US Antimony Deal Targets Historic Grades Up to 14.4% in Washington

Important Disclosures:

1. Krait Critical Minerals Corp. is a billboard sponsor of Streetwise Reports. The company pays a monthly sponsorship fee of US$3,000–US$6,000 for banner advertising and an enhanced company profile page. Streetwise Reports’ editorial content is fully independent and is not influenced by sponsorship. 
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Krait Critical Minerals Corp. 
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Krait Critical Minerals Corp. (KRIT: CSE; U0S:FSE) entered into a definitive securities exchange agreement to acquire all of the issued and outstanding membership interests of Nevada Hills Antimony LLC, which holds contractual rights to acquire the Bales Antimony Project and owns additional mineral claims and related assets in Okanogan County, Washington.

The September 8 definitive agreement followed the six-month exclusivity and standstill agreement Krait and Nevada Hills entered into on May 4. Krait previously paid Nevada Hills a non-refundable US$25,000 exclusivity fee.

Under the definitive agreement, Krait will issue 2.5 million common shares at a deemed price of CA$0.87 per share and make a US$100,000 cash payment to the members of Nevada Hills. The US$25,000 exclusivity fee will be credited against the cash consideration, leaving US$75,000 payable at closing.

Upon completion of the transaction, Krait will acquire Nevada Hills and its holdings, including Nevada Hills' rights and obligations under the Bales mineral property purchase agreement, nine additional mineral claims contiguous to the Bales Antimony Project, and four mineral claims comprising the Antimony Bell Project.

Krait will not acquire direct ownership of the eight Bales claims at the closing of the Nevada Hills acquisition. Under the Bales mineral property purchase agreement, the eight claims are to be conveyed to Nevada Hills only upon payment in full of the purchase price and satisfaction of the other requirements of that agreement.

Nevada Hills entered into the Bales mineral property purchase agreement with the underlying property owner, effective April 29. Under that agreement, Nevada Hills agreed to acquire 100% of the owner's right, title, and interest in eight claims identified as BA1 through BA8, together with related maps, data, technical information, records, and reports, for an aggregate purchase price of US$225,000 and a 2% net smelter return royalty.

Nevada Hills also owns nine additional mineral claims contiguous to the eight Bales claims. Together, the two groups comprise 17 claims reported to cover approximately 310 acres. Krait said claim acreage, boundaries, serial numbers, ownership, good standing, and recording particulars remained subject to independent verification.

"Execution of the Definitive Agreement is an important step in Krait's strategy to add U.S.-based antimony opportunities to its minerals portfolio," Chief Executive Officer and Director Oscar Mendoza said in the September 8 company news release. "The Bales Project is supported by historical reports of stibnite mineralization and historical exploration and underground development work."

Historical records described stibnite and stibiconite mineralization in altered and silicified shear zones hosted by hornblende-quartz diorite and related rocks at Bales. The principal reported mineralized zone strikes northeast and dips steeply southeast, while historical work was reported to include surface trenching and underground workings. Krait has not independently verified the reported geology, mineralization, or historical work.

Historical results included a discovery-post sample of vein material reported to assay 10.9% antimony and 37.82 tons of historically sorted material reported to assay 14.4% antimony. Approximately five tons of lump stibnite were reportedly removed from the discovery trench, while historical compilations reported approximately 100 tons of mineralized material mined at Bales during 1951 and 1952.

Historical records for Antimony Bell reported a 32-foot shaft, several adits, and a shipment of 1,300 pounds of material reported to contain stibnite in 1940. Krait is reviewing geological, title, and contractual information relating to Antimony Bell as a separate portfolio opportunity and has not approved an exploration program, budget, or acquisition decision for the project.

Krait has not independently verified the historical results through field inspection, sampling, or analytical work. The company said the reported quantities and grades do not constitute mineral resource or mineral reserve estimates and must not be used to infer grade, width, continuity, tonnage, recoverability or economic viability. No current mineral resources or mineral reserves have been defined for the Bales Antimony Project or Antimony Bell Project.

Completion of the Nevada Hills acquisition remains subject to customary conditions, including required CSE filings and compliance with applicable CSE policies, required regulatory and third-party approvals, the Bales mineral property purchase agreement remaining in full force and effect without an uncured default, satisfactory completion of Krait's due diligence and title review, and confirmation that the relevant properties are in good standing.

Krait separately arranged a non-brokered private placement for gross proceeds of up to CA$1.5 million through the issuance of up to 2 million common shares at CA$0.75 per share. No warrants will be included in the offering.

The company intends to use the net proceeds for exploration expenditures, including Phase 1 exploration at Goldbar Spider Lake; subject to completion of the Nevada Hills acquisition and satisfactory legal and technical review, reconnaissance, mapping, and sampling at Bales and Antimony Bell; general and administrative expenses; marketing program costs; property investigation costs; and general working capital.

Completion of the offering is not a condition of completing the Nevada Hills acquisition, and completion of the acquisition is not a condition of completing the offering.

Antimony Supply Chain Remained Concentrated as Diversification Efforts Advanced

According to S&P Global Energy's August Antimony Market Report, the antimony supply chain remained highly concentrated, with Chinese and Russian-controlled operations dominating mining, smelting, and production of other intermediates.

The report stated that "the market remains highly exposed to trade restrictions and Chinese policy decisions." It said China's introduction of antimony export controls in August 2024, followed by a ban on exports to the United States, was associated with a rise in the antimony CIF Northwest Europe price from approximately US$23 per kilogram in August 2024 to US$63 per kilogram by mid-2025. Following the temporary lifting of the export ban in November 2025, prices fell to approximately US$27 per kilogram through 2026.

S&P Global reported that Chinese and Russian-controlled operations accounted for approximately 80% of global antimony mine supply and 81% of processing capacity in 2025. Outside China and Russia, mine capacity stood at approximately 24,000 metric tons, with about 71% concentrated in Tajikistan, Türkiye, and Bolivia. The report said that "by 2030, 10 new mining projects can add ~32 kt capacity, with 85% located in the US and Australia." It also noted that about 75% of this proposed new capacity was tied to gold mines where antimony would be produced as a by-product.

The August report also described a gap between antimony processing capacity outside China and projected demand. S&P Global said that available ex-China processing capacity totaled 58,000 metric tons in 2026 following delivery of two announced projects, leaving a supply gap of approximately 33,000 metric tons relative to ex-China demand. It is estimated that the gap would narrow to approximately 24,000 metric tons in 2028 following the addition of about 9,000 metric tons from two proposed smelter projects.

Demand remained spread across several industrial and strategic applications. S&P Global reported that lead-acid batteries represented 31% of antimony demand, flame retardants accounted for 26%, and solar glass represented approximately 23%. The report said substitution remained limited in some strategic applications and noted that "antimony is used to harden certain munitions, where performance requirements can restrict the use of alternatives."

More recently, a September 2 Investing report from 247 Wall Street described differing trading activity across the broader critical minerals market. The report noted the presence of a US$245 million sole-source U.S. Defense Logistics Agency contract for military-specification antimony ingots exceeding 99.5% purity.

It characterized the associated antimony business as "a narrow, defense-anchored business with a single dominant customer." The report also said antimony and rare earths sat "on different supply chains serving different buyers," underscoring distinctions among individual commodities within the broader critical minerals sector.

Due Diligence at Bales and Exploration at Spider Lake

Following execution of the definitive agreement, Krait intends to continue its legal and technical review of the Bales and Antimony Bell properties, subject to completion of the acquisition and receipt of any required access rights and permits. The review is expected to include the underlying property option, mineral property purchase agreement, and associated ownership and contractual rights. Krait also plans to confirm the status, location, and ownership of the mineral claims and other property interests comprising Bales.

Subject to completion of the acquisition, satisfactory completion of Krait's legal and technical review, and receipt of any required access rights and permits, the proposed evaluation may include compiling, digitizing, and reconciling historical maps, reports, assays, production records, and underground-development information. Krait may also assess access, land-management jurisdiction, permitting, environmental, cultural, reclamation, and bonding requirements, and conduct field reconnaissance, mapping, and independent sampling under a documented QA/QC program if access and permits allow.

Additional work is expected to cover surface access, permitting, environmental, and reclamation considerations. Krait also intends to determine whether additional site inspections, geological mapping, sampling, or other field verification work is warranted and evaluate the potential scope and cost of a modern exploration program.

Krait's acquisition of Nevada Hills remains subject to customary closing conditions, including required CSE filings and compliance with applicable CSE policies, regulatory and third-party approvals, the Bales MPPA remaining in force without an uncured default, satisfactory completion of due diligence and title review, confirmation that the relevant properties are in good standing, and fulfillment of the parties' other closing obligations.

Separately, Krait's August 2026 investor presentation identifies the Goldbar Spider Lake Project as its flagship gold project in the Hemlo-Schreiber Greenstone Belt. The property consists of 148 mining claims covering 171 claim units and 3,636 hectares, with Krait holding an option to earn a 100% interest, subject to a 3% NSR.

A 262 line-kilometer helicopter-borne VTEM Plus electromagnetic and magnetic survey was completed across Goldbar Spider Lake in April 2026. The survey identified seven discrete late-time conductive zones, designated A through G, for follow-up exploration and geological evaluation. Several of the zones coincide with magnetic highs and favorable geological settings.

Krait's August 2026 exploration plan for Goldbar Spider Lake is based on a recommended CA$250,480 program that includes digital geological compilation, geophysical modeling and inversion, helicopter-supported mapping, prospecting and sampling, gold and multi-element assays, and interpretation and target ranking. Krait said a Phase 2 program had not been proposed at that time, with any subsequent drilling program to be developed based on the results of the recommended exploration work.

Krait's next steps at Goldbar Spider Lake include geological compilation, geophysical modeling, mapping, prospecting, sampling, assaying, and target ranking, with any subsequent drilling program to be developed based on the results of that work.

Ownership & Share Information¹

Krait Critical Minerals Corp. has 12,010,496 shares outstanding. Management and insiders own 9.3% of the company, with CEO Mendoza holding the most at 9.28%. The remaining 90.70% of shares are Retail.

Frequently Asked Questions

What did Krait Critical Minerals announce about U.S. antimony on September 8?

Krait Critical Minerals Corp. entered into a definitive securities exchange agreement to acquire all issued and outstanding membership interests of Nevada Hills Antimony LLC. Nevada Hills holds contractual rights to acquire the Bales Antimony Project and owns additional mineral claims and related assets in Okanogan County, Washington.

Is Krait Critical Minerals directly acquiring the Bales Antimony Project?

No. The September 8 agreement is for Krait to acquire Nevada Hills Antimony LLC. Nevada Hills holds contractual rights under a mineral property purchase agreement to acquire eight Bales claims. Krait will not acquire direct ownership of those eight claims at the closing of the Nevada Hills transaction.

What will Krait pay to acquire Nevada Hills Antimony LLC?

Under the definitive agreement, Krait will issue 2.5 million common shares at a deemed price of CA$0.87 per share and make a US$100,000 cash payment to Nevada Hills' members. Krait's previously paid US$25,000 exclusivity fee will count toward the cash consideration, leaving US$75,000 payable at closing.

What antimony assets and interests would Krait obtain through the Nevada Hills acquisition?

Upon completion, Krait will acquire Nevada Hills and its holdings, including its rights and obligations under the Bales mineral property purchase agreement, nine additional mineral claims contiguous to the Bales Antimony Project, and four mineral claims comprising the Antimony Bell Project.

What is the Bales Antimony Project in Washington?

The Bales Antimony Project is located approximately two miles northeast of Carlton in the Methow Valley of Okanogan County, Washington. Nevada Hills has contractual rights to acquire eight Bales claims and owns nine additional contiguous mineral claims. Together, the two groups comprise 17 claims reported to cover approximately 310 acres.

What historical antimony grades have been reported at Bales?

A historical discovery-post sample of vein material was reported to assay 10.9% antimony, while 37.82 tons of historically sorted material were reported to assay 14.4% antimony. The results have not been independently verified by Krait and do not constitute current exploration results, a mineral resource or mineral reserve, evidence of economic viability, or a forecast of future performance.

Was antimony historically mined at the Bales Antimony Project?

Historical compilations reported approximately 100 tons of mineralized material mined at Bales during 1951 and 1952. Approximately five tons of lump stibnite were also reportedly removed from the discovery trench. Krait has not independently verified the historical information.

Does the Bales Antimony Project have a current mineral resource or mineral reserve?

No. No current mineral resources or mineral reserves have been defined for the Bales Antimony Project or the Antimony Bell Project.

What is the Antimony Bell Project?

Historical records and supplied maps identified Antimony Bell approximately south of Bales. Historical records reported a 32-foot shaft, several adits, and a shipment of 1,300 pounds of material reported to contain stibnite in 1940. Krait is reviewing geological, title, and contractual information relating to Antimony Bell as a separate portfolio opportunity and has not approved an exploration program, budget, or acquisition decision for the project.

What financing did Krait Critical Minerals announce with the Nevada Hills acquisition agreement?

Krait arranged a non-brokered private placement for gross proceeds of up to CA$1.5 million through the issuance of up to 2 million common shares at US$0.75 per share. No warrants will be included.

How does Krait plan to use the CA$1.5 million financing?

Krait intends to use the net proceeds for exploration expenditures, including Phase 1 exploration at Goldbar Spider Lake; subject to completion of the Nevada Hills acquisition and satisfactory legal and technical review, reconnaissance, mapping, and sampling at Bales and Antimony Bell; general and administrative expenses; marketing program costs; property investigation costs; and general working capital.

What work could Krait conduct at Bales and Antimony Bell?

Subject to completion of the acquisition, satisfactory legal and technical review, and required access rights and permits, Krait's proposed evaluation may include claim and title verification, compilation and digitization of historical information, assessment of permitting and environmental requirements, field reconnaissance, mapping, and independent sampling under a documented QA/QC program. A phased exploration program and budget would be prepared only if the legal and technical review supported further work.

Has Krait's acquisition of Nevada Hills Antimony LLC closed?

No. Krait has entered into a definitive agreement, but completion remains subject to customary conditions, including required CSE filings, regulatory and third-party approvals, satisfactory due diligence and title review, confirmation that relevant properties are in good standing, and other closing requirements.