Dr. Nathan Chutas reports

GLACIER LAKE RESOURCES INC. OPTIONS NAMIBIA URANIUM EXPLORATION LICENCES AND ANNOUNCES PROPOSED NAME CHANGE TO SKELETON COAST URANIUM CORP., SHARE CONSOLIDATION AND NON-BROKERED PRIVATE PLACEMENT OF UP TO $5,000,000

Glacier Lake Resources Inc. has entered into two separate agreements, the first a property option and joint venture agreements, and the second a share purchase agreement, to acquire controlling interests in five exclusive prospecting licences (EPLs) located in the Erongo region of Namibia.

The company further announces its intention to:

1. Change its name to Skeleton Coast Uranium Corp.;
2. Consolidate its common shares on the basis of one new common share for every three existing common shares;
3. Complete a non-brokered private placement of up to 37,037,037 postconsolidation units at a price of 13.5 cents per unit for gross proceeds of up to $5-million.

The option agreements, consolidation, name change and financing are subject to approval of the TSX Venture Exchange.

Option agreements

EPL 9727 and EPL 8208

The company has entered into a property option and joint venture agreement with Pointe Noire Investments CC, of Walvis Bay, Namibia, covering EPL 9727 and EPL 8208.

EPL 9727 covers approximately 12,081.1 hectares, and is located approximately 15 kilometres east of the Husab mine and 25 kilometres southeast of the Rossing mine. EPL 8208 covers approximately 7,841.7 hectares, and is located north of the Langer Heinrich mine and approximately 100 kilometres east of the Port of Walvis Bay. The five EPLs total 610 square kilometres in the Erongo region of Namibia.

Under the terms of the agreement, the company may earn up to a 75-per-cent undivided interest in EPL 9727 and EPL 8208 by incurring exploration, environmental, technical and administrative expenditures of not less than $3-million in aggregate prior to June 30, 2028, and by making a cash payment of $100,000 within 10 business days of the option agreement and of $150,000 within 90 business days of the option agreement.

EPL 9872, EPL 9873 and EPL 8617

The company has entered into a share purchase agreement to acquire a 100-per-cent interest in Ictus Resources Inc., a British Columbia company that holds a property option and joint venture agreement to acquire controlling interests in EPL 9872, EPL 9873 and EPL 8617.

EPL 9872 covers approximately 11,077.9 hectares. EPL 9873 covers approximately 19,482.1 hectares and adjoins EPL 9872. EPL 8617 covers approximately 10,497 hectares and is located east of the Rossing mine.

To exercise the option, the company must incur exploration, environmental, technical and administrative expenditures of not less than $2-million in aggregate prior to June 15, 2028, including a minimum of $500,000 prior to Dec. 15, 2026.

Technical information

EPL 9727 is reported in historical records to host intrusive-related and surficial uranium mineralization. Historical descriptions reference intrusive mineralization associated with alaskitic intrusions emplaced within schistose host rocks and surficial mineralization associated with calcrete development in palaeochannel systems.

Historical radiometric surveys on EPL 8208 reportedly identified anomalous uranium responses over river sediment areas where carnotite mineralization occurs in fracture systems. Historical reports reference uranium values of up to 260 grams per tonne (g/t) U3O8 in localized zones. Historical drilling within palaeovalley systems reportedly identified uranium mineralization in isolated zones, with grades reported at less than 100 g/t U3O8.

EPL 9872 and EPL 9873 are located within the central zone of the Damara orogenic belt. Historical reports describe uranium-bearing intrusive outcrops on EPL 9872 and drainage systems and calcrete development on EPL 9873 similar to those observed elsewhere in the region. Historical radiometric surveys reportedly identified anomalous uranium values in localized zones, including values reported at up to 260 g/t U3O8.

EPL 8617 is reported in historical records to host intrusive-related uranium mineralization. Historical descriptions reference intrusive mineralization associated with alaskitic intrusions emplaced within schistose host.

The Valencia deposit lies to the west of the EPL, the deposit is situated on the farm Valencia 122, about 75 kilometres southwest of Usakos. The secondary uranium minerals uranophane and uranothallite have been reported to be present in the upper few metres of the alaskite bodies as yellow coatings on exfoliation planes and joints, where they have been reported to form specks and tiny flakes on feldspar, quartz, biotite and apatite. The uraninite present has been reported to be generally fresh, with only sporadic very minor alteration rims. Uranium mineralization has been reported to occur in the finer-grained alaskite and only occasionally in the coarse-grained phases.

Historic percussion drilling in this area was done on a 250-metre square grid and consisted of 127 holes totalling 1,391 metres. The historical report dated Aug. 8, 1980, prepared for the property indicated that, using boreholes containing at least a one-metre intersection of 100 g/t U3O8 with a lower cut-off grade of 50 parts per million (ppm), results showed a historical inferred resource estimate of 35 million tonnes at an average grade of 120 ppm U3O8.

The historical resource estimates provided in this news release are based on data obtained and prepared by previous operators, and have not been verified by either the company or a qualified person as defined by National Instrument 43-101, and the rules promulgated thereunder regarding the reporting of historical resource estimates. These estimates are considered historical and do not conform to current NI 43-101 standards.

The historical technical information referenced above is from the Namibian Geological Survey report -- The Mineral Resources of Namibia -- Uranium, dated 1988, by H. Roesener and C.P. Schreuder, and has not been independently verified by the company. A qualified person has not completed sufficient work to classify the historical information (including the historical estimate) as current information, including, without limitation, current mineral resources or mineral reserves under National Instrument 43-101, Standards of Disclosure for Mineral Projects, and the company is not treating the historical information (including the historical estimate) as current, including, without limitation, current mineral resources or mineral reserves. Further work, including drilling and analysis, is required to verify these historical estimates to be considered current mineral resources. This information is provided for purposes of illustrating the prior work history on the property.

Mineralization on adjacent or nearby properties, including the Rossing, Husab and Langer Heinrich mines, is not necessarily indicative of mineralization on the company's EPLs.

Private placement

The company intends to complete the financing to raise gross proceeds of up to $5-million through the issuance of up to 37,037,037 postconsolidation units at 13.5 cents per unit.

Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at a price of 20 cents per share for a period of 24 months from closing.

The net proceeds are expected to be used to finance exploration, environmental, technical and administrative expenditures on the Namibia EPLs and for general working capital.

Closing of the financing is expected to occur on or before April 2, 2026, subject to receipt of all required regulatory approvals, including approval of the TSX Venture Exchange.

All securities issued will be subject to a hold period of four months and one day in accordance with applicable securities laws.

Qualified person

Dr. Nathan Chutas, PhD, CPG, chief executive officer of the company, is a qualified person as defined by National Instrument 43-101, and has reviewed and approved the scientific and technical information contained in this news release.

We seek Safe Harbor.