Mr. Stephen Balch reports

HOMELAND AND WESTWIN SIGN BINDING OFFTAKE AGREEMENT AT RED FLAT

Homeland Nickel Inc. has signed a binding offtake agreement with Westwin Elements Inc. at the Red Flat nickel project.

The offtake agreement establishes Westwin's first mine, a direct, domestic source of nickel for its future phased full-scale refinery, complementing the company's existing long-term supply agreements. The offtake agreement would provide Westwin with an estimated 20,000 tonnes of nickel concentrate per year, mined and concentrated by Homeland from its Red Flat property located in southern Oregon. Homeland will complete its updated mineral resource estimate and a preliminary economic analysis, and Westwin, once satisfied with the PEA results, will entirely finance a bankable feasibility study, including permitting, drilling, environmental assessment and a more detailed economic analysis.

This agreement or any other future definitive agreement between Homeland and Westwin is not intended to replace, modify or otherwise affect Westwin's existing feedstock relationships or arrangements with third parties.

Commenting on the offtake agreement, Homeland president and chief executive officer Steve Balch said: "We still have a long way to go before we are mining at Red Flat. Our updated MRE is under way, and does not require more permitting or drilling to complete. The same goes for the PEA. We expect to provide Westwin with these reports in Q1 or Q2 of 2027. Westwin will have 90 days to review the reports and start their BFS."

"This agreement is an important step towards establishing a secure, fully domestic nickel supply chain," said Westwin founder and chief executive officer Kaleigh Long. "By connecting future nickel production from Homeland's Red Flat property in Oregon with Westwin's U.S. refining capacity, we can turn American resources into high-purity nickel that our nation's manufacturers and defence industrial base depend on."

Homeland and Westwin had previously signed a non-binding memorandum of understanding (see news release dated May 14, 2026), and Homeland chief executive officer Mr. Balch and Patriot Nickel Corp. CEO Jeffrey Strobel subsequently visited Westwin's pilot plant in Lawton, Okla. Since that time, Homeland and Westwin have been looking for ways to co-operate to ensure Westwin has a domestic source of nickel for its planned full-scale refinery. While Westwin will have an exclusive offtake for Red Flat, it can also benefit from offtake agreements from Homeland's other properties.

About the Red Flat nickel property

The Red Flat nickel property is located 15 kilometres southeast of Gold Beach, Ore., and consists of 84 lode mining claims totalling 2,015 acres. Red Flat can be accessed from coastal Highway 101, east on Hunter Creek Road and onto Forest Service Road 3680. Local road systems allow access to most of the property.

Red Flat has a historical resource of 18.8 million tons grading 0.84 per cent nickel including 10.4 million tons of measured and indicated resource grading 0.88 per cent nickel. Garnierite is present on the property, and the nickel grade of the rock component is slightly higher than that of the soil with the measured resource of rock grading 1.05 per cent nickel (over 2.3 million tons). The resource cut-off grade is 0.7 per cent nickel. Not previously disclosed in the historical resource is a significant component of cobalt, which was assayed in the original 2007-2009 exploration work but never disclosed.

Red Flat is located on federal land administered by the Bureau of Land Management with permits to access the property with heavy machinery required by the U.S. Forest Service.

Additional permits from the Department of Geology and Mineral Industries are required when drilling deeper than 50 feet or disturbing more than one acre.

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 0.93 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 and on the OTCQB as SRCGF with DTC eligibility.

Historical resources

A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and the company is not treating the historical estimate as current mineral resources or mineral reserves. While the company is confident in the historical work until such time as the technical due diligence has been completed, it is not treating the historical resources as current mineral resources. Future work would then be focused on upgrading the inferred resources to measured and indicated, as well as expanding the resources by tonnage, as both resources are open at depth.

Qualified person

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

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