Growth Of Coyote Basin & Red Wash Properties

VANCOUVER - Homeland Uranium Corp. has filed Notice of Locations to the US Bureau of Land Management (BLM) and Rio Blanco and Moffat Counties for 505 new mineral claims staked adjacent to the Coyote Basin and Red Wash Uranium Projects in northwestern Colorado. All the new claims are located on lands where both surface rights and mineral rights are administered by the BLM.

The new mineral claims overlie areas adjacent to both properties that are considered prospective strike extensions of potential uranium host stratigraphy. At Coyote Basin, a total of 109 new mineral claims were staked covering a total of approximately 2,250 acres (910.9 ha). The claims abut the southwest corner of the Coyote Basin Project where the four known host horizons are believed to be folded into an east-west strike direction that extends westward towards the Red Wash Project. The Coyote Basin Property now consists of 808 mineral claims and three state leases totaling 18,404.4 acres (7,448.4 ha).

A total of 396 new mineral claims were located adjacent to the Red Wash Project in two separate blocks. The first block abuts the southern end of the Red Wash Property and contains the Urangesellschaft Uranium Occurrence, where an outcrop sample containing 350 ppm U3O8 within sandstone rocks was discovered by previous explorers in the late 1970s. The second block extends eastward from the east end of the Red Wash Project in the direction of the south end of the Coyote Basin Project. The two new claim blocks contain 396 new claims totaling 8,180.3 acres (3,310.5 ha). The Red Wash Project now consists of 699 mineral claims and two state leases totaling 15,313 acres (6196.9 ha).

Homeland now owns 1507 mineral claims and 5 state leases totaling 33,718.4 acres (13,645.4 ha) in Moffat and Rio Blanco counties in northern Colorado. All 505 new mineral claims are included in the area which is subject to the terms of the Shift Rare Metals-Valleyview Amalgamation Agreement dated August 16, 2024 (the "Amalgamation Agreement"). Under the Amalgamation Agreement, former Shift Rare Metals ("Shift") shareholders and previous debt lenders to Shift are entitled to a milestone payment of US$111,111 in cash and 2,222,222 Homeland shares for every 5 million pounds of U3O8 resources (up to a maximum of 45 million pounds of U3O8) defined on the claims within eighteen months of the signing of the Amalgamation Agreement.