Canada-listed Skeleton Coast Uranium has closed a C$5 million (about N$95 million) private placement and completed the acquisition of controlling interests in five Exclusive Prospecting Licences — EPL 9727, EPL 8208, EPL 9872, EPL 9873 and EPL 8617 — in Namibia’s Erongo Region, strengthening its push to explore for what it says could be the country’s next major uranium deposit.
The company issued 37,037,037 units at C$0.135 each under the non-brokered placement, with each unit comprising one common share and half a warrant. Each whole warrant can be exercised at C$0.20 a share until 10 April 2028.
Skeleton Coast said the proceeds will fund its 2026 exploration programme, including radiometric surveys, gamma ray spectrometry, mapping and up to 4,000 metres of reverse circulation drilling, as well as environmental, technical and administrative work on its Namibian portfolio.
The five EPLs are located in the Erongo Region near Namibia’s three producing uranium mines — Rössing, Husab and Langer Heinrich — and cover more than 610 square kilometres.
The company said the licences are either adjacent to, or within 10km to 25km of, the existing mining operations.
“This financing allows Skeleton Coast Uranium to continue its 2026 exploration programme in the Erongo Region of Namibia, which is responsible for over 10% of global mined uranium output,” chief executive Nathan Chutas said.
“The Company’s exploration campaigns across the five exclusive prospecting licenses represent a strong push toward potential discovery of Namibia’s next major uranium deposit.”
He said the licences position Skeleton Coast as one of the larger uranium licence holders in the region and provide a strong platform for exploration and future development.
The company also said its technical partner, Practara Group, is analysing, digitising and modelling all available data to compile targets for further exploration and drilling.
At the same time, Skeleton Coast confirmed progress on EPL 9727, saying Namibian legal counsel had engaged directly with the Ministry of Industrialisation and Mines and Energy and that the licence had advanced to the delivery stage.
The company said the N$10,000 activation fee had already been paid and that it expects ministry records to reflect the licence as active and in good standing.
The placement also included subscriptions from four company insiders for a combined 1.1 million units, while Skeleton Coast paid C$138,301.89 in finder’s fees and issued just over 1.02 million finder’s warrants linked to the transaction.
In a further move, the company granted four million stock options to directors, officers and consultants at an exercise price of C$0.40 per share, exercisable over five years.
Skeleton Coast holds options to acquire 70% to 75% controlling interests in the five Namibian licences and has committed to spend C$5 million on exploration across the portfolio by June 2028.
The latest financing and licence consolidation come as global investors continue to deepen their interest in Namibia’s uranium sector, where rising demand for nuclear fuel and renewed confidence in long-term uranium prices are driving fresh exploration activity around established mining districts.
