Critical One Energy Regains Full Control of Uranium and Copper Assets in Namibia, Africa
Toronto, ON – February 27, 2026 – Critical One Energy Inc. (“Critical One” or the “Company”) (CSE: CRTL) (OTCQB: MMTLF) (FSE: 4EF), a leading Canadian mining exploration company focused on critical metals and minerals, announces that it has mutually agreed with Dark Star Minerals Inc. ("Dark Star") to terminate the previously announced purchase agreement dated August 7, 2025 (the "Agreement") relating to the proposed sale of the Company's Namibia assets (the "Namibia Assets").
The Namibia Assets include the Company's interests in the Khan and Cobra uranium projects, located in Namibia's highly prospective Erongo uranium province. Namibia is a well-established mining jurisdiction and one of the world’s top uranium-producing countries according to the World Nuclear Association, with the Erongo region hosting several operating mines. The Namibia Assets provide exposure to both uranium and copper potential in a jurisdiction with a long history of mineral development.
The Agreement has been terminated by mutual consent. As part of the termination and unwind, Critical One has agreed to return 14,200,000 common shares of Dark Star previously issued to the Company. No termination fees or other material penalties are payable by either party. In addition, Duane Parnham, Founder, Executive Chairman and CEO of Critical One, has terminated his advisory role with Dark Star effective immediately.
"The mutual termination of this agreement was the right outcome for Critical One and our shareholders. 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," said Parnham. "Our focus remains firmly on the Howells Lake Antimony-Gold Project (“Howells Lake Project”) as we prepare to commence our maiden drill program following the recent approval of an exploration permit, and we see real opportunity to responsibly maximize the value of our broader portfolio of critical metals for shareholders."
Critical One's priority remains advancing the Howells Lake Project in the Thunder Bay Mining District of Ontario, Canada. Located approximately 120 kilometres (km) west of the Ring of Fire, Ontario’s multi-billion-dollar infrastructure development, the Howells Lake Project is strategically positioned to contribute to Canada's critical minerals strategy, reducing reliance on foreign supplies amid growing global demand and constrained supply.
The Company intends to pursue the optionality created by the return of the Namibia Assets in a manner that complements its planned program at the Howells Lake Project.
Critical One will provide further updates as its plan for the Namibia Assets is formalized.
About Critical One Energy Inc.
Critical One Energy Inc. is a forward-focused critical minerals and upstream energy company, powering the future of clean energy and advanced technologies. The Howells Lake Antimony-Gold Project focuses the Company’s exposure on antimony, one of the most in-demand critical minerals, as well as gold, which is known to occur at numerous locations on the Howells Lake Project. Backed by seasoned management expertise and prime resource assets, Critical One is strategically positioned to meet the rising global demand for critical minerals and metals. Its mine exploration portfolio is led by antimony-gold exploration potential in Canada and uranium and copper assets in Namibia, Africa. By leveraging its technical, managerial, and financial expertise, the Company upgrades and creates high-value projects, thereby driving growth and delivering value to its shareholders.
Additional information about Critical One Energy Inc. can be found at criticaloneenergy.com and on the Company’s SEDAR+ profile at www.sedarplus.ca.
For further information, please contact:
Duane Parnham
Executive Chairman & CEO
Critical One Energy Inc.
+1 (416) 489-0092
Media inquiries:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
Neither the Canadian Securities Exchange nor CIRO accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. Forward-looking information contained in this press release includes, but is not limited to, statements relating to the Company’s business strategy and objectives.
Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that: the Company will have the resources required in order to conduct its business as currently operated.
However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, risks relating to the mining industry in general, and other risks as described in the Company’s continuous disclosure record on SEDAR+.
Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. The Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.
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