Homeland Uranium to acquire Skull Creek project

Executive Summary

• Homeland Uranium Corp. entered into a definitive agreement to acquire the Skull Creek uranium project in Moffat County, Colorado from Hightest Resources.
• The transaction includes a cash payment of $300,000, issuance of 750,000 common shares, and a 2 % NSR royalty (1.5 % on state‑leased lands) payable to Hightest, with optional additional payments up to $1.5 M based on future NI 43‑101 resource definitions.
• The acquired property contains a historical resource estimate of 44.2 million lbs U₃O₈ at an average grade of 0.31 % U₃O₈, and is adjacent to Homeland’s existing Red Wash and Coyote Basin projects, creating potential operational synergies.

Key Details

• Purchase Price & Consideration
• $300,000 cash payable at closing.

• Issuance of 750,000 common shares of Homeland Uranium Corp.

• Royalty Structure

• Hightest retains a 2 % net smelter return (NSR) royalty on all mineral production from the property, reduced to 1.5 % for production from the State of Colorado exploration lease (SEP lands).

• The royalty may be lowered to 1 % if Homeland makes an additional $1.5 M cash payment before delivering notice of intent to commence commercial production.

• Contingency Payments Based on Future Resources

• If a NI 43‑101 compliant resource ≥10 million lbs U₃O₈ is defined: additional $250,000 cash + $250,000 worth of common shares (based on 10‑day VWAP).
• If the resource ≥30 million lbs U₃O₈: aggregate $500,000 cash + $500,000 worth of common shares (including any prior payments).

• For resources between 10–30 million lbs U₃O₈, pro‑rated cash and share payments will be made on a sliding scale.

• Regulatory & Share Issuance Conditions

• Transaction subject to TSX Venture Exchange and applicable regulatory approvals.

• Shares issued are subject to a statutory hold period of four months plus one day from issuance date.

• Property Description

• Size: 1,489 acres (3,678 ha) comprising 154 unpatented BLM mining claims and one Colorado state exploration lease.
• Historical resource estimate: 44.2 million lbs U₃O₈ at 0.31 % average grade (cautionary note – not a current NI 43‑101 resource).

• Uranium mineralization observed at surface, extending to ~800 ft vertical depth per downhole gamma probe data.

• Synergies & Development Plans

• Property is adjacent to Homeland’s Red Wash project and ~20 mi west of the Coyote Basin flagship project.

• Company plans a major drill program to upgrade historical resource estimates to modern NI 43‑101 standards.

• Historical Context

• Original uranium discoveries date to the 1950s; drilling by Anschutz Uranium Corp. and Ashland Minerals in 1977–78 yielded anomalous radioactivity down to ~800 ft.

• Claims were previously held by Energy Metals (acquired by Uranium One) and later staked by Hightest Resources in late‑2023/early‑2024.

• Qualified Person

• Roger Lemaitre, PEng, PGeo – President & CEO of Homeland Uranium Corp., qualified under NI 43‑101, reviewed and approved the technical content.

Notable Quotes

“We are thrilled to add a substantial historical uranium deposit to our portfolio, strategically located in close proximity to our existing assets in mining‑friendly Colorado… We are eager to launch a major drill program aimed at systematically upgrading these historical resource estimates to modern standards while continuing to demonstrate the scale and growth potential of our portfolio,” – Roger Lemaitre, President & CEO, Homeland Uranium Corp.