Ross McElroy Steps down from Homeland Board

The most recent news release from Homeland Uranium Corp. on October 16, 2025, contains three key updates: 1. Director Resignation: Ross McElroy has resigned from the Board of Directors, effective October 15, 2025. The reason provided is to allow him to focus fully on his core duties as Chief Executive Officer, President, and Director of Apollo Silver. The board thanked him for his contributions to Homeland's formation and the acquisition of its cornerstone uranium projects in Colorado. 2. Project Expansion - Coyote Basin: The company has expanded its Coyote Basin project through the staking of 36 new unpatented mining claims on United States Bureau of Land Management (BLM) administered lands. The purpose is to cover gaps between the previous project boundary and privately owned surface and mineral rights lands. These new claims overlie land projected to be down dip or along strike of uranium mineralization identified on surface during the June 2025 mapping and prospecting program or outlined in historical exploration reports from 1980 by Western Mining. Following this expansion, the total project size for Coyote Basin now includes 839 unpatented mining claims, 3 Colorado state exploration permits, covering 18,656 acres (7,450 hectares). 3. Drill Program Delay - Coyote Basin: The drill contractor for the upcoming exploration drill program at Coyote Basin has informed the company of a two-week delay in mobilization. The reasons cited are necessary equipment maintenance and needed crew rest. The new anticipated drill program start date is "on or around November 1st." Previously, the company anticipated commencing drilling around October 15.

The latest news presents a mixed bag, with a slight tilt towards the negative for near-term expectations.

The resignation of Ross McElroy is a minor negative. While the reason provided (focusing on another company) is understandable, Mr. McElroy was an experienced and well-regarded geologist, having been CEO of Fission Uranium and involved in its successful sale. His departure from the board reduces the overall technical and strategic expertise available to Homeland Uranium, although it is not a C-suite executive departure. Given his known association and reputation in the uranium space, his absence is noted.

The expansion of the Coyote Basin project with 36 new claims is a routine positive development. It demonstrates proactive management in consolidating strategic land positions around known or projected mineralization, enhancing the project's long-term potential and reducing fragmentation. This is a common practice for exploration companies and signals continued methodical exploration work.

However, the two-week delay in the Coyote Basin drill program is a routine negative, primarily because it defers a key, highly anticipated catalyst. The market often reacts negatively to delays in exploration programs, as they push back the timeline for critical results that could impact valuation. While two weeks is not a substantial delay, it shifts investor expectations from "mid-October" to "on or around November 1st." This delay, coupled with the director's resignation, slightly overshadows the positive land acquisition. The reasons for the delay (equipment maintenance, crew rest) are typical operational challenges and do not necessarily imply deeper project issues, but they nonetheless postpone the flow of news.

In context, the company has been systematically building out its project portfolio and moving towards drilling. The acquisition of Skull Creek (announced Sept 22, closed Oct 3) added a significant historical resource, and the approval for Coyote drilling (Sept 24) was a major step. The current delay slightly dampens the immediate momentum built from these prior positive announcements.

Homeland Uranium Corp., formerly Valleyview Resources Ltd., transformed into a dedicated uranium exploration and development company through a reverse takeover of Shift Rare Metals Inc., commencing trading on the TSX Venture Exchange (HLU) on March 12, 2025. The company's primary focus is on its uranium and vanadium projects in northwestern Colorado, United States, leveraging increasing global acceptance of nuclear power and U.S. government initiatives to bolster domestic uranium production.

Flagship Project: Coyote Basin Uranium Project (Colorado, USA) * Location: Moffat and Rio Blanco counties, northwestern Colorado. * Ownership: 100% owned. * Size: Currently comprises 839 unpatented mining claims and 3 Colorado state exploration permits, totaling 18,656 acres (7,450 hectares) after recent expansion. * Historical Context: Hosts historical uranium mineralization, with previous exploration in the late 1970s by Western Mining Resources and Energy Metals Corp. * Historical Resource Estimate: Energy Metals Corp. (2006) reported a historical resource of 8.85 million tons at 0.20% U3O8 and 0.10% V2O5, for 35.4 million pounds of U3O8 and 17.7 million pounds of V2O5. Cautionary Note: This is a historical estimate and is not treated as current mineral resources by Homeland Uranium, requiring further evaluation and verification to comply with NI 43-101 standards. * Development: The company has completed Phase 1 exploration (geological mapping, prospecting, rock sampling, airborne magnetic survey) which confirmed 14 km of uranium strike potential and anomalous radioactivity up to 8 times background. A 36-hole, 6,000-meter Phase 2 drill program is permitted and anticipated to commence around November 1, 2025, to confirm and upgrade historical resources.

Other Key Projects: * Red Wash Uranium Project (Colorado, USA): Also 100% owned, located approximately 9 miles west of Coyote Basin. Comprises 699 claims and 2 state leases, 15,313 acres. Phase 1 work confirmed a weakly radioactive horizon. * Skull Creek Uranium Project (Colorado, USA): Acquired from Hightest Resources, adjacent to Red Wash and near Coyote Basin. Includes 154 mining claims and 1 state exploration permit. * Historical Resource: Contains the Cross Bones deposit, with a historical estimate of 44.2 million pounds U3O8 at 0.31% U3O8 (Energy Metals Corp., 2006). Cautionary Note: Similar to Coyote Basin, this is a historical estimate requiring modern verification. * Royalties: Subject to a 2% NSR (1.5% on SEP lands), reducible to 1% for a $1.5 million payment prior to commercial production. * Contingency Payments: Additional cash and share payments are due upon defining NI 43-101 compliant resources of 10 million and 30 million pounds U3O8. * Fraser Lake Property (British Columbia, Canada): Three claim blocks comprising a 9,900-hectare copper property, with Homeland Uranium retaining a 2% NSR royalty, of which 1% can be repurchased for $2,000,000. This is not a core uranium asset.

The company's strategy is to systematically upgrade its Colorado deposits to modern standards and position itself as a key contributor to the resurgence of the domestic uranium supply chain in the United States.