# Stillwater Critical Minerals Files NI 43-101 Technical Report for the Updated Stillwater West Mineral Resource Estimate in Montana, USA Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/stillwater-critical-minerals-files-ni-43-101-technical-report-for-the-updated-st--c2a4f998-d48a-44b3-8d82-9da3ccbdddbd Original source: https://criticalminerals.com/news/2026/stillwater-critical-minerals-files-ni-43-101-technical-report-for-the-updated-stillwater-west-mineral-resource-estimate-in/ Publisher: prospectors\_exchange Original announcement: 2026-10-19T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-19T13:49:24.997Z Atlas analysis updated: 2026-10-19T13:49:24.997Z - Company: Stillwater Critical Minerals Corp. - Ticker: PGE - Exchange: Unavailable - Region: Montana, USA - Primary commodity: Nickel - Secondary commodities: Copper, Cobalt, Platinum, Palladium, Gold, Rhodium, Chromium - Document categories: Resource update, Other - Extracted: 2026-10-19 13:49:25 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Stillwater Critical Minerals has filed an NI 43-101 Technical Report supporting its updated Stillwater West Mineral Resource Estimate. The update establishes the project's first Indicated Resource of 29.4 Mt at 0.38% NiTEq and expands the Inferred Resource to 805.1 Mt at 0.34% NiTEq. Reasoning: The announcement confirms a significant resource upgrade \(first Indicated\) and substantial tonnage expansion, though the actual resource numbers were previously announced in August 2026, making this a technical report filing for those results. - Positive factor: Establishment of first Indicated Mineral Resource - Positive factor: Significant expansion of Inferred Mineral Resource - Positive factor: Large scale rhodium and nickel-PGE/cobalt deposit positioning - Positive factor: NI 43-101 Technical Report filed Facts used in scoring: 3 ## Classification and evidence **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The update established the project's first Indicated Mineral Resource. Evidence · text > established its first Indicated Mineral Resource **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The company filed an independent NI 43-101 Technical Report. Evidence · text > filed an independent technical report \(the “Technical Report”\) prepared in accordance with National Instrument 43-101 ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stillwater-critical-minerals-files-ni-43-101-technical-report-for-the-updated-st--c2a4f998-d48a-44b3-8d82-9da3ccbdddbd#fact-resource-facts-0) Stillwater West · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Stillwater West - Commodity: nickel - Region: usa\_mt - Reported Region: Montana, USA - Ticker: PGE #### Resource scope - Estimate type: resource - Resource group id: resource:0bc056fb03511e5d1fe6 #### Resource Data - Category: indicated - Tonnes: 29400000 - Cutoff Grade: 0.2 - Cutoff Unit: % NiTEq #### Prior Estimate - Resource Date: 2026-08-27 #### Metal Equivalent - Metal Eq. Grade: 0.38 - Metal Eq. Unit: % NiTEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-27T00:00:00.000Z #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: First Indicated category established for the project. - Positive factor: First Indicated Resource established Evidence · text > First Indicated Mineral Resource: 29.4 million tonnes \(“Mt”\) grading 0.38% total nickel equivalent \(“NiTEq”\) at a 0.20% NiTEq cut-off grade. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stillwater-critical-minerals-files-ni-43-101-technical-report-for-the-updated-st--c2a4f998-d48a-44b3-8d82-9da3ccbdddbd#fact-resource-facts-1) Stillwater West · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Stillwater West - Commodity: nickel - Region: usa\_mt - Reported Region: Montana, USA - Ticker: PGE #### Resource scope - Estimate type: resource - Resource group id: resource:28d9936b183e24848c5d #### Resource Data - Category: inferred - Tonnes: 805100000 - Cutoff Grade: 0.2 - Cutoff Unit: % NiTEq #### Prior Estimate - Resource Date: 2026-08-27 #### Metal Equivalent - Metal Eq. Grade: 0.34 - Metal Eq. Unit: % NiTEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-27T00:00:00.000Z #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Significant tonnage expansion in the Inferred category. - Positive factor: More than doubled the project's Inferred Mineral Resource Evidence · text > Expanded Inferred Mineral Resource: 805.1 Mt grading 0.34% NiTEq at a 0.20% NiTEq cut-off grade. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stillwater-critical-minerals-files-ni-43-101-technical-report-for-the-updated-st--c2a4f998-d48a-44b3-8d82-9da3ccbdddbd#fact-resource-facts-2) Stillwater West · chromium Historical result Needs review: historical\_restatement #### Identity - Project: Stillwater West - Commodity: chromium - Region: usa\_mt - Reported Region: Montana, USA - Ticker: PGE #### Resource scope - Estimate type: resource - Resource group id: resource:991add98d0b05c77b2a6 #### Resource Data - Category: inferred - Contained Metal: 6.6 - Contained Unit: billion pounds #### Prior Estimate - Resource Date: 2026-08-27 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-27T00:00:00.000Z #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Large chromium resource identified in the Inferred category. - Positive factor: Significant additional chromium resource Evidence · text > An estimated 6.6 billion pounds of chromium in the Inferred category #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.