Critical One Energy, formerly Madison Metals Inc., has acquired an 18.5 per cent interest in Dark Star Minerals Inc. (CSE: BATT, FSE: P0W), an exploration company advancing uranium projects in Namibia’s Erongo uranium province.
The investment follows the August 7, 2025, transaction in which Critical One sold its Khan and Cobra uranium projects to Dark Star in a deal valued at US$3.5 million. Under the terms, Critical One received 14 million common shares of Dark Star, staged cash payments, and a 2 per cent gross overriding royalty on all metals produced from the projects, with an option for Dark Star to repurchase 0.5 per cent of either royalty for US$1.5 million.
The Khan Project, including Mining Licence 86A, has been authorised for nuclear fuel extraction by Namibia’s Ministry of Mines and Energy.
Located near the Rossing Uranium Mine, Khan West has reported uranium grades of up to 8.47% U₃O₈, as announced in February 2024. The Cobra North Project contains multiple exploration targets and a historical resource estimate.
Namibia’s Erongo uranium province is recognised as a leading uranium mining jurisdiction.
Dark Star’s projects are located within this region, supported by proximity to existing operations and a favourable regulatory environment.
As part of the transaction, Duane Parnham, Founder, Executive Chairman, and CEO of Critical One Energy, has joined the board of Dark Star. Critical One continues to advance its Howells Lake Antimony-Gold Project in Ontario, Canada, while holding a significant shareholding in Dark Star.
Critical One Energy describes itself as a forward-focused critical minerals and upstream energy company with exploration interests in uranium in Namibia and antimony-gold in Canada.
