By: African mining market

Critical One Energy Inc., a leading Canadian exploration company focused on critical metals and minerals, is pleased to announce its acquisition of an 18.5% interest in Dark Star Minerals Inc., an exploration company advancing high-potential uranium projects in Namibia’s Erongo uranium province. This strategic investment underscores Critical One’s commitment to supporting the development of uranium assets to meet energy demands while maintaining a focus on its core Howells Lake Antimony-Gold Project (“Howells Lake Project”), located near the Ring of Fire corridor in the Thunder Bay Mining Division of Ontario, Canada.

The 18.5% stake in Dark Star positions Critical One as a significant shareholder, aligning with its vision to drive value through strategic partnerships for the global energy transition. The investment follows the successful closing of Critical One’s sale of its Khan and Cobra uranium projects to Dark Star, announced on 7th August 2025, in a deal valued at US$3.5 million. As part of the agreement, Critical One received 14 million common shares of Dark Star, contributing to its current ownership position, along with staged cash payments and a 2% gross overriding royalty on all metals produced from the two uranium projects, with an option for Dark Star to buy back 0.5% of either royalty for US$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 according to the World Nuclear Association,” said Duane Parnham, Founder, Executive Chairman, and CEO of Critical One Energy. “These projects, located near the Rossing Uranium Mine, have demonstrated significant potential, with high-grade results of up to 8.47% U₃O₈ at Khan West. Our investment reflects our confidence in Dark Star’s ability to accelerate exploration and development, creating value for all stakeholders.”

Namibia’s Erongo uranium province is a globally recognised jurisdiction for uranium mining, supported by a favourable regulatory environment and proximity to established operations like the Rossing Uranium Mine. The Khan West Project, including Mining Licence 86A, has been authorised for nuclear fuel extraction by the Namibian Ministry of Mines and Energy, with recent exploration highlighting high-grade uranium intrusions. The Cobra North Project further enhances Dark Star’s portfolio with multiple exploration targets and a historical resource estimate, positioning it for significant growth in the uranium sector.

With the Company as a shareholder and with Duane Parnham coming on as a director of Dark Star, Critical One is well-positioned to contribute to the strategic development of these assets while focusing its primary efforts on the Howells Lake Project. This dual approach strengthens Critical One’s role in meeting the rising global demand for critical minerals and clean energy solutions.

“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,” added Parnham. “This investment aligns with our mission to power the future of clean energy and advanced technologies, delivering value to our shareholders and supporting global energy transition goals.”