Dark Star Minerals (CSE:BATT) has finalised the acquisition of the Cobra North and Khan West projects in Namibia. The company paid US$10,000 (A$15,332) and issued 200,000 shares to Critical One Energy (CSE:CRTL) to secure the projects. Dark Star Minerals is focused on acquiring and developing critical mineral resources, specifically the rare earth complex.
In June 2025, Dark Star initially 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. Dark Star believes acquiring Cobra North and Khan West will provide geological and strategic advantages due to the proximity to the Rössing Uranium Mine.
To fund exploration activities, Dark Star is undertaking a non-brokered private placement aiming to raise up to US$250,000. The placement consists of five million units priced at $0.05 per unit, each comprising one common share and 0.5 of a share purchase warrant. Each warrant allows the holder to purchase one share for $0.075 within two years.
The Cobra North and Khan West projects are located in the Erongo uranium province of Namibia. Namibia is a significant uranium producer, ranking third globally in 2023 and accounting for 10% of world mining output. Uranium production in Namibia is projected to grow at a 2% compound annual growth rate between 2023 and 2027.
