {
"authorizedShares": "Unlimited common shares without par value",
"issuedShares": 310665389,
"classesOfShares": ["Common shares"],
"warrants": [
{ "number": 13831203, "exercisePrice": 0.375, "expiryDate": "2026-06-30" },
{ "number": 547550, "exercisePrice": 0.225, "expiryDate": "2027-02-11" },
{ "number": 1728664, "exercisePrice": 0.225, "expiryDate": "2027-02-25" },
{ "number": 13434684, "exercisePrice": 0.21, "expiryDate": "2027-05-01" },
{ "number": 7463401, "exercisePrice": 0.34, "expiryDate": "2028-06-25" },
{ "number": 714840, "exercisePrice": 0.23, "expiryDate": "2028-06-25" },
{ "number": 7628988, "exercisePrice": 0.34, "expiryDate": "2028-07-15" },
{ "number": 728314, "exercisePrice": 0.34, "expiryDate": "2028-07-15" },
{ "number": 3873861, "exercisePrice": 0.34, "expiryDate": "2028-08-12" },
{ "number": 18478500, "exercisePrice": 0.64, "expiryDate": "2028-12-30" },
{ "number": 2145900, "exercisePrice": 0.46, "expiryDate": "2028-12-30" }
],
"options": [
{ "number": 1570000, "exercisePrice": 0.4, "expiryDate": "2026-01-12" },
{ "number": 400000, "exercisePrice": 0.38, "expiryDate": "2026-04-13" },
{ "number": 200000, "exercisePrice": 0.4, "expiryDate": "2026-06-16" },
{ "number": 2295000, "exercisePrice": 0.36, "expiryDate": "2027-02-02" },
{ "number": 685000, "exercisePrice": 0.36, "expiryDate": "2027-04-25" },
{ "number": 3245000, "exercisePrice": 0.175, "expiryDate": "2027-10-25" },
{ "number": 575000, "exercisePrice": 0.175, "expiryDate": "2028-06-09" },
{ "number": 2010000, "exercisePrice": 0.17, "expiryDate": "2028-08-23" },
{ "number": 3270000, "exercisePrice": 0.14, "expiryDate": "2029-06-26" },
{ "number": 250000, "exercisePrice": 0.14, "expiryDate": "2029-10-18" },
{ "number": 250000, "exercisePrice": 0.18, "expiryDate": "2029-11-08" },
{ "number": 3575000, "exercisePrice": 0.16, "expiryDate": "2030-04-21" },
{ "number": 1940000, "exercisePrice": 0.3, "expiryDate": "2030-09-15" }
],
"rightsConvertibleInstruments": "Restricted Share Units (RSUs): 1,350,000 outstanding as at December 31, 2025. Flow-through shares issued with a premium liability."
},
"managementCompensation": {
"currency": "CAD",
"periods": {
"threeMonthsEndedDecember312025": {
"consultingAndManagementFees": 194210,
"shareBasedPayments": 86051,
"explorationAndAdministrativeCosts": 289658,
"total": 569919
},
"nineMonthsEndedDecember312025": {
"consultingAndManagementFees": 236615,
"shareBasedPayments": 203629,
"explorationAndAdministrativeCosts": 633039,
"total": 1073283
},
"threeMonthsEndedDecember312024": {
"consultingAndManagementFees": 52363,
"shareBasedPayments": 43575,
"explorationAndAdministrativeCosts": 161893,
"total": 257831
},
"nineMonthsEndedDecember312024": {
"consultingAndManagementFees": 210373,
"shareBasedPayments": 107394,
"explorationAndAdministrativeCosts": 698083,
"total": 1015850
}
},
"namedIndividuals": [
{
"name": "Michael Rowley",
"title": "President and CEO",
"period": "nineMonthsEndedDecember312025",
"components": {
"salary": 0,
"bonus": 0,
"total": null
}
},
{
"name": "Greg Johnson",
"title": "Director",
"period": "nineMonthsEndedDecember312025",
"components": {
"salary": 0,
"bonus": 0,
"total": null
}
}
],
"otherRelatedPartyTransactions": [
{
"counterparty": "TruePoint Exploration Inc.",
"description": "Exploration and administrative services",
"amount": 633039,
"period": "nineMonthsEndedDecember312025"
},
{
"counterparty": "MVR Consulting Inc.",
"description": "Consulting fees",
"amount": 15750,
"period": "December 31, 2025"
},
{
"counterparty": "TruePoint Exploration Inc.",
"description": "Due from related party for exploration advances",
"amount": 971262,
"period": "December 31, 2025"
}
]
},
"subsequentEvents": [
{
"eventDate": "2026-01-12",
"description": "Options expired unexercised: 1,370,000 options",
"impactValue": null
},
{
"eventDate": "2026-01-12",
"description": "Options exercised: 200,000 options",
"impactValue": null
},
{
"eventDate": "2026-01-12",
"description": "Warrants exercised: 10,800 warrants at $0.375",
"impactValue": null
},
{
"eventDate": "2026-01-12",
"description": "Warrants exercised: 121,700 warrants at $0.34",
"impactValue": null
}
]
}
]
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