February 24, 2026, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Homerun Resources, Inc. (OTC: HMRFF) titled, “Solar Panel Glass Right Where You Need It”. The report can be accessed here.
Homerun Resources, Inc. is a vertically integrated materials and energy solutions company that is headquartered in Vancouver, British Columbia and is focused on building the silicapowered backbone of the global energy transition. Founded in 2022, the company has rapidly consolidated control over the HPQ silica sand resources of the Santa Maria Eterna (SME) district in Belmonte, Bahia, Brazil, positioning itself as a strategic supplier of low-iron feedstock for advanced solar and energy storage applications. Homerun’s operating model spans the full industrial vertical from raw material extraction and processing through to downstream solar glass manufacturing and AI-enabled energy management systems. Through its Homerun Advanced Materials division, the company is advancing large-scale silica processing and pioneering zero-waste purification technologies, while its Homerun Energy Solutions platform is developing LatAm’s first dedicated antimony-free solar glass manufacturing facility and commercializing “The Hub”, its proprietary AI-driven energy management system for battery storage assets.
Homerun’s SME HPQ silica project in Belmonte, Bahia, Brazil underpins its vertically integrated strategy to become a key supplier of critical feedstock for solar glass and other high-value materials. The SME district hosts an NI 43-101 compliant maiden resource of 63.91MM tons at ~99.6 % SiO₂, with broader target resources in excess of 200MM tons across multiple contiguous leases that are fully permitted for commercial mining by ANM. Independent metallurgical testing has confirmed the HPQ silica’s exceptionally low iron impurity, raw sand below 7 ppm, and processed material capable of achieving <1 ppm iron, making it suitable for premium optical, industrial and solar glass markets. To secure long-term industrial access, Homerun has not only consolidated control over all major mineral leases in the SME district but also executed definitive surface rights agreements covering 64 hectares immediately adjacent to the resource for its processing and solar glass facilities and completed a 582hectare land acquisition as part of its district-wide strategy.
Building on this resource base, Homerun is advancing a phased plan to develop proximal infrastructure that brings silica to market and feeds downstream value creation. Initial phases involve wash, sort, and dry processing with commercial sales anticipated ahead of full purification, while process flow and engineering studies continue for the ultra-pure (>99.99 % SiO₂) purification plant that will feed higher-margin markets. Parallel to silica extraction and processing, Homerun is planning LatAm’s first dedicated solar glass manufacturing facility, with 365K tpy capacity and 100% antimony-free production made possible due to the deposit’s ultra-low iron content and supported by existing LOIs and tariff protections on imports. This downstream plant positions Homerun to help reduce the region’s dependence on imported solar glass and counter the broader global concentration of solar panel supply chains in China, where most polysilicon and glass production currently resides, by offering a competitively priced, ESG-aligned alternative for Brazil’s rapidly expanding solar market.
Homerun sits between upstream silica sand developers (e.g., VRX) and vertically integrated critical mineral developers (e.g., AVL, 5E). Its resource scale appears competitive within industrial minerals, though smaller than large-scale lithium or molybdenum deposits. Homerun differentiates itself through planned integration into solar float glass manufacturing, increasing both potential margin capture and capital intensity. In valuation terms, this positions Homerun closer to integrated, heavy-capex developers trading at ~0.10x–0.25x market cap/NPV rather than pure bulk silica exporters. Execution on permitting, feasibility publication, and project financing will determine whether it is ultimately valued as a junior resource optionality play or as an emerging specialty materials platform.
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