Homeland Nickel Inc. has reacquired all Net Smelter Returns and $15 million CAD in milestone payments covering its Southern Oregon nickel laterite properties from RAB Capital Holdings Limited.

Under the completed transaction, Homeland has eliminated its remaining net smelter return obligations to RAB Capital. In a simultaneous transfer, the milestone and royalty payment obligations previously assigned to Patriot Nickel Corp on the Cleopatra and Eight-Dollar Mountain optioned properties are now redirected to Homeland.

To settle the agreement, Homeland is issuing 10 million common shares to RAB Capital alongside a 2.5% interest in Patriot Nickel. That equity stake will be drawn from Homeland's existing 20.0% holding in Patriot upon Patriot completing an initial public offering, leaving Homeland with a 17.5% interest. If Patriot does not complete an initial public offering within three years, RAB Capital holds the right to convert the 2.5% Patriot interest into an additional 10 million common shares of Homeland.

“This agreement eliminates all NSR and milestone payments required by Homeland and transfers the NSR and milestone payments required by Patriot to Homeland. This agreement results in minor dilution to our shareholders but reduces our need to finance the milestone payments which lets us focus expenditures on exploration and possible future acquisitions” — Steve Balch, CEO

Homeland previously optioned the Cleopatra property to Patriot Nickel in November 2025, establishing an arrangement where Patriot assumed responsibility for half of the milestone payments originally owed to RAB Capital.

Alongside the restructuring of its royalty obligations, Homeland is advancing technical and field programs across its Oregon portfolio. Homeland and Westwin Elements Inc. are conducting a Bankable Feasibility Study evaluating an integrated value chain spanning nickel mining, processing, and refining. In addition, Homeland plans to carry out sonic drilling and auger hole drilling programs at the Cleopatra and Red Flat properties once environmental reviews are finished and Plans of Operation receive formal approval.

Read the full announcement: Homeland Reacquires Net Smelter Return and Milestone Payments from RAB Capital