Krait Critical Minerals Corp. (CSE: KRIT | FSE: U0S) announced on November 3, 2026 that it has entered into an option agreement to acquire a 100% interest in the Dixon Tungsten–Manganese Project, a historic prospect located approximately 13 kilometres east of Carson City, Nevada. The agreement, dated October 29, 2026, was struck with Cannon Bridge Mining Services Inc. and covers six contiguous unpatented federal lode mining claims. The move expands Krait's North American critical minerals portfolio, which already includes gold and antimony interests in Ontario, Washington State, and Nevada, into tungsten and manganese — two strategically significant industrial materials.

Key Points

  • Krait Critical Minerals Corp. (CSE: KRIT | FSE: U0S) announced the Dixon Project option agreement on November 3, 2026
  • Krait has the exclusive right to acquire a 100% interest in six lode mining claims near Carson City, Nevada from Cannon Bridge Mining Services Inc.
  • Total cash consideration is US$120,000, payable in six scheduled instalments through March 2029; a 2.0% NSR royalty applies upon vesting, with Krait holding a one-time right to repurchase 1.5% of that royalty for US$1,000,000
  • Investors may be watching whether modern geological work can substantiate unverified historical USGS sampling data at the property

Dixon Project's Historical USGS Sampling and Geological Background

The Dixon prospect was first explored for manganese in the 1930s and was subsequently investigated for tungsten. USGS geologists mapped and sampled tungsten-bearing manganese oxide mineralization within silicified rhyolitic volcanic rocks in 1943. Two historical USGS samples reportedly returned 0.21% and 0.39% tungsten trioxide (WO₃), alongside manganese oxide (MnO) grades of 11.57% and 24.78%, respectively. Historical underground workings include a lower crosscut approximately 120 feet long and an upper crosscut approximately 40 feet long. The company stresses that all historical results are unverified by its Qualified Person and do not establish current mineral resources or mineral reserves.

Option Agreement Terms and NSR Royalty Structure

Under the agreement, Krait will pay aggregate cash consideration of US$120,000 to Cannon Bridge across six non-refundable instalments, beginning with US$10,000 due December 22, 2026, and concluding with US$25,000 due March 22, 2029. Krait may prepay any outstanding amount without penalty. Upon vesting, Cannon Bridge or its permitted assigns will receive a 2.0% net smelter return royalty on all minerals produced and sold from the property. Krait retains a one-time right to repurchase 1.5% of the NSR for US$1,000,000 in cash, leaving an unreducible 0.5% NSR. The transaction remains subject to applicable Canadian Securities Exchange policies.

Krait Engages More Capital Ltd. for Corporate Communications

Separately, Krait announced the engagement of More Capital Ltd., a Toronto-based firm, to provide corporate communications, public relations, digital content, and related marketing services. The agreement covers an initial 90-day term commencing October 23, 2026, for total cash consideration of C$33,000 plus applicable taxes. The company states that no securities or stock options will be issued as compensation. More Capital is described as an arm's-length service provider, and to the company's knowledge, neither More Capital nor its principals hold any securities in Krait except as may be acquired through ordinary market transactions.

Qualified Person Disclosure and Exploration Outlook

The technical content of the announcement was reviewed and approved by J. Garry Clark, P.Geo., a director of Krait and a Qualified Person under NI 43-101. The company notes that Mr. Clark has not visited the property or independently verified historical sampling through fieldwork or laboratory analysis. Krait states it intends to review available geological information before determining whether mapping, prospecting, geochemical sampling, or geophysical surveys are warranted. Any fieldwork will be subject to technical assessment, access, permitting, and management approval. No current mineral resources or mineral reserves have been established at the Dixon Project. The immediate share price impact was not clear from available public information.