Skeleton Coast Uranium Announces Private Placement
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Skeleton Coast Uranium Announces Private Placement
Vancouver, British Columbia, September 21 , 2026 – Skeleton Coast Uranium Corp. (the
“Company” or “Skeleton Coast Uranium”) (TSXV: SKEL) (OTC: GLIIF ) (FRA: KDM0 ) is pleased to
announces that it will offer (the “ Offering”) up to 33,333,334 units (each, a “Unit”) by way of non-
brokered private placement at a price of $0.15 per Unit for gross proceeds of up to $5,000,000. Each
Unit will consist of one common share and one -half-of-one share purchase warrant (each whole
warrant, a “Warrant”). Each Warrant will entitle the holder to acquire an additional common share
at a price of $0.20 for a period of twenty-four months.
The Company anticipates utilizing the proceeds from the Offering for continued exploration and
development work in Namibia and for general working capital purposes.
In connection with closing of the Offering, the Company may pay finders’ fees to eligible third-parties
who have assisted in introducing subscribers to the Offering. All securities issued in connection with
the Offering will be subject to restrictions on resale for a period of four -months-and-one-day in
accordance with applicable securities laws. Completion of the Offering remains subject to the
approval of the TSX Venture Exchange.
About Skeleton Coast Uranium Corp.
Skeleton Coast Uranium Corp. holds options to acquire 70–75% controlling interests in five Exclusive
Prospecting Licenses (EPLs) located in the Erongo Region of Namibia, a country which accounted for
approximately 12% of global mined uranium production in 2024 (World Nuclear Association). The
EPLs cover 610 km2 and position the Company as one of the largest license holders in the region. All
of the concessions are reported in historical records to host uranium mineralisation (unverified
historical information; see Technical Information) and are located either adjacent to, or within
approximately 30 km of, one of the region’s three uranium mines (i.e. Langer Heinrich, Rössing or
Husab); see Technical Information below. Under the terms of its option agreements, Skeleton Coast
Uranium is required to incur CAD$5 million in exploration expenditures across the five EPLs by June
2028.
EPL 8617
EPL 8617 comprises 10,491.5 hectares and is located in the Erongo region of Namibia, situated
approximately 18 km east of the Rossing mine and approximately 17 km east of the Husab mine. EPL
8617 is situated on trend with a regional geological structure, the Khan Syncline, which projects
northeast of the Rossing and Husab deposits, both of which are major, operational open-pit uranium
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mines. Uranium mineralization in this area is hosted in Pan- African age alaskitic granite-pegmatite
sheets and veins that intruded a package of Damara metasediments. The uranium deposits in this
area are primary uranium deposits of the intrusive type according to the International Atomic Energy
Agency (IAEA) classification scheme for uranium deposits.
EPL 9727
EPL 9727 covers approximately 12,081 hectares and is located approximately 25 to 30 km southeast
o f t h e H u s a b m i n e a n d a p p r o x i m a t e l y 2 0 t o 2 5 k m e a s t o f t h e R o s s i n g m i n e . E P L 9 7 2 7 i s l o c a t e d
within the central zone of the Damara orogen, regionally comprised of metasedimentary successions
of the Nosib and Swakop groups that are intruded by late- to post tectonic leucogranitic and alaskitic
bodies, some of which are uraniferous.
EPL 8208
EPL 8208 covers approximately 7,840.7 hectares and is contiguous along its southern boundary with
the mining licence (ML) area (ML 140 and ML 172) hosting the Langer Heinrich mine, one of the most
significant calcrete-hosted uranium deposits globally, with mineral ore reserves including pits with
proved reserves of 48.3 million tonnes (t) grading 488 parts per million (ppm) U3O8, pits with probable
reserves of 10.0 million t grading 464 ppm U3O8 and stockpiles with proved reserves of 26.5 million t
grading 369 ppm U3O8, for a total of 84.8 million t of reserves grading 448 ppm U3O8 for 83.8 million
pounds (lb) of contained U3O8 (estimated as at November, 2021, at a 250 ppm U3O8 cut-off grade).
The Langer Heinrich mine is located in west- central Namibia approximately 80 km east of
Swakopmund and 85 km northeast of the deepwater port of Walvis Bay.
EPLs 9872 & 9873
EPLs 9872 & 9873 combined total 30,560 hectares and lie 15km north of the Langer Heinrich mine,
shares similar drainages and calcrete formations, which is very encouraging for uranium
mineralisation. Radiometric surveys located anomalous areas over river sediments, where carnotite
occurs in joints. Values of up to 260 g/t U3O8 were recorded.
More About Skeleton Coast Uranium Corp.
Skeleton Coast Uranium trades on the TSX Venture Exchange under the symbol ‘ SKEL’ , on the OTC
under the symbol ‘GLIIF’ , and on the Frankfurt Stock Exchange under the symbol ‘KDM0’. Additional
information about Skeleton Coast Uranium can be found at www.sedarplus.ca and at
www.skeletoncoasturanium.com.
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Qualified Person
Dr. Nathan Chutas, PhD, CPG, Chief Executive Officer of the Company, is a Qualified Person as
defined by National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”)
and has reviewed and approved the scientific and technical info rmation contained in this news
release. Dr. Chutas is a Certified Professional Geologist registered with the American Institute of
Professional Geologists. Dr. Chutas is not independent of the Company within the meaning of
Section 1.5 of NI 43-101.
On behalf of the Board of Directors
Skeleton Coast Uranium Corp.
Dr. Nathan Chutas, PhD, CPG, Chief Executive Officer
T: (236) 334-1660
Technical Information
The historical exploration information referred to in this news release has not been verified by the
Qualified Person and is not being treated as current.
The historical technical information referenced above is derived from open -file exploration reports
lodged with the Geological Survey of Namibia and the Ministry of Mines and Energy, and from the
Geological Survey of Namibia publication The Mineral Resources of Namibia – Uranium (1988) by H
Roesener and CP Schreuder. This historical information has not been independently verified by the
Company or by its Qualified Person, has not been reviewed for compliance with current sampling,
analytical or quality -assurance and quality -control practice, and should not be relied upon. It is
provided solely to illustrate the prior work history on the properties. The exploration targets described
above are conceptual in nature; there has been insufficient exploration to define a Mineral Resource
on any of the Company’s EPLs, and it is uncertain whether further exploration will result in the
delineation of a Mineral Resource. Radiometric anomalies reflect equivalent uranium ( eU) derived
from gamma response and do not, of themselves, confirm the presence of uranium mineralisation.
Information in this news release concerning the Rössing, Husab and Langer Heinrich mines has been
sourced from public disclosure by the operators of those mines. The Langer Heinrich Mineral Ore
Reserves include pits with Proved Reserves of 48.3 Mt grading 488 ppm U 3O8, pits with Probable
Reserves of 10.0 Mt grading 464 ppm U 3O8, and stockpiles with Proved Reserves of 26.5 Mt grading
369 ppm U3O8, for a total of 84.8 Mt of Reserves grading 448 ppm U3O8 for 83.8 Mlb of contained U3O8
was estimated as at November 2021 at a 250 ppm U 3O8 cut-off grade under the JORC Code (2012)
and is reported in the “NI 43 -101 Technical Report on Langer Heinrich Uranium Project, Erongo
Region, Republic of Namibia” prepared for Paladin Energy Limited by AMC Consultants Pty Ltd and
dated 31 March 2024. The Company’s Qualified Person has been unable to verify this information,
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and the information is not necessarily indicative of the mineralisation on the Company’s EPLs. The
Company has no interest in, or right to acquire any interest in, the Rössing, Husab or Langer Heinrich
properties. Mineralisation on adjacent or nearby properties is not necessarily indicative of
mineralisation on the Company’s EPLs.
Forward-Looking Information
This news release may contain certain “forward -looking information” or “forward -looking
statements” within the meaning of applicable Canadian securities laws and the United States Private
Securities Litigation Reform Act of 1995. When or if used in this news release, the words “anticipate” ,
“believe” , “estimate” , “expect” , “target” , “plan” , “forecast” , “may” , “schedule” and similar words or
expressions identify forward -looking statements or information. Forward -looking statements or
information in this news release may relate, but are not limited to, the intended use of proceeds from
the Offering, the receipt of regulatory approvals for the Offering ; the Company ’s future exploration
plans, expenditures and objectives in Namibia, including the results thereof; expectations regarding
risk diversification; and allocation of funds to marketing and investor relations activities . Such
statements represent the Company’s current views with respect to future events and are necessarily
based upon a number of assumptions and estimates that, while considered reasonable by the
Company, are inherently subject to significant business, economic, competitive, political and social
risks, contingencies and uncertainties, including, without limitation, the availability and accuracy of
historical technical data; the C ompany’s ability to continue planned exploration programs; and
general geological, operational and market conditions. Many factors, both known and unknown,
could cause results, performance, or achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied by such forward- looking
statements. The Company cautions readers that forward- looking statements, including without
limitation, those relating to the Company’s exploration activities, technical studies and future plans,
are subject to certain risks and uncertainties that could cause actual results to differ materially from
those indicated in the forward -looking statements, including, without limitation, limitations on the
verification or interpretation of historical data; exploration results that differ from expectations; and
risks inherent in mineral exploration activities in Namibia. The Company does not intend, and does
not assume any obligation, to update these forward -looking statements or information to reflect
changes in assumptions or changes in circumstances or any other events affecting such statements
and information other than as required by applicable laws, rules and regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.