Krait Critical Minerals Secures $1.73M for Ontario and Washington Projects

Krait Critical Minerals has concluded a $1.73 million non-brokered private placement. These funds will accelerate exploration at its Ontario gold project and assist in the assessment of recently acquired antimony assets in Washington State. The company finalized the offering in three tranches, with the final phase closing on October 9, 2026.

The firm raised gross proceeds of $1,725,824.25 through the issuance of 2,301,099 common shares. This capital supports the company's focus on precious and critical metals.

"Completing this financing provides Krait with additional capital to advance our exploration priorities and evaluate opportunities across our portfolio," said Oscar Mendoza, Chief Executive Officer and Director, in a statement.

Allocation of Funds

Proceeds from the offering are earmarked for the following purposes:

• Exploration activities at the Goldbar Spider Lake project located in Ontario.
• Technical evaluation of the company's antimony interests in Washington State.
• General working capital requirements.

Antimony is a mineral used in flame retardants, lead-acid batteries, and semiconductor manufacturing. The company's expansion into Washington represents a move toward domestic critical mineral supply chains, which have gained attention from industrial and defense sectors because of supply chain volatility.

Regulatory and Investor Terms

Under the terms of the private placement, all common shares issued are subject to a statutory hold period of four months and one day from their respective issuance dates. This is a standard requirement for private placements in Canadian markets, intended to ensure that securities are not immediately liquidated following a private offering.

"We thank our shareholders and new investors for their support and look forward to putting these funds to work through disciplined exploration and project evaluation," said Mendoza.

As Krait moves into the next phase of its project development, the company must manage exploration costs while maintaining liquidity. The success of the Goldbar Spider Lake project and the potential for its Washington assets remain the primary drivers for the company's current valuation and development strategy.