Dr. Nathan Chutas reports

SKELETON COAST URANIUM ANNOUNCES PRIVATE PLACEMENT

Skeleton Coast Uranium Corp. will offer up to 33,333,334 units by way of a non-brokered private placement at a price of 15 cents per unit for gross proceeds of up to $5-million. Each unit will consist of one common share and one-half of one share purchase warrant. Each warrant will entitle the holder to acquire an additional common share at a price of 20 cents for a period of 24 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 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, a country that accounted for approximately 12 per cent of global mined uranium production in 2024 (World Nuclear Association). The EPLs cover 610 square kilometres (km) and position the company as one of the largest licenceholders in the region. All of 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 km of, one of the region's three uranium mines (Langer Heinrich, Rossing or Husab; see technical information). Under the terms of its option agreements, Skeleton Coast Uranium is required to incur $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 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 of the Husab mine and approximately 20 to 25 km east of the Rossing mine. EPL 9727 is located within the central zone of the Damara orogen, regionally comprising metasedimentary successions of the Nosib and Swakop groups that are intruded by late- to posttectonic 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 and 9873

EPLs 9872 and 9873 combined total 30,560 hectares, and lie 15 km north of the Langer Heinrich mine, and share similar drainages and calcrete formations, which is very encouraging for uranium mineralization. Radiometric surveys located anomalous areas over river sediments, where carnotite occurs in joints. Values of up to 260 grams per tonne (g/t) U3O8 were recorded.

More about Skeleton Coast Uranium

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, Standards of Disclosure for Mineral Projects, 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. Dr. Chutas is not independent of the company within the meaning of Section 1.5 of NI 43-101.

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 C.P. 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 mineralization.

Information in this news release concerning the Rossing, 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 million t grading 488 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 lb of contained U3O8, estimated as at November, 2021, at a 250 ppm U3O8 cut-off grade under the JORC code (2012) and reported in "NI 43-101 Technical Report on Langer Heinrich Uranium Project, Erongo Region, Republic of Namibia," prepared for Paladin Energy Ltd. by AMC Consultants Pty. Ltd. and dated March 31, 2024. The company's qualified person has been unable to verify this information, and the information is not necessarily indicative of the mineralization on the company's EPLs. The company has no interest in, or right to acquire any interest in, the Rossing, Husab or Langer Heinrich properties. Mineralization on adjacent or nearby properties is not necessarily indicative of mineralization on the company's EPLs.

We seek Safe Harbor.