Mr. Oscar Mendoza reports

KRAIT CRITICAL MINERALS PROVIDES UPDATE ON EXCLUSIVITY AGREEMENT AND DUE DILIGENCE OF BALES ANTIMONY PROJECT, WASHINGTON

Krait Critical Minerals Corp. has provided shareholders with an update on its previously disclosed exclusivity and standstill agreement (the ESA) with a Nevada-based limited liability company (the Nevada LLC) relating to the Bales antimony project in Okanogan county, Washington, United States.

On May 4, 2026, Krait entered into a six-month ESA with the Nevada LLC, providing Krait with the exclusive opportunity to conduct due diligence and negotiate a potential transaction involving the acquisition of the Nevada LLC.

Krait paid a non-refundable exclusivity fee of $25,000 (U.S.), which, subject to the negotiation and execution of definitive documentation, would be credited against any purchase price payable in connection with a completed transaction.

The Nevada LLC is party to a mineral property purchase agreement (the MMPA) dated April 28, 2026, with a third party corporation that holds an option to acquire a 100-per-cent interest in the Bales antimony project. Krait continues to evaluate the Nevada LLC, the underlying contractual interests relating to Bales and the historical technical information available for the property as part of its due diligence process.

No definitive agreement has been entered into by Krait to acquire the Nevada LLC or an interest in the Bales antimony project, and there can be no assurance that a transaction will be completed.

Oscar Mendoza, chief executive officer and director of Krait, commented: "The Bales antimony opportunity is compelling because it is supported by a historical record of reported stibnite mineralization, underground development and historical exploration work in an established U.S. mining jurisdiction. While the Spider Lake project remains Krait's principal property and primary focus, the company continues to evaluate additional mineral opportunities that may complement its existing portfolio, and Bales is one such opportunity currently under review. Our focus during the exclusivity period is to complete a disciplined technical, legal and commercial review to assess the property's exploration potential and determine whether a transaction is in the best interests of Krait and its shareholders. With antimony becoming increasingly important to North American critical mineral and strategic supply chains, Bales represents a potential opportunity consistent with our broader objective of evaluating critical mineral opportunities in North America. No acquisition decision has been made, and we will proceed only if our due diligence supports doing so."

Bales antimony project

Bales antimony is located in the state of Washington, approximately two miles northeast of Carlton in the Methow Valley. Historical records describe stibnite and stibiconite mineralization hosted within altered and silicified zones in diorite, greenstone and argillite.

Historical records indicate that the property was discovered in 1947, and early work included bulldozer trenching along the mineralized structure and the removal of approximately five tons of lump stibnite from the discovery-post trench. Historical descriptions identify the mineralized zone as consisting of intensely hydrothermally altered wall rock, quartz and lenticular masses of stibnite.

There are no current mineral resources or mineral reserves defined for the Bales antimony project.

Historical information contained in this release is derived from publicly available government and historical sources and predates National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101). A qualified person has not completed sufficient work to classify any historical estimate or historical production information as a current mineral resource or mineral reserve, and Krait is not treating such information as a current mineral resource or mineral reserve.

Strategic importance of antimony

Antimony is used in a range of industrial, technology and defence applications, including flame-retardant materials, specialty alloys, ammunition, lead-acid batteries, semiconductors and certain advanced energy technologies.

Krait believes the location of Bales within the United States and its documented history of reported antimony mineralization warrant further evaluation within the context of the company's strategy of identifying critical mineral opportunities in established North American jurisdictions. The company cautions that the historical occurrence of antimony mineralization at Bales does not demonstrate that an economically recoverable mineral deposit exists on the property.

Next steps

During the remaining exclusivity and due diligence period, Krait intends to continue a systematic evaluation of the proposed transaction for the Bales antimony project. This work is expected to include:

• Reviewing the underlying property option, MMPA, and associated ownership and contractual rights;
• Confirming the status, location, and ownership of mineral claims and other property interests comprising Bales;
• Compiling and digitizing available historical geological, exploration, assay, underground-development and production records;
• Reviewing the historical United States federal exploration-assistance files and Washington state geological records;
• Assessing historical workings, mineralized structures and previously identified stibnite occurrences;
• Evaluating surface access, permitting, environmental and reclamation considerations;
• Determining whether additional site inspections, geological mapping, sampling or other field verification work is warranted;
• Evaluating the potential scope and cost of a modern exploration program;
• Continuing negotiations regarding the terms of a potential definitive transaction, should Krait determine that proceeding is in the best interests of the company and its shareholders.

Any decision to proceed with an acquisition will be subject to satisfactory completion of Krait's due diligence, negotiation of definitive agreements, board approval and any required regulatory or Canadian Securities Exchange approvals.

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 NI 43-101.

Mr. Clark has reviewed the historical technical information cited in this release. Historical exploration results, assay data, production information and geological interpretations relating to the Bales antimony project were completed prior to Krait's involvement with the property and have not been independently verified through modern exploration, sampling or field investigation by the company. Mr. Clark has reviewed publicly available historical records relied upon in this news release but has not independently verified the historical exploration results, assay data, production information or geological interpretations described herein. Accordingly, the historical information should not be relied upon as necessarily indicative of current mineralization, and there are currently no mineral resources or mineral reserves defined for the Bales antimony project.

About Krait Critical Minerals Corp.

Krait Critical Minerals is a Canadian mineral exploration company focused on advancing its Goldbar Spider Lake project in Ontario while evaluating additional mineral opportunities in North America. 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.

Investors are encouraged to visit Krait's new corporate website to learn more about the company, its Goldbar Spider Lake project, management team, corporate strategy and latest news.

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