Critical One acquires 18.5% stake in Namibia-focused Dark Star
CSE-listed Critical One Energy, formerly Madison Metals, said on Tuesday it had acquired an 18.5% interest in fellow-listed Dark Star Minerals, underscoring its commitment to supporting the development of uranium assets while continuing development of its core Howells Lake antimony/gold project near the Ring of Fire corridor in Ontario, Canada.
The stake stems from Critical One’s August 7 sale of its Khan and Cobra uranium projects to Dark Star in a $3.5-million deal. The consideration included 14-million Dark Star common shares, staged cash payments and a 2% gross overriding royalty on future metals production, with an option for Dark Star to repurchase 0.5% for $1.5-million.
“We are excited to hold a significant stake in Dark Star and to support their efforts to advance the Khan and Cobra uranium projects in Namibia, the world’s third-largest uranium-producing country,” said Duane Parnham, founder, executive chairman and CEO of Critical One Energy. “Our investment reflects our confidence in Dark Star’s ability to accelerate exploration and development, creating value for all stakeholders.”
Dark Star’s projects sit in Namibia’s Erongo province, a major uranium-producing jurisdiction that hosts the Rossing uranium mine. Khan West, covered by Mining Licence 86A, is authorised for nuclear fuel extraction and has reported grades of up to 8.47% uranium oxide. The Cobra North project adds further exploration targets and a historical resource estimate.
As part of the transaction, Parnham will join Dark Star’s board, while Critical One continues to prioritise its Howells Lake project in Thunder Bay.
“We look forward to collaborating with Dark Star to unlock the potential of these uranium projects while continuing to advance our antimony and gold exploration in Canada,” Parnham said. “This investment aligns with our mission to power the future of clean energy and advanced technologies.”
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