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Critical One Energy signed a binding memorandum of understanding with Solar International Core Canada (SICC), a strategic investment and operating firm, that positions Critical One as a co-development partner in building a Canadian critical minerals supply chain.
The MoU brings C$25million of strategic capital, a construction financing facility of C$400 million and a future antimony offtake agreement to the company’s flagship Howells Lake antimony-gold project in northwestern Ontario. SICC will be the principal capital and offtake partner, while Northlink Development Group will develop and manage the planned 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.
“This collaboration with Critical One Energy is a decisive step toward closing critical vulnerabilities in North American critical minerals supply chains,” said Marc Kealey, vice chairman of Solar International Core Canada. “By integrating upstream Canadian feedstock with domestic refining infrastructure, we are creating an integrated, value-added supply ecosystem that keeps economic benefits, processing intellectual property, and high-skilled jobs inside Canada. Because of this, SICC is keen and proud to act as the principal capital partner accelerating this vital initiative.”
The offtake agreement allows for the purchase of up to 150 million pounds of future antimony production from Howells Lake, at international benchmark prices. The company 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.”
Located in the homelands of the Eabametoong First Nation, Thunder Bay Mining Division, Howells Lake is approximately 120 kilometres west of the Ring of Fire access corridor in northwestern Ontario.
Source: Critical One Energy
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