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HomeNewsMiningCritical One Energy negotiates CAN$425 million investment and offtake agreement
Friday, 30 October 20263 min read
Critical One Energy Inc. has announced that it has signed a binding memorandum of understanding with Solar International Core Canada, a strategic investment and operating firm with institutional financing partnerships that include the Sultanate of Oman Sovereign Wealth Fund.
The MOU positions Critical One as a co-development partner in building a Canadian critical minerals supply chain and brings CAN$25 million of strategic capital, a construction financing facility of up to CAN$400 million and a future antimony offtake agreement to the company’s flagship Howells Lake Antimony-Gold Proejct.
Located in the homelands of the Eabametoong First Nation, Thunder Bay Mining Division, Howells Lake is approximately 120 km west of the Ring of Fire access corridor in northwestern Ontario, Canada.
The MOU brings together SICC as the principal capital and offtake partner and Northlink Development Group Inc. as the developer and project manager of the planned Ontario antimony processing facility. Through this partnership, Critical One participates as both a future antimony feedstock supplier from Howells Lake and a carried equity partner in the facility.
Highlights:
Strategic equity position: CAN$15 million from SICC at CAN$1.20 per share for 12.5 million common shares without warrant exposure, representing a 48% premium to the closing price on Wednesday, October 28, 2026 (CAN$0.81), for a 12% interest on a fully diluted basis. SICC has agreed to a 12-month voluntary lock-up.
Board position: SICC may nominate one director to Critical One’s Board of Directors.
Mine construction finance: SICC shall use commercially reasonable efforts to deliver to Critical One, within ninety (90) days of signing the MOU, to provide an indicative term sheet for a construction debt facility of up to CAN$400 million to fund industrial mine and plant infrastructure.
Ontario processing facility: Establishes a strategic commercial alliance wherein Howells Lake antimony feedstock is integrated with the Ontario processing facility being developed by Northlink, with SICC funding a CAN$10 million commitment representing Critical One’s carried equity interest in the processing facility.
Future antimony supply: Exclusive offtake rights to purchase up to 150 million pounds of future antimony production from Howells Lake, at international benchmark prices. It is noted that future production is not guaranteed and Howells Lake does not have an NI 43-101 compliant resource.
“Being positioned as a strategic co-development partner, with returns from processing as well as mining, elevates Critical One’s growth strategy,” said Duane Parnham, Executive Chairman and CEO of Critical One. “We are advancing our geological results into a development plan that returns benefits directly to our shareholders and the Eabametoong First Nation community.”
Chief Solomon Atlookan described the growing partnership between Critical One and Eabametoong First Nation.
“Our community members hunt, fish, and harvest throughout this beautiful area. It is our home, and we have begun a relationship with Duane and Critical One on respectful terms and will continue to be guided by our land users and stewards of the land. This partnership is not merely about revenue sharing or environmental protections. We are seeking to plan for the future of our people and sustainable growth of our community through strategic opportunities, and we are pleased to see respectful companies come alongside our First Nation.”