Vancouver-listed Dark Star Minerals Inc. has terminated its option agreement with Critical One Energy Inc., unwinding a deal that would have given the company exposure to a cluster of uranium licences near the iconic Rössing Uranium mine in Namibia’s Erongo Region.
In a statement released on 26 February 2026, Dark Star confirmed that it entered into a termination agreement with Critical, formally ending the option and property acquisition agreement signed on 7 August 2025.
The now-cancelled transaction would have granted Dark Star the option to acquire up to 100% of Critical’s rights and interests in Exclusive Prospecting Licences (EPL) 7011, 8115 and 8531, all situated near the long-producing Rössing Uranium Mine.
The agreement also included Critical’s 16% indirect interest in Mining Licence 86A and EPL 8905.
As part of the termination terms, Critical has agreed to return an aggregate of 14.2 million Dark Star common shares it received under the original option agreement. The return of the shares effectively reverses the equity component of the earlier transaction and reduces potential dilution to existing shareholders.
No financial penalties or additional consideration were disclosed in the announcement, and the company did not outline specific reasons for the termination.
The decision signals a strategic shift for Dark Star, which had positioned the Namibian uranium ground as part of its broader critical minerals portfolio.
Strategic recalibration
The August 2025 option deal had marked Dark Star’s planned entry into Namibia’s uranium sector at a time of renewed global interest in nuclear energy and supply security.
Ground located in proximity to Rössing — one of the world’s longest-operating open-pit uranium mines — is generally considered prospective due to established mineralisation trends, access to infrastructure, and a supportive mining jurisdiction.
Dark Star’s withdrawal from the option agreement suggests either a reassessment of project economics, capital-allocation priorities, or broader corporate strategy.
The return of 14.2 million common shares is a notable outcome of the termination agreement. While the company did not provide updated share capital figures in the announcement, the clawback of shares reduces the outstanding equity previously issued in connection with the Namibian option.
