Dark Star Minerals (CSE:BATT) has paid US$10,000 ($15,332) and issued 200,000 shares to Critical One Energy (CSE:CRTL) to acquire the Cobra North and Khan West projects in Namibia.
Earlier in June 2025, the Canadian explorer signed a non-binding letter of intent with Critical One to acquire both projects for a total of US$760,000 and 14.2 million shares at $0.10 per share.
Acquiring Cobra North and Khan West will, according to Dark Star, enable the company to gain geological and strategic advantages from the nearby Rössing Uranium Mine.
Dark Star is also conducting a non-brokered private placement to raise up to US$250,000.
The placement comprises five million units at $0.05 per unit, with each unit comprising one common share and 0.5 of a share purchase warrant. Each warrant entitles the holder to acquire one share for $0.075 each within a two-year period.
Proceeds will be used for exploration across Dark Star’s current portfolio of projects, as well as general working capital.
The Cobra North and Khan West projects are located in the Erongo uranium province of Namibia.
According to the World Nuclear Association, Namibia has significant uranium mines, as it was ranked the third largest producer as of 2023. The nation is capable of providing 10% of the world’s mining output.
Uranium production in Namibia is forecast to grow at a 2% compound annual growth rate between 2023-2027.
Dark Star Minerals is focused on acquiring and developing critical mineral resources, specifically the rare earth complex.
Write to Aaliyah Rogan at Mining.com.au
Images: Dark Star Minerals
