Mr. Stephen Balch reports

HOMELAND NICKEL PROVIDES EXPLORATION AND CORPORATE UPDATE

Homeland Nickel Inc. has provided an exploration and corporate update. Homeland Nickel holds a 98.5-per-cent interest in two nickel properties in southern Oregon known as the Cleopatra and Red Flat properties that have an excess of 50 million tonnes (Mt) combined nickel laterite resource. The company also owns a 100-per-cent interest in the Eight Dollar and Shamrock properties also located in southern Oregon. The company retains a 30-per-cent interest in the Great Burnt copper project and South Pond copper and gold project that are currently under option to Benton Resources Inc.

Cleopatra property update

During the week of June 7 to 11, Homeland Nickel president and chief executive officer Steve Balch toured the Cleopatra property with his consulting geologist and members of the United States Forest Service. While the property is road accessible, the area is quite rugged and most of the property is accessible only by quad-runner or on foot. The company defined 14 sonic drill hole collars and has since submitted a plan of operations to the Forest Service which is currently under review. The purpose of the drill program is to determine the approximate thickness of the nickel laterite at the south end of the property currently accessible by existing trails. Exploration into the northern section of the property will require additional trails which will be subject to a future exploration permit to be submitted in 2025.

Previous exploration at Cleopatra identified a nickel resource from mainly hand-augered holes spaced over a grid of 300 feet by 300 feet. Seven hundred and forty-eight individual auger holes were completed to an average depth of eight ft below surface and to a maximum depth of 23.5 ft, with 1,135 samples taken for assay. The resource was produced by AJR Geoconsulting Inc. in 2009 and totalled 19.8 million tonnes (Mt) of 0.94 per cent nickel (Ni) in the measured and indicated categories and 19.7 Mt of 0.92 per cent Ni in the inferred category for a total of 733 million pounds of contained nickel using a 0.7-per-cent nickel (Ni) cut-off. Although produced to National Instrument 43-101 standards, the resource was never published and so is considered historical in nature.

Red Flat property

During the week of July 15 to 21, the company visited the Red Flat property with the Forest Service to review road access and to locate up to 50 sonic drill hole locations for an exploration program scheduled for late summer, early fall 2024. The property is road accessible across its entire length through a well-maintained gravel road with several unmaintained trails extending across the property to provide excellent overall access. Of historical significance was the presence of several large trenches that are thought to have been excavated during the 1950s by the United States Government (possibly the United States Geological Survey) where nickel laterite was exposed for vertical thicknesses up to 15 feet.

Previous exploration at Red Flat in 2007 to 2008 identified a historical nickel resource of 10.4 Mt at 0.84 per cent Ni of measured and indicated plus 8.3 Mt at 0.80 per cent Ni of inferred for a total of 317 million pounds of contained nickel using a 0.7-per-cent Ni cutoff (AJR Consulting Inc., 2009).

A total of 44 sonic drill hole locations were spotted and photographed and a subsequent plan of operations has been submitted to the Forest Service for approval. The purpose of this drill program is to determine the vertical extent of the nickel laterite along both a north-south and east-west corridor in an area with good road access.

Eight Dollar Mountain

A half-day visit was conducted at the Eight Dollar Mountain property which is located just west of the town of Selma, Oregon, and with good road access. Nickel laterite was observed exposed across much of the property. A sampling program is contemplated for 2025 and would consist of several shallow excavations using hand tools such as a pickaxe and shovel to uncover the nickel laterite and provide undisturbed samples of approximately 500 g each for assaying. Historic exploration at Eight Dollar has confirmed nickel laterite over a very wide area of variable grade. Homeland Nickel staked 115 mining claims totalling 2,376 acres in 2024 and owns a 100-per-cent interest in the property.

Shamrock property

A half-day visit was conducted at the Shamrock property, which consists of 40 mining claims totalling 758 acres, primarily to determine access to the property. Shamrock is located 20 miles northwest of Medford, Oregon. Access was found to be good with a local gravel road extending into the property from a paved highway to within a few hundred metres of the historical workings. Future exploration at Shamrock is planned for 2025 and will include outlining the historical workings and outcrop sampling. This property was explored in 1952 to 1953 and a bulk sample of 200 pounds was removed and assayed 1.3 per cent nickel, 1.1 per cent copper and 0.03 ounce per ton platinum. High-grade manganese was also removed and processed with assays returning 23.1 to 32.3 per cent magnesium. Shamrock is considered a high-grade nickel sulphide prospect, 100 per cent owned by Homeland Nickel.

Benton joint venture

In August, 2023, Homeland Nickel and Benton signed an exploration agreement (see press release Aug. 17, 2023) whereby Benton could earn a 70-per-cent interest in the Great Burnt Copper and South Pond copper and Gold projects 100 per cent held by Homeland Nickel and located in Newfoundland, Canada. Benton was required to spend $2.5-million in exploration expenditures and issue to Homeland Nickel 15 million common shares of Benton.

On July 17, 2024, Benton press released it had fulfilled its exploration expenditure commitments and would be vesting its 70-per-cent interest in the Newfoundland projects. Homeland Nickel will finance its 30-per-cent interest going forward and may elect to sell its interest to a third party or directly to Benton under favourable economic terms as the company continues to focus on nickel in Oregon.

Corporate update

During June and July, 2024, Homeland Nickel successfully negotiated with six of the seven minority shareholders of Homeland Nickel Corp. (the U.S. subsidiary holding the rights to the mining claims at Cleopatra and Red Flat) that increases Homeland Nickel's ownership to 98.5 per cent (from the previous 80 per cent). The company was also able to obtain a full release from all parties who elected to receive common shares in the company which in aggregate will not exceed 4.8 million.

Commenting on the nickel properties in Oregon, president and chief executive officer Steve Balch stated: "Over all, we are very impressed with our nickel portfolio in Oregon. We observed extensive concentrations of nickel laterite at Cleopatra, Red Flat and Eight Dollar. While Cleopatra is by far the largest resource, access to the entire property will not be easy without some additional trail excavating and that will take permitting which takes some time. Red Flat is much more accessible so we will focus more there this year with an expanded program to increase the resources at both properties scheduled for 2025. We were also impressed with the amount of nickel laterite at Eight Dollar. It is also a very large property that will need some basic surface sampling to get us better focussed. Access is as good there as it is at Shamrock."

"We also thank the minority shareholders of what was formerly Red Flat Nickel Corp. We have provided liquidity to these individuals in the form of Homeland Nickel common shares in return for their interest and a full release. Going forward, we have no debt on these properties and we now own a 98.5-per-cent interest in Cleopatra and Red Flat, up from the previous 80 per cent. We will work to make that interest 100 per cent over time."

Qualified person

Mr. Balch, PGeo (Ontario), the company's president and CEO and a qualified person under National Instrument 43-101, has reviewed and approved the technical content of this press release.

About Homeland Nickel Inc.

Homeland Nickel 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.

We seek Safe Harbor.