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Highlights
- Dark Star signs LOI to acquire two uranium projects in Namibia
- Cobra North offers significant JORC-compliant uranium potential
- Khan West assay shows high-grade surface mineralisation
Dark Star Minerals (CSE:BATT), a critical minerals explorer focused on uranium development, has taken a major step toward expanding its global footprint by entering into a non-binding letter of intent (LOI) to acquire full ownership of the Cobra North and Khan West uranium projects in Namibia. These projects are currently held by Critical One Resources (CSE:CRTL).
Under the proposed terms, Dark Star will provide total consideration of approximately US$760,000 (A$1.16 million), alongside 14.2 million shares issued at $0.10 each. As part of the deal, Critical One will retain a 2% overriding royalty on each project, with Dark Star holding an option to repurchase 0.5% of each for an additional US$1.5 million.
Additionally, contingent on future milestones, Dark Star has agreed to issue further equity. Specifically, share-based payments worth $1.75 million will be made on the first and second anniversaries of the agreement, subject to trading price thresholds. Within four months, Dark Star plans to expand its board to include Critical One’s CEO and Executive Chairman, Duane Parnham. Furthermore, Critical One will gain participation rights of up to 30% in any Dark Star financing that occurs either one year after the deal closes or once the company raises $10 million.
Uranium Prospects at Cobra North and Khan West
The Cobra North Project will be the initial focus of exploration activities. Historical reverse circulation drilling identified 11 target zones, with uranium mineralisation detected in two of them. A 2015 JORC-compliant report from SRK Consulting estimated 15.6 million tonnes grading 260 parts per million uranium oxide, amounting to a contained 9 million pounds of uranium oxide.
At Khan West, Critical One’s previous work uncovered strong uranium presence through geological mapping, trench sampling, and radiometric measurements. One surface sample returned an assay of 8.47% uranium oxide, with an average of 1.33% across seven trenches. Scintillometer readings also demonstrated high radiometric values, peaking at 15,000 counts per second.
With a current market capitalisation of approximately C$4.18 million (A$4.71 million), Dark Star sees this acquisition as a pivotal move. It positions the company to leverage the proximity of these projects to the prolific Rössing Uranium Mine, providing both geological upside and strategic advantage.
As global demand for sustainable energy accelerates, uranium’s role as a clean energy source becomes increasingly vital. Dark Star’s initiative to secure and develop high-potential uranium assets reinforces its commitment to contributing to that future.
