TORONTO – In a move that signals a tactical recalibration of its global critical minerals portfolio, Canadian explorer Critical One Energy has mutually terminated its asset purchase agreement with Dark Star Minerals. The deal, which originally saw the company divest its high-prospectivity Namibian uranium and copper interests, was unwound this week, returning 100% control of the Khan and Cobra projects to Critical One just as global commodity prices for nuclear fuel and base metals hit multi-year highs.
The termination marks a clean break between the two entities, with Critical One agreeing to return 14.2 million common shares of Dark Star that were issued as part of the initial August 2025 transaction. Market analysts suggest the move provides Critical One with renewed “optionality” at a time when Namibia—currently the world’s third-largest uranium producer—is seeing a surge in foreign investment. By regaining these assets in the Erongo uranium province, Critical One is once again positioned as a direct player in a jurisdiction that hosts several of the world’s most prolific operating mines.
“The mutual termination of this agreement was the right outcome for Critical One and our shareholders,” noted Duane Parnham, founder, executive chairman, and CEO of Critical One. “With copper and uranium markets continuing to attract renewed pricing strength and investor attention, regaining full control of the Namibia assets restores meaningful flexibility at the right time. We see real opportunity to responsibly maximise the value of our broader portfolio of critical metals for shareholders.”
While the Namibian assets provide a significant secondary lever for growth, the company’s primary capital allocation remains firmly centered on its domestic flagship: the Howells Lake Antimony-Gold project in Ontario. Strategically located near the province’s multi-billion-dollar “Ring of Fire” infrastructure corridor, the project is a centerpiece of Canada’s broader strategy to secure domestic supplies of antimony—a critical metal in high demand for defense and energy storage. The company recently secured its maiden exploration permit for the site and is preparing to commence a highly anticipated drill program later this spring.
The dissolution of the Dark Star agreement also involves a leadership shift, as Duane Parnham has resigned from his advisory role with Dark Star effective immediately. This allows Critical One’s executive team to focus exclusively on their dual-track strategy of advancing North American antimony production while formalizing a new valuation plan for the returned African assets. As no termination fees or penalties were incurred by either party, the company enters the next quarter with a fortified balance sheet and an unencumbered portfolio of tier-one critical mineral targets.
For investors in the junior mining space, the return of the Namibian portfolio adds a layer of geographical and commodity diversification that had been missing since the divestment. By holding both high-grade uranium in a proven African jurisdiction and a strategic antimony-gold system in Canada, Critical One is positioning itself as a hedge against global supply chain volatility in the energy transition sector.
