In short: Owned for a couple of years, and the example he gives of holding through a drawdown because the catalyst is intact. He cold-called CEO Mike after noticing the Montana link to another of his holdings, and the company "just came out with their MRE… Jeremy, lights out. These guys have more rhodium in the US than any stock that I can find in the junior US market" — plus platinum, palladium, copper and nickel in a polymetallic deposit attached to a major. 29 cents at the time of recording; the MRE took it to 37 cents in two days before the Iran headlines pushed it back.
Stillwater Critical Minerals is a tiny exploration company in Montana — 29 cents a share when they recorded — sitting next to one of the few American mining complexes that produces platinum-group metals. Feneck has owned it for a couple of years, and he uses it as his worked example of when not to sell a position that is down.
The deposit is "polymetallic", meaning several valuable metals occur together in the same rock: platinum, palladium, copper, nickel and — unusually — rhodium, which is scarce enough that Kitco quotes its price on its homepage. His claim is that they now have more rhodium than any other junior he can find in the United States.
The event that proved it was the MRE, a mineral resource estimate — the first formal, independently-reported count of how much metal a deposit actually contains, and the milestone that turns a geological story into a number. It landed "lights out", the stock went from 29 to 37 cents in two days, and then gave it all back on Iran headlines. His argument is that the price move reversed while the underlying fact did not; the relationship with the CEO, which began with a cold call, is why he is comfortable holding through that.
22:44Stillwater is one that we've owned for a couple of years now. PGEZF in the States and PGE in Canada. I've known Mike for three or four years. I cold-called Mike. I had no relationship with the company. I said, "Hey, you're connected to one of my other stocks, Sibanye, in Montana, and I want to get a better understanding of what you as a junior look like."
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