Critical One engages Micon for independent review at Kenora Property

Critical One Energy Inc. has announced that it has engaged Micon International Limited to complete an independent technical review of the company’s 100%-owned Kenora Uranium Property in northwestern Ontario.

Critical One remains focused on its flagship Howells Lake Antimony-Gold Project, where the funded 2026 – 2027 exploration programme continues and its budget is unaffected.

Основные моменты:

• Independent technical review at Kenora: Micon’s work will include an audit of the exploration work completed during the former option period.
• 100% ownership retained: American Atomics Inc. terminated its option on the Kenora Property effective 3 May 2026, and the company’s 100% interest in the Kenora Property was restored.
• Proposed ‘Critical Two’ spin-out: The company intends to transfer the Kenora Property and its uranium and copper interests in Namibia to a new company, proposed to be named ‘Critical Two Energy Inc’, and to distribute the shares of Critical Two by way of dividend to Critical One shareholders of record on a record date to be determined. Critical Two is expected to seek a separate stock exchange listing.
• Contractual and title matters: Critical One continues to pursue its contractual rights, including with respect to damages relating to mining claim 531620, which lapsed while the Kenora Property was under option, and its position that ten claims staked within the agreement’s area of common interest are to be transferred to the company. The company and its legal advisers continue to address these contractual and title matters.

“We are very pleased with the progress at our Howells Lake Project and remain focused on building on that momentum,” said Duane Parnham, Executive Chairman and CEO of Critical One.

“At the same time, we believe Kenora and Namibia also have great potential, and we want our shareholders to see that potential developed to its utmost value. Critical Two gives those uranium assets their own path forward as a critical metals venture, without taking anything away from what we are doing at the Howells Lake Project.”

Parnham added, “Micon built the independent technical foundation at the Howells Lake Project, and we are applying the same standard at Kenora as we prepare it for its next stage.”