Dark Star Minerals has completed the first payment on its acquisition of the Cobra North and Khan West projects in Namibia.
The Canadian company, which focuses on building a portfolio of critical mineral assets, paid US$10,000 (approximately N$183,000) and issued 200,000 shares to Critical One Energy, marking the first step in a transaction that could significantly reshape its future in uranium.
The acquisition was first announced in June 2025 when Dark Star signed a non-binding letter of intent with Critical One. Under the terms of the whole agreement, the company plans to acquire the two properties in exchange for US$760,000 and 14.2 million shares at $0.10 per share.
Both Cobra North and Khan West are located within Namibia’s Erongo uranium province, an area internationally recognised for its rich uranium deposits. Even more significantly, the two properties sit within striking distance of the legendary Rössing Uranium Mine, one of the world’s longest-running open-pit uranium operations.
Dark Star believes this proximity offers both geological upside and development synergies, including access to proven infrastructure and a skilled regional workforce. In its own words, the company views the acquisition as an opportunity to gain “strategic and geological advantages” in one of Africa’s most active uranium belts.
To support its exploration ambitions—including plans for its newly acquired Namibian projects—Dark Star is raising fresh capital through a non-brokered private placement worth US$250,000. The raise consists of five million units priced at $0.05 each. Each unit comprises one common share and one share purchase warrant, with each whole warrant exercisable at $0.075 per share over two years.
Proceeds will fund near-term exploration and provide general working capital as the company eyes a more prominent role in the global uranium supply chain.
