Dr. Nathan Chutas reports

SKELETON COAST URANIUM CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Skeleton Coast Uranium Corp. has closed the first tranche of its non-brokered private placement. In connection with closing of the first tranche of the offering, the company has issued 18,645,000 units at a price of 12.5 cents per unit for gross proceeds of $2,330,625. Each unit consists of one common share and one-half of one share purchase warrant. Each warrant entitles the holder to acquire an additional common share at a price of 20 cents until Nov. 2, 2028.

The first tranche forms part of a larger offering by the company of up to 40 million units at a price of 12.5 cents per unit for gross proceeds of up to $5-million. The company intends to close a further tranche of the offering shortly and will provide further information as it becomes available. 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 first tranche of the offering, the company paid finders' fees of $109,190 and issued 873,520 non-transferable finder warrants to certain arm's-length third parties that assisted in introducing subscribers to the offering. The finder warrants are exercisable on the same terms as the warrants.

All securities issued in connection with the first tranche of the offering are subject to restrictions on resale until March 3, 2027, in accordance with applicable securities laws. Completion of any further tranches 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 which accounted for approximately 12 per cent of global mined uranium production in 2024 (World Nuclear Association). The EPLs cover 610 square kilometres and position the company as one of the largest licence holders in the region. All of the concessions are reported in historical records to host uranium mineralization (unverified historical 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 required to incur $5-million in exploration expenditures across the five EPLs by June, 2028.

Skeleton Coast Uranium trades on the TSX-V under the symbol SKEL, on the over-the-counter market under the symbol GLIIF and on the Frankfurt Stock Exchange under the symbol KDM0.

We seek Safe Harbor.