Mr. Oscar Mendoza reports

KRAIT CRITICAL MINERALS CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT FOR $1.22 MILLION

Krait Critical Minerals Corp. has closed the first tranche of its previously announced non-brokered private placement, issuing 1,631,100 common shares at 75 cents per share for gross proceeds of $1,223,325.

Further to the news releases dated Sept. 8, 2026, and Sept. 16, 2026, the company has closed the first tranche of its previously announced non-brokered private placement. Krait issued 1,631,100 common shares at 75 cents per share for gross proceeds of $1,223,325. The offering was increased to a maximum of $2-million on Sept. 16, 2026. The company expects to close a second tranche next week, subject to customary closing conditions and any required regulatory approvals. No warrants were issued to subscribers as part of the offering.

In connection with the first tranche, the company paid aggregate finders' fees of $56,437.50 and issued 75,250 non-transferable finders' warrants. Each finder's warrant entitles its holder to acquire one additional common share of the company at 95 cents for a period of one year from the date of issuance, subject to applicable securities laws and Canadian Securities Exchange policies.

"We are pleased to have closed this first tranche and appreciate the support shown by investors as we continue the offering," said Oscar Mendoza, chief executive officer and director of Krait. "With a second closing planned for next week, this financing will support our work at Goldbar Spider Lake and our evaluation of the Washington antimony portfolio acquired through Nevada Hills."

The company expects to use the net proceeds for exploration expenditures at its Goldbar Spider Lake project in Ontario; continued evaluation of the assets held through its wholly owned subsidiary, Nevada Hills Antimony LLC, including interests relating to the Bales antimony project and the Antimony Bell project in Washington State; and general working capital and corporate purposes. Krait completed its acquisition of Nevada Hills on Sept. 16, 2026. Nevada Hills holds contractual rights to acquire the underlying Bales claims; Krait did not acquire direct ownership of those claims upon closing the Nevada Hills transaction.

The shares and finders' warrants issued in connection with the first tranche, together with any common shares issued upon exercise of the finders' warrants before expiry of the applicable hold period, are subject to a statutory hold period of four months and one day from the date of issuance of the shares and finders' warrants, as applicable, in addition to any applicable CSE restrictions.

About Krait Critical Minerals Corp.

Krait 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 through Highway 17, nearby rail and power infrastructure, and proximity to established mining communities and service providers.

Krait acquired Nevada Hills Antimony LLC on Sept. 16, 2026. Through Nevada Hills, Krait holds contractual interests relating to the Bales antimony project, together with interests in the Antimony Bell project and other related assets in Washington State. The acquisition expanded Krait's critical mineral portfolio to include United States-based antimony exploration opportunities.

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