Critical One Energy, SICC Sign $303 Million Antimony Offtake Deal

Critical One Energy signed a binding agreement with Solar International Core Canada (SICC) for a $303 million antimony offtake deal. The agreement involves Critical One’s Howells Lake antimony-gold project in Ontario, the company announced Thursday.

SICC, an investment firm with ties to the Sultanate of Oman Sovereign Wealth Fund, will provide strategic capital and financing. The deal includes C$25 million ($18 million) in capital and a construction financing facility up to C$400 million ($286 million). Howells Lake is Canada’s largest undeveloped antimony deposit.

SICC will acquire a 12% interest in Critical One, buying 12.5 million common shares for C$15 million at C$1.20 per share. This price represents a 48% premium over Wednesday’s closing price of C$0.81. The agreement grants SICC exclusive rights to purchase up to 150 million pounds of future antimony production.

The partnership also makes Critical One a co-development partner for a new Ontario processing facility, with SICC funding a C$10 million equity interest. Critical One’s stock rose 3.7% by market close in Toronto on Thursday. The company has a C$54.3 million ($39 million) market capitalization.