Homeland Nickel Inc. (TSXV: SHL; OTCQB: SRCGF) has closed a non-brokered private placement raising C$3,040,000 and announced that the United States Forest Service has accepted its Plan of Operation for a sonic drill program at the Red Flat Nickel Project. The company also disclosed that a data recompilation at both Red Flat and Cleopatra will support updated Mineral Resource Estimates without additional field work. Investors may be watching progress toward preliminary economic assessments that management states could be completed in Q4 2026, roughly a year ahead of schedule.

Key Points

  • Homeland Nickel Inc. (TSXV: SHL; OTCQB: SRCGF) is a Canadian nickel exploration company focused on Oregon, United States projects.
  • The company closed a non-brokered private placement of 8,000,000 units at C$0.38 per unit for gross proceeds of C$3,040,000.
  • The USFS accepted the Red Flat Plan of Operation; a revised OpPlan for Cleopatra was expected to be submitted the following week.
  • Investors may be watching for updated Mineral Resource Estimates and preliminary economic assessments targeted for Q4 2026.

USFS Acceptance Clears Red Flat Sonic Drill Program for Environmental Review

The United States Forest Service has accepted Homeland Nickel's Plan of Operation for a proposed sonic drill program at the Red Flat Nickel Project in Oregon. The release states the OpPlan will now proceed to NEPA environmental evaluation and cultural review, both described as well underway including completion of field work. Management noted in the announcement that the sonic drill program could be completed in October, subject to crew availability. A revised OpPlan for the Cleopatra Nickel Project was expected to be submitted the following week for a similar USFS acceptance process.

Data Recompilation Supports Updated Mineral Resource Estimates at Both Projects

Homeland Nickel states it has completed a recompilation of historical data at both Red Flat and Cleopatra to the satisfaction of its Qualified Person, enabling updated Mineral Resource Estimates without requiring additional field work or reproduction of original auger hole drilling. The release indicates these reports are intended to substantially accelerate an Initial Assessment Report for Cleopatra in SK-1300 format under SEC disclosure requirements and a Preliminary Economic Assessment for Red Flat under NI 43-101 format. Management stated it expects one or both reports to be completed during Q4 2026.

C$3.04M Financing Closed With Warrant Coverage and Insider Participation

The company closed its non-brokered private placement of 8,000,000 units at C$0.38 per unit, generating aggregate gross proceeds of C$3,040,000. Each unit comprises one common share and one half of one common share purchase warrant, with each whole warrant exercisable at C$0.50 per share for 24 months from closing. The company intends to use proceeds for property payments, exploration activities, and general corporate purposes. Insiders acquired an aggregate of 465,098 units; the company states it relied on applicable MI 61-101 exemptions. Final TSX Venture Exchange approval remains outstanding, and all securities carry a four-month-plus-one-day hold period.