Glacier Lake to acquire five EPLs in Namibia

Executive Summary

• Glacier Lake Resources Inc. has entered into agreements to acquire controlling interests in five exclusive prospecting licences (EPLs) in the Erongo region of Namibia, totaling 610 square kilometres.
• The company announced a proposed name change to Skeleton Coast Uranium Corp., a 1-for-3 share consolidation, and a non-brokered private placement to raise up to $5 million.
• The transactions are subject to approval by the TSX Venture Exchange.

Key Details

• Option Agreement (EPL 9727 and EPL 8208):
  • Entered into with Pointe Noire Investments CC.
  • EPL 9727 covers ~12,081.1 hectares (15km east of Husab mine, 25km SE of Rossing mine).
  • EPL 8208 covers ~7,841.7 hectares (north of Langer Heinrich mine, 100km E of Port of Walvis Bay).
  • Company may earn up to a 75% undivided interest by incurring $3 million in exploration, environmental, technical, and administrative expenditures prior to June 30, 2028.
  • Cash payments required: $100,000 within 10 business days and $150,000 within 90 business days of the agreement.
• Share Purchase Agreement (EPL 9872, EPL 9873, and EPL 8617):
  • Acquisition of 100% interest in Ictus Resources Inc., which holds the option for these three EPLs.
  • EPL 9872 covers ~11,077.9 hectares.
  • EPL 9873 covers ~19,482.1 hectares (adjoins EPL 9872).
  • EPL 8617 covers ~10,497 hectares (east of Rossing mine).
  • To exercise the option, the company must incur $2 million in expenditures prior to June 15, 2028, including a minimum of $500,000 prior to December 15, 2026.
• Private Placement:
  • Non-brokered private placement of up to 37,037,037 post-consolidation units.
  • Price: 13.5 cents per unit.
  • Gross proceeds: Up to $5,000,000.
  • Each unit consists of one common share and one-half of one common share purchase warrant.
  • Warrant terms: Each whole warrant entitles holder to acquire one additional common share at $0.20 per share for 24 months from closing.
  • Use of proceeds: Exploration, environmental, technical, and administrative expenditures on Namibia EPLs and general working capital.
  • Closing expected on or before April 2, 2026.
  • Hold period: Four months and one day.
• Corporate Actions:
  • Proposed name change to Skeleton Coast Uranium Corp.
  • Share consolidation: 1 new common share for every 3 existing common shares.
• Historical Technical Data (Unverified/Pre-43-101):
  • EPL 9727: Hosts intrusive-related and surficial uranium mineralization; alaskitic intrusions in schistose host rocks.
  • EPL 8208: Historical radiometric surveys identified anomalous uranium responses; carnotite mineralization in fracture systems; historical grades up to 260 g/t U3O8; historical drilling identified grades <100 g/t U3O8.
  • EPL 9872/9873: Located in central Damara orogenic belt; historical radiometric surveys identified values up to 260 g/t U3O8.
  • EPL 8617: Hosts intrusive-related uranium mineralization; Valencia deposit lies to the west.
  • Historical Resource Estimate (EPL 8617 area): 35 million tonnes at an average grade of 120 ppm U3O8 (based on 127 holes totaling 1,391 metres, using 1m intersection of 100 g/t U3O8 with 50 ppm cut-off).
  • Disclaimer: Historical estimates are not verified by a qualified person under NI 43-101 and do not constitute current mineral resources.

Notable Quotes

• "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."