Despite a 42% Slide, Highland Critical Minerals Prepares for a Helicopter-Borne Lithium Hunt

Highland Critical Minerals stock drops 42% YTD to C$0.29, but a fully funded helicopter geophysics program for lithium exploration on the Church Property is set to launch in late May.

The stock of Highland Critical Minerals has been in retreat, but the company is about to take to the air. On May 28, shares were trading at C$0.29 on the Canadian Securities Exchange, down 3.33% from the prior session. That extends a punishing year-to-date decline of 42% — a drop that stands in stark contrast to the methodical field program set to launch in the coming days.

The equity has been anything but stable. As recently as May 22, it sat at C$0.325, well within a one-week range of C$0.28 to C$0.42. Zoom out further and the monthly band stretches from C$0.13 to C$1.12 — a wild swing that underscores just how thinly traded this small-cap explorer is.

Yet no corporate catalyst explains the recent selling. The last press releases from Highland date to May 5 and May 8. In the later statement, management told the Canadian Investment Regulatory Organization (CIRO) that it was not aware of any operational changes that would justify the prior rally. The regulatory query effectively severed that earlier price spike from any fundamental driver.

What Highland does have, however, is a fully funded summer exploration campaign. Late May marks the start of a helicopter-based geophysics program on the Church Property in northern Ontario, roughly 16 kilometres northwest of Nipigon. The airborne survey combines radiometrics with LiDAR — a technology that can map bedrock structures beneath dense vegetation. Radiometric sensors detect natural radioactivity, a signature often associated with lithium-bearing pegmatites, while LiDAR builds high-resolution topography. Earlier field mapping had already identified coarse-grained pegmatites and granites along major fault structures on the property. The new data will refine drilling targets.

The financing is already in place. Highland raised C$400,000 through a flow-through private placement, which under Canadian tax rules must be spent entirely on qualifying exploration expenses. No part of that budget is at risk from the stock’s recent weakness.

The Church campaign follows a strategic pivot. In 2025, Highland spun out its gold assets in the Red Lake district into a separate entity, Highland Red Lake Gold Corp., sharpening its focus on the metals needed for the energy transition. Lithium sits at the centre of that shift.

Trading volume adds another layer of risk for shareholders. On May 22, roughly 451,000 shares changed hands. In the three preceding sessions, turnover ranged from about 48,000 to 299,000 shares. Such erratic liquidity can amplify moves in either direction, and with 27.3 million shares outstanding per the company’s May 7 monthly report, the market cap remains modest.

For now, the stock hovers near C$0.29 in what traders call a no-news zone — buyers and sellers face off without a clear catalyst. The helicopter is scheduled to fly before the month ends, and the results of that airborne work will ultimately determine whether the company’s technical strategy translates into tangible momentum.