Critical One to sell Namibia uranium assets as focus shifts to Canada antimony
Canada-based Critical One Energy plans to sell its uranium projects in Namibia to shift its focus to antimony and gold in Ontario's Thunder Bay.
Critical One, formerly Madison Metals, announced on Thursday that CSE-listed Dark Star would acquire its Khan and Cobra projects.
Under the terms of a letters of intent agreement, Dark Star has the opportunity to acquire all Critical One’s interest in Khan and Cobra through staged cash payments and issuances of common shares to the company over a two-year period.
Once the staged cash and share issuances reach a combined value above $3.5-million, Critical One will be granted a 2% gross overriding royalty on all metals produced from the two uranium projects.
“Divesting the company’s uranium assets and focusing on the Howells Lake antimony/gold project enhances our shareholder value by strategically refining the company’s critical metals and minerals mission,” said Critical One executive chairperson and CEO Duane Parnham.
“I believe this shift in our critical metals strategy aligns with global market trends driven by the energy transition, and will offer higher growth potential and improved returns.
"Howell Lake’s antimony deposits allow us to capitalise on the rapidly growing demand for these critical metals. Plus, the project provides gold exploration upside in a period when the yellow metal’s value is reaching all-time market highs.”
Spanning 13 990 ha across 697 claims, the Howells Lake project is one of Ontario’s largest and most significant antimony/gold asset. A historic mineral resource estimate reported 1.7-million tons grading 1.7% antimony, equivalent to about 51 million pounds of contained antimony. Further, gold mineralisation has been documented, with grades reaching up to 2.3 oz/t.
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