Critical One Energy secures 303 million dollar antimony offtake deal

Critical One Energy has announced the signing of a binding memorandum of understanding with Solar International Core Canada, a strategic investment firm. The agreement establishes a comprehensive partnership for the development of the Howells Lake antimony and gold project in Ontario. This deal includes a future offtake agreement for antimony production, strategic capital injection, and construction financing for a planned processing facility. The total value of the offtake component is reported at 303 million dollars, positioning the company as a key player in the Canadian critical minerals supply chain.

Under the terms of the memorandum, Solar International Core Canada will provide 25 million Canadian dollars in strategic capital. Additionally, the firm has committed to a construction financing facility of up to 400 million Canadian dollars. The partnership designates Northlink Development Group as the developer and project manager for the Ontario antimony processing facility. Critical One Energy will participate as a future feedstock supplier from the Howells Lake site and as a carried equity partner in the processing infrastructure. The arrangement integrates mining operations with downstream processing to create a vertically aligned supply chain.

The financial structure includes an equity position of 15 million Canadian dollars from Solar International Core Canada. This investment is priced at 1.20 Canadian dollars per share for 12.5 million common shares. The valuation represents a 48 percent premium to the closing price on October 28, 2026. The investor has agreed to a 12-month voluntary lock-up period and may nominate one director to the board of directors. The offtake rights allow for the purchase of up to 150 million pounds of future antimony production at international benchmark prices. This structure aims to secure long-term demand for the mineral output from the project.

The Howells Lake project is located in the Thunder Bay Mining Division, within the homelands of the Eabametoong First Nation. It is situated approximately 120 kilometres west of the Ring of Fire access corridor. The site is described as Canada’s largest undeveloped antimony deposit. Recent fieldwork has involved relocating historic trenches and sampling surface mineralization to assess the size and grade of antimony and gold zones. The exploration program aims to identify new targets across the 26-kilometre property. Chief Solomon Atlookan of the Eabametoong First Nation stated that the partnership is guided by respectful terms and focuses on sustainable community growth.

Critical One Energy chief executive Duane Parnham said the partnership elevates the company’s growth strategy by combining returns from processing and mining. The company aims to advance geological results into a development plan that benefits shareholders and the local community. By market close in Toronto on Thursday, Critical One Energy shares had risen by 3.7 percent. The company currently holds a market capitalization of 54.3 million Canadian dollars. The agreement underscores the growing interest in securing domestic sources of critical minerals for industrial applications.