Homeland Uranium Corp: Phase II Coyote Basin Exploration Details Now Filed with the BLM

DISCLAIMER: Any written content contained herein should be viewed strictly as analysis & opinion and not in any way as investment advice. Visitors to this site are encouraged to conduct their own due diligence. As a Research Spotlight product, HoldCo Markets has received financial compensation for the written content and analysis below. Please read the full disclaimer here: holdcomarkets.com/disclaimer

On July 9, 2025 Homeland Uranium (HLU) announced that it had filed a Notice of Intent (NOI) with the US Bureau of Land Management (BLM) and the Colorado Division of Reclamation, Mining and Safety (DRMS) to commence a large scale drilling campaign on the Coyote Basin Uranium Property, located in Moffat and Rio Blanco Counties in northwestern Colorado. Since IPO this past March, Homeland Uranium has been busy setting the framework needed to potentially expand and bring the historic Coyote Basin resource estimate into compliance with the NI43-101 standards. In the few months since listing, management has increased the total portfolio acreage by 45% (now encompassing 33,718 acres in northern Colorado) and has made key technical hires to oversee the upcoming drill program. Homeland Uranium trades at attractive valuation multiples (0.17x NAV and $0.53 EV/lb) when compared to peers. Our 0.35x NAV, $3.25/lb derived price objective implies +104% upside from the most recent intra-day quote.

FIRST PART OF THE PHASE II EXPLORATION PROGRAM SET TO BEGIN THIS FALL

Homeland Uranium announced earlier today that it has filed a Notice of Intent (NOI) with the US Bureau of Land Management (BLM) and the Colorado Division of Reclamation, Mining and Safety (DRMS) to commence a large scale drilling campaign on the Coyote Basin Uranium Property, located in Moffat and Rio Blanco Counties in northwestern Colorado.

Specifically, the Notice of Intent detailed Homeland Uranium’s plan for a 36-hole, 6,000m (19,685ft) rotary drill program at Coyote Basin. This marks the first part of the Phase II drilling program with the focus being on bringing the historical uranium and vanadium resource to compliance with NI43-101 standards. This upcoming drilling campaign will be the company's inaugural program at Coyote Basin. Given data received from this summer’s Phase I exploration program, among others, Homeland will be planning to excavate three trenches to further verify the apparent width extent of the mineralized lenses. Each trench is located to expose the geology over parts of Horizons 1-3 where Phase I mapping and prospecting discovered anomalous radioactivity in outcrops up to eight times background levels (400 cps) using a CT007-M microR Meter. The trench locations also coincide with historically identified anomalous uranium concentrations in outcrop ranging up to 0.146% U3O8. 

Recall that earlier this summer, the goal of the Phase I program set out to identify and evaluate potential target areas initially detected by Urangesellschaft in the 1970s. The Phase I exploration program consisted of geological mapping, rock sampling, prospecting and a UAV magnetic survey. Axiom Exploration Group, the company's consultant on the Phase I Exploration Mapping Program, has been able to confirm the presence and physical location of the exposed radioactive stratigraphic horizons discovered in the 1970s. The horizons are variably anomalous, confirmed roughly parallel and verified continuous almost over the entire north-south length of the property. The horizons remain untested by drilling over the majority of their strike length.

PHASE II DRILLING THIS FALL; UPDATED NI43-101 RESOURCE ESTIMATE DUE IN 1H/2026

The Phase II drilling program is planned to conduct confirmatory drilling intended to convert historical resources into an NI 43-101 compliant estimate. Recall that extensive drilling on the Coyote Basin during the 1970s led to an estimate of 8.85M tons grading 0.20% U3O8 and 0.10% V2O5 for 35.4M lbs U3O8 and 17.7M lbs V2O5. The historic uranium resource at Coyote Basin ranks the project as one of the largest uranium deposits out of any deposit contained within the Four Corners region.

Historically, a total of 24 drill holes were drilled with 21 intersecting uranium mineralization. In 2006, Energy Metals Corporation reported a Coyote Basin historic resource estimate of 8.85M tons grading 0.20% U3O8 and 0.10% V2O5 equating to 35.4M lbs U3O8 and 17.7M lbs V2O5.

INCREASING THE PORTFOLIO ACREAGE

Since listing on the TSXV this past March, management has acted quickly with increasing the total portfolio acreage. Recall that earlier in April, a total of 109 new mineral claims were staked at Coyote Basin, covering a total of ~2,250 acres. The new claims are located at the southwestern edge of the property 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. With the addition of these new claims, the Coyote Basin property now consists of 808 mineral claims and 3 state leases totaling 18,404 acres. The newly staked claims abut the southwest corner of the Coyote Basin project where the 4 known host horizons are believed to be folded into an east-west strike direction that extends westward towards the Red Wash Project.

As per the Red Wash Project, a total of 396 new mineral claims were added in two separate blocks totaling a combined 8,180 acres. Of particular note is that one of the blocks abuts the southern end of the Red Wash property. This particular block hosts a historic Urangesellschaft uranium occurrence where an outcrop sample contained 350 ppm U3O8 within sandstone. 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 new mineral claims overlie areas adjacent to both properties that are considered prospective strike extensions of potential uranium host stratigraphy.

RECAPPING OUR INVESTMENT THESIS

Given the announced mineral claim additions, Homeland Uranium’s key property is the 18,404 acre Coyote Basin Project. Historical drilling was conducted by Western Mining Resources in the 1970s when a resource totaling 35.4M lbs U3O8 along with 17.7M lbs of V2O5 was estimated (as reported by Energy Metals Corporation in 2006). Ahead of an upcoming confirmation/exploration drill campaign to upgrade the resource to a NI43-101 standard, Homeland Uranium maintains approximately $12.5M in treasury. The Phase II confirmation drilling program will be a pivotal event in de-risking of the project. For additional details, refer to our initiation of coverage report, dated March 18, 2025.  

In short, the historic resource at Coyote Basin coupled with the aggressive 2025 drilling plans make Homeland Uranium a compelling investment from a risk/reward standpoint. Numerous other factors and near-term drivers further bolster this conclusion while also setting the company apart from peers:

• Resource Upgrade: A large-scale confirmation drilling program is expected to commence this fall. The historic Coyote Basin resource is expected to be updated to a NI43-101 compliant standard sometime in 1H/2026.

• Meaningful Size: Though still a historic resource, the 35.4M lbs U3O8 estimate was prepared in 2006 by Energy Metals Corp. and offers compelling starting point. Within the context of other uranium deposits located within the Four Corners, one would be hard pressed to find any current deposit surpassing 30M lbs (let alone 20M lbs). A large deposit size allows for additional options pertaining to recovery methods and final production (either all conducted in-house or partially outsourced).  

• Resource Upside Potential: Given a historic resource of 35.4M lbs U3O8, we note that all exploration work attributed to that estimate took place in the 1970s. Of the holes drilled, none tested the 2, 3 or 4 horizons. Limited samples were taken while Neutron probing (in only a handful of holes) indicated that mineralization may be present between gamma peaks. Additional resource growth exists downdip and along strike.

• Recoveries: The potential for heap leach recovery with ion exchange will be tested for. This would allow for loaded resins and calcining toll options at several Wyoming ISR operations (if not possibly even completed on site).  

• Location: Both Coyote Basin and Red Wash are situated within 435 kms of the only three fully licensed conventional uranium mills in the USA. Each mill – White Mesa, Sweetwater and Shootaring Canyon are either on standby or have ample excess capacity. As per potential resin shipments, the Lost Creek CPP is situated approximately 290 km away. Further options include Irigaray and Nichols Ranch.

• Management Track Record: Homeland Uranium boasts what is likely to be one of the most qualified management teams and accomplished Board of any exploration/development peer. Management and Board track record encompasses exploration, development, finance and capital markets.   

CONCLUSION & VALUATION

Homeland Uranium is the newest entrant to the very limited universe of US-focused uranium exploration/development companies. With its flagship Coyote Basin and Red Wash uranium properties located strategically in northwest Colorado, the current focus is to de-risk by bringing the historic resource estimate to a NI43-101 standard. Ahead of a highly anticipated Phase 2 drill campaign this fall, we like the geological potential and internal fundamentals of the company. These internal fundamentals not only include the ~$12.5M currently in treasury (equating to ~40% of mcap) but the accomplished management team (CEO Roger Lemaitre) and Board as well. The company possesses the necessary skill-set to develop and de-risk both the Coyote Basin and Red Wash projects.  Given the near-term start to the Phase II campaign, the near-term drivers will be material and news flow will begin in short order. In a part of the US where the need for uranium resources is becoming increasingly apparent, the Homeland Uranium story is worth telling and watching for.

In anticipation of the Phase 2 confirmation drilling program start, we maintain our C$0.64 per share, 12-month price objective. This would equate to potential upside of +105%. While acknowledging the current (and ever present) market volatility, we feel that the risk/reward construct is long term favorable and that the risk remains on the upside. At an EV/lb of $0.53 per lb, not only does Homeland Uranium trade at the lowest multiple versus development/exploration peers, but with 35.4M lbs (historic) it also carries one of the highest uranium resource estimates among US-based peers.