Canadian mining exploration company Critical One Energy has mutually agreed with Dark Star Minerals to terminate a previously announced purchase agreement relating to the proposed sale of the company's Namibia assets.

The Namibia assets include the company's interests in the Khan and Cobra uranium projects, located in Namibia's highly prospective Erongo uranium province.

Critical One describes Namibia as a well-established mining jurisdiction and one of the world’s top uranium-producing countries according to the World Nuclear Association, with the Erongo region hosting several operating mines.

The company says the Namibia assets provide exposure to both uranium and copper potential in a jurisdiction with a long history of mineral development.

As part of the termination and unwind, Critical One says it has agreed to return 14.2-million common shares of Dark Star previously issued to the company. It adds that no termination fees or other material penalties are payable by either party.

In addition, the company notes that Critical One founder, executive chairperson and CEO Duane Parnham has terminated his advisory role with Dark Star effective immediately.

"The mutual termination of this agreement was the right outcome for Critical One and our shareholders. With copper and uranium markets continuing to attract renewed pricing strength and investor attention, regaining full control of the Namibia assets restores meaningful flexibility at the right time," says Parnham.

"Our focus remains firmly on the Howells Lake Antimony gold project [in Ontario, Canada] as we prepare to commence our maiden drill programme following the recent approval of an exploration permit, and we see real opportunity to responsibly maximise the value of our broader portfolio of critical metals for shareholders."

Located about 120 km west of the Ring of Fire, Ontario’s multibillion-dollar infrastructure development, the company says the Howells Lake project is strategically positioned to contribute to Canada's critical minerals strategy, reducing reliance on foreign supplies amid growing global demand and constrained supply.

The company says it intends to pursue the optionality created by the return of the Namibia assets in a manner that complements its planned programme at the Howells Lake project.

Critical One will provide further updates as its plan for the Namibia assets is formalised.