However, the stock symbol will remain unchanged.
It said the new name aims to better reflect the commodity suite of battery, catalytic and precious metals at the company’s Stillwater West project in Montana.
The project hosts a total of eight metals (nickel, cobalt, chromium, palladium, platinum, rhodium, iridium, and ruthenium) designated as critical by the U.S. government with a mandate to secure domestic supplies based on economic and national security concerns.
Stillwater West also contains significant copper resources.
The project consists of 14-multi-kilometre-scale exploration target areas along a 25-kilometre strike length.Â It is situated in the Stillwater Igneous Complex, which is recognized as one of the top regions in the world for platinum group elements, nickel and copper mineralization, alongside the Bushveld Igneous Complex and Great Dyke in southern Africa, which are similarly layered magmatic intrusions.
The Stillwater district is known for the J-M Reef deposit, which has produced over 14 million ounces of palladium and platinum to date, along with other commodities including nickel and copper, from three producing mines and a smelter/refinery complex owned by with Sibanye-Stillwater [SBSW-NYSE, SSW-JSE]
The J-M Reef deposit is the highest-grade PGE deposit in the world, and the largest outside Africa and Russia.
Group Ten has focused its exploration efforts on the lower portion of the magmatic layers of Stillwater. It is the first company to systematically explore for Platreef-style deposits, large and very large polymetallic deposits of palladium, platinum, rhodium, gold nickel and copper.
The term Platreef-style refers to geologic models that were developed at the world’s biggest and most economic platinum, nickel and copper mines in the North Bushveld and Platreef District of South Africa.
The company is targeting deposits of 10 million ounces and larger, based on the known parallels with the Bushveld Complex and an extensive database at Stillwater.
“Rebranding Group Ten Metals to Stillwater Critical Metals reflects our increasing focus on our flagship project and the great potential we see in the iconic and famously productive Stillwater mining district,” said Group Ten President and CEO Michael Rowley.
“With the recent addition of two renowned Bushveld and Platreef geologists to our team, we are well positioned to advance the next phase of large-scale critical mineral supply from the district, building on past production of nickel, copper and chromiuim, and the ongoing production of platinum group and other metals by our neighbour, Sibayne-Stillwater,” he said.
“We look forward to further announcements, including assay results from our 2021 resource expansion and drill campaign and our 2022 exploration plans in the near term.”
On June 8, 2022, Group Ten shares closed at 28.5 cents and currently trade in a 52-week range of 48 cents and 24.5 cents.