Noble Receives Interim Order for Proposed Arrangement and Files Materials for Special Meeting

• Noble filed a Management Information Circular for a court‑approved arrangement that will exchange each Noble share for ~0.034 Homeland Nickel shares plus one new Noble share (identical rights).
• The Board recommends shareholders vote FOR the Arrangement and a $20 million reduction of stated capital.
• If approved, the transaction is expected to be effective 25 May 2026, delivering 9 million Homeland Nickel shares to Noble shareholders in a tax‑efficient manner.
• Voting deadline: 5 May 2026; record date 27 Mar 2026; special meeting 7 May 2026.
• The arrangement requires ≥66.67 % of votes cast and a majority of “disinterested” votes.
• Warrants/Options are excluded unless exercised before the Arrangement closes.

Aspect	Assessment
Capital structure	Reduces stated capital by up to $20 M, lowering equity dilution risk and cleaning the balance sheet.
Shareholder value	Immediate cash‑equivalent benefit of ≈$3.74 M (based on current Homeland share price) plus ongoing exposure to Homeland Nickel’s assets.
Dilution / Ownership	Existing shareholders retain a new Noble share; net effect is modest dilution offset by the added Homeland shares.
Liquidity	The swap creates a dual‑listed security (Noble + Homeland), potentially widening the investor base and improving market depth.
Risk	Execution risk remains: court order finalization, shareholder approval, and TSX‑Venture conditional acceptance. Failure would leave Noble with unchanged weak balance sheet.
Comparison to prior expectations	The arrangement was hinted at in earlier filings (e.g., Feb 12 special meeting notice) but the interim court order and detailed mechanics are new, making this a material positive development.

Overall, the news materially improves Noble’s financial footing and offers tangible shareholder value, qualifying as Material – Positive.

Noble Mineral Exploration Inc. focuses on critical minerals (nickel, copper, cobalt, REE, scandium, graphite, uranium) across ~70 000 ha in Northern Ontario and ~24 000 ha in Quebec.
- Flagship assets: Timmins‑area VMS targets (Carnegie Township), the Thomas carbonatite REE project, and a portfolio of REE/Scandium claims (Chapiteau, Gull Lake, Mehmet).
- The company holds joint‑venture rights with Canada Nickel (e.g., Mann & Crawford projects) and maintains strategic stakes in emerging nickel laterite assets via Homeland Nickel.