The race to secure Western supply chains for critical minerals is heating up, and Critical One Energy is positioning itself at the center of that push with its Howells Lake project in northern Ontario. The junior explorer has been rewarded by the market after releasing the first batch of assay results from a key drill hole, sending its shares sharply higher.
Shares in the company jumped 9% on Friday to €0.72, steadying after a volatile period that saw the stock lose a quarter of its value over the previous 30 days. At that level, the equity still sits well above its year low of €0.41, and the current market capitalisation now better reflects the operational strides being made on the ground.
Drill hole confirms antimony extension and by-product zinc-gold
The focus of investor attention is hole HWL-2026-006, which has confirmed an extension of the lower antimony zone at Howells Lake. That result aligns with management’s expectations, but the Geologists also encountered zinc and gold mineralisation alongside the antimony – a positive sign for potential by-product credits.
Critical One is now streamlining field logistics and core handling to speed up sample delivery to the lab. Faster turnaround on assay results is expected to act as a near-term catalyst for the company’s valuation, with fresh data sets likely to be released in the coming months.
Ambitious 20,000-metre drilling programme
The Howells Lake campaign is no small effort. The company has approved a budget that covers exploration work through to December 2026, with the first phase alone targeting 20,000 metres of diamond drilling. Intercepts from the initial holes have already returned high-grade antimony mineralisation, and the market is now waiting on further analytical results.
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The exploration is being conducted in coordination with the Eabametoong First Nation. A formal agreement governs environmental stewardship and community development, ensuring the project operates with local consent.
Infrastructure deal paves the way for development
A key piece of the long-term puzzle is the 24-month memorandum of understanding signed with Green Infrastructure Partners (GIP), one of Canada’s largest civil infrastructure contractors. The agreement covers road planning, civil engineering and potential mining services. Howells Lake lies roughly 120 kilometres west of the Ring of Fire access corridor, and GIP’s expertise will be crucial in optimising the approach roads.
The ultimate goal is to establish a North American source of antimony ore, with potential off-takers from the military, industrial and technology sectors. Antimony is classified as a critical mineral for national defence, high-tech manufacturing and renewable energy, and global supply chains are under strain.
Critical One signalled this strategic shift when it rebranded from Madison Metals in late 2024. Now, with a funded drill programme, a strong local partnership and a blue-chip infrastructure partner in place, all eyes are on the next batch of core samples from Howells Lake.
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