Krait Critical Minerals Corp. is advancing its technical, legal, and commercial review of the Bales Antimony Project in Okanogan County, Washington, under a six-month Exclusivity and Standstill Agreement signed on May 4, 2026.

Under the arrangement, Krait paid a non-refundable exclusivity fee of US$25,000, which will be credited against any purchase price if a definitive transaction is completed. The Nevada-based limited liability company currently being evaluated for a potential acquisition holds an option agreement through a third-party corporation to acquire a 100% interest in the project. No binding acquisition agreement has been signed, and completion remains subject to due diligence, definitive documentation, board approval, and regulatory consents.

The property, located approximately two miles northeast of Carlton in the Methow Valley, was discovered in 1947 and features historical records of stibnite and stibiconite mineralization within altered and silicified zones. There are no current mineral resources or mineral reserves defined for the project, and all historical data predates National Instrument 43-101 standards.

“The Bales Antimony opportunity is compelling because it is 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 American 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 only if our due diligence supports doing so.”

— Oscar Mendoza, Chief Executive Officer and Director

During the remaining exclusivity period, Krait intends to review underlying property options, confirm claim ownership, digitize historical records, and evaluate potential modern exploration programs. While reviewing the Bales project as an additional North American mineral opportunity, Krait’s principal focus remains its Goldbar Spider Lake Project in Ontario, where the company recently outlined a $250,480 exploration program to advance priority targets toward potential drill testing.

Read the full announcement: Krait Critical Minerals Provides Update on Exclusivity Agreement and Due Diligence of Bales Antimony Project, Washington