Critical Minerals Explorer Expands Into US Antimony With Washington Acquisition

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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) reported that it completed its previously announced acquisition of all issued and outstanding membership interests of Nevada Hills Antimony LLC and increased its previously announced non-brokered private placement from gross proceeds of up to CA$1.5 million to up to CA$2.0 million.

Nevada Hills holds contractual rights to acquire the Bales Antimony Project under a mineral property purchase agreement with the underlying property owner and owns additional mineral claims and related assets in Okanogan County, Washington. Following the acquisition, Nevada Hills became a wholly owned subsidiary of Krait.

Under the securities exchange agreement, Krait paid aggregate cash consideration of CA$100,000, including CA$25,000 previously paid under an exclusivity and standstill agreement, and credited against the purchase price. The company also issued 2.5 million common shares at a deemed price of CA$0.87 per share to the former members of Nevada Hills. The consideration shares are subject to a statutory hold period expiring four months and one day from the date of issuance, as well as the applicable exchange hold period.

Through Nevada Hills, Krait acquired the company's rights and obligations under the Bales mineral property purchase agreement, additional mineral claims contiguous to the Bales Antimony Project, and four mineral claims comprising the Antimony Bell Project. Under the Bales agreement, Nevada Hills has the contractual right to acquire the underlying Bales Antimony Project from the property owner after satisfying the remaining payment obligations and other terms of the agreement. Krait did not acquire direct ownership of the eight Bales claims as part of the Nevada Hills acquisition.

"Completion of the Nevada Hills acquisition represents an important milestone for Krait as we continue evaluating antimony opportunities in North America," Chief Executive Officer and Director Oscar Mendoza said. "Through Nevada Hills, the company has acquired contractual rights relating to the Bales Antimony Project together with additional mineral claims in Washington State. Our immediate focus will be on advancing our legal, technical, and property review while continuing to progress the Goldbar Spider Lake Project in Ontario."

Krait also increased the size of its previously announced offering from gross proceeds of up to CA$1.5 million to up to CA$2.0 million. The offering will consist of up to 2,666,667 common shares at CA$0.75 per share, with no warrants to be issued. The net proceeds are expected to be used for exploration expenditures at the Goldbar Spider Lake Project, continued evaluation of the Nevada Hills Assets, including the Bales Antimony Project and Antimony Bell Project, and general working capital and corporate purposes.

Completion of the offering remains subject to required regulatory approvals, including approval from the Canadian Securities Exchange. The company may pay finder's fees in connection with the offering, and securities issued under it will be subject to the applicable statutory hold period under Canadian securities laws.

Antimony Supply Takes on New Strategic Importance

According to a September 2 report from Market Growth Reports, antimony trioxide has remained widely used in flame-retardant applications across plastics, rubber, electronics, and other industrial products. The report said global consumption of antimony trioxide had exceeded 150,000 metric tons annually, with more than 90% used as flame-retardant synergists for halogenated compounds. Plastics, rubber, and electronics represented more than 70% of total usage, while more than 55% of antimony trioxide was incorporated into consumer electrical and electronic products and insulation materials.

Market Growth Reports said the U.S. market had consumed more than 30,000 metric tons annually across plastics, rubber, and cable insulation, with flame-retardant applications accounting for more than 75% of U.S. antimony trioxide use. The report identified "increased demand for flame-resistant plastics and electronic components" as a market driver. It also said more than 72% of global antimony ore had originated from a limited number of mining regions, which it identified as a source of price sensitivity and supply instability.

A September 8 commentary published by Yahoo! Finance described a broader shift in antimony's strategic role, stating, "It is now a national security line item." The commentary cited Future Market Insights data valuing the global antimony market at approximately US$2.5 billion in 2026 and projecting approximately US$4.5 billion by 2036, while Emergen Research had estimated the market at about US$1.31 billion in 2025. The article noted that differences between the estimates reflected what each research firm counted as antimony revenue rather than a disagreement over demand.

The commentary also pointed to changes in international supply conditions. It said China had introduced export licensing requirements covering six antimony product categories in August 2024 and had banned antimony exports to the United States in December 2024. According to the report, China had accounted for roughly half of global output, while the United States had imported more than 85% of the antimony it consumed. Antimony metal prices had roughly doubled following the export restrictions.

It also reported that antimony had been formally designated a critical mineral by the United States and Canadian governments and that the U.S. Defense Logistics Agency had announced plans to stockpile it. The commentary said antimony had applications in ammunition primers, armor-piercing rounds, night vision equipment, and hardened alloys. Addressing efforts to establish additional Western supply, it stated, "The practical difficulty is that there is no quick fix." It added that the United States had no operating primary antimony mine and that permitting and building a mine required years.

A September 14 report by Stuart Fieldhouse described antimony as being used "in applications ranging from flame retardants and lead-acid batteries to defense-related products," while noting that global supply chains had become increasingly exposed to export restrictions and geopolitical disruption. The report said China's historical dominance of antimony production and its export controls had increased the strategic importance of alternative sources.

Fieldhouse also described the importance of domestic supply in the context of the critical minerals market, writing that "supply security is becoming increasingly important." The report characterized antimony as a strategically important part of the critical-minerals supply chain and noted that exploration work in the sector could involve verification of claim status and title, compilation of historical geological information, assessment of access and permitting requirements, reconnaissance, mapping, and sampling.

Exploration Work Moves Toward Drill Target Definition

Krait's September 2026 investor presentation outlined a four-phase 2026 exploration program at the Goldbar Spider Lake Project. Phase 1 consists of historical database review, QA/QC, GIS compilation, and target ranking. The independent NI 43-101 Technical Report recommended a budget of CA$250,480 for the Phase 1 exploration program.

Phase 2 consists of geological evaluation through mapping, prospecting, rock sampling, and ground truthing. Phase 3 covers target refinement through geological interpretation, geophysical modeling, and priority ranking. Phase 4 consists of drill targeting, permitting, and program planning.

The program follows a helicopter-borne VTEM Plus electromagnetic and magnetic survey completed across the Goldbar Spider Lake property in April 2026. The survey covered 262 line-kilometers and identified seven discrete late-time conductive zones, labeled A through G, for follow-up exploration and geological evaluation. Several of the conductive zones coincide with magnetic highs and geological settings identified in the presentation, providing a framework for ground exploration, geophysical modeling, and future drill targeting.

The presentation said the 2026 VTEM Plus survey represents the first modern property-wide geophysical dataset used to systematically prioritize exploration targets. The company's exploration model combines regional geological mapping, structural interpretation, hydrothermal alteration, geochemical vectoring, and VTEM conductors, with geological, geochemical, and geophysical datasets evaluated together to identify and prioritize targets for future drill testing.

The presentation's 2026 to 2027 timeline states that the Phase 1 exploration program is planned for early 2027. Geological mapping and sampling, target refinement, follow-up geophysics, and drill target definition are listed for 2027.

Ownership & Share Information¹

Krait Critical Minerals Corp. has 14,510,496 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.