Canadian energy firm regains control of Namibian uranium

Canadian energy company Critical One Energy Inc. has terminated its August 2025 purchase agreement with Dark Star Minerals Inc., regaining full ownership of its Namibian uranium assets.

This follows a mutual decision by both companies to unwind the transaction.

The termination includes the return of 14.2 million Dark Star common shares previously issued under the agreement, with no termination fees or financial penalties incurred by either party.

The decision effectively reverses the proposed sale of Critical One Energy’s Namibia-based assets.

The assets comprise the Khan and Cobra uranium projects in the Erongo region, one of the world’s most established uranium-producing regions.

Critical One Energy founder, executive chairman and chief executive Duane Parnham says the decision restores strategic flexibility at a time when investor interest in critical minerals is strengthening.

“The mutual termination of this agreement was the right outcome for Critical One Energy and its 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,” he says.

Parnham says while the company has recovered ownership of the Namibian projects, its immediate operational focus remains on advancing its Canadian portfolio.

“Our focus remains firmly on the Howells Lake Antimony-Gold Project 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,” he says.

The Howells Lake project, located about 120km west of Ontario’s Ring of Fire infrastructure development area, is positioned to support Canada’s critical minerals strategy by strengthening domestic supply chains and reducing reliance on foreign sources.

Critical One Energy says the return of the Namibian assets provides the possibility of future development or strategic partnerships aligned with its broader portfolio strategy.

The company did not disclose immediate development plans for the Khan and Cobra uranium projects, but indicated that regaining control allows it to reassess opportunities amid improving uranium market fundamentals.

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