Noble Completes Arrangement

• Event: Completion of Plan of Arrangement effective May 27, 2026.
• Action: Existing shareholders received one new common share plus a pro rata portion of Homeland Nickel Inc. shares for each old share held.
• Distribution: Approximately 9,000,000 common shares of Homeland Nickel Inc. distributed to shareholders.
• Remaining Holdings: Noble retains more than 10 million shares of Homeland Nickel Inc. post-arrangement.
• Trading: New trading identifiers (CUSIP/ISIN) active starting June 1, 2026.
• Value: Estimated return of approximately $4 million USD/CAD to shareholders via the distribution.
• Context: This follows previous distributions of Canada Nickel Company Inc. shares in 2020 and 2022, totaling over $28 million distributed historically.

• Expectation vs. Reality: The arrangement was announced in February 2026 with shareholder approval in May 2026. The completion is the final execution step of a known plan.
• Market Pricing: The stock price spiked to $0.25 in January/February 2026 on anticipation of the distribution, then corrected significantly to ~$0.09 by May 2026 as the event approached and value was priced in.
• Materiality: While the distribution returns value ($4M) relative to market cap (~$23.8M), it is considered "Routine" because the terms were disclosed months prior (Feb/March news releases). It does not represent new, unexpected information that fundamentally alters the company's future trajectory beyond clearing assets from the balance sheet.
• Positive Aspect: Shareholders receive direct equity in a public company (Homeland) rather than cash or warrants, allowing them to participate in Homeland's progress. Noble retains significant Homeland shares (>10M), preserving upside potential for future distributions.

• Business Model: Noble operates as an asset holder and explorer, focusing on critical minerals (Nickel, Copper, Gold, REE, Scandium) in Canada (Ontario, Quebec, Labrador).
• Strategy: Historically focused on distributing shares of portfolio companies (Canada Nickel, Homeland Nickel) to shareholders rather than developing mines directly.
• Flagship Projects:
  • Timmins Area (Nickel/VMS): Joint venture with 11530313 Canada Inc.; recent drilling showed polymetallic mineralization (Zn, Cu, Au).
  • Quebec REE/Scandium: Gull Lake (adjacent to Montviel), Mehmet, and Scandium properties. Recent staking shows high scandium anomalies (up to 530 ppm).
  • Labrador REE: Chapiteau property acquired via map staking; historical assays show up to 8.34% TREO.