Update on Bales Exclusivity Agreement
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News Release August 31, 2026
Krait Critical Minerals Provides Update on
Exclusivity Agreement and Due Diligence of
Bales Antimony Project, Washington
August 31, 2026 – Vancouver, BC, Canada – Krait Critical Minerals
Corp. (the “Company” or “Krait”) (CSE: KRIT) is pleased to provide
shareholders with an update on its previously disclosed Exclusivity and
Standstill Agreement ( the “ESA”) with a Nevada -based limited liability
company (the “Nevada LLC”) relating to the Bales Antimony Project (“Bales
Antimony”) in Okanogan County, Washington, USA.
On May 4, 2026, Krait entered into a six -month ESA with the Nevada LLC,
providing Krait with the exclusive opportunity to conduct due diligence and
negotiate a potential transaction involving the acquisition of the Nevada LLC.
Krait paid a non- refundable exclusivity fee of US$25,000, which, subject to
the negotiation and execution of definitive documentation, would be credited
against any purchase price payable in connection with a completed
transaction.
The Nevada LLC is party to a Mineral Property Purchase Agreement
(the “MMPA”) dated April 28, 2026, with a third-party corporation that holds
an option to acquire a 100% interest in the Bales Antimony Project. Krait
continues to evaluate the Nevada LLC, the underlying contractual interests
relating to Bales and the historical technical information available for the
property as part of its due diligence process.
No definitive agreement has been entered into by Krait to acquire the
Nevada LLC or an interest in the Bales Antimony Project, and there
can be no assurance that a transaction will be completed.
Oscar Mendoza, Chief Executive Officer and Director of Krait,
commented: “The Bales Antimony opportunity is compelling because it is
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supported by a historical record of reported stibnite mineralization,
underground development and historical exploration work in an established
U.S. mining jurisdiction. While the Spider Lake Project remains Krait’s principal
property and primary focus, the Company continues to evaluate additional
mineral opportunities that may complement its existing portfolio, and Bales is
one such opportunity currently under review. Our focus during the exclusivity
period is to complete a disciplined technical, legal and commercial review to
assess the property's exploration potential and determine whether a
transaction is in the best interests of Krait and its shareholders. With antimony
becoming increasingly important to North A merican critical- mineral and
strategic supply chains, Bales represents a potential opportunity consistent
with our broader objective of evaluating critical-mineral opportunities in North
America. No acquisition decision has been made, and we will proceed o nly if
our due diligence supports doing so”
Bales Antimony Project
Bales Antimony is located in the state of Washington, approximately two miles
northeast of Carlton in the Methow Valley. Historical records describe stibnite
and stibiconite mineralization hosted within altered and silicified zones in
diorite, greenstone and argillite.
Historical records indicate that the property was discovered in 1947, and early
work included bulldozer trenching along the mineralized structure and the
removal of approximately five tons of lump stibnite from the discovery -post
trench. Historical descriptions identify the mineralized zone as consisting of
intensely hydrothermally altered wall rock, quartz and lenticular masses of
stibnite.
There are no current mineral resources or mineral reserves defined
for the Bales Antimony Project.
Historical information contained in this release is derived from publicly
available government and historical sources and predates National Instrument
43-101 — Standards of Disclosure for Mineral Projects (“NI 43-101”) . A
Qualified Person has not completed sufficient work to classify any historical
estimate or historical production information as a current mineral resource or
mineral reserve, and Krait is not treating such information as a current mineral
resource or mineral reserve.
Strategic Importance of Antimony
Antimony is used in a range of industrial, technology and defence applications,
including flame-retardant materials, specialty alloys, ammunition, lead -acid
batteries, semiconductors and certain advanced energy technologies.
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Krait believes the location of Bales within the United States and its
documented history of reported antimony mineralization warrant further
evaluation within the context of the Company’s strategy of identifying critical-
mineral opportunities in established North American jurisdictions. The
Company cautions that the historical occurrence of antimony mineralization at
Bales does not demonstrate that an economically recoverable mineral deposit
exists on the property.
Next Steps
During the remaining exclusivity and due diligence period, Krait intends to
continue a systematic evaluation of the proposed transaction for the Bales
Antimony Project. This work is expected to include:
• reviewing the underlying property option, M MPA and associated
ownership and contractual rights;
• confirming the status, location and ownership of mineral claims and
other property interests comprising Bales;
• compiling and digitizing available historical geological, exploration,
assay, underground-development and production records;
• reviewing the historical U.S. federal exploration -assistance files and
Washington State geological records;
• assessing historical workings, mineralized structures and previously
identified stibnite occurrences;
• evaluating surface access, permitting, environmental and reclamation
considerations;
• determining whether additional site inspections, geological mapping,
sampling or other field verification work is warranted;
• evaluating the potential scope and cost of a modern exploration
program; and
• continuing negotiations regarding the terms of a potential definitive
transaction, should Krait determine that proceeding is in the best
interests of the Company and its shareholders.
Any decision to proceed with an acquisition will be subject to satisfactory
completion of Krait ’s due diligence, negotiation of definitive agreements,
Board approval and any required regulatory or Canadian Securities Exchange
approvals.
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Qualified Person
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 Critical Minerals Corp. and a “ Qualified Person” as defined by NI 43-
101.
Mr. Clark has reviewed the historical technical information cited in this release.
Historical exploration results, assay data, production information and
geological interpretations relating to the Bales Antimony Project were
completed prior to Krait ’s involvement with the property and have not been
independently verified through modern exploration, sampling or field
investigation by the Company. Mr. Clark has reviewed publicly available
historical records relied upon in this news release but has not i ndependently
verified the historical exploration results, assay data, production information
or geological interpretations described herein. Accordingly, the historical
information should not be relied upon as necessarily indicative of current
mineralization, and there are currently no mineral resources or mineral
reserves defined for the Bales Antimony Project
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 pro ject 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 e arn 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.
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.
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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
For further information, please contact:
Krait Critical Minerals Corp.
Steve Vanry – CFO
Phone: +1 604 671-9522
Email: [email protected]
Disclaimer for Forward-Looking Information
This news release contains certain forward -looking statements and forward -
looking information (collectively, “ forward-looking statements ”) within the
meaning of applicable Canadian securities laws. Forward- looking statements
are generally identified by words such as “anticipates,” “believes,” “expects,”
“intends,” “plans,” “proposes,” “estimates,” “may,” “will,” “could,” “should,”
“potential,” “targets” and similar expressions.
Forward-looking statements in this news release include, but are not limited
to, statements regarding the Company’s ongoing due diligence concerning the
Nevada LLC and the Bales Antimony Project; the review, compilation and
interpretation of historical geological, exploration, assay, development and
production records; confirmation of mineral claims, title, ownership and
underlying contractual rights; potential site inspections, geological mapping,
sampling and other field verification activities; assessment of permitting,
environmental, access and reclamation matters; evaluation of the scope and
cost of potential futu re exploration; negotiations concerning a potential
definitive transaction; Krait’ s potential acquisition of the Nevada LLC or an
interest in the Bales Antimony Project; the receipt of regulatory or CSE
approvals; and the potential of the Bales Antimony Project to host antimony
mineralization of economic significance.
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Forward-looking statements involve known and unknown risks, uncertainties
and other factors that may cause actual results, performance or achievements
to differ materially from those expressed or implied. Such risks and
uncertainties include the possibility that Krait’s due diligence may not support
proceeding with the proposed transaction; that title, contractual, permitting,
environmental, access or other matters may adversely affect the proposed
acquisition or future exploration; that historical technical information may be
incomplete, inaccurate or unable to be verified; that historical assays may not
be representative of mineralization on the property; that negotiations may not
result in definitive agreements; that required regulatory or exchange
approvals may not be obtained; changes to business or exploration plans; the
availability and cost of contractors, equipment and qualified personnel;
fluctuations in commodity prices and financial markets; the speculative nature
of mineral exploration; the Company’s ability to obtain financing on acceptable
terms or at all; and other risks associated with the mineral exploration
industry.
There can be no assurance that the proposed transaction involving the Nevada
LLC or the Bales Antimony Project will be completed or, if completed, that
exploration will identify a mineral resource or result in the development of a
mine.
Additional risk factors are described in the Company ’s continuous disclosure
filings available under its profile on SEDAR+ at www.sedarplus.ca.
There can be no assurance that forward -looking statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated. Readers are cautioned not to place undue reliance on forward-
looking statements. The Co mpany undertakes no obligation to update or
revise any forward-looking statements as a result of new information, future
events or otherwise, except as required by applicable securities laws.
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