Critical One Energy, a leading Canadian mining exploration company focused on critical metals and minerals, announces that it has mutually agreed with Dark Star Minerals Inc. (“Dark Star”) to terminate the previously announced purchase agreement dated August 7, 2025 (the “Agreement”) relating to the proposed sale of the Company’s Namibia assets (the “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. Namibia is 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 Namibia Assets provide exposure to both uranium and copper potential in a jurisdiction with a long history of mineral development.
The Agreement has been terminated by mutual consent. As part of the termination and unwind, Critical One has agreed to return 14,200,000 common shares of Dark Star previously issued to the Company. No termination fees or other material penalties are payable by either party. In addition, Duane Parnham, Founder, Executive Chairman and CEO of Critical One, 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,” said Parnham. “Our focus remains firmly on the Howells Lake Antimony-Gold Project (“Howells Lake Project”) as we prepare to commence our maiden drill program following the recent approval of an exploration permit, and we see real opportunity to responsibly maximize the value of our broader portfolio of critical metals for shareholders.”
Critical One’s priority remains advancing the Howells Lake Project in the Thunder Bay Mining District of Ontario, Canada. Located approximately 120 kilometres (km) west of the Ring of Fire, Ontario’s multi-billion-dollar infrastructure development, 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 intends to pursue the optionality created by the return of the Namibia Assets in a manner that complements its planned program at the Howells Lake Project.
Critical One will provide further updates as its plan for the Namibia Assets is formalized.
