Krait Critical Minerals Corp. is pleased to announce that it has entered into an option agreement (the “Agreement“) with Sierra Antimony Corp. (“Sierra”), an arm’s-length Nevada corporation, granting Krait the exclusive option to acquire a 100% interest in 17 contiguous unpatented federal mining claims covering approximately 354 acres in Humboldt County, Nevada, United States (the “Property“).
The proposed acquisition represents a further expansion of Krait’s U.S. critical minerals portfolio, complementing its existing antimony exploration interests in Washington State and supporting the Company’s strategy of identifying and evaluating mineral opportunities across North America.
Property Highlights:
- Historical production:1
- 1927: 30 tons of ore grading 50% antimony (Sb).
- 1941: 1.5 tons of ore grading 41% antimony (Sb).
- 1942: 2 tons of ore grading 54% antimony (Sb).
- 1942: An additional 5 tons of ore produced; grade not reported.
- Historical workings occur along a 2.25-kilometre trend with trenching, adits and stope work dating back to the First World War.
- Prolific jurisdiction with district-scale exploration potential.
- Road-accessible approximately a four-hour drive north of Reno, NV.
- Premier U.S. mining jurisdiction: Nevada, ranked the world’s most attractive jurisdiction for mining investment.2
These historical figures relate to selectively mined, high-grade material and are not representative of in-situ mineralization. The historical information has not been independently verified by the Company’s Qualified Person and may not be representative of mineralization remaining on the Property. No current mineral resources or mineral reserves have been defined for the Property.
Oscar Mendoza, Chief Executive Officer and Director of Krait, commented:
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“The addition of this Nevada property represents another important step in expanding Krait’s footprint in the United States and strengthening our exposure to critical minerals. With antimony playing an increasingly important role in U.S. defence, advanced manufacturing and industrial supply chains, we believe building a diversified portfolio of prospective properties is a timely and strategic initiative.”
“The staged acquisition structure provides Krait with the flexibility to evaluate the property’s geological potential while managing our capital commitments. Alongside our existing antimony projects in Washington State, this agreement advances our objective of building a meaningful U.S. critical minerals exploration portfolio.”
Nevada Antimony Property
Covering approximately 354 acres within 17 contiguous mineral claims, the road-accessible project is documented to have historically produced antimony ore in the 1920s through the 1940s which was sought after due to its high-grade, at-surface mineralization. Historical records compiled in the U.S. Geological Survey’s (“USGA”) Mineral Resources Data System describe workings at the Nevada King Mine comprising four adits, two shafts and open cuts.3 Historical reports describe stibnite mineralization in high-grade shear veins with stibnite occurring in intrusive quartz veins that have been traced “over 3,000 feet” within a metasedimentary package. Reported mineralized widths range from narrow veins, pods and lenses to approximately two feet wide with lower grade, disseminated mineralization observed in the altered country rock.
Historic Production:
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According to historical government records, the Property reportedly produced 30 tons of ore grading 50% antimony (Sb) in 1927, followed by 1.5 tons grading 41% Sb in 1941. In 1942, an additional two tons of ore grading 54% Sb were produced, followed by a further five tons for which no grade was reported. These historical production figures have not been independently verified by the Company’s Qualified Person and may not be representative of mineralization remaining on the Property.
Historical reports published by the United States Geological Survey (USGS) and the Defense Minerals Administration include chip-sampling results, with 11 samples reporting gold (Au) values ranging from 0.003 to 0.718 parts per million (ppm) and silver (Ag) values ranging from 0.36 to 8.3 ppm. Seventeen samples returned antimony (Sb) values ranging from 10.6 to 9,800 ppm, while molybdenum (Mo) values reached up to 50 ppm.4
Workings Include:
- Approximately 300 linear feet of shaft workings.
- Approximately 210 linear feet of drifts and crosscuts.
- Approximately 25 linear feet of tunnels or adits, plus numerous open cuts.
- The Property is not currently in production and has no buildings, equipment or on-site power infrastructure.
The Company cautions that historical shipment grades of 50%, 41% and 54% antimony (Sb) reflect selectively mined, high-grade material and are not representative of in-situ mineralization. Government reports describe predominantly lower-grade material, generally below 3% Sb, with narrow mineralized widths and localized high-grade pockets. All historical production, geological and assay information is derived from government records and has not been independently verified by the Company’s Qualified Person. Historical results do not guarantee future exploration success or the discovery of economically significant mineralization, mineral resources or mineral reserves.
Terms of the Option Agreement
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Under the terms of the Agreement dated October 19, 2026, Krait may acquire a 100% interest in the Property by making the cash payments and issuing the common shares described below to Sierra:
Cash Consideration
- US$5,000 within seven business days of the effective date; and
- US$20,000 within 30 days of the effective date; and
- US$25,000 within one year of the effective date; and
- US$25,000 within two years of the effective date.
Total cash consideration is US$75,000.
Share Consideration
Krait will also issue 150,000 common shares within 30 days of the effective date, and common shares valued at CAD$200,000 on each of the first and second anniversaries of the effective date.
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The number of shares issued for each of these subsequent payments will be determined using the greater of the 20-day volume-weighted average trading price of Krait’s common shares or the minimum price permitted under applicable Canadian Securities Exchange (“CSE”) policies.
Upon completion of the required payments and share issuances, Krait will have exercised its option to acquire a 100% interest in the Property, subject to the net smelter return (“NSR”) royalty and permitted encumbrances.
The Agreement provides Sierra with a 2.5% NSR commencing upon commercial production. Krait retains the right to reduce the royalty to 1.0% by making a payment of US$2,000,000.
Krait may accelerate the option payments and share issuances at its discretion. The Agreement does not prescribe a minimum exploration expenditure requirement as a condition of exercising the option.
The transaction and issuance of securities remain subject to applicable regulatory requirements and CSE policies.
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Planned Exploration and Evaluation
Krait expects to begin its assessment of the Property through a review of available geological and technical information, with the objective of identifying prospective areas for further investigation.
Any future exploration activities, including field mapping, prospecting, geochemical sampling or geophysical surveys, will be subject to satisfactory technical evaluation, appropriate access and permitting, and management approval.
The Company will provide further updates as additional information becomes available.
Qualified Person
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The scientific and technical information contained in this news release has been reviewed and approved by J. Garry Clark, P.Geo. (PGO #0245), a director of Krait and a “Qualified Person” as defined by NI 43-101.
Mr. Clark has not conducted a personal inspection of the Property and has not independently verified the historical sampling, analytical, production or shipment information disclosed in this release through fieldwork, resampling or independent laboratory analysis. Mr. Clark’s review was limited to the publications, records, maps and databases referenced in this news release. The absence of original sample locations, widths, sampling protocols, assay certificates, laboratory information and QA/QC records limits the reliability of the historical information.
About Krait Critical Minerals Corp.
Krait Critical Minerals Corp. is a Canadian mineral exploration company focused on advancing its Goldbar Spider Lake Project in Ontario while evaluating additional mineral opportunities in North America. The Company’s strategy is to combine disciplined project evaluation, modern exploration technologies and responsible field programs to identify and advance high-quality exploration opportunities with the potential to create long-term shareholder value.
Krait’s flagship asset is the Goldbar Spider Lake Project in Ontario’s Thunder Bay Mining Division, approximately 20 kilometres east of Terrace Bay and 30 kilometres west-northwest of Marathon. The 3,636-hectare (approximately 8,985-acre) property comprises 148 mining claims and 171 claim units, and Krait has an option to earn a 100% interest, subject to a 3% net smelter return royalty. Located within the western Schreiber-Hemlo Greenstone Belt, the Project benefits from year-round access via Highway 17, nearby rail and power infrastructure, and proximity to established mining communities and service providers.
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Krait acquired Nevada Hills Antimony LLC (“Nevada Hills”) on September 16, 2026. Through Nevada Hills, Krait holds contractual interests relating to the Bales Antimony Project, together with interests in the Antimony Bell Project and other related assets in Washington State. The acquisition expanded Krait’s critical-minerals portfolio to include U.S.-based antimony exploration opportunities.
Investors are encouraged to visit Krait’s new corporate website at www.kraitminerals.com to learn more about the Company, its Goldbar Spider Lake Project, management team, corporate strategy and latest news.
All stakeholders are encouraged to follow the Company on LinkedIn, X.com, Facebook, and Instagram.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of the Board of Directors
Oscar Mendoza
Chief Executive Officer and Director
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For further information, please contact:
Krait Critical Minerals Corp.
Steve Vanry – CFO
Phone: +1 604 671-9522
Email: steve@kraitminerals.com
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable Canadian securities laws. Forward-looking information is generally identified by words such as “anticipates,” “believes,” “expects,” “intends,” “plans,” “proposes,” “may,” “will,” “could,” “potential,” and similar expressions, although not all forward-looking information contains these identifying words.
Forward-looking information in this news release includes, but is not limited to, statements concerning the Company’s potential acquisition of a 100% interest in the Property pursuant to the Agreement; the timing and completion of required cash payments and share issuances; the satisfaction of conditions necessary to exercise the option; the receipt of any required regulatory or exchange approvals; the Company’s proposed review and evaluation of available geological and technical information; the identification and assessment of prospective exploration targets; potential future exploration activities, including geological mapping, prospecting, sampling and geophysical surveys; the availability of access, permits, financing and technical resources; and the Company’s strategy to expand and advance its portfolio of critical minerals exploration properties in the United States.
Forward-looking information is based on assumptions and expectations considered reasonable by management as of the date of this news release, including that the Agreement will remain valid and enforceable; the Company will have sufficient financial and technical resources to satisfy its obligations under the Agreement; future share issuances can be completed in accordance with applicable securities laws and CSE policies; mineral tenure can be maintained in good standing; historical geological and technical information will provide a reasonable basis for further evaluation; and necessary approvals, access rights and permits can be obtained when required. These assumptions may prove to be incorrect.
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Actual results may differ materially from those expressed or implied by forward-looking information. Material risks and uncertainties include, without limitation, the inability to obtain sufficient financing or complete required cash payments and share issuances; failure to satisfy the conditions of the Agreement; termination or expiry of the option prior to exercise; delays in obtaining required regulatory or exchange approvals; defects in or disputes concerning mineral title, property boundaries, claim maintenance or access rights; adverse findings from technical or title reviews; the limited reliability and unverified nature of historical geological, sampling and production information; geological uncertainty; unsuccessful exploration results; permitting delays or restrictions; fluctuations in commodity prices; changes in market conditions; and the availability of capital, personnel and technical resources.
Historical production, sampling and geological information relating to the Property has not been independently verified through current exploration or analytical work and may not be representative of mineralization remaining on the Property. There can be no assurance that the Company will exercise the option, complete the acquisition, conduct any proposed exploration activities, identify economically significant mineralization, establish a mineral resource or mineral reserve, or advance the Property toward commercial production.
Additional risks and uncertainties are described in the Company’s continuous disclosure filings available under its profile on SEDAR+ at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking information.
Forward-looking information is provided as of the date of this news release. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise such information as a result of new information, future events or otherwise.
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1 Source: Antimony deposits of Nevada, Edmond F. Lawrence, 1963, Bulletin 61, page 80.
2 Source: Fraser Institute’s 2025 Annual Survey of Mining Companies: ranking 1st globally, P.3.
3 Source: Bergquist, J.R., Plouff, D., Turrin, B.D., Smith, J.G., Turner, R.L., and Willett, S.L. (1987). Mineral Resources of the Blue Lakes Wilderness Study Area, Humboldt County, Nevada. U.S. Geological Survey Bulletin 1726-D.
4 Source: US Bureau of Mines March 1988 report from “Western Field Operations Center” (WFOC) Record ID – 0320130236
