Vancouver, British Columbia — February 23, 2026 — Leads & Copy — Glacier Lake Resources Inc. (TSXV: GLI) is set to acquire controlling interests in five Exclusive Prospecting Licences (EPLs) in Namibia’s Erongo Region, totaling approximately 610 square kilometers. The company has entered into two separate agreements to complete the acquisition.
The company also intends to change its name to “Skeleton Coast Uranium Corp.” and consolidate its common shares on a one-for-three basis. Glacier Lake plans to complete a non-brokered private placement to raise up to $5,000,000.
The Option Agreements, Consolidation, Name Change and Financing are subject to approval of the TSX Venture Exchange.
The EPLs are strategically located near the Rössing, Husab, and Langer Heinrich uranium mines.
One agreement involves a Property Option and Joint Venture Agreement with Pointe Noire Investments CC for EPL 9727 and EPL 8208. EPL 9727 spans approximately 12,081.1 hectares, situated 15 kilometers east of the Husab Mine and 25 kilometers southeast of the Rössing Mine. EPL 8208 covers approximately 7,841.7 hectares, located north of the Langer Heinrich Mine and approximately 100 kilometers east of the Port of Walvis Bay.
Under the agreement, Glacier Lake Resources Inc. can earn up to a 75% undivided interest in EPL 9727 and EPL 8208 by incurring exploration, environmental, technical and administrative expenditures of not less than CAD$3,000,000 in aggregate prior to June 30, 2028, and by making a cash payment of CAD$100,000 within 10 business days of the Option Agreement, and of CAD$150,000 within 90 business days of the Option Agreement.
The second agreement is a Share Purchase Agreement to acquire 100% interest in Ictus Resources Inc., which holds a Property Option and Joint Venture Agreement for EPL 9872, EPL 9873, and EPL 8617. EPL 9872 covers approximately 11,077.9 hectares. EPL 9873 covers approximately 19,482.1 hectares and adjoins EPL 9872. EPL 8617 covers approximately 10,497 hectares and is located east of the Rössing Mine.
To exercise the option, the Company must incur exploration, environmental, technical and administrative expenditures of not less than CAD$2,000,000 in aggregate prior to June 15, 2028, including a minimum of CAD$500,000 prior to December 15, 2026.
Historical exploration reports on certain EPLs reference uranium values of up to 260 g/t U₃O₈ and historic inferred resources of 35 Mt @ 120 ppm U3O8. The Company has not verified this historical information and does not conform to current NI 43-101 standards.
The company intends to complete a non-brokered private placement of up to 37,037,037 post-Consolidation units at $0.135 per unit for gross proceeds of up to $5,000,000.
Each unit will consist 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 $0.20 per share for a period of 24 months from closing.
The net proceeds are expected to fund exploration, environmental, technical and administrative expenditures on the Namibia EPLs and for general working capital.
Closing of the Financing is expected to occur on or before April 2, 2026, subject to receipt of all required regulatory approvals, including approval of the TSXV.
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 release.
Source: Glacier Lake Resources Inc.
