Dr. Nathan Chutas reports

SKELETON COAST URANIUM SUBMITS RENEWAL APPLICATION FOR EPL 8208 WITH A FULLY FUNDED TWO YEAR EXPLORATION PROGRAMME

Skeleton Coast Uranium Corp.'s application for the first renewal of exclusive prospecting licence 8208, in which the company holds an option interest, has been lodged with the mining commissioner of the Namibia Ministry of Industries, Mines and Energy, together with a two-year exploration work program fully financed by the company.

"The renewal application for EPL 8208, which shares approximately 15 kilometres of boundary with the Langer Heinrich uranium mine licences, sets out an aggressive, fully funded field exploration program that prioritizes methodical, high-reward methods for identifying and defining uranium targets. The first year, set to commence immediately upon renewal, is designed to identify those targets that warrant exploration drilling. The second year drills them," commented Dr. Nathan Chutas, chief executive officer of Skeleton Coast Uranium.

EPL 8208 and the renewal application

EPL 8208 covers 7,840.7 hectares in the Erongo region of Namibia, within the Namib Naukluft National Park, and is contiguous along its southern boundary with the mining licences hosting the Langer Heinrich mine, approximately 100 kilometres east of the port of Walvis Bay. The licence is held by Pointe Noire Investments CC and is subject to the property option and joint venture agreement of Feb. 15, 2026, under which the company may earn an up-to-75-per-cent interest in EPL 8208 and EPL 9727 by incurring exploration expenditure of not less than $3-million (Canadian) across the two licences by June 30, 2028. Legal title remains with the holder.

The licence was granted on Jan. 24, 2024, for an initial term of three years and expires on Jan. 23, 2027. The application for its first renewal, for two years from Jan. 24, 2027, to Jan. 23, 2029, over the full licence area, was lodged with the mining commissioner on Oct. 2, 2026, ahead of the statutory deadline of 90 days before expiry. No reduction of the area is proposed, no part of the licence has yet been tested in the field, the targets defined to date are distributed across the whole licence, the licence is small and its shape is dictated by the Langer Heinrich mining licences on its southern boundary. The renewal of the licence's environmental clearance certificate, which expires on Jan. 24, 2027, is being prepared in parallel.

Work completed in the initial term

The initial term was used to build the technical and regulatory foundation of the licence: an environmental scoping assessment and environmental management plan leading to the environmental clearance certificate issued in January, 2024. During the second and third quarters of 2026, Skeleton Coast Uranium completed a geology and prospectivity assessment of the licence and the recovery, georeferencing and digitization of the historical exploration records on the licence and surrounding district. Skeleton Coast Uranium conducted a qualified person site visit in February, 2026, and the "NI 43-101 Technical Report on the EPL8208, Erongo Region, Namibia," with an effective date of April 22, 2026, was filed in August, 2026.

A prospectivity assessment of the company's licence portfolio and the reprocessing and reinterpretation of the Namibia Ministry of Industries, Mines and Energy's regional airborne magnetic and radiometric data yielded four preliminary targets and four anomaly outlines on the licence in October, 2026 (see the company's news release of Oct. 8, 2026). Expenditures attributable to the licence in the initial term exceeded the program approved at grant by more than three times. No mapping, sampling, ground or airborne data acquisition, pitting, or drilling was carried out within the licence in the initial term as the company's entry strategy was to complete the compilation, authorization and targeting first, so that field expenditures are efficiently directed at defined targets. That fieldwork is the first focus of the renewal program.

Exploration work program 2027 to 2029

Skeleton Coast Uranium's proposed exploration work program is set to move the licence from compiled data and conceptual targets to a field tested and drill evaluated property in two phases separated by a formal decision gate, with a planned expenditure of $13.75-million (Namibian) (approximately $1.1-million (Canadian)), including a 10-per-cent contingency, which the company has undertaken to finance in full. Each of the company's five EPLs 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. On EPL 8208, the secondary model is represented by the covered palaeochannel corridor between the Etusis dome and the Langer Heinrich boundary, and the primary model by the Etusis dome and the Salem granite corridor.

Skeleton Coast Uranium's first-year ($5.5-million (Namibian), or approximately $470,000) exploration program, which is scheduled to commence immediately following issuance of the renewal, is directed at target generation and definition over the entire 7,840.7-hectare licence. Work will validate the exploration database and geological model, complete more detailed helicopter-borne radiometric and magnetic surveys over the licence, complete geological mapping at 1 to 10,000 scale with hand-held spectrometry and scintillometer traverses, collect representative soil and rock chip samples, and complete targeted radon surveys. Results will be used to generate a ranked inventory of drill-ready targets as part of the phase 1 target report.

The second year ($8.25-million (Namibian), or approximately $710,000) provides for drilling the priority palaeochannel- and leucogranite-hosted uranium targets generated in the phase 1 target report. Drilling expenditures are set to be committed once the phase 1 target report has been delivered and assessed at the decision gate at the end of the first year, which requires at least three targets with coincident radiometric, geochemical and geological validation, with environmental, park and radiation authorizations in force.

Environmental, access and radiation management

The EPL 8208 exploration program forms part of the company's portfolio sequence: Ground exploration is set to begin in the fourth quarter of 2026 on EPL 8617, where the licence overlies freehold farmland, and on EPL 8208 and the other licences within the Namib-Naukluft National Park once park entry permits are issued. Because EPL 8208 lies within the park, a standard park entry permit from the Ministry of Environment, Forestry and Tourism is required for every field campaign and the park authority's conditions on routes, no-go areas and rehabilitation apply. Skeleton Coast Uranium's planned exploration program provides for the renewal of the environmental clearance certificate with the environmental management plan updated to cover the second-year drilling, appointment of an environmental control officer, a radiological baseline across the licence, appointment of a radiation protection officer, authorization from the National Radiation Protection Authority for the handling, storage and transport of uranium-bearing samples, and consultation with the registered interested and affected parties and the Erongo Regional Council.

Practara

Practara, a metal 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, manages exploration on the company's five EPLs, which combined cover approximately 60,973 hectares or 610 square kilometres, and prepared the exploration work program lodged with the EPL 8208 renewal application. Excel Dynamic Solutions Pty. Ltd., and Windhoek, the holder's environmental assessment practitioner, lodged the EPL 8208 renewal application and is preparing the renewal of the environmental clearance certificate.

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 holds options to acquire 70- to 75-per-cent controlling interests in five exclusive prospecting licences covering approximately 610 square kilometres 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 (Canadian) 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. 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 National Instrument 43-101.

Technical information

The exploration work program described in this news release is a planned program lodged in support of a licence renewal application, and is subject to the renewal of the licence and the endorsement of the program by the Ministry of Industries, Mines and Energy, the renewal of the environmental clearance certificate, the issue of park entry permits, and the results of the first year of work. No mineralization has been established on EPL 8208. The targets referred to are conceptual and untested, and the drilling contemplated in the second year is intended to test them, not to define a mineral resource.

Historical technical information referenced in this news release is derived from open file exploration reports lodged with the Geological Survey of Namibia and the Ministry of Industries, Mines and Energy (formerly the Ministry of Mines and Energy) and from the 1988 Geological Survey of Namibia publication "The Mineral Resources of Namibia -- Uranium" by H. Roesener and C.P. Schreuder. This information has not been independently verified by the company or its qualified person, has not been reviewed for compliance with current sampling, analytical and quality assurance and quality control practices, and should not be relied upon. It is provided to illustrate the prior work history on the properties. The exploration targets described in this news release are conceptual in nature: There has been insufficient exploration to define a mineral resource on any of the EPLs, and it is uncertain whether further exploration will result in the delineation of a mineral resource.

Information concerning the Rossing, Husab, Langer Heinrich and Etango properties is taken from the public disclosure of their operators. The company has no interest in, or right to acquire an interest in, any of those properties, and mineralization on adjacent or nearby properties is not necessarily indicative of mineralization on the company's EPLs.

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