Mr. Oscar Mendoza reports

KRAIT CRITICAL MINERALS CORP. PROVIDES SHAREHOLDER UPDATE ON GOLDBAR SPIDER LAKE PROJECT AND OUTLINES NEXT PHASE OF EXPLORATION

Krait Critical Minerals Corp. has provided shareholders with an update on its Goldbar Spider Lake project in Northern Ontario and has outlined the company's next steps as it advances exploration following its recent public listing.

With Krait now trading on the Canadian Securities Exchange (the CSE), the company intends to keep shareholders informed as it systematically advances its exploration portfolio. At the project, Krait has completed a modern airborne geophysical survey and an updated National Instrument 43-101 -- Standards of Disclosure for Mineral Projects technical report, providing the company with a clear exploration strategy designed to advance priority gold and base-metal targets toward potential drill testing.

The updated technical report, effective Aug. 7, 2026, was prepared by independent qualified person Benjamin Kuzmich, MSc, PGeo, of Nemo Resources. The report evaluates the project's potential for both Archean orogenic gold mineralization and volcanogenic-massive-sulphide-(VMS)-style base and precious metal mineralization, and recommends a $250,480 exploration program to advance priority targets.

Goldbar Spider Lake project

The project consists of 148 unpatented mining claims comprising 171 claim units and covering approximately 3,636 hectares (8,985 acres) in the Tuuri and Walsh townships of the Thunder Bay mining division.

The project is located approximately 20 kilometres (12 miles) east of Terrace Bay and 30 kilometres (19 miles) west-northwest of Marathon, Ont., within the Western Schreiber-Hemlo greenstone belt of the Wawa-Abitibi terrane of the Superior province.

Krait has the right to earn a 100-per-cent interest in the project pursuant to an option agreement, subject to a 3-per-cent net smelter return royalty.

Gold exploration potential

Although historical exploration at the project was primarily directed toward VMS-style base-metal mineralization, the updated technical review identifies several characteristics considered favourable for orogenic gold mineralization.

The project exhibits structural complexity, significant deformation corridors and evidence of extensive hydrothermal fluid flow. Historical work has also documented elevated gold values associated with certain base-metal occurrences. The technical report concludes that structural corridors and alteration zones identified through historical lithogeochemical programs warrant further evaluation for gold potential.

Importantly, several conductive zones identified by Krait's 2026 airborne geophysical survey display apparent structural rather than solely lithological controls, with conductor trends locally crosscutting the regional magnetic fabric. These characteristics warrant further evaluation for structurally controlled orogenic gold mineralization.

The historical nature of much of the exploration information means that the precise location, grade and extent of reported historical mineralization cannot in all cases be independently verified. Krait's upcoming exploration program is intended to systematically evaluate, refine and ground-truth the highest-priority areas.

2026 VTEM plus survey identifies seven conductive zones

In April, 2026, Krait commissioned Geotech Ltd. to complete a helicopter-borne VTEM plus time-domain electromagnetic and magnetic gradiometer survey across the project.

The survey was flown on April 21 and April 22, 2026, and collected approximately 262 line kilometres of geophysical data.

The survey identified seven discrete conductive zones, designated zones A through G. The late-time electromagnetic responses indicate strong conductivity-thickness characteristics consistent with concentrations of metallic sulphides and/or graphite.

Several of the conductive zones coincide with magnetic highs and occur within stratigraphic and structural settings considered prospective for VMS-style mineralization and structurally controlled gold mineralization.

The new geophysical data set provides Krait with a modern exploration framework that can now be integrated with decades of historical geological mapping, geochemistry, geophysics and drilling information.

Where we are today

Since acquiring the option to earn a 100-per-cent interest in the project, Krait has begun establishing the technical foundation required to advance the project in a systematic manner. The company has completed a modern airborne VTEM Plus geophysical survey, compiled and reviewed extensive historical exploration information, supported field inspections of the project and completed an updated National Instrument 43-101 technical report. The next stage is to bring these data sets together, determine the geological significance of the newly identified conductive zones and prioritize the areas that warrant detailed field investigation.

Krait's objective is to move from broad regional anomalies to defined, ranked exploration targets supported by geophysical, geological, structural and geochemical evidence before considering a subsequent drill program.

Next steps -- exploration program

The updated NI 43-101 technical report recommends a $250,480 exploration program designed to progressively advance the seven identified VTEM conductive zones into ranked exploration targets.

The next phase will begin with a comprehensive digital geological compilation of historical geophysical surveys, geological mapping, assay information and drill hole locations into a common coordinate system. Krait then intends to undertake detailed geophysical modelling and inversion of the VTEM Plus electromagnetic and magnetic data to more precisely locate and characterize the conductors and evaluate their relationship to historical drilling.

The resulting targets will guide a planned helicopter-supported mapping, prospecting and sampling program focused on ground-truthing priority conductors, characterizing host rocks, alteration and structural controls, and collecting samples for gold and multielement analysis. Results will then be integrated into a final interpretation and target-ranking exercise intended to determine which areas warrant advancement toward future drill testing.

A phase 2 program has not been proposed at this time. Any subsequent drilling program will be developed based upon the results of the recommended exploration work.

Oscar Mendoza, chief executive officer and director of Krait, commented: "Now that Krait is publicly traded, we want our shareholders to have a clear understanding of where we are with the Goldbar Spider Lake project and how we intend to advance it. We have completed the airborne geophysics, have an updated independent technical report in hand and now have a defined exploration program designed to turn the information collected to date into actionable targets.

"We are particularly encouraged by the opportunity to evaluate the project's gold potential alongside its historically recognized VMS potential. Our focus now is to systematically work through the highest-priority targets, put our geological team on the ground and build the technical case for which areas should ultimately advance toward drilling," continued Mr. Mendoza.

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 Critical Minerals and a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Krait Critical Minerals Corp.

Krait Critical Minerals is a Canadian junior mineral exploration company focused on acquiring and advancing prospective mineral properties in established North American mining jurisdictions. 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 via Highway 17, nearby rail and power infrastructure, and proximity to established mining communities and service providers.

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