The company formerly known as Madison Metals Inc., now Critical One, has sold the Khan and Cobra Uranium Projects in Namibia to Dark Star Minerals for US$760,000.
Dark Star Minerals has been described as a well-managed, uranium-focused, publicly-listed company.
Khan or Madison West comprises licence 121, 86A, and EPLs 8905 and 8115.
Critical One Energy has an 85% undivided interest in Exclusive Prospecting Licences (EPL) 8531 and 8115.
The company holds a 90% interest in Licence 86A and a 24% direct interest in Licence 121.
Critical One made a groundbreaking discovery of high-grade uranium at licence 86A’s Anomaly 5, with surface samples revealing 8.47% U3O8.
EPL 115 is situated just 18 km southwest of the renowned Rössing Uranium Mine, positioning it in a prime location within Namibia’s uranium-rich landscape.
Cobra or Madison West comprises EPLs 8531 and EPL-7011.
Critical One CEO Duarn Parnham says divesting the company’s uranium assets and focusing on the Howells Lake Antimony-Gold Project enhances the company’s shareholder value by strategically refining the company’s critical metals and minerals mission.
“I believe this shift in our critical metals strategy aligns with global market trends driven by the energy transition and will offer higher growth potential and improved returns.
“Howell Lake’s antimony deposits allow us to capitalize on the rapidly growing demand for these critical metals. Plus, the project provides gold exploration upside in a period when the yellow metal’s value is reaching all-time market highs,” Parnham says.
He adds that by forming this alliance with Dark Star, Critical One’s investment in uranium remains highly promising.
“This divestiture allows Critical One to focus on its capital allocation on high-margin, high-demand critical minerals, thereby optimizing our portfolio for long-term profitability, reducing exposure to market risks, and strengthening our competitive position in a future-focused industry, ultimately driving sustainable value creation for shareholders,” Parnham said.
Dark Star has the opportunity to acquire all of Critical One’s interest in the Khan and Cobra Uranium Projects through staged cash payments and issuances of common shares to the company over two years.
