Northwire Canada EditionThursday, November 12, 2026
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Gold 3,886.10 −2.9% Silver 50.16 −3.5% Copper 6.20 −1.4% Oil 88.25 +2.0% Palladium 994.00 −5.0% PRU 6.08 −3.5% NGEX 21.26 −4.1% TWO 0.370 +0.0% BIG 0.960 +1.1% VCG 1.10 +0.0% SCD 0.145 +0.0% GAL 0.372 +0.0% SAG 0.630 −4.5% VIZ 0.195 +0.0% SAGA 0.375 −6.2% ZEN 0.530 −3.6% TDG 0.490 +0.0% PDN 8.41 +0.0% FL 0.350 −2.8% RIO 2.65 −0.8% Gold 3,886.10 −2.9% Silver 50.16 −3.5% Copper 6.20 −1.4% Oil 88.25 +2.0% Palladium 994.00 −5.0% PRU 6.08 −3.5% NGEX 21.26 −4.1% TWO 0.370 +0.0% BIG 0.960 +1.1% VCG 1.10 +0.0% SCD 0.145 +0.0% GAL 0.372 +0.0% SAG 0.630 −4.5% VIZ 0.195 +0.0% SAGA 0.375 −6.2% ZEN 0.530 −3.6% TDG 0.490 +0.0% PDN 8.41 +0.0% FL 0.350 −2.8% RIO 2.65 −0.8%
Financings

Glacier Lake to acquire five EPLs in Namibia

GLI · Price

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."
Read the original news release →

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