Washington Antimony Deal Expands Krait Financing

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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) recently announced 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. The move gives the company contractual rights to the Bales Antimony Project and related claims in Washington State while expanding its planned financing for exploration.

The acquisition closed with aggregate cash consideration of CA$100,000 and the issuance of 2.5 million common shares at a deemed price of CA$0.87 per share. Those shares carry a four-month statutory hold plus any applicable exchange hold.

Key Investor Takeaways

• Krait paid CA$100,000 cash plus 2.5 million shares to acquire Nevada Hills Antimony LLC and its Washington antimony assets.
• The company upsized its private placement to CA$2 million at CA$0.75 per share with no warrants attached.
• Proceeds target the Goldbar Spider Lake Project in Ontario, the evaluation of the new Washington assets, and general working capital.
• Antimony supply has tightened after China imposed export restrictions, lifting prices and highlighting the need for non-Chinese sources.
• Krait holds 14,510,496 shares outstanding, with management and insiders owning 9.3 percent.¹
• Exploration at Goldbar Spider Lake follows a recent VTEM survey that outlined seven conductive zones for follow-up work.

Why the Washington Acquisition Matters Now

Antimony has moved from an industrial commodity to a strategic material. According to a September 2 report from Market Growth Reports, global consumption of antimony trioxide exceeds 150,000 metric tons per year, with more than 90 percent used in flame-retardant applications. The United States remains heavily reliant on imports for antimony, with the 2026 U.S. Geological Survey estimating net import reliance at 91% of apparent consumption in 2025.

A September 8 commentary published by Yahoo! Finance described a broader shift in antimony's strategic role, noting that China introduced export licensing for antimony in 2024 and announced a ban on antimony exports to the United States in December 2024. Prices have roughly doubled since those restrictions took effect. The United States imports more than 85 percent of the antimony it uses, making new domestic or allied supply sources increasingly important for defense and industrial applications.

Krait's Position After the Nevada Hills Transaction

Through the acquisition, Nevada Hills became a wholly owned subsidiary of Krait. Nevada Hills holds contractual rights to acquire the Bales Antimony Project under an existing mineral property purchase agreement and owns additional mineral claims in Okanogan County, Washington, including the four-claim Antimony Bell Project. Krait did not receive direct ownership of the eight Bales claims; it obtained the contractual right to earn those claims once the remaining payment obligations are met.

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," underscoring the growing focus on secure Western supply chains.

Exploration Roadmap at Goldbar Spider Lake

Krait's September 2026 investor presentation outlined a four-phase 2026 exploration program at the Goldbar Spider Lake Project. Phase 1 covers historical data review, QA/QC, GIS compilation, and target ranking, with an independent NI 43-101 Technical Report recommending a CA$250,480 budget. Phase 2 involves mapping, prospecting, and rock sampling. Phase 3 refines targets through geophysical modeling. Phase 4 advances to drill permitting and program planning.

The work builds on a helicopter-borne VTEM Plus survey flown in April 2026 that covered 262 line-kilometers and identified seven late-time conductive zones labeled A through G. Several zones coincide with magnetic highs, providing a clear framework for ground follow-up in 2027.

Share Structure and Near-Term Steps¹

Krait Critical Minerals Corp. has 14,510,496 shares outstanding. Management and insiders own 9.3 percent, with CEO Oscar Mendoza holding 9.28 percent and the balance held by retail investors.

The upsized private placement of up to 2,666,667 shares at CA$0.75 per share remains subject to Canadian Securities Exchange approval. Net proceeds will support exploration at Goldbar Spider Lake, continued evaluation of the Nevada Hills assets, and working capital. 

Common Questions from Investors

What assets did Krait acquire through Nevada Hills?

Krait acquired contractual rights to the Bales Antimony Project, contiguous mineral claims in Washington, and the four-claim Antimony Bell Project. Nevada Hills is now a wholly owned subsidiary.

How much capital is Krait raising and at what price?

The company increased its private placement to up to CA$2 million through the sale of up to 2,666,667 shares at CA$0.75 each with no warrants.

Does Krait now own the Bales claims outright?

No. Krait holds the contractual right to acquire the eight Bales claims once remaining payments and conditions under the original purchase agreement are satisfied.

What is the next major exploration step?

Phase 1 work at Goldbar Spider Lake is scheduled, followed by mapping, sampling, target refinement, and drill target definition later in the year.

The acquisition and financing position Krait to advance both its new Washington antimony interests and its Ontario gold project amid tightening global antimony supply. Investors should monitor regulatory approval of the placement and the start of 2027 field programs for further updates.