Micon has independently outlined a modern tonnage and grade range for Howells Lake for the first time, and three new holes extend East Zone antimony mineralization 100 metres northwest of the high-grade intersections.
Micon, the independent firm behind the September technical report, has outlined an exploration target for Howells Lake of 2 to 6 million tonnes grading 3% to 8% antimony, based on the 2026 and historical drilling and on mineralization that remains open.
Three new holes carry antimony 100 metres northwest of the high-grade East Zone intersections. Hole 21 returned 4.0 metres at 4.52% antimony, including 2.0 metres at 7.96%, about 40 metres below the near-pure stibnite in Holes 6 and 7.
Assays are pending for 16 East Zone holes already drilled, two of them awaiting overlimit analysis for antimony above 5%. Eight further East Zone holes are planned before the end of November, to depths of up to 400 metres.
Eight more East Zone holes by end of November; assays released as received.
Howells Lake now has an independent target behind it instead of a run of individual results. Every hole since May has fitted the same picture. A corridor of near-pure stibnite, including 4.0 metres at 70.2% antimony in Hole 6, sits inside a larger antimony system with gold beneath it. The processing and offtake partnerships announced October 29, 2026 were built around that system reaching a resource estimate. Each batch of assays now tests Micon’s range and moves the project toward the Micon mineral resource estimate.
The potential quantity and grade of the exploration target is conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Reported intervals are core lengths; true widths have not been determined. No mineral resource has been estimated at Howells Lake.
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Micon’s conceptual exploration target at Howells Lake, visualized against the 1980 East Zone historical estimate.
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Micon’s independent target puts a scale on the project for the first time, while drilling continues to extend the East Zone.
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Toronto, ON – November 9, 2026 – Critical One Energy Inc. (“Critical One” or the “Company”) (CSE: CRTL) (OTCQB: CTLOF) (FSE: 4EF) is pleased to announce assay results from three drill holes at its flagship Howells Lake Antimony-Gold Project (“Howells Lake Project” or “Howells Lake”), located in the homelands of the Eabametoong First Nation, Thunder Bay Mining Division, approximately 120 kilometres west of the Ring of Fire access corridor in northwestern Ontario, Canada. All three holes intersected antimony and gold, extending a mineralized system for which Micon International Limited (“Micon”) has outlined an exploration target measured in millions of tonnes at multi-percent antimony grades.
Highlights:
“Micon’s independent target puts a scale on the project for the first time, while drilling continues to extend the East Zone,” said Duane Parnham, Executive Chairman and CEO of Critical One Energy. “Our focus now is to test that range and build the data that we need for an initial mineral resource estimate.”
Independent Exploration Target
Micon, the independent consultant that authored the Company’s NI 43-101 technical report on the Howells Lake Project (see news release dated September 22, 2026), subsequently advised the Company that drilling data to date supports an exploration target for Howells Lake of 2 to 6 million tonnes grading 3% to 8% antimony (“Sb”). The target was outlined by Micon on the basis of the significant intersections returned by the 2026 drilling, the historical drilling results, and the fact that the mineralization remains open. The potential quantity and grade of the exploration target is conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
The target is a range for Howells Lake mineralization. Drilling to date, including the three holes reported here, is consistent with the target range. The 2026 drill program continues to test it, and the results build the data needed for an initial mineral resource estimate for the East Zone.
Northwest Drilling Results
The three holes reported here, HWL-2026-021, HWL-2026-022 and HWL-2026-023, extend Sb mineralization 100 m northwest of the previously reported high-grade East Zone intersections. HWL-2026-021 intersected 4.0 m grading 4.52% Sb, including 2.0 m at 7.96% Sb, from 120 m to 124 m downhole, approximately 40 m below the high-grade mineralization identified in HWL-2026-006 and HWL-2026-007 (released on May 15, 2026 and July 7, 2026), and 2.0 m grading 3.93% Sb from 165 m to 167 m.
HWL-2026-023 intersected 5.0 m grading 1.66% Sb, including 2.0 m at 3.10% Sb, from 60 m to 65 m downhole. HWL-2026-022 intersected 13.0 m grading 0.59% Sb and 0.23 g/t gold (“Au”) from 204 m to 217 m downhole, 5.42 m grading 1.66% Sb from 225 m to 230.42 m, and 10.8 m grading 0.36 g/t Au from 219 m to 229.8 m (Table 1).
Current drilling is focused on extending the East Zone to the northwest, along a trend of approximately 300°. HWL-2026-023 has confirmed that mineralization continues in this direction as the host rock changes from porphyry to intensely sericite-silica altered volcanic rocks, indicating that the mineralized system is not confined to the porphyry. All three holes were drilled to depths beyond the main East Zone and confirmed additional areas of Au ± Sb mineralization within graphitic metasediments and volcanic stratigraphy. These gold intersections improve the Company’s understanding of mineralization west of and below the East Zone and will help assess gold’s potential inclusion in a future mineral resource. Additional drilling has been completed further to the northwest and at greater depths, where the East Zone remains open.
Reported assay intervals are core lengths. True widths have not been determined.
Next Steps
The next phase comprises results from 16 holes already drilled at Howells Lake and eight additional holes planned before the end of November. The 2026 drill program has now drilled over 12,000 m toward a 2026 objective of 15,000 m (see the news release dated September 29, 2026) and builds towards the 20,000 m program recommended by Micon. The additional holes are directed at the East Zone, with holes planned to depths of up to 400 m below surface. Assays will be released as they are received.
Table 1. Length-weighted Sb assay results from the current batch of drill holes. Note: Reported intervals represent core lengths; true widths have not been estimated due to insufficient geological information. All individual samples included in weighted intercept averages are >0.1% Sb and between 0.3 m and 1.0 m length.
QA/QC and Sampling Procedures
Samples of NQ diamond drill core were sawed at Critical One Energy's operations at Howells Lake, Ontario. One-half of the core was retained for reference, and one-half was added to sample bags. Blanks of barren diabase rock, antimony-gold standards, and duplicates were inserted every 20 samples. Laboratory "Barren Wash" was completed during crushing and pulverizing, and additional blanks were inserted after visible high-grade antimony and/or visible gold. Samples, standards, and blanks were bagged, tagged, and delivered to AGAT Laboratories in Thunder Bay, Ontario, where samples are crushed and prepared for analysis in Calgary, Alberta. Antimony and 30 additional elements were analyzed by sodium peroxide fusion and ICP-OES finish (201-079). Overlimit antimony analyses (>5% Sb) were reanalyzed by ALS Vancouver via sodium peroxide fusion XRF (ME-XRF15c). AGAT and ALS Laboratories are internationally accredited laboratories.
Qualified Person
The scientific and technical information in this news release has been reviewed, verified and approved by Matthew Trenkler, P. Geo., Chief Geological Officer of Critical One Energy Inc., a "Qualified Person", as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Verification included a review of laboratory assay certificates, drill logs, chain-of-custody records, blank/standard/duplicate statistics, and review of collar and down-hole survey data. No QA/QC failures were identified. The exploration target disclosed in this news release was prepared by Micon International Limited, and its disclosure has been reviewed and approved by Mr. Trenkler.
William J. Lewis, P.Geo., of Micon International Limited, is a Qualified Person under NI 43-101 and is independent of the Company. Mr. Lewis has reviewed and approved the scientific and technical information in this news release relating to Micon’s exploration target, including the tonnage and antimony grade ranges and the basis for those ranges.
Investor Awareness
The Company has posted its Q4 2026 investor presentation, its Q4 2026 fact sheet and an investor package index on its website. Investors can subscribe to Company updates at criticaloneenergy.com/investors.
The Company has expanded its investor outreach in Canada and the United States to help investors follow progress at Howells Lake.
Primoris Group Inc. has provided media and investor relations services to the Company since May 16, 2022. It currently distributes Company news and coordinates financial media coverage for C$3,500 per month. On June 1, 2026, the Company engaged Hedgehog Trader to independently prepare and present technical analysis of the Company on X for C$2,300 per month. Both arrangements continue month to month with no fixed or currently expected end date. Total fees depend on the duration of each engagement. Financial Survival Network, hosted by Kerry Lutz, will provide sponsored management interviews, written coverage and a live investor webcast through YouTube, Substack and its network. The total fee is US$20,000 for a three-month term from November 2, 2026 to February 1, 2027.
Separately, Red Cloud Securities Inc., a registered investment dealer, has provided market stabilization and market-making services for the Company’s common shares on the CSE since June 1, 2024. The Company pays Red Cloud C$5,000 per month in cash. Red Cloud uses its own capital to support an orderly market. Its mandate excludes investor relations and promotional activities.
All four providers deal at arm’s length with the Company. Compensation under the current arrangements is entirely in cash. No shares, options or other securities form part of the compensation, and no fee is tied to the Company’s share price or trading volume.
About Critical One Energy Inc.
Critical One Energy Inc. is a critical minerals exploration company dedicated to advancing its flagship Howells Lake Antimony-Gold Project as a new North American source of antimony for defence, energy storage, industrial applications, and high-performance technologies such as data centres and semiconductors. The Howells Lake Antimony-Gold Project, located in Ontario, Canada, hosts high-grade antimony mineralization confirmed through a modern drilling program. The Company’s objective is to advance Howells Lake as a potential Canadian source of antimony and help reduce North America’s dependence on foreign supply.
Additional information about Critical One Energy Inc. can be found at criticaloneenergy.com and on the Company’s SEDAR+ profile at www.sedarplus.ca.
For further information, please contact:
Duane Parnham
Executive Chairman & CEO
Critical One Energy Inc.
+1 (416) 489-0092
Media inquiries:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
Provider Contacts:
Primoris Group Inc.
3080 Yonge Street, Suite 6060, Toronto, ON M4N 3N1
+1 (416) 489-0092
media@primorisgroup.com
Hedgehog Trader, Nicholas Winton
12 Tyson Shepway, Toronto, ON M2J 4R9
647-460-9813
wintonresearch@yahoo.com
Financial Survival Network, Kerry Lutz
305 Eagleton Estate Drive, Palm Beach Gardens, FL 33418
561-408-4444
khl@kerrylutz.com
Red Cloud Securities Inc.
120 Adelaide Street West, Suite 1400, Toronto, ON M5H 1T1
647-792-7978
info@redcloudsecurities.com
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. Forward-looking information contained in this press release includes, but is not limited to, statements relating to the Company’s business strategy and objectives. Forward-looking information in this news release also includes statements relating to the exploration target, the planned initial mineral resource estimate and its timing, the 2026 drill program and the timing and release of assay results.
Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that: the Company will have the resources required in order to conduct its business as currently operated.
However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, risks relating to the mining industry in general, and other risks as described in the Company’s continuous disclosure record on SEDAR+.
Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. The Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.
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