Critical One Energy (CSE:CRTL,OTCQB:MMTLF), formerly Madison Metals, announced on June 12 that it has entered into an agreement with uranium-focused Dark Star Minerals (CSE:BATT) to sell 100 percent of its interests in the Khan West and Cobra North uranium projects in Namibia’s Erongo uranium province.
The acquisition will transfer Critical One’s Namibian uranium assets — specifically the Khan West and Cobra North projects — through staged cash payments and share issuances over a two year period.
The move signals a strategic shift by Critical One toward its Howells Lake antimony-gold project in Ontario, Canada, as it aims to capitalize on growing demand for critical minerals.
The Khan West and Cobra North projects are situated in a well-established Namibian uranium-mining district near the Rössing uranium mine, one of the world’s largest uranium-producing properties.
Cobra North includes two exclusive prospecting licenses and has a historical NI 43-101 inferred resource estimate of 15.6 million metric tons grading 260 parts per million U3O8 for a contained metal total of 9 million pounds of U3O8.
Dark Star said it won’t be treating the historical resource as current.
Similarly, Khan West encompasses a mining license and an exclusive prospecting license. Geological characteristics of the Khan West site reportedly mirror those of Rössing, featuring uranium-anomalous granites within a prominent structural deformation corridor. The mining license includes a license to extract uranium.
For Dark Star, the deal represents a bolstering of its uranium portfolio. In early April, the company announced plans to acquire the Bleasdell Lake uranium project in Northern Saskatchewan, Canada, which has historical uranium resources.
Later in the month, the company entered into a definitive mineral purchase agreement for the property.
Critical One’s pivot away from uranium is part of a broader refocus on critical minerals with promising market dynamics.
The Howells Lake antimony-gold project offers exposure to antimony, an increasingly valuable critical mineral that is tied to clean energy and advanced technology sectors, including the defense industry.
Duane Parnham, executive chair and CEO, emphasized the project’s potential for “higher growth potential and improved returns,” noting the added gold exploration upside amid record-high gold prices.
“The project provides gold exploration upside in a period when the yellow metal’s value is reaching all-time market highs,” Parnham said. To support its refocused strategy, Critical One simultaneously announced a non-brokered private placement financing, saying it is targeting gross proceeds of up to C$1 million.
Parnham highlighted insider participation in the financing, stating that the “ongoing support underscores management’s confidence in the value and potential of the Howells Lake antimony-gold project.”
Proceeds will be used for data processing, geophysics, permitting, drilling and other activities related to advancing Howells Lake, as well as strengthening the company’s financial position and supporting general working capital.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.