Critical One Energy Inc. (CSE: CRTL) (OTCQB: CTLOF) (FSE: 4EF) has announced a binding memorandum of understanding with Solar International Core Canada (SICC) that brings C$25 million in strategic equity capital, a construction financing facility of up to C$400 million, and an exclusive future antimony offtake agreement to its flagship Howells Lake Antimony-Gold Project in northwestern Ontario. The deal positions Critical One as both a feedstock supplier and a carried equity partner in a planned Ontario antimony processing facility developed by Northlink Development Group Inc. The announcement represents a significant capital development milestone for the early-stage exploration company and its Howells Lake project.

Key Points

  • Critical One Energy Inc. (CSE: CRTL) is a Toronto-based critical minerals exploration company advancing the Howells Lake Antimony-Gold Project in Ontario
  • SICC will invest C$15 million at C$1.20 per share — a 48% premium to the October 28, 2026 closing price of C$0.81 — for 12.5 million shares and a 12% fully diluted interest
  • SICC has 90 days from MOU signing to deliver an indicative term sheet for a mine construction debt facility of up to C$400 million; equity completion is subject to 90-day due diligence and CSE acceptance
  • Investors may be watching whether the construction term sheet is delivered within 90 days and whether the CSE approves the equity investment

SICC Equity Terms and Carried Interest in Ontario Processing Facility

Under the MOU, SICC will acquire 12.5 million common shares of Critical One at C$1.20 per share — representing a 48% premium to the October 28, 2026 closing price — for total proceeds of C$15 million with no warrant exposure attached. SICC has agreed to a 12-month voluntary lock-up on those shares and may nominate one director to Critical One's board. Separately, SICC is committing C$10 million to fund Critical One's carried equity interest in the Ontario antimony processing facility being developed by Northlink, giving Critical One participation in processing returns without direct capital outlay. Completion of the equity investment remains subject to 90-day due diligence and acceptance by the Canadian Securities Exchange.

Exclusive Offtake Rights and Up to C$400 Million in Construction Finance

The MOU grants SICC exclusive offtake rights to purchase up to 150 million pounds of future antimony production from Howells Lake at international benchmark prices. Critical One notes that future production is not guaranteed and Howells Lake does not currently have an NI 43-101 compliant resource. On the financing side, SICC has agreed to use commercially reasonable efforts to deliver an indicative term sheet for a construction debt facility of up to C$400 million within 90 days of MOU signing, intended to fund industrial mine and plant infrastructure once studies, permits, and approvals have been completed.

Howells Lake Geological Results Underpinning the Agreement

The MOU is underpinned by results from Howells Lake, located approximately 120 kilometres west of the Ring of Fire access corridor in the homelands of the Eabametoong First Nation. An independent NI 43-101 technical report prepared by Micon International Limited describes antimony mineralization traced over more than 300 metres of strike and 200 metres of depth. Notable intersections include 8.0 metres grading 42.2% antimony and 31.5 metres grading 4.9% antimony. A funded 20,000-metre drill program recommended by Micon is underway, targeting a maiden resource estimate. Preliminary testing identified stibnite as the principal antimony mineral, with no arsenic- or mercury-bearing minerals identified in samples examined.