1. Stillwater Critical Minerals (TSX.V: PGE | Market Cap: ~$55M CAD) 

This one came from Chris—and it’s a sleeper. Stillwater Critical Mineral’s owns a large Platinum–Palladium-Nickel deposit in Montana, right next door to Sibanye-Stillwater’s underground platinum group metal operations- a company valued at nearly $5 billion US. The parallels are hard to ignore.  

Why it’s interesting: 

  • Massive metal inventory: 1B+ lbs of nickel, plus other critical minerals including copper, cobalt, palladium, platinum, rhodium, chromium and gold.  
  • 15% owned by Glencore – a real stamp of credibility 
  • No debt 
  • DOE drilling grants already awarded 
  • Strong tailwinds from U.S. critical mineral policy. 
  • Commodities near bottom: Platinum is up ~12% this week; Palladium is up 10%; Nickel is still 66% off highs. 
  • 2025 drill program: An updated PEA study is on the horizon.  

 

There’s still permitting risk, and we need clarity on how feasible it is to build another mine this close to a n operating one. But if permitting aligns and macro trends hold,  this is the kind of asset that could re-rate from $55M to $300M+ quickly. 

Our call: Lots to like. Next step is management calls. This could be a sleeper hit if critical mineral narratives accelerate in the  U.S. 

2. Faraday Copper (TSX: FDY | Market Cap: ~$160M CAD)  

This one came from me. Faraday is a U.S.-based copper developer in Arizona. What caught my eye? It’s backed by the Lundin Group – the same team  that built Filo Mining and NGEX into multi-billion-dollar assets. 

Why we’r e watching: 

  • 4.2B lbs M&I copper resource – good size. 
  • PEA expected in Q3 incorporating 40,000m of new drilling. 
  • No debt. 
  • Trading near last financing round. 
  • Run by the best copper team in the world. 

 
Valuation mismatch: 

  • NGEX: 8.2B lbs Cu, the Los Helados mine is valued at $4.9 billion (NGEx owns 69%). Note that there are also gold and silver reserves.  
  • Faraday: 4.2B lbs Cu, valued at $160M 
  • Very different grades, but the delta still indicates huge upside potential at Faraday. The drill program also been targeting potential gold mineralization.

 

The U.S. location, regulatory tailwinds, and Lundin pedigree all stand out. If this plays o ut like Lundin’s past copper wins, we could see serious upside. Our call: Big, i nteresting, right location at the right time and backed by mining royalty. If we want scalable copper exposure, this may be it. 

What’s Next: 

  • We’re setting up calls with both management teams next week. 
  • We'll keep you posted if we decide to move forward and deploy capital. 
  • For those of you who like front-running us (you know who you are), consider this your early signal. 

Also, a quick update on Captus: we’re still waiting on clarity. If we don’t hear from management this week, I’ll be seriously reconsidering our involvement. Details in the full video. 


DEAL ALERT: RAM 2.0

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