Colorado Uranium Project Revived as Exploration Push Shifts to Historic Discovery

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Homeland Uranium Corp. (HLU:TSX.V; HLUCF:OTC; D3U:FSX) announced that it has commenced a detailed geological mapping, prospecting and sampling program at its 100%-owned Cross Bones uranium project near Dinosaur, Colorado. The company stated that the program is designed to verify historically reported radioactive occurrences, assess the distribution and characteristics of uranium mineralization at surface, and identify new areas of elevated radioactivity.

According to the company, the mapping program will also support refinement of geological targets ahead of a future drilling program anticipated in the second half of 2026. Homeland said mapping and prospecting activities are expected to be completed over approximately one month.

The company stated that the program will evaluate three prospective priority target areas sequentially based on exploration potential. Homeland identified the highest-priority mapping area as the area surrounding the Cross Bones uranium deposit, formerly known as the Skull Creek uranium deposit, based on drilling completed in 1978 and 1979 by Anschutz Uranium Corp. and Ashland Minerals. The company noted that Bluerock Resources conducted follow-up drilling in 2006.

Homeland stated that the Cross Bones uranium deposit outcrops at surface and is hosted within the Sego sandstone and possibly the Iles formation, part of the Upper Cretaceous-age Mesaverde Group formation. The company added that the Sego sandstone and Iles formation are overlain by the younger Upper Cretaceous-age Williams Fork formation and the Paleocene-age Fort Union formation, which is the target horizon at the company's Coyote Basin project.

The company also stated that it recently acquired a second data set for the Cross Bones project, which included historical exploration information such as drill hole locations, surface radioactivity, and outcrop sampling results that Homeland previously did not possess. According to the company, the amalgamation of the new data set with Homeland's existing data "has had a significant positive impact on the company's understanding of the Cross Bones uranium project and the historical uranium mineralization encountered on the property."

Roger Lemaitre, president and chief executive officer of Homeland Uranium, stated in a company news release: "The new data set acquisition has allowed the company to accelerate our original exploration program and will allow us to focus more efficiently at defining mineralization at Cross Bones. This mapping program is an important step in tying together our understanding of the geology of the Cross Bones project and refining the drill target selection process for the known mineralized area, as well as identifying other areas on the property for future work."

Rising Nuclear Demand, Fuel Security Efforts, and Trading Activity Shape Uranium Sector

Baystreet wrote on May 6 that the U.S. uranium sector had become "more catalyst-dense than at any point in the past decade." The commentary stated that uranium spot prices were trading near US$86.55 per pound, while "TradeTech's Long-Term Uranium Price Indicator climbed to US$93.00 per pound on March 31, its highest level in more than 18 years."

The same Baystreet commentary stated that "the U.S. continues to import approximately 95% of the uranium it consumes, against domestic production of roughly 1 million pounds in 2026 versus annual reactor demand of nearly 50 million pounds."

Reuters reported on May 7 that CME Group planned to launch a physically based uranium futures contract in the coming months, according to sources familiar with the plans. The report stated that the contract represented "a departure from CME's existing, financially settled uranium futures, which have seen scant volumes," and came during a period when "investor interest in nuclear fuel surges on expectations of new reactor builds to meet climate targets and power energy-hungry data centers."

John Perdew, co-head of nuclear fuels at broker TP ICAP, told Reuters: "There's a lot of eyes on uranium, a lot of new capital looking at it." He also stated: "There's a futures contract, but it only has 350 lots of open interest and four prices a month. That's not what they (investors) want."

Reuters also wrote that "funds and other investors are showing fresh enthusiasm for uranium due to the acceleration away from fossil fuels following price spikes triggered by wars in Ukraine and Iran," while noting that many market participants had been deterred by "limited price transparency and the lack of exchange-traded instruments."

The Reuters report added that "demand for the fuel used to power nuclear reactors is expected to more than double by 2040," citing the World Nuclear Association.

According to a May 7 report from SNS Insider cited by Investing News Network, the global uranium enrichment market was projected to reach US$30.23 billion by 2035, compared with US$14.52 billion in 2025. The report stated that the projected 7.61 percent compound annual growth rate was driven by "the construction of 70 new nuclear reactors worldwide and increasing capital allocations toward nuclear fuel cycle infrastructure."

The same report stated that the U.S. uranium enrichment market was valued at US$3.12 billion in 2025 and was forecast to reach US$7.67 billion by 2035. Domestic uranium production also increased, with US uranium mines producing 677,000 pounds of U3O8 in 2024 compared with 50,000 pounds in 2023. Total US production expenditures reached US$160 million in 2024, which the report described as "the highest recorded since 2016."

Investing News Network also reported that "global nuclear reactors generated 2,667 terawatt-hours of electricity in 2024," citing the World Nuclear Association, while noting that "the sector currently has 70 reactors under construction, primarily located in Asia, with an additional 110 planned."

Focus Shifts to Cross Bones Following Coyote Basin Setback

According to a May 7 report from Jeff Clark and Daniel Flynn, the company "pivoted" to its Cross Bones uranium project after reporting assay results from eight holes at the Coyote Basin uranium project that "came back with uranium concentrations of less than or equal to 30ppm uranium."

The report stated: "This is very low, and certainly below what management had expected based on prior drilling." Clark and Flynn also wrote that "the market sold off the stock" and that shares were "down around 65% since the release."

Following meetings with management, Clark and Flynn wrote that "two things stand out," including that "Coyote Is Not Dead but Goes to the Back Burner." The report stated that management believed "the historic work is legitimate," but that "more exploration will be required to properly understand the mineralization."

The report also stated that "unexpected limitations with the drill contractor's equipment and personnel prevented drilling below the water table," which "limited the ability to confirm what the prior drilling had showed."

Clark and Flynn further wrote: "Encouragingly, downhole probe data still shows a laterally continuous horizon of elevated and locally anomalous radioactivity." They added that the company was "now re-evaluating the data and assessing whether deeper drilling below the currently defined radioactive horizon is warranted."

In the same May 7 report, Clark and Flynn stated that "Homeland Is Pivoting to the Cross Bones Project." They wrote that the project "hosts a historic uranium discovery first drilled in the 1970s and followed up again in 2006," and that management indicated "significantly more historical work was completed here than at Coyote, including about 100 holes with higher grades."

The report also stated that management had "recently acquired a valuable second dataset containing additional drill locations, surface radioactivity readings, and sampling data."

Geologist Sharyn Alexander wrote in the May 7 report that "Cross Bones is not a new discovery story. It's a reinterpretation story." She stated that the project hosted "a historical uranium estimate based on work completed in the 1970s and later programs."

Alexander wrote that "the dataset behind it is substantial," adding that historical drilling included "dozens of holes, supported by logs, assays, and radiometric surveys from multiple campaigns that are now being consolidated and reinterpreted."

She also stated: "Exploration success at Cross Bones will depend less on whether uranium exists, and more on whether that historical dataset holds up under modern scrutiny."

According to Alexander, "The company's current program reflects that approach: surface mapping, sampling, and data integration ahead of drilling." She added: "The goal is to refine targets within an already defined system and position the project for a more efficient drill campaign."

Alexander also wrote: "From a technical standpoint, this represents a shift from a concept-driven target to a data-supported system. Cross Bones offers scale and precedent. The next phase of work will determine whether it also delivers reliability."

Clark and Flynn concluded the report with an "UPDATED RECOMMENDATION: HOLD."

Exploration Plans and Project Development

According to the company's April 2026 investor presentation, Homeland Uranium holds 37,252 acres covering two historical uranium deposits located 25 miles apart in Colorado. The Cross Bones Project includes 853 Bureau of Land Management claims and three state leases totaling 18,596 acres, while the Coyote Basin Project includes 839 Bureau of Land Management claims and three state leases totaling 18,656 acres.

The investor presentation stated that planning and permitting for the second half of the 2026 drilling program at Cross Bones is underway. Homeland also noted that recent historical exploration data purchases are expected to accelerate the project evaluation timeline and reduce exploration costs. The presentation stated that the Cross Bones project has a historical resource estimate of 7,129,000 tons grading 0.31% U3O8, totaling 44.2 million pounds of U3O8, while noting that the company is not treating the historical estimate as a current mineral resource.

The presentation also described recent work completed at the project, including the relogging and resampling of 2006 BlueRock drill core during the first quarter of 2026 and the acquisition of the February 2026 BlueRock exploration database. Homeland stated in the investor presentation that the database acquisition would save the company one to two years of exploration work and several million in exploration costs.

Homeland further stated in the investor presentation that target generation work is underway as part of a planned two-phase 2026 program. According to the presentation, the company owns drill hole and wireline data from the 1978 Anschutz and Ashfield Minerals drill programs, while the BlueRock Resources database acquisition provided all data from 16 BlueRock drill holes completed in 2006, along with surface sampling data, regional radiometric surveys, and locations of historical drill holes.

The investor presentation also outlined work at the company's Coyote Basin project, where Homeland completed a 33-hole, 17,792-foot drill program in February 2026 as part of Phase II, Part 1 exploration activities. The company stated that interpretation of results is pending receipt of assay data and identified an inferred resource target by the end of the first half of 2026.

Ownership and Share Structure

16.18% of Homeland Uranium is held by management and insiders. Of them, Johnny Ciampi and Jelena Jakovjecic hold the most with 3.05% each. Institutions own 0.01%. The rest is retail.

Homeland Uranium has a market cap of CA$10.61 million, 111.65 million shares outstanding, and a 52-week range of CA$0.07 - CA$0.65.