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Why Stillwater Critical Minerals Is Back on Investors’ Radar

Stillwater Critical Minerals (TSXV:PGE) is drawing attention after CEO Michael Rowley outlined a substantial drill campaign at the Stillwater West project in Montana, backed by over CA$25 million in 2025 financings that included support from Glencore.

See our latest analysis for Stillwater Critical Minerals.

Despite a sharp 18.75% 1 day share price decline and a 26.61% 7 day pullback to CA$0.455, Stillwater Critical Minerals still shows a 16.67% year to date share price return and a very large 1 year total shareholder return of around 3x. This suggests recent financing progress and project updates have kept longer term sentiment constructive even as short term momentum cools.

If this kind of high risk resource story has your attention, it could be a good moment to broaden your search with fast growing stocks with high insider ownership.

With the share price pulling back after a strong 1 year run and analysts’ price targets sitting well above the current CA$0.455 level, the real question is whether there is still a buying opportunity here or if the market is already pricing in future growth.

Price to Book of 19.4x: Is It Justified?

On a P/B basis, Stillwater Critical Minerals looks expensive, with its 19.4x multiple sitting well above the current CA$0.455 share price context and peer benchmarks.

The P/B ratio compares the company’s market value to its book value, which for an early stage explorer often reflects land, exploration spending, and limited tangible assets rather than established cash producing operations.

Here, PGE’s 19.4x P/B stands far above the Canadian Metals and Mining industry average of 3.8x and a peer average of 5.1x. This indicates that the market is assigning a premium price compared with comparable miners even though formal revenue is currently CA$0 and the company remains loss making.

Result: Price to book of 19.4x (OVERVALUED)

See what the numbers say about this price — find out in our valuation breakdown.

However, you also need to weigh the continued losses of CA$8.04 million and the rich 19.4x P/B if drill results or financing conditions disappoint.

Find out about the key risks to this Stillwater Critical Minerals narrative.

Build Your Own Stillwater Critical Minerals Narrative

If you see the story differently or would rather weigh the data yourself, you can build a custom thesis in just a few minutes with Do it your way.

A great starting point for your Stillwater Critical Minerals research is our analysis highlighting 3 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include PGE.V.

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