Homeland Closes Skull Creek Project Acquisition

Rhea-AI Summary

Homeland Uranium (OTCQB: HLUCF) closed its acquisition of the Skull Creek Uranium Project in Moffat and Rio Blanco Counties, Colorado on October 3, 2025.

Homeland paid US$300,000 cash and issued 750,000 common shares to Hightest to acquire 100% of 154 mining claims plus one state SEP parcel. Hightest retains a 2% NSR royalty (reduced to 1.5% on SEP Lands) with an option to buy the NSR down to 1% for US$1.5M before notice of commercial production. Contingent payments: at 10M lbs U3O8 Homeland pays US$250,000 cash + US$250,000 in shares; at ≥30M lbs U3O8 total payments equal US$500,000 cash + US$500,000 in shares (pro rata between thresholds).

Skull Creek lies ~20 miles (33 km) west of Homeland's Coyote Basin and adjacent to Red Wash, enabling potential operational synergies and planned drilling to upgrade historical deposits.

Positive

• Acquired 154 federal mining claims plus 1 SEP parcel
• Proximity: Skull Creek ~20 miles (33 km) from Coyote Basin
• Low upfront cash: US$300,000 paid at closing
• Issued 750,000 shares to complete acquisition

Negative

• Hightest retains up to a 2% NSR royalty on the Property
• SEP Lands royalty fixed at 1.5%, convertible to 1% for US$1.5M
• Contingent payments up to US$500,000 cash and US$500,000 shares

Vancouver, British Columbia--(Newsfile Corp. - October 3, 2025) - Homeland Uranium Corp. (TSXV: HLU) (OTCQB: HLUCF) (FSE: D3U) ("Homeland" or the "Company") is pleased to announce that it has completed its previously announced transaction with Hightest Resources ("Hightest") to acquire the Skull Creek Uranium Project ("Skull Creek" or 'the Property") in Moffat and Rio Blanco Counties, Colorado. Skull Creek is located adjacent to the Company's Red Wash Project and is approximately 20 miles (33 km) west of Homeland's flagship Coyote Basin Uranium Project (see Figure 1). For more details about the Property and the transaction, please see the news release dated September 22, 2025 on the Homeland website at www.homeland-uranium.com or on the Company's profile on SEDARplus.ca).

The Skull Creek Property is comprised of 154 mining claims all located on federal Bureau of Land Management-administered lands and one single state exploration permit administered by the State of Colorado (the "SEP Lands").

"The addition of the Cross Bones Uranium Deposit on the Skull Creek Property is a tremendously exciting acquisition for Homeland. Strategically located in close proximity to our Coyote Basin Project in mining-friendly Colorado, we anticipate Skull Creek providing significant potential operational synergies with Coyote Basin and further strengthens our position in the district. With a dominant land package containing two considerable historical uranium deposits with outstanding expansion potential, Homeland is eager to start drilling at both Coyote and Skull Creek to systematically upgrade these deposits to modern standards and become a key part of the urgently needed resurgence of domestic uranium supply chain in the United States," stated Roger Lemaitre, President & CEO of Homeland.

As part of the transaction, Homeland paid Hightest US$300,000 cash and issued 750,000 common shares of Homeland to acquire a 100% interest in the Property. Hightest retains a 2% NSR royalty on all mineral production from the Property, with the exception of production from the SEP Lands where the royalty is reduced to 1.5%. The royalty can be reduced to 1% should Homeland issue an additional payment of US$1.5 million at any time before delivering to Hightest a notice of the intention to commence commercial production from a mineral deposit located wholly or partially within the Property.

Hightest will also receive potential contingency payments based upon the size of any uranium resource defined on the Property consistent with NI 43-101 standards in the future. Should a mineral resource equal to 10 million pounds U₃O₈ be defined, Homeland will pay to Hightest an additional U.S.$250,000 in cash and the equivalent of U.S.$250,000 in common shares of Homeland based on the 10-day VWAP immediately prior to the date that Homeland receives the technical report citing resources authored by an independent qualified person. Should the Mineral Resource be equal to or greater than 30 million pounds U₃O₈, Homeland will pay Hightest an aggregate of U.S.$500,000 in cash and the equivalent of U.S.$500,000 in common shares of Homeland (inclusive of any payments made and shares issued pursuant to previous sentence). If the Mineral Resource is between 10 million pounds and 30 million pounds U₃O₈ Homeland will pay to Hightest a cash payment and common shares payment determined on a pro rata basis ranging between the 10 million pounds U₃O₈ and 30 million pounds U₃O₈ thresholds as described above.

About Homeland Uranium Corp.

Homeland Uranium is a mineral exploration company focused on becoming a premier US-focused and resource-bearing uranium explorer and developer. The Company is the 100% owner of the Coyote Basin, Skull Creek and Red Wash uranium projects within the northern portion of the Colorado Plateau in northwestern Colorado. The Colorado Plateau district has been a uranium-producing region of the United States for several decades.

Qualified Person

Roger Lemaitre. P.Eng., P.Geo., the Company's President and CEO, is a Qualified Person as defined in NI 43-101, and has reviewed and approved the technical content of this news release.

For further information, please contact:

Roger Lemaitre
President & Chief Executive Officer
Homeland Uranium Corp.
Tel: 306-713-1401
Email: info@homeland-uranium.com

Investor Relations
Kin Communications Inc.
Tel: 604-684-6730
Email: HLU@kincommunications.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release relate to, among other things: the completion of the transaction, confirmation of the historical resource estimates, the Company's expectations and strategic plans in relation to the exploration of the Company's uranium mineral properties, including all phases of the exploration program at the Coyote Basin and Red Wash uranium projects in Colorado, and receipt of applicable regulatory approvals to complete the transaction as contemplated.

These forward-looking statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: the availability of funds; the ability to complete the transaction; receipt of applicable regulatory approvals conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; future demand for energy; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company's operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company's ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the availability of funds; the ability to complete the transaction as contemplated; receipt of applicable regulatory approvals; the timing and content of work programs; results of exploration activities and development of mineral properties; receipt of applicable regulatory approvals the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market and industry conditions; and those factors identified under the captions "Risks Factors" and "Risks and Uncertainties" in the Company's disclosure materials filed on SEDAR+ at www.sedarplus.ca.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Figure 1: Homeland Uranium's uranium holdings in the Northern Colorado Plateau

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10583/269005_2c34b49a2460bbef_002full.jpg

Figure 2: The location of the Skull Creek Property and the Cross Bones Uranium Deposit.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10583/269005_2c34b49a2460bbef_003full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/269005

FAQ

What did Homeland Uranium (HLUCF) pay to acquire Skull Creek on October 3, 2025?

Homeland paid US$300,000 cash and issued 750,000 common shares to Hightest.

What royalties did Hightest retain on the Skull Creek acquisition by HLUCF?

Hightest retains a 2% NSR on most claims and 1.5% NSR on SEP Lands, reducible to 1% for US$1.5M.

Are there contingent payments tied to uranium resources in the HLUCF Skull Creek deal?

Yes. At 10M lbs U3O8 pay US$250k cash + US$250k shares; at ≥30M lbs aggregate US$500k cash + US$500k shares (pro rata between).

How many claims and permits comprise the Skull Creek Property acquired by HLUCF?

The Property comprises 154 mining claims on BLM lands plus one state SEP permit.

Where is Skull Creek located relative to Homeland's flagship Coyote Basin project?

Skull Creek is approximately 20 miles (33 km) west of Homeland's Coyote Basin project.

Will the Skull Creek acquisition immediately dilute HLUCF shareholders?

Homeland issued 750,000 shares at closing and may issue additional shares under contingent payments.