The Namibian uranium sector has taken a significant step forward with the completion of a high-value acquisition agreement between Dark Star Minerals and Critical One Energy. The sale, valued at over $3.5 million, transfers full ownership of the Khan and Cobra uranium projects in Namibia from Critical One to Dark Star. This marks a pivotal milestone in the advancement of two strategically positioned uranium assets in one of the world’s most resource-rich regions. Both companies are listed on multiple stock exchanges, with Critical One trading on the CSE, FSE, and OTCQB, while Dark Star holds listings on the CSE and FSE.
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Under the terms of the definitive agreement, Dark Star has completed a second cash payment of $150,000 to Critical One, alongside the transfer of 14 million common shares in the company. These transactions follow a structured acquisition plan designed to give Dark Star full ownership of Critical One’s stakes in the Khan and Cobra projects. The staged payment schedule began with a $10,000 cash payment made at the signing of the initial letter of intent, followed by the issuance of 200,000 Dark Star shares once the deal received formal exchange approval.
Looking ahead, Dark Star will make three more instalments to finalize the acquisition. Within four months of the agreement’s execution, a further $100,000 in cash will be paid. By the first anniversary of the deal, Dark Star will deliver $250,000 in cash and $1 million in shares. The second anniversary will see an additional $250,000 in cash coupled with $750,000 worth of shares. In total, the cash component will amount to $760,000, supplemented by a significant value in company shares.
The agreement also includes long-term production incentives. Once cumulative payments exceed $3.5 million, Critical One will earn a 2% gross overriding royalty (GOR) on all metals produced from the two uranium projects. Dark Star has the option to reduce this royalty to 1.5% by making a one-time payment of $1.5 million within 30 days of commencing production.
Namibia, ranked as the world’s third-largest uranium producer by the World Nuclear Association, continues to attract strong exploration and development interest from international investors. The Khan and Cobra projects are considered highly prospective, benefiting from favorable geology and proximity to existing uranium infrastructure.
Critical One’s CEO and executive chairperson, Duane Parnham, emphasized the strategic nature of the deal, noting that the transaction allows both companies to maximize the potential of these assets. “We are looking forward to working with Dark Star to accelerate the exploration and development of these two significant uranium projects in the world’s third-largest uranium-producing country. As a significant shareholder and director of Dark Star, I will continue to contribute to the development of these two exciting uranium projects,” Parnham stated on August 8.
Industry analysts suggest that with uranium prices trending upward due to renewed global interest in nuclear energy, the Khan and Cobra projects could become major contributors to Namibia’s mining economy. The transaction underscores a broader trend of strategic consolidation in the uranium sector, positioning Dark Star as a notable emerging player in southern Africa’s nuclear mineral supply chain.
