Mr. Steve Balch reports

SPRUCE RIDGE RESOURCES ANNOUNCES AMALGAMATION AND NAME CHANGE

Spruce Ridge Resources Ltd. has completed a vertical amalgamation with its wholly owned subsidiary, Homeland Nickel Inc., effective May 10, 2024. On May 16, 2024, the company's name will change from Spruce Ridge Resources to Homeland Nickel. The Cusip assigned to the common shares of the company following the name change is 43740Q107.

The common shares of the company will commence trading on the TSX Venture Exchange at the opening of trading on May 16, 2024, under the new name. There is no change in the trading symbol, which remains SHL. Common share certificates bearing the old company name, Spruce Ridge Resources, continue to be valid in settlement of trades in common shares and will only be replaced with certificates bearing the new name against transfer. The company is not requesting, and shareholders are not required to, exchange their existing common share certificates for new certificates bearing the new company name.

Steve Balch, president and chief executive officer, stated: "The name change to Homeland Nickel Inc. officially marks the transition of the company into a nickel-focused explorer and developer. Homeland Nickel Corp., the name of our United States subsidiary that holds our projects, was rebranded last year and we wish to continue that focus as potentially the only domestic supplier of nickel in the continental U.S."

The company's website will be available as of May 16, 2024.

About Spruce Ridge Resources Ltd.

Spruce is a Canadian-based mineral exploration company focused on critical metal resources with nickel projects in Oregon, United States, and copper projects in Newfoundland, Canada. The company also holds a significant portfolio of mining securities including 3.56 million shares of Canada Nickel Company Inc., 10 million shares of Noble Mineral Exploration Inc., 15 million shares of Benton Resources Inc. and 2.5 million shares of Magna Terra Minerals Inc.

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