Critical One Energy, previously known as Madison Metals, has announced the acquisition of an 18.5% interest in Dark Star Minerals, an exploration company focused on uranium projects in the Erongo region of Namibia.
This move is part of Critical One’s strategy to support uranium development in Namibia while continuing its commitment to the Howells Lake Antimony-Gold Project in Canada.
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The investment stems from the recent sale of Critical One’s Khan and Cobra uranium projects to Dark Star in a $3.5m (C$4.83m) transaction completed on 7 August 2025.
As a result of the sale, Critical One received 14 million common shares of Dark Star, which has contributed to its current ownership position.
Additionally, the company will receive staged cash payments and a 2% gross overriding royalty on all metals produced from the two uranium projects.
There is also an option for Dark Star to repurchase 0.5% of either royalty for $1.5m.
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By GlobalDataCritical One Energy founder, executive chairman and CEO Duane Parnham said: “We are excited to hold a significant stake in Dark Star and to support their efforts to advance the Khan and Cobra uranium projects in Namibia, the world’s third-largest uranium-producing country, according to the World Nuclear Association.
“These projects, located near the Rossing Uranium Mine, have demonstrated significant potential, with high-grade results of up to 8.47% U₃O₈ [triuranium octoxide] at Khan West. Our investment reflects our confidence in Dark Star’s ability to accelerate exploration and development, creating value for all stakeholders.”
Namibia’s Erongo uranium province, where the projects are located, benefits from a supportive regulatory framework and is in close proximity to major operations such as the Rossing Uranium Mine.
The Khan West Project, which includes Mining Licence 86A, has received approval for nuclear fuel extraction from the Namibian Ministry of Mines and Energy.
The Cobra North Project adds to Dark Star’s portfolio with numerous exploration targets and a historical resource estimate, indicating potential for substantial growth in the uranium sector.
