Toronto, Ontario--(Newsfile Corp. - October 8, 2026) - Critical One Energy Inc. (CSE: CRTL) (OTCQB: CTLOF) (FSE: 4EF) ("Critical One" or the "Company") is pleased to announce that it has engaged Micon International Limited ("Micon") to complete an independent technical review of the Company's 100%-owned Kenora Uranium Property in northwestern Ontario (the "Kenora Property").

Critical One remains focused on its flagship Howells Lake Antimony-Gold Project ("Howells Lake Project"), where the funded 2026-2027 exploration program continues and its budget is unaffected.

Highlights:

• Independent technical review at Kenora: Micon's work will include an audit of the exploration work completed during the former option period.
• 100% ownership retained: American Atomics Inc. terminated its option on the Kenora Property effective May 3, 2026, and the Company's 100% interest in the Kenora Property was restored (see press release issued August 12, 2026).
• Proposed 'Critical Two' spin-out: The Company intends to transfer the Kenora Property and its uranium and copper interests in Namibia to a new company, proposed to be named 'Critical Two Energy Inc.' ("Critical Two"), and to distribute the shares of Critical Two by way of dividend to Critical One shareholders of record on a record date to be determined. Critical Two is expected to seek a separate stock exchange listing.
• Contractual and title matters: Critical One continues to pursue its contractual rights, including with respect to damages relating to mining claim 531620, which lapsed while the Kenora Property was under option, and its position that ten claims staked within the agreement's area of common interest are to be transferred to the Company. The Company and its legal advisers continue to address these contractual and title matters.

"We are very pleased with the progress at our Howells Lake Project and remain focused on building on that momentum," said Duane Parnham, Executive Chairman and CEO of Critical One. "At the same time, we believe Kenora and Namibia also have great potential, and we want our shareholders to see that potential developed to its utmost value. Critical Two gives those uranium assets their own path forward as a critical metals venture, without taking anything away from what we are doing at the Howells Lake Project."

Parnham added, "Micon built the independent technical foundation at the Howells Lake Project, and we are applying the same standard at Kenora as we prepare it for its next stage."

Kenora Uranium Property

The Kenora Property is held through the Company's wholly owned subsidiary 2160083 Ontario Inc. and is located about 30 kilometres east of Kenora, Ontario along Highway 17, with road access. It covers the historic Richard Lake uranium occurrence, where underground development on two levels was completed in the 1950s, and the Bee Lake area. Previous operators reported completing 40 diamond drill holes totalling 5,552.6 metres in 2008. The historical work described in this paragraph pre-dates the Company's ownership and has not been verified by the Company's Qualified Person named below; readers should not rely on it as current exploration results. Work funded by the former optionee comprised a 2,075 line-kilometre airborne geophysical survey in 2023, geological mapping in 2024 and five NQ diamond drill holes totalling 1,045 metres in March 2025.

Proposed Spin-Out and Dividend of Critical Two Energy Shares

The proposed transaction is intended to result in the transfer of the Kenora Property and the Company's Namibia uranium and copper interests to Critical Two and a pro rata distribution of Critical Two shares to eligible Critical One shareholders by way of dividend. The record date and distribution terms will be set and announced once the structure of the transaction is finalized. Shareholders are not required to take any action at this time. The tax consequences of the proposed distribution to shareholders have not yet been determined, and shareholders should consult their own tax advisors. There can be no assurance that the proposed transaction will be completed on the terms described, or at all. The Company is working with legal and tax advisors on the form of the transaction. Completion requires board approval and all required regulatory, exchange and shareholder approvals. Critical Two's asset package, capitalization, management and other transaction terms will be announced as they are finalized.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The Critical Two shares have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Qualified Person

The scientific and technical disclosure in this news release has been reviewed and approved by Matthew Trenkler, P. Geo., Chief Geological Officer of Critical One Energy Inc., a "Qualified Person", as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Certain historical and third-party technical information described in this news release has not been independently verified by the Qualified Person and is included to describe the historical scope of work and the scope of Micon's review.

About Critical One Energy Inc.

Critical One Energy Inc. is a critical minerals exploration company dedicated to advancing its flagship Howells Lake Antimony-Gold Project as a new North American source of antimony for defence, energy storage, industrial applications, and high-performance technologies such as data centres and semiconductors. The Howells Lake Antimony-Gold Project, located in Ontario, Canada, hosts high-grade antimony mineralization confirmed through a modern drilling program. The Company's objective is to advance Howells Lake as a potential Canadian source of antimony and help reduce North America's dependence on foreign supply.

Additional information about Critical One Energy Inc. can be found at criticaloneenergy.com and on the Company's SEDAR+ profile at www.sedarplus.ca.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. Forward-looking information contained in this news release includes, but is not limited to, statements regarding the proposed spin-out and formation of Critical Two; the proposed transfer of the Kenora Property and Namibia interests to Critical Two; the proposed dividend and pro rata distribution of Critical Two shares and establishment of a record date; Critical Two seeking a separate exchange listing; receipt of required board, regulatory, exchange and shareholder approvals; the scope, completion and results of Micon's review; future work at the Kenora Property; finalization of Critical Two's asset package, capitalization, management and distribution terms; the Company's pursuit of contractual and title rights related to the former Kenora Property option; and the continuation and funding of the Howells Lake exploration program.

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that the Company will have the resources required to conduct its business as currently operated; the proposed spin-out can be structured on acceptable legal and tax terms; required approvals can be obtained; Critical Two can complete a listing on acceptable terms; the Kenora Property technical and title review can be completed as contemplated; and the Company can continue its planned work at Howells Lake.

However, forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, the possibility that the proposed spin-out may be delayed, modified or not completed; that required approvals or a separate listing for Critical Two may not be obtained; that the final asset package, capitalization or distribution terms may differ from those currently contemplated; risks arising from title, contractual or legal matters relating to the Kenora Property; the tax treatment of the proposed distribution of Critical Two shares to shareholders of the Company; the value, if any, that may be attributed to the Critical Two shares and the absence of an established trading market for such shares; incomplete or unverified historical technical information; risks relating to exploration and the mining industry generally; and other risks described in the Company's continuous disclosure record on SEDAR+.

Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. The Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.

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