Canadian-listed Skeleton Coast Uranium is seeking to raise C$5 million to finance exploration and development activities across five uranium prospecting licences in Namibia’s Erongo Region, where it holds options to acquire controlling interests in properties covering approximately 610 square kilometres.
The company announced on 9 October 2026 that it had revised the terms of its planned private placement, under which it intends to issue up to 40 million units to investors.
The proceeds will be used to advance its Namibian uranium exploration portfolio and support general working capital requirements.
Skeleton Coast Uranium holds options to acquire interests ranging from 70% to 75% in five exclusive prospecting licences situated near the Rössing, Husab and Langer Heinrich uranium mines.
Under the agreements governing these properties, the company is required to spend C$5 million on exploration across the five licences by June 2028.
The proposed fundraising is therefore equivalent to the company’s total stated exploration expenditure commitment, although Skeleton Coast Uranium has not disclosed how much of that commitment has already been met or how much of the new funding will be allocated directly to exploration in Namibia.
The company has also not provided a detailed exploration budget showing how the proceeds would be distributed among its five licences.
Skeleton Coast Uranium’s portfolio consists of EPL 8617, EPL 9727, EPL 8208, EPL 9872 and EPL 9873, all located within Erongo, Namibia’s principal uranium-producing region.
The company said historical records indicate uranium mineralisation on all five properties, although the historical information has not been independently verified.
Its concessions are situated either adjacent to or within approximately 30 kilometres of the Rössing, Husab and Langer Heinrich uranium operations.
The proximity to established mines is considered important because the licences occupy geological environments associated with uranium mineralisation. However, the company has yet to establish mineral resource estimates for the properties in the information provided.
EPL 8617 covers approximately 10,491.5 hectares and is situated about 18 kilometres east of the Rössing uranium mine and 17 kilometres east of Husab.
The licence lies along the projected continuation of the Khan Syncline, a regional geological structure extending northeast of the two operating uranium mines.
The area is associated with uranium mineralisation hosted in granite and pegmatite intrusions within the Damara geological formations.
Skeleton Coast Uranium considers these geological characteristics prospective for uranium exploration, although further fieldwork is necessary to determine the extent and economic significance of any mineralisation.
EPL 9727 covers approximately 12,081 hectares, located between 25 and 30 kilometres southeast of Husab and between 20 and 25 kilometres east of Rössing.
The property lies within the central zone of the Damara geological belt, where sedimentary rock formations have been intruded by granite bodies, some of which are known to contain uranium.
The company has not provided new drilling results or resource estimates for either property in its latest announcement.
The company’s remaining three licences are located in the broader Langer Heinrich uranium district.
EPL 8208 covers approximately 7,840.7 hectares and shares part of its southern boundary with the mining licence area hosting Langer Heinrich.
The mine is one of Namibia’s established uranium producers and contains calcrete-hosted uranium mineralisation.
Skeleton Coast Uranium’s interest in the surrounding ground is based partly on the potential for comparable geological conditions, although mineralisation at the neighbouring mine does not establish the presence of an economically viable deposit on EPL 8208.
EPL 9872 and EPL 9873 cover a combined 30,560 hectares approximately 15 kilometres north of Langer Heinrich.
According to the company, the properties contain drainage systems and calcrete formations similar to those associated with uranium mineralisation elsewhere in the district.
Historical radiometric surveys reportedly identified anomalous areas in river sediments, including occurrences of carnotite, a uranium-bearing mineral.
Historical values of up to 260 grams per tonne of uranium oxide were reported, but these results have not been presented as representative grades across the properties.
The company will need further exploration and technical verification to establish whether these occurrences could support a commercially viable uranium project.
The company has reduced the price of the units being offered to investors from C$0.15 to C$0.125, representing a decrease of approximately 16.7%.
The lower price means Skeleton Coast Uranium must issue more shares to raise the same C$5 million.
At the revised price, the company intends to offer up to 40 million units, compared with approximately 33.3 million units that would have been required at the original price.
Each unit will comprise one ordinary share and half a share purchase warrant.
Every whole warrant will entitle its holder to purchase an additional share at C$0.20 within 24 months.
If the placement is fully subscribed, investors will receive 40 million ordinary shares and 20 million whole warrants.
Should all the warrants subsequently be exercised, the company could receive a further C$4 million, although that additional funding is conditional on investors exercising their rights.
Skeleton Coast Uranium may also pay fees to eligible third parties who assist in introducing investors to the placement.
The securities issued will be subject to a resale restriction lasting four months and one day, in accordance with applicable securities laws.
Completion of the fundraising remains subject to approval by the TSX Venture Exchange.
The fundraising comes as Skeleton Coast Uranium works towards fulfilling its exploration expenditure obligations under the agreements covering its Namibian properties.
The company is required to incur C$5 million in exploration expenditure across the five licences by June 2028.
However, its latest announcement does not specify the amount already invested, the outstanding expenditure required to maintain the option agreements or the timetable for its next exploration programme.
It also does not identify which licences will receive priority once funding becomes available.
The company has not announced a new uranium discovery, completed mineral resource estimate or development decision in connection with the latest fundraising.
Skeleton Coast Uranium trades on the TSX Venture Exchange under the symbol SKEL, on the OTC market under GLIIF and on the Frankfurt Stock Exchange under KDM0.
