Mr. Oscar Mendoza reports

KRAIT CRITICAL MINERALS ENTERS INTO OPTION AGREEMENT TO ACQUIRE 100% INTEREST IN PAST- PRODUCING NEVADA ANTIMONY PROJECT

Krait Critical Minerals Corp. has entered into an option agreement with Sierra Antimony Corp., an arm's-length Nevada corporation, granting Krait the exclusive option to acquire a 100-per-cent interest in 17 contiguous unpatented federal mining claims covering approximately 354 acres in Humboldt county, Nevada, United States.

The proposed acquisition represents a further expansion of Krait's U.S. critical minerals portfolio, complementing its existing antimony exploration interests in Washington State and supporting the company's strategy of identifying and evaluating mineral opportunities across North America.

Property highlights:

• Historical production:
  • 1927: 30 tons of ore grading 50 per cent antimony;
  • 1941: 1.5 tons of ore grading 41 per cent antimony;
  • 1942: two tons of ore grading 54 per cent antimony;
  • 1942: an additional five tons of ore produced; grade not reported;
• Historical workings occur along a 2.25-kilometre trend with trenching, adits and stope work dating back to the First World War;
• Prolific jurisdiction with district-scale exploration potential;
• Road-accessible approximately a four-hour drive north of Reno, Nev.;
• Premier U.S. mining jurisdiction: Nevada, ranked the world's most attractive jurisdiction for mining investment.

These historical figures relate to selectively mined, high-grade material and are not representative of in situ mineralization. The historical information has not been independently verified by the company's qualified person and may not be representative of mineralization remaining on the property. No current mineral resources or mineral reserves have been defined for the property.

Oscar Mendoza, chief executive officer and director of Krait, commented: "The addition of this Nevada property represents another important step in expanding Krait's footprint in the United States and strengthening our exposure to critical minerals. With antimony playing an increasingly important role in U.S. defence, advanced manufacturing and industrial supply chains, we believe building a diversified portfolio of prospective properties is a timely and strategic initiative.

"The staged acquisition structure provides Krait with the flexibility to evaluate the property's geological potential while managing our capital commitments. Alongside our existing antimony projects in Washington State, this agreement advances our objective of building a meaningful U.S. critical minerals exploration portfolio," added Mr. Mendoza.

Nevada antimony property

Covering approximately 354 acres within 17 contiguous mineral claims, the road-accessible project is documented to have historically produced antimony ore in the 1920s through the 1940s, which was sought after due to its high-grade, at-surface mineralization. Historical records compiled in the U.S. Geological Survey's (USGS) mineral resources data system describe workings at the Nevada King mine comprising four adits, two shafts and open cuts. Historical reports describe stibnite mineralization in high-grade shear veins with stibnite occurring in intrusive quartz veins that have been traced over 3,000 feet within a metasedimentary package. Reported mineralized widths range from narrow veins, pods and lenses to approximately two feet wide with lower-grade, disseminated mineralization observed in the altered country rock.

Historic production

According to historical government records, the property reportedly produced 30 tons of ore grading 50 per cent Sb in 1927, followed by 1.5 tons grading 41 per cent Sb in 1941. In 1942, an additional two tons of ore grading 54 per cent Sb were produced, followed by a further five tons for which no grade was reported. These historical production figures have not been independently verified by the company's qualified person and may not be representative of mineralization remaining on the property.

Historical reports published by the USGS and the Defense Minerals Administration include chip-sampling results, with 11 samples reporting gold values ranging from 0.003 to 0.718 part per million and silver values ranging from 0.36 to 8.3 ppm. Seventeen samples returned antimony values ranging from 10.6 to 9,800 ppm while molybdenum values reached up to 50 ppm.

Workings include:

• Approximately 300 linear feet of shaft workings;
• Approximately 210 linear feet of drifts and crosscuts;
• Approximately 25 linear feet of tunnels or adits, plus numerous open cuts;
• The property is not currently in production and has no buildings, equipment or on-site power infrastructure.

The company cautions that historical shipment grades of 50 per cent, 41 per cent and 54 per cent antimony reflect selectively mined, high-grade material and are not representative of in situ mineralization. Government reports describe predominantly lower-grade material, generally below 3 per cent Sb, with narrow mineralized widths and localized high-grade pockets. All historical production, geological and assay information is derived from government records and has not been independently verified by the company's qualified person. Historical results do not guarantee future exploration success or the discovery of economically significant mineralization, mineral resources or mineral reserves.

Terms of the option agreement

Under the terms of the agreement dated Oct. 19, 2026, Krait may acquire a 100-per-cent interest in the property by making the cash payments and issuing the common shares described below to Sierra:

Cash consideration:

• $5,000 (U.S.) within seven business days of the effective date;
• $20,000 (U.S.) within 30 days of the effective date;
• $25,000 (U.S.) within one year of the effective date;
• $25,000 (U.S.) within two years of the effective date.

Total cash consideration is $75,000 (U.S.).

Share consideration

Krait will also issue 150,000 common shares within 30 days of the effective date and common shares valued at $200,000 (Canadian) on each of the first and second anniversaries of the effective date.

The number of shares issued for each of these subsequent payments will be determined using the greater of the 20-day volume-weighted average trading price of Krait's common shares or the minimum price permitted under applicable Canadian Securities Exchange policies.

Upon completion of the required payments and share issuances, Krait will have exercised its option to acquire a 100-per-cent interest in the property, subject to the net smelter return (NSR) royalty and permitted encumbrances.

The agreement provides Sierra with a 2.5-per-cent NSR royalty commencing upon commercial production. Krait retains the right to reduce the royalty to 1.0 per cent by making a payment of $2-million (U.S.).

Krait may accelerate the option payments and share issuances at its discretion. The agreement does not prescribe a minimum exploration expenditure requirement as a condition of exercising the option.

The transaction and issuance of securities remain subject to applicable regulatory requirements and CSE policies.

Planned exploration and evaluation

Krait expects to begin its assessment of the property through a review of available geological and technical information, with the objective of identifying prospective areas for further investigation.

Any future exploration activities, including field mapping, prospecting, geochemical sampling or geophysical surveys, will be subject to satisfactory technical evaluation, appropriate access and permitting, and management approval.

The company will provide further updates as additional information becomes available.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by J. Garry Clark, PGeo (PGO No. 0245), a director of Krait and a qualified person as defined by National Instrument 43-101.

Mr. Clark has not conducted a personal inspection of the property and has not independently verified the historical sampling, analytical, production or shipment information disclosed in this release through fieldwork, resampling or independent laboratory analysis. Mr. Clark's review was limited to the publications, records, maps and databases referenced in this news release. The absence of original sample locations, widths, sampling protocols, assay certificates, laboratory information and QA/QC records limits the reliability of the historical information.

About Krait Critical Minerals Corp.

Krait Critical Minerals 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 project 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 earn a 100-per-cent interest, subject to a 3-per-cent net smelter return royalty. Located within the western Schreiber-Hemlo greenstone belt, the project benefits from year-round access through Highway 17, nearby rail and power infrastructure, and proximity to established mining communities and service providers.

Krait acquired Nevada Hills Antimony LLC on Sept. 16, 2026. Through Nevada Hills, Krait holds contractual interests relating to the Bales antimony project, together with interests in the Antimony Bell project and other related assets in Washington State. The acquisition expanded Krait's critical minerals portfolio to include U.S.-based antimony exploration opportunities.

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