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On March 31, Homeland Uranium (HLU) announced that it had filed a Notice of Locations with the US Bureau of Land Management (BLM) and Rio Blanco and Moffat Counties for a total of 505 new mineral claims staked adjacent to the Coyote Basin and Red Wash uranium projects, located in northwestern Colorado. The new claims are located on lands where both surface rights and mineral rights are administered by the BLM.
Ahead of the much anticipated Phase 1 summer drilling campaign and not even three weeks into a TSXV listing, management has acted quickly to add valuable acreage to the already large uranium land package.
COLORADO PORTFOLIO ACREAGE INCRESES BY ~45%
Homeland Uranium now owns 1,507 mineral claims and 5 state leases totaling 33,718 acres in Moffat and Rio Blanco counties in northern Colorado. At the flagship Coyote Basin property, a total of 109 new mineral claims were staked 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 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. As can be seen from the map below, 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.
Given the announced mineral claim additions, Homeland Uranium now owns 1,507 mineral claims and 5 state leases totaling 33,718 acres in Moffat and Rio Blanco counties in northern Colorado.
TRADE COMMENCES ON THE FRANKFURT STOCK EXCHANGE (FSX)
It was also announced that under the symbol D3U, trade began on the Frankfurt Stock Exchange (FSX) in late March. Though the majority of the trading liquidity will certainly remain on the TSXV, the FSX listing is strategic as it broadens the shareholder base to encompass an increasing European domiciled clientele.
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 $13.3M in treasury. We expect a robust drilling campaign to begin this summer. The upcoming drill campaign will be highlighted entirely by a robust, 10,000m confirmation program. 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 in later this summer. The historic Coyote Basin resource is expected to be updated to a NI43-101 compliant standard sometime in Q1/2026.
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 - see below). 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 late summer drill campaign, we like the geological potential and internal fundamentals of the company. These internal fundamentals not only include the $13.3M currently in treasury (equating to ~60% 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 start of a drilling campaign later this summer, the near-term drivers will be material and news flow will begin relatively soon. 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. Homeland Uranium trades at attractive valuation multiples (0.12x NAV and $0.27 EV/lb) when compared to peers.
In anticipation of the confirmation drilling program start, we maintain our C$0.64 per share, 12-month price objective. This would equate to potential upside of +184%. While acknowledging the current (and ever present) market volatility, we feel that the risk/reward construct is LT favorable and that the risk remains on the upside.