Dr. Nathan Chutas reports

SKELETON COAST URANIUM ANNOUNCES CLOSING OF $5 MILLION NON-BROKERED PRIVATE PLACEMENT

Further to Skeleton Coast Uranium Corp.'s news release of Feb. 23, 2026, the company has closed its non-brokered private placement through the issuance of 37,037,037 units at a price of 13.5 cents per unit for aggregate gross proceeds of $5-million. Each unit consists 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 until April 10, 2028.

• Skeleton Coast Uranium has agreements to acquire controlling interests in five exclusive prospecting licences (EPLs) in the Erongo region of Namibia, the world's third-largest uranium producer and a recognized Tier 1 supplier to global utilities.
• Practara Group currently analyzing, digitizing and modelling all available data and compiling targets for further exploration and drilling.
• Proceeds from the offering (as defined below) will finance the 2026 exploration program including radiometric surveys, gamma ray spectrometry, mapping and up to 4,000 metres of reverse circulation (RC) drilling.
• Skeleton Coast Uranium's EPLs are strategically located either adjacent to or within 10 to 25 kilometres of one of Namibia's three existing uranium mines -- Rossing, Husab or Langer Heinrich.

The company intends to use the net proceeds of the offering to finance exploration, environmental, technical and administrative expenditures on the company's Namibian uranium properties and for general working capital purposes.

In connection with completion of the offering, the company paid finders' fees of $138,301.89 and issued 1,024,458 non-transferable finders' warrants to certain arm's-length parties who introduced subscribers to the offering. The finder warrants are exercisable on the same terms as the warrants. All securities issued in connection with the offering are subject to restrictions on resale until Aug. 11, 2026, in accordance with applicable securities laws.

The offering included subscriptions from four insiders of the company in the aggregate amount of 1.1 million units. Participation in the offering by an insider of the company constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The issuance of securities to insiders of the company is exempt from the valuation requirement and the minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, in that the fair market value of the consideration of the securities issued to the insiders of the company does not exceed 25 per cent of the company's market capitalization.

Acquisition

The company also announces the closing of its previously announced acquisition of interests in five exclusive prospecting licences located in Namibia.

The company advises that, as of the closing of the acquisition, regarding the issuance of the endorsed exclusive prospecting licence 9727 (EPL 9727), the company can confirm that Namibian counsel attended meetings at the Ministry of Industrialisation and Mines and Energy and engaged directly with the chief geologist for controlled minerals, Frieda Flavianu, who indicated that the process relating to EPL 9727 had progressed to the stage of delivery. In light of this, the company is confident that the ministerial endorsement has now been completed and that the licence has effectively transitioned from pending ECC to active status.

The company further confirms that the licence activation fee in the amount of 10,000.00 Namibian dollars has already been paid and the ministry's records should accordingly be updated to reflect EPL 9727 as active and in good standing.

Reference is made to the company's news release dated Feb. 23, 2026, available under the company's profile on SEDAR+, with respect to, among other things, the acquisition and the announcement of the offering.

Skeleton Coast Uranium holds property option and joint venture agreements to acquire control over five exclusive prospecting licences (EPLs) in Namibia's Erongo region, strategically located near the Rossing, Husab and Langer Heinrich uranium mines. Net proceeds from the private placement are expected to be used to finance exploration, environmental, technical, and administrative expenditures on the Namibia EPLs and for general working capital.

"This financing allows Skeleton Coast Uranium to continue its 2026 exploration program in the Erongo region of Namibia, which is responsible for over 10 per cent of global mined uranium output," commented Dr. Nathan Chutas, chief executive officer of Skeleton Coast Uranium. "The company's exploration campaigns across the five exclusive prospecting licences represent a strong push toward potential discovery of Namibia's next major uranium deposit. The EPLs which cover over 610 square kilometres, position Skeleton Coast Uranium as one of the larger licence holders in the region and provide a strong platform for uranium exploration and development."

Stock option grant

The company also announces that it has granted an aggregate amount of four million stock options to certain directors, officers and consultants of the company, pursuant to its stock option plan. Each option entitles the holder thereof to purchase one common share of the company at an exercise price of 40 cents per common share and is exercisable for a period of five years from the date of the grant.

About Skeleton Coast Uranium Corp.

Skeleton Coast Uranium holds options to acquire 70-per-cent to 75-per-cent controlling interests in five exclusive prospecting licences (EPLs) located in the Erongo region of Namibia, which produces approximately 10 per cent of world uranium output. The EPLs cover 610 square km and position the company as one of the largest licence holders in the region. All the concessions have known uranium mineralization (unverified historical information; see technical information) and are located either adjacent to or within 10 to 25 km of one of the three existing uranium mines (that is, Langer Heinrich, Rossing or Husab). Skeleton Coast Uranium is committed to incurring $5-million in exploration expenditures across the five EPLs by June, 2028.

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.

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