Mr. Stephen Balch reports

HOMELAND REACQUIRES NET SMELTER RETURN AND MILESTONE PAYMENTS FROM RAB CAPITAL

Homeland Nickel Inc. has reacquired all net smelter returns and milestone payments from RAB Capital Holdings Ltd. on its southern Oregon nickel laterite properties as originally outlined in a news release dated Nov. 16, 2023, and which formed Homeland's initial nickel asset acquisition in Oregon.

As part of the original transaction, RAB Capital was granted:

• A 2.0-per-cent NSR on the deposits (Cleopatra and Red Flat);
• A 2.0-per-cent NSR on all properties including future properties acquired by Homeland;
• Milestone payments totalling $15-million:
  • $1-million upon filing an updated mineral resource on Cleopatra or Red Flat;
  • $2-million upon completion of a preliminary economic analysis;
  • $2-million upon completion of a feasibility study;
  • $10-million upon announcement of a commercial production decision.

In a subsequent agreement with Patriot Nickel Corp., Patriot agreed to the NSR payments to RAB Capital on Patriot's Cleopatra and Eight-Dollar Mountain optioned properties, as well as being responsible for 50 per cent (or $7.5-million) of the milestone payments (see release dated Nov. 13, 2025).

In the new agreement with RAB Capital, Homeland is granted the NSRs on Cleopatra and Eight-Dollar Mountain, and the milestone payments due by Patriot to RAB Capital will be due to Homeland. All other NSR obligations by Homeland to RAB Capital are cancelled.

Commenting on the agreement with RAB Capital, Homeland chief executive officer Steve Balch said: "This agreement eliminates all NSR and milestone payments required by Homeland, and transfers the NSR and milestone payments required by Patriot to Homeland. This agreement results in minor dilution to our shareholders but reduces our need to finance the milestone payments, which lets us focus expenditures on exploration and possible future acquisitions."

Details of new agreement

RAB Capital will transfer its right to NSR and milestone payments to Homeland in return for 10 million common shares of Homeland and a 2.5-per-cent interest in Patriot Nickel, such interest to be determined at the initial public offering of Patriot and to be issued from Homeland's 20.0-per-cent interest in Patriot, leaving Homeland with a 17.5-per-cent interest in Patriot. If Patriot does not go public within three years of the date of the new agreement, RAB Capital has the option of converting its 2.5-per-cent interest in Patriot to 10 million common shares of Homeland.

About Homeland Nickel Inc.

Homeland Nickel is a Canadian-based mineral exploration company focused on critical metal resources with nine nickel projects in Oregon, United States, including two with historical resources. The Cleopatra property alone contains a historical resource of approximately 40 million tonnes of laterite grading 0.9 per cent nickel making it the largest historical undeveloped nickel resource in the continental United States. Homeland Nickel's common shares trade on the TSX Venture Exchange under the symbol SHL.

Qualified person

Stephen J. Balch, PGeo (Ontario), the company's president and chief executive officer, a qualified person under National Instrument 43-101, has reviewed and approved the technical content of this news release.

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