Dr. Nathan Chutas reports

SKELETON COAST URANIUM IDENTIFIES 42 RANKED URANIUM TARGETS ACROSS ITS FIVE NAMIBIAN PROSPECTING LICENSES FROM REINTERPRETATION OF REGIONAL AIRBORNE GEOPHYSICAL DATA

Skeleton Coast Uranium Corp. has released the results of the reprocessing and reinterpretation of regional airborne geophysical data over its five exclusive prospecting licences (EPLs) in the Erongo region of Namibia, which has identified a ranked set of priority uranium targets across the licences for ground follow-up.

• Reprocessing and reinterpretation of the government of Namibia's regional airborne radiometric and magnetic survey across all five EPLs has identified 42 ranked airborne uranium targets, 13 of them high priority, within 27 anomaly outlines covering approximately 8,700 hectares.
• EPL 8617 hosts 30 of the targets and 10 of the 13 high-priority targets, clustered along a palaeovalley in the north of the licence in a setting consistent with secondary calcrete hosted uranium mineralization; EPLs 9872 and 9873 host three high-priority targets in a single target area on their common boundary.
• The results confirm the company's dual prospectivity model, with uranium selective responses over palaeovalley and terrace cover and granite related responses over the leucogranite belts, and provide a ranked, licence wide set of targets for the ground program planned to commence in the fourth quarter of 2026 on EPL 8617.
• Namibia accounted for approximately 12 per cent of global mined uranium production in 2024 and ranks among the world's top-three producing countries (World Nuclear Association).

"We would like to acknowledge the Namibia Ministry of Industries, Mines and Energy for the forward-looking efforts to conduct over 4.4 million line kilometres of airborne geophysical surveys for the advancement and development of the country's vast natural resources and the attraction of foreign investment. The reinterpretation of historical airborne geophysical data across the five EPLs gives us a ranked, prioritized set of exploration targets to immediately test in the field across our EPLs, and clearly confirms the northern part of EPL 8617 as high priority for ground work. Both styles of uranium mineralization appear to be represented in the results, and the ground program is designed to inform us which of these targets merit further investigation," commented Dr. Nathan Chutas, chief executive officer of Skeleton Coast Uranium.

Airborne geophysical reinterpretation

ASST Namibia (Applied Scientific Services and Technologies), an independent geophysical contractor based in Windhoek, reprocessed and reinterpreted the government of Namibia's regional airborne magnetic and radiometric survey, flown in 1994 and 1995 at 200-metre line spacing and 80 metres above ground as part of the Geological Survey of Namibia's national airborne geophysical program, covering all five of the company's EPLs. The reprocessing produced uranium, thorium, potassium, total count and ratio grids together with a suite of magnetic derivative products. Uranium targets were identified on the U/Th (uranium/thorium) ratio, the conventional determinant of uranium enrichment relative to the whole rock radioactivity of granites, ranked on the strength and continuity of the uranium response, and its thorium and potassium context, and classified by the surface cover at each target. Anomaly outlines were then defined around the targets on the same ratio. The contractor's work is recorded in a signed target memorandum dated Sept. 28, 2026.

Practara Pty. Ltd., the company's technical consultant, verified the positions of the targets and outlines against the licence boundaries and cross referenced each target with the target areas and the dual prospectivity model set out in the company's technical reports, the February, 2026, site visits and the company's prospectivity assessment of the licences. The reinterpretation has largely confirmed the company's earlier assessment and provides a ranked, licence wide set of targets for ground follow-up.

Each of the company's projects offers dual prospectivity for primary leucogranite-associated uranium mineralization analogous to the Rossing and Husab deposits, and secondary calcrete-hosted palaeochannel uranium mineralization analogous to the Langer Heinrich deposit. The airborne results are read against those models: uranium selective responses (a high U/Th ratio in an area of low potassium) over palaeovalley and terrace cover indicate the secondary calcrete style, and responses that follow potassium highs over the leucogranite belts indicate a granitic source and the primary style of uranium mineralization.

EPL 8617

EPL 8617 hosts 30 of the 42 uranium targets, including 10 of the 13 high-priority targets, in 18 anomaly outlines covering approximately 4,100 hectares. The highest-priority targets are clustered in three outlines along a north-trending palaeovalley in the northern part of the licence, in an area of low potassium response: the uranium selective signature expected where uranium has been concentrated in valley fill and calcrete rather than in the surrounding granitic rocks, consistent withmodel environment favourable for secondary calcrete-hosted uranium mineralization present in the Erongo region. A further large outline follows a potassium high on the western margin of the licence, in the Valencia-Khan corridor and is interpreted as a granitic source response consistent with the primary leucogranite associated model. Two large outlines in the south of the licence carry secondary priority targets beneath palaeochannel cover.

EPLs 9872 and 9873

EPLs 9872 and 9873 host three high-priority targets in two outlines on their common boundary, discrete U/Th highs in a potassium low between two northeast-trending granite belts, covering approximately 570 hectares. The two licences had no target evidence before the reinterpretation and are now treated as a single target area for secondary uranium mineralization, with the granite belts on either side having potential for primary uranium mineralization targets.

EPL 8208 and EPL 9727

EPL 8208 hosts four uranium targets in four outlines covering approximately 3,000 hectares. The largest outline covers the Etusis dome and the Salem granite in the east of the licence, a lithological response of the primary style of uranium mineralization, while a small discrete outline of uranium selective character lies in the covered palaeochannel corridor within one kilometre of the Langer Heinrich mining licence boundary, in a setting favourable for secondary uranium mineralization. EPL 9727 also hosts five second priority targets in three outlines covering approximately 1,000 hectares, the largest on the northern boundary of the licence about four kilometres south of the Welwitschia Flats surficial uranium occurrence.

The reprocessed grids are of regional resolution and the targets and outlines are interpretations of airborne data that have not yet been examined on the ground. These targets have yet to be verified by ground surveys, sampling or drilling; they are not drill targets, and no mineralization has been established on any of the licences. Verification through further exploration is required before any exploration targets will be drilled or any mineral resource can be identified.

Ground program

The company intends to begin ground exploration over the priority anomaly outlines in the fourth quarter of 2026. The company intends to start fieldwork on EPL 8617, where the licence overlies freehold farmland. The first pass will comprise scintillometer and spectrometer traverses with geological mapping over the higher-priority outlines, followed by radon surveys over those outlines where the radiometric source is not exposed. This will allow each airborne anomaly to be attributed to outcrop or to cover and ranked for follow-up. Selected ground-truthed targets will then be covered by targeted high-resolution airborne radiometric and magnetic surveys, flown at close line spacing and low terrain clearance, to define the geometry and extent of the radiometric response. Access agreements with the landowners are under negotiation, and commencement is subject to their conclusion. Work on EPL 9727 and 8208 that have licences within the Namib-Naukluft National Park are expected to commence once park entry permits are issued by the Ministry of Environment, Forestry and Tourism.

Practara

Practara, a metals and mining advisory firm headquartered in South Africa, prepared the company's technical reports entitled "NI 43-101 Technical Report on the EPL8208, Erongo Region, Namibia," "NI 43-101 Technical Report on the EPL 9727 Uranium Project, Erongo Region, Namibia" and "NI 43-101 Technical Report on the EPL 8617 Uranium Project, Erongo Region, Namibia," each with an effective date of April 22, 2026, filed on SEDAR+ and announced on Aug. 4, 2026, has compiled and digitized the historical exploration record of the company's five EPLs and the surrounding district, and manages exploration on the licences, which combined cover approximately 60,973 hectares or 610 square kilometres.

Namibia

According to the World Nuclear Association, Namibia hosts approximately 5 per cent of the world's total recoverable uranium resources and accounted for approximately 12 per cent of global mined uranium production in 2024, ranking it among the world's top-three producing countries. Uranium is Namibia's largest commodity export.

About Skeleton Coast Uranium Corp.

Skeleton Coast Uranium holds options to acquire 70- to 75-per-cent controlling interests in five exclusive prospecting licences (EPLs) covering approximately 610 square km in the Erongo region of Namibia, which accounted for approximately 12 per cent of global mined uranium production in 2024 (World Nuclear Association). All the concessions are reported in historical records to host uranium mineralization (unverified historical information; see technical information) and are located either adjacent to or within approximately 30 kilometres of one of the region's three uranium mines (Langer Heinrich, Rossing or Husab). Under the terms of its option agreements, Skeleton Coast Uranium is committed to incurring $5-million in exploration expenditures across the five EPLs by June, 2028.

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.

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. Dr. Chutas is a certified professional geologist registered with the American Institute of Professional Geologists and is not independent of the company within the meaning of Section 1.5 of NI 43-101. The technical information was prepared under the supervision of Christopher J. Male, BSc, geology, BSc, honours, geology, PrSciNat (SACNASP Reg. No. 400108/15), senior geologist at Practara Pty. Ltd., a qualified person as defined by NI 43-101 who is independent of the company and the author of the technical reports.

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