Critical minerals exploration company Critical One Energy has signed a binding memorandum of understanding (MoU) with strategic investment and operating firm Solar International Core Canada (SICC), for C$25-million in strategic capital, a construction financing facility of up to C$400-million and a future antimony offtake agreement to the company’s flagship Howells Lake antimony/gold project, in Ontario, Canada.

The MoU brings together SICC as the principal capital and offtake partner and Northlink Development Group as the developer and project manager of a planned Ontario antimony processing facility.

SICC will invest C15-million in Critical One in return for 12.5-million shares in the exploration company.

SICC has also committed to using commercially reasonable efforts to deliver to Critical One, within 90 days of signing the MoU, to provide an indicative term sheet for a construction debt facility of up to C$400-million to fund industrial mine and plant infrastructure.

Further, the MoU establishes a strategic commercial alliance wherein antimony feedstock from Howells Lake is integrated with the Ontario processing facility being developed by Northlink, with SICC funding a C$10-million commitment representing Critical One’s carried equity interest in the processing facility.

Through this partnership, Critical One participates as both a future antimony feedstock supplier from Howells Lake and a carried equity partner in the facility.

“Being positioned as a strategic co-development partner, with returns from processing as well as mining, elevates Critical One’s growth strategy. We are advancing our geological results into a development plan that returns benefits directly to our shareholders and the Eabametoong First Nation community,” says Critical One chairperson and CEO Duane Parnham.

“This collaboration with Critical One is a decisive step toward closing critical vulnerabilities in North American critical minerals supply chains. 

By integrating upstream Canadian feedstock with domestic refining infrastructure, we are creating an integrated, value-added supply ecosystem that keeps economic benefits, processing intellectual property, and high-skilled jobs inside Canada. Because of this, SICC is keen and proud to act as the principal capital partner accelerating this vital initiative," adds SICC vice-chairperson Marc Kealey.