SEDAR Interim Financial Statements

HOMELAND NICKEL INC. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS SIX MONTH PERIOD ENDED OCTOBER 31, 2025 (Unaudited – Expressed in Canadian Dollars) 1 NOTICE OF NO AUDITOR REVIEW OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS In accordance with National Instrument 51-102 Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of these condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the condensed interim consolidated financial statements have not been reviewed by an auditor. The accompanying unaudited condensed interim consolidated financial statements of the Company for the six months ended October 31, 2025, have been prepared by and are the responsibility of the Company’s management and have not been reviewed by the Company’s auditors. HOMELAND NICKEL INC. Condensed Interim Consolidated Statements of Financial Position As at October 31, 2025 (Unaudited – Expressed in Canadian Dollars) 2 October 31, 2025 April 30, 2025 Notes $ $ Assets Current Cash 293,332 307,356 Accounts receivable 3 57,123 78,495 Marketable securities 4 3,001,995 3,565,359 Prepaid expenses 5 121,869 44,938 3,474,319 3,996,148 Exploration and evaluation assets 6 6,328,298 5,989,561 Property and equipment, net 10 72,454 56,063 Security deposits 9 70,176 70,176 Total Assets 9,945,247 10,111,948 Liabilities Current Accounts payable and accrued liabilities 11 449,725 521,683 Total Liabilities 449,725 521,683 Shareholders’ Equity Share capital 12(a) 19,206,957 19,206,957 Warrants 12(b) 296,599 296,599 Contributed surplus 12(c) 4,139,589 4,065,145 Accumulated other comprehensive income 163,073 80,903 Retained earnings (14,310,696) (14,124,241) Non-controlling interest 7 - 64,903 Total Shareholders’ Equity 9,495,522 9,590,265 Total Liabilities and Shareholders’ Equity 9,945,247 10,111,948 Nature of operations and going concern (Note 1) HOMELAND NICKEL INC. Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) For the three and six months ended October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 3 Three months ended Six months ended October 31, 2025 October 31, 2024 October 31, 2025 October 31, 2024 Notes $ $ $ $ Amortization 4,643 4,813 8,330 9,626 Commission expense - - - 6,525 Consultants 16,500 15,000 31,500 30,000 Exploration expenses 8 362,562 450,623 580,986 545,299 Filing fees 15,227 12,680 22,954 21,723 Investor and shareholder relations 1,368 4,766 4,071 11,760 Management fee 54,000 54,000 108,000 108,000 Office and general 23,776 4,514 30,224 10,362 Professional fees 29,456 58,153 111,383 167,854 Share based compensation 56,722 57,889 74,444 115,778 564,254 662,438 971,892 1,026,927 Net operating loss before other income (564,254) (662,438) (971,892) (1,026,927) Foreign exchange gain (loss) 2,202 (2,035) (29) 1,612 Marketable securities – fair value adjustment (1,104,906) 934,753 (720,505) 2,447,396 Net income (loss) 538,450 (1,595,156) (251,358) (3,398,492) Net income (loss) attributable to: Common shareholders 538,450 (1,594,848) (251,358) (3,397,327) Non controlling interest - (308) - (1,165) Net income (loss) per share 0.00 (0.01) (0.00) (0.02) Weighted average outstanding shares 223,746,802 217,744,589 223,746,802 217,725,998 Other comprehensive income: Currency translation adjustments 63,580 (37,887) 82,171 (64,635) Comprehensive income 63,580 (37,887) 82,171 (64,635) Comprehensive income attributable to: Common s --- hareholders 63,580 (37,432) 82,171 (63,859) Non controlling interest - (455) - (776) HOMELAND NICKEL INC. Condensed Interim Consolidated Statements of Changes in Equity As at October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 4 Shares Issued Share Capital Warrants Contributed Surplus Dividend Accumulated Other Comprehensive Income Retained Earnings Non- controlling Interest Total $ $ $ $ $ $ $ $ Balance, April 30, 2024 217,707,202 18,816,977 296,599 3,935,041 (11,314,369) 56,675 1,309,138 1,084,619 14,184,680 Shares issued - Homeland Nickel Corp. 3,439,600 171,980 - - - - 847,253 (1,019,233) - Options / RSUs - - - 115,788 - - - - 115,778 Net loss for the period - - - - - - (3,397,327) (1,165) (3,398,492) Other comprehensive income - - - - - (63,860) - (776) (64,636) Balance, October 31, 2024 221,146,802 18,988,957 296,599 4,050,829 (11,314,369) (7,185) (1,240,936) 63,445 10,837,340 Options / RSUs granted 2,600,000 218,000 - 14,316 - - - - 232,316 Reclassification - - - - 11,314,369 - (11,314,369) - - Net loss for the period - - - - - - (1,568,936) (1,067) (1,570,003) Other comprehensive income - - - - - 88,087 - 2,525 90,612 Balance, April 30, 2025 223,746,802 19,206,957 296,599 4,065,145 - 80,902 (14,124,241) 64,903 9,590,265 Options / RSUs - - - 74,444 - - - - 74,444 Reclassification - - - - - - 64,903 (64,903) - Net loss for the period - - - - - - (251,358) - (251,358) Other comprehensive income - - - - - 82,171 - - 82,171 Balance, October 31, 2025 223,746,802 19,206,957 296,599 4,139,589 - 163,073 (14,310,696) - 9,495,522 HOMELAND NICKEL INC. Condensed Interim Consolidated Statements of Cash Flows For the six months ended October 31, 2025 and 2024 (Unaudited - Expressed in Canadian Dollars) 5 2025 2024 $ $ Operating activities Net income (loss) for the period (251,358) (3,398,492) Add back / deduct non-cash expenses Amortization 8,330 9,626 Loss on sale of marketable securities - (400,523) Loss on sale of property, plant and equipment - (77,443) Marketable securities - fair value adjustment (720,505) 2,847,919 Share based compensation 74,444 115,778 Unrealized foreign exchange (13,239) (64,636) Total non-cash (income) expenses (650,970) 2,430,721 Changes in non-cash balances Accounts receivable 21,372 (67,737) Prepaid expenses (76,931) 16,306 Accounts payable and accrued liabilities (71,958) 122,237 Changes in operating activities (127,517) 70,806 Total cash used in operating activities (1,029,845) (896,965) Investing activities Net proceeds on sale of marketable securities 1,283,869 809,457 Net proceeds on sale of property, plant and equipment - 127,406 Purchase of exploration and evaluation assets (243,327) - Purchase of property and equipment (24,721) - Total cash provided (used) in investing activities 1,015,821 936,863 Change in cash (14,024) 39,898 Cash at the beginning of the period 307,356 172,269 Cash at the end of the period 293,332 212,167 HOMELAND NICKEL INC. Notes to the Condensed Interim Consolidated Financial Statements As at October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 6 1. Nature of operations and going concern Homeland Nickel Inc. (“Homeland” or the “Company”) is a public company listed on the TSX Venture Exchange (TSXV - SHL) and OTC Markets (OTCQB - SRGCF) and operating under the laws of the Province of Ontario. The Company is an exploration stage company that is in the process of exploring its mineral properties located in Canada and has not yet determined whether thes --- e properties contain reserves that are economically recoverable. The Company’s registered head office is located at 110 Yonge Street, Suite 1601, Toronto, ON M5C 1T4. These financial statements have been prepared using International Financial Reporting Standards (“IFRS”) applicable to a going concern, which assumes continuity of operations and realization of assets and settlement of liabilities in the normal course of business for the foreseeable future, which is at least, but not limited to, one year from April 30, 2025. At October 31, 2025, the Company has retained deficit of $14,310,696 (April 30, 2025 – $14,124,241) and has working capital of $3,024,594 (April 30, 2025 - $3,474,465). The Company's ability to continue as a going concern is dependent upon its ability to generate sufficient funds and continue to obtain sufficient capital from investors to meet its current and future obligations. The Company is subject to risks and challenges similar to companies in a comparable stage of exploration and development. The condensed interim consolidated financial statements of the Company for the period ended October 31, 2025, were authorized for issue in accordance with a resolution of the Board of Directors December 22, 2025. 2. Summary of Significant accounting policies (a) Basis of presentation and statement of compliance These condensed interim consolidated financial statements have been prepared in accordance with IFRS® Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board ("IASB") and interpretations of the IFRS Interpretations Committee (“IFRIC”). The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. The policies applied in these condensed interim consolidated financial statements are based on IFRS issued and effective as of April 30, 2025. Accordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB, have been omitted or condensed. The condensed interim consolidated financial statements of the Company include the accounts of its subsidiaries Spruce Ridge Oil & Gas Inc. (“SROG”), RFN Holdings Limited (“RFNH”), and Spruce Oregon Holdings, LLC (“SOH”). In addition, RFNH has a 100% (2024 – 80%) interest in Homeland Nickel Corp. (“HLNC”). Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continues to be consolidated until the date that such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All material intercompany balances and transactions are eliminated upon consolidation. Certain balances have been reclassified to conform with their current year presentation. HOMELAND NICKEL INC. Notes to the Condensed Interim Consolidated Financial Statements As at October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 7 2. Summary of Significant accounting policies (continued) The condensed interim consolidated financial statements should be read in conjunction with the most recent annual financial statements of Homeland, which includes information necessary or useful to understanding the Company’s financial statement presentation. In particular, the Company’s significant accounting policies we --- re presented in Note 2 to the consolidated financial statements for the year ended April 30, 2025 and have been consistently applied in the preparation of these condensed interim consolidated financial statements except as described herein. The operating results for the six months ended October 31, 2025, are not necessarily indicative of results that may be expected for the full year ended April 30, 2025, due to variation in property expenses and other factors. 3. Accounts Receivable 31-Oct-25 30-Apr-25 $ $ HST 32,123 51,611 Accounts receivable - 1,884 Share subscription receivable 25,000 25,000 Total 57,123 78,495 4. Marketable securities At October 31 and April 30, 2025, the Company held marketable securities as follows: October 31, 2025 Short Term Number of FV Shares Cost Adjustment Fair Value Benton Resources Inc. 11,447,000 536,490 322,035 858,525 Canada Nickel Company 907,095 727,427 352,016 1,079,443 Noble Mineral Exploration 9,960,000 391,322 156,478 547,800 Magna Terra Minerals Inc. 261,312 173,611 240,586 414,197 Vinland Lithium Inc. 139,767 - 102,030 102,030 1,828,850 1,173,145 3,001,995 HOMELAND NICKEL INC. Notes to the Condensed Interim Consolidated Financial Statements As at October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 8 4. Marketable securities (continued) April 30, 2025 Short Term Number of FV Shares Cost Adjustment Fair Value Benton Resources Inc. 11,922,000 536,490 178,830 715,320 Canada Nickel Company 2,248,695 727,427 1,431,320 2,158,747 Noble Mineral Exploration 9,960,000 391,322 106,678 498,000 Magna Terra Minerals Inc. 2,761,312 173,611 19,681 193,292 1,828,850 1,736,509 3,565,359 During the six months ended October 31, 2025, The Company sold marketable securities for net proceeds of $1,283,869 (2024 - $809,457), resulting in a realized gain of $840,232 (2024 - $370,296) This gain reflects the proceeds in excess of the value recorded on initial recognition rather than from the fair value of the shares. 5. Prepaid expenses The prepaid expenses and security deposits for the Company are as follows: 31-Oct-25 30-Apr-25 $ $ Prepaid expenses 43,393 40,208 Prepaid expenses - RFN 8,727 4,730 Prepaid expenses – SOH 69,749 - 121,869 44,938 HOMELAND NICKEL INC. Notes to the Condensed Interim Consolidated Financial Statements As at October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 9 6. Exploration and evaluation assets Nora Great Burnt Eight Red Flat / Lake Copper/Gold Dollar Cleopatra $ $ $ $ Balance, April 30, 2024 7,500 127,958 58,553 5,425,022 Balance, October 31, 2024 7,500 127,958 58,553 5,425,022 Additions - - - - Currency translation adjustment - - - 26,165 Write-down (7,500) - - - Balance, April 30, 2025 - 127,958 58,553 5,451,187 Additions - - - - Currency translation adjustment - - - 81,525 Balance, October 31, 2025 - 127,958 58,553 5,532,712 Shamrock Woodcock Mount Property Mountain Kerby Peavine Total $ $ $ $ $ Balance, April 30, 2024 350,174 - - - 5,969,207 Balance, October 31, 2024 350,174 - - - 5,969,207 Additions - - - - - Currency translation adjustment 1,689 - - - 1,689 Write-down - - - - (7,500) Balance, April 30, 2025 351,863 - - - 5,989,561 Additions - 212,989 21,477 8,860 243,326 Currency translation adjustment 10,577 2,896 292 121 95,411 Balance, October 31, 2025 362,440 215,885 21,769 8,981 6,328,298 (a) Nora Lake Property, Ontario On May 18, 2005, the Company acquired an option to purchase an eighty nine percent (89%) interest in the Nora Lake area, Ontari --- o. As at April 30, 2025, commercial production had not commenced and the property value was written down to $nil. (b) Great Burnt Copper/Gold Property, Central Newfoundland April 30, 2023, the Company owned a 100%-undivided interest in the Great Burnt Copper/Gold Property in Central Newfoundland. HOMELAND NICKEL INC. Notes to the Condensed Interim Consolidated Financial Statements As at October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 10 6. Exploration and evaluation assets (continued) (b) Great Burnt Copper/Gold Property, Central Newfoundland (continued) During the year ended April 30, 2024, the Company entered into an agreement where Benton Resources Inc. (“Benton”) could earn a 70% undivided interest in the property. In consideration, the Company received $40,000 cash and 15,000,000 common shares of Benton Resources Inc. initially valued at $675,000. In addition, Benton was required to complete $1,000,0000 of expenditures on or before the first anniversary and an additional $1,500,000 by the third-year anniversary. Upon satisfaction of the conditions, the Company has an option to enter into a joint venture agreement and participate as a 30% joint venture partner with Benton. During the six months ended October 31, 2024, the Company was notified that the expenditures have been completed. During the year ended April 30, 2025, Benton incurred $2,500,000 in expenditures and entered into a joint venture agreement with the Company. A total of $2,975,000 in excess of the original $2,500,000 was spent during the year on the Great Burnt Property. (c) 8 Dollar Property During the year ended April 30, 2024 the Company staked 115 mining claims totalling 962 ha (2,376 ac) covering most of the west side of Eight Dollar Mountain in the State of Oregon for a cost of $58,553. Eight Dollar Mountain is composed mainly of peridotite, a nickel-bearing mineral consisting mainly of olivine and containing iron (Fe), magnesium (Mg) and silicate (Si02). The upper tens of feet have been altered to nickel-bearing laterite where the silicate minerals have broken down over time leaving mainly clay-rich minerals containing nickel and lesser cobalt. (d) Red Flat and Cleopatra Properties During the year ended April 30, 2024, the Company acquired all of the issued and outstanding shares of RFNH, which is the holder of an 80% interest in HLNC. During the six months ended October 31, 2024, the Company reached agreements with the minority shareholders of HLNC to acquire their shares in exchange for shares in Homeland Nickel Inc. The Company acquired an additional 18.8% of HLNC, which owns the Cleopatra and Red Flat nickel laterite deposits in southwest Oregon, both of which host historical resources as well as an interest in some secondary nickel laterite deposits in the vicinity. The Company acquired a 100% interest in RFNH from RAB Capital Holdings Ltd. (“RAB Capital”) for the following consideration: • an initial $50,000 cash payment; • 2,000,000 common shares in the capital of Canada Nickel Company Inc. valued at $2,940,000; • $450,000, which was settled by issuing 9,000,000 units being issued which includes 9,000,000 common shares and 4,500,000 warrants; • issuing 10,000,000 common shares being subject to a four month and one day statutory hold period; HOMELAND NICKEL INC. Notes to the Condensed Interim Consolidated Financial Statements As at October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 11 6. Exploration and evaluation --- assets (continued) (d) Red Flat and Cleopatra Properties (continued) • granting to RAB Capital a 2.0% net smelter returns on the properties and the deposits, with an option to repurchase 50% of each net smelter return for $2,000,000; • reimbursing RAB Capital a total of US$60,457 for costs associated with the transaction • assuming a pre-existing intercorporate loan between RAB Capital and HLNC, which is now owed to the Company; • agreeing to pay funds to RAB Capital upon reaching certain milestones, as follows: o $1,000,000 cash payment upon filing a technical report on one or both of the Properties where a nickel resource is re-evaluated (or restated) to a standard in o accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Properties (“NI 43-101”); o $2,000,000 cash payment upon completion of a NI 43-101 preliminary economic assessment on one or both of the properties; o $2,000,000 cash payment upon completion of a NI 43-101 feasibility study on one or both of the properties; and o $10,000,000 cash payment upon announcement of a decision to commence construction on one or both of the properties. During the year ended April 30, 2025, the Company acquired an additional 18.8% interest in HLNC by issuing 3,439,600 common shares valued at $171,980, for total ownership of 98.8%. During the three months ended July 31, 2025, the Company acquired the final 1.2% interest in HLNC and now owns 100%. (e) Shamrock Property On April 18, 2024 Spruce Oregon Holdings, LLC, a wholly owned subsidiary of Homeland, acquired 40 unpatented mining claims covering approximately 758 acres located in Oregon, USA. (f) Woodcock Mountain Woodcock Mountain is located 5 km west of Cave Junction and west of Highway 199 with access via an unmaintained Forest Service road. The area was first explored in 1942 and was later mapped and sampled by DOGAMI during 1947-1948 using auger drilling. More extensive work was done in 1957 by New Delhi Mines Ltd., of Toronto, Canada which drilled 61 holes to an average depth of 51 feet. The average grade of laterite soil and saprolite for the 3 main areas was estimated at 1.00% nickel with chromite and cobalt also present. Homeland staked several mining claims and later acquired over 300 ac of the main deposits from a local mining entrepreneur in 2025. (g) Josephine Creek Josephine Creek is located approximately 2 km west of Woodcock Mountain and is directly accessible by an unmaintained Forest Service road. Various exploration programs starting in 1974 uncovered several HOMELAND NICKEL INC. Notes to the Condensed Interim Consolidated Financial Statements As at October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 12 6. Exploration and evaluation assets (continued) (g) Josephine Creek (continued) patches of nickel laterite with grades ranging from 0.37% - 1.22% nickel with the best interval returning 1.19% nickel over 7 feet. Homeland staked several claims at Josephine Creek in 2025 and performed a surface sample program over a large area with several of the 82 samples taken grading 1.00% nickel or higher. (h) Free and Easy Property Free and Easy is located approximately 6 km north of Cave Junction and 2 km west of Highway 199 in Southern Oregon and can be accessed by four-wheel drive truck. The property was explored by the Freeport Sulfur Company in 1942 when discovery cuts were excavated by hand. In 1953 Climax Molybdenum made additional cuts by bulldozer and mapped and --- sampled the area. In 1973 the USGS took additional samples and estimated the grade at 0.85% nickel over a 40 acre area with an average depth of 15 feet. In 2025 Homeland Nickel staked 34 mining claims totaling 702 ac. (i) Mount Peavine Mount Peavine is located approximately 5 km northwest of Galice, Oregon and is directly accessible by road. The area was initially explored for nickel laterite in 1957 with several claims staked and sampled by shallow augering and discovery cuts. While initial work discovered only lower grades of laterite there were indications of greater concentrations at depth with the deepest hole averaging 0.45% nickel from 4-8 feet. 7. Non-controlling Interest The Company owns 100% of HLNC which owns the Red Flat and Cleopatra Properties that are included in the USA operating segment. Summary financial information for HLNC is as follows: Summarized statement of financial position 31-Oct-25 30-Apr-25 $ $ Assets Exploration and evaluation assets 5,532,712 5,451,185 Accounts payable and accrued liabilities 27,522 19,765 Shareholders' equity Attributable to the common shareholders 5,505,190 5,366,243 Non-controlling interest - 65,177 5,532,712 5,451,185 Summarized statement of loss Expenses, being net loss 80,170 1,925 HOMELAND NICKEL INC. Notes to the Condensed Interim Consolidated Financial Statements As at October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 13 7. Non-controlling Interest (continued) Net loss attributable to: Common shareholders 80,170 1,540 Non controlling interest - 385 8. Exploration expenses A summary of exploration expenditures incurred for the period ended October 31, 2025 is as follows: Great Cleopatra Eight Shamrock Woodcock Free and Easy Mount Totals Burnt / Red Flat Dollar Mountain Property Peavine $ $ $ $ $ $ $ $ Assays 19,967 - - - 4,990 2,315 - 27,272 Drilling 157,431 - - - - - - 157,431 Field Expenses - - 2,078 - 11,005 - - 13,083 Geologist 6,330 - 10,950 - 12,007 - - 29,287 Geoscience 64,005 152 - - 172 - - 64,328 Lease - 40,475 24,168 11,047 127,363 17,137 32,762 252,952 Miscellaneous 2,413 - 27,770 - - - - 30,183 Prospecting 6,450 - - - - - - 6,450 256,595 40,627 64,966 11,047 155,536 19,452 32,762 580,986 9. Security deposits The Company has $70,176 (April 30, 2025 - $70,176) of security deposits are on hand with provincial governments in connection with various mineral rights claims. HOMELAND NICKEL INC. Notes to the Condensed Interim Consolidated Financial Statements As at October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 14 10. Property and equipment Office Cost Land Buildings Equipment Equipment Trucks Website Total $ $ $ $ $ $ $ Balance, April 30, 2024 35,000 121,500 23,000 9,200 78,413 9,408 276,521 Additions - - - - - 3,094 3,094 Disposals (35,000) (121,500) - - - - (156,500) Balance, October 31, 2024 - - 23,000 9,200 78,413 12,502 123,115 Additions - - - - - - - Disposals - - - - - - - Balance, April 30, 2025 - - 23,000 9,200 78,413 12,502 123,115 Additions - - 24,721 - - - 24,721 Disposals - - - - - - - Balance, October 31, 2025 - - 47,721 9,200 78,413 12,502 147,386 Accumulated Amortization Balance, April 30, 2024 - 103,443 2,300 8,967 35,901 941 151,552 Amortization - - 2,070 23 6,377 1,156 9,626 Disposals - (103,443) - - - - (103,443) Balance, October 31, 2024 - - 4,370 8,990 42,278 2,097 57,735 Amortization - - 3,105 35 9,565 1,425 14,130 Balance, April 30, 2025 - - 6,440 9,014 48,654 2,944 67,052 Amortization - - 2,892 18 4,464 956 8 --- ,330 Balance, October 31, 2025 - - 9,332 9,032 53,118 3,900 75,382 Net Book Value Balance, April 30, 2024 35,000 18,057 20,700 233 42,512 8,467 124,969 Balance, October 31, 2024 - - 19,665 222 39,324 10,983 70,193 Balance, April 30, 2025 - - 16,560 187 29,759 9,558 56,063 Balance, October 31, 2025 - - 38,389 169 25,295 8,602 72,454 HOMELAND NICKEL INC. Notes to the Condensed Interim Consolidated Financial Statements As at October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 15 11. Accounts payable and accrued liabilities Payables and accrued liabilities for the Company are as follows: 31- Oct-25 30-Apr-25 $ $ Trade payables 302,514 360,431 Trade payables – GBP 591 591 Trade payables – USD 98,959 3,156 Accrued liabilities 47,661 157,505 Total 449,725 521,683 12. Shareholders’ Equity (a) Share capital There is an unlimited number of common shares without par value. As at October 31, 2025 223,746,802 (April 30, 2025 – 223,746,802) common shares have been issued. (b) Warrants During the year ended April 30, 2024, 15,000,000 warrants were issued in connection with a private placement that expire on December 21, 2025. The warrants entitle the holders thereof the right to purchase one common share and one common share purchase warrant for each unit. No warrants were issued or exercised during the six months ended October 31, 2025. Warrants transactions are summarized as follows: Weighted Number of Average Exercise Warrants Price $ Balance, as at April 30, 2025 15,000,000 0.10 - Balance, as at October 31, 2024 15,000,000 0.10 Balance, as at April 30, 2025 15,000,000 0.10 - Balance, as at October 31, 2025 15,000,000 0.10 Number of Warrants Fair value at grant date Exercise Price $ Expiry Date 15,000,000 $300,000 0.10 21-Dec-25 HOMELAND NICKEL INC. Notes to the Condensed Interim Consolidated Financial Statements As at October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 16 12. Shareholders’ Equity (continued) (c) Share Options On October 9, 2025, the Company granted 650,000 share options to consultants. The share options entitle the holders thereof the right to purchase one common share for each option at a price of $0.085 per share expiring on October 9, 2028, and vested on the grant date. The fair value of the share options of $39,000 was determined using the Black Scholes option pricing model with the following assumptions - risk-free interest rate of 2.48%; dividend yield of $nil; expected volatility of 133%; expected life of 3 years and forfeiture rate of 0%. Volatility was determined based on the Company’s historical data. On December 19, 2024, the Company granted 9,000,000 share options to directors of the Company and to consultants. The share options entitle the holders thereof the right to purchase one common share for each option at a price of $0.05 per share expiring on December 19, 2027, and vested on the grant date. The fair value of the share options of $180,000 was determined using the Black Scholes option pricing model with the following assumptions - risk-free interest rate of 3.42%; dividend yield of $nil; expected volatility of 112%; expected life of 3 years and forfeiture rate of 0%. Volatility was determined based on the Company’s historical data. A summary of the status of outstanding share options as of October 31, 2025 is presented below. Weighted Stock Average Exercise Options Price Balance, as at April 30, 2024 9,250,000 0.08 Balance, as at October 31, 2024 9,250,000 0.08 Options granted --- 9,000,000 0.05 Balance, as at April 30, 2025 18,250,000 0.07 Options granted 650,000 0.085 Balance, as at October 31, 2025 18,900,000 0.09 (d) Restricted Share Units During the year ended April 30, 2025, the Company granted 2,350,000 restricted share units (“RSU”). The RSU’s vest on December 19, 2025, and will be settled with equity instruments. Share based compensation expense of $35,443 was recorded during the six months ended October 31, 2025. During the year ended April 30, 2024, the Company granted 2,600,000 restricted share units (“RSU”). The RSU’s vest on December 13, 2024 and will be settled with equity instruments. Share based compensation expense of $115,778 was recorded during the six months ended October 31, 2024. 13. Related Party Transactions No director fees have been paid to directors. HOMELAND NICKEL INC. Notes to the Condensed Interim Consolidated Financial Statements As at October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 17 13. Related Party Transactions (continued) During the six months ended October 31, 2025, $90,000 (October 31, 2024 - $90,000) of expenses were incurred to a company controlled by the CEO for management services. During the six months ended October 31, 2025, $18,000 (October 31, 2024 - $18,000) of expenses were incurred to a company controlled by the CFO for accounting services. During the six months ended October 31, 2025, $15,000 (October 31, 2024 - $15,000) of expenses were paid to an individual for Corporate Secretary services. During the six months ended October 31, 2025, share based compensation expense includes $35,443 (2024 - $115,778) relating to share options and RSU’s issued to officers and directors of the Company. 14. Segmented Information Canada USA Total $ $ $ Total assets 3,724,984 6,220,263 9,945,247 Total liabilities 325,712 124,013 449,725 15. Contingencies In the normal course of operations, the Company may become subject to a variety of legal and other claims. Management and legal counsel evaluate all claims on their apparent merits, and accrue management’s best estimate of the estimated costs to satisfy such claims. No amounts have been recorded as the outcome of the current legal claims is determined to be unknown. 16. Capital and financial risk management The Company manages its capital to maintain its ability to continue as a going concern and to provide returns to shareholders and benefits to other stakeholders. The capital structure of the Company consists of the CEBA loan and shareholders’ equity comprised of issued share capital and warrants. The Company manages its capital structure and makes adjustments to it in light of economic conditions. The Company, upon approval from its Board of Directors, will balance its overall capital structure through new share issuances or by undertaking other activities as deemed appropriate under the specific circumstances. The Company is not subject to externally imposed capital requirements and the Company’s overall strategy with respect to capital risk management remains unchanged from the year ended April 30, 2024. HOMELAND NICKEL INC. Notes to the Condensed Interim Consolidated Financial Statements As at October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 18 16. Capital and Financial Risk Management (continued) Fair Value The carrying values for primary financial instruments, including cash, accounts receivable, miscellaneous receivable, security deposits, accounts payable and accrued liabilit --- ies and CEBA loan approximate fair values due to their short-term maturities. The Company’s exposure to potential loss from financial instruments relates primarily to its cash held with Canadian financial institutions. The fair value of financial instruments that are measured subsequent to initial recognition at their fair value, is measured within a 'fair value hierarchy' which has the following levels: i) Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities ii) Level 2: valuation techniques using inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and iii) Level 3: valuation techniques using inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Company’s marketable securities are considered Level 1. There have been no major or significant changes that have had an impact on the overall risk assessment of the Company during the year. The objectives and strategy for the exploration and evaluation asset portfolio remains unchanged. The Company’s exploration and development activities expose it to the following financial risks: Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash. The Company limits its exposure to credit loss by placing its cash with high credit quality financial institutions. The carrying amount of financial assets represents the maximum credit exposure. Market Risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, such as foreign currency exchange rates, commodity prices, interest rates and liquidity. A discussion of the Company’s primary market risk exposures, and how those exposures are currently managed, follows: Currency Risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company is exposed to foreign currency fluctuations as certain transactions are denominated in United States dollars and from the activities undertaken by the foreign subsidiaries. HOMELAND NICKEL INC. Notes to the Condensed Interim Consolidated Financial Statements As at October 31, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 19 16. Capital and Financial Risk Management (continued) The Company has no United States dollar hedging program due to its minimal exposure to financial gain or loss as a result of foreign exchange movements against the Canadian dollar. The Canadian dollar equivalent of monetary assets and liabilities held by the Company that are denominated in United States dollars are as follows: 31-Oct-25 30-Apr-25 $ $ Cash 958 958 Accounts payable and accrued liabilities 23,973 32,767 Price Risk The Company is exposed to price risk with respect to commodity prices. The Company’s ability to raise capital to fund exploration and development activities is subject to risks associated with fluctuations in the market price of commodities. The Company is exposed to price risk with the marketable securities held in publicly-traded companies. The Company’s marketable securities are subject to risks associated with fluctuations in the market price of the marketable securities. Interest Rate Risk The Company’s cash may contain highly liquid investmen --- ts that earn interest at market rates. The Company manages its interest rate risk by maximizing the interest earned on excess funds while maintaining the liquidity necessary to fund daily operations. Fluctuations in market interest rates do not have a significant impact on the Company’s results of operations due to the short term to maturity of the investments held. Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company currently settles its financial obligations out of cash. The ability to do this relies on the Company raising debt or equity financing in a timely manner and by maintaining sufficient cash in excess of anticipated needs. 17. Subsequent Events On December 21, 2025, 15,000,000 warrants expired unexercised. On December 19, 2025, 2,350,000 previously granted RSUs vested and were issued to certain officers and directors.