Slide 1: Solar Glass Manufacturing Plant Bankable Feasibility Study
CAD-TSXV: HMR USA-OTC: HMRFF GDR-WKN: 5ZE / A3CYRW BRAZIL B3 BDR: HMRN31 HOMERUN RESOURCES INC. Solar Glass Manufacturing Plant Bankable Feasibility Study Homerun: First Traditional Solar Pattern Glass Manufacturer in the Americas Innovating HPQ Silica Solutions for a Sustainable Future NPV IRR CAPE
Slide 2: The Opportunity: Why Solar Glass? Why Brazil? Why Now?
The Opportunity Why Solar Glass? Why Brazil? Why Now? Global Solar Boom Brazil Is Underserved First-Mover Advantage PV market: $979.9B (2025) → $2,249.5B (2036) #1 solar market in Latin America No solar glass producer in Brazil or Latin America Solar glass market: $19.9B → $104.8B by 2036 Imported 1
Slide 3: Project Overview
Project Overview Key Technical Specifications — 1,000 tpd Soda-Lime Solar Glass Plant Plant Specifications Production Ramp-Up Glass Type Soda-lime (Antimony-Free) Year 1 239,000 tpa 65.5% yield Total Melting Capacity 1,000 tpd (up to 1,100 tpd) Annual Gross Capacity 365,000 tpa Year 4 281,800 tpa 77
Slide 4: Location & Site Advantage
Location & Site Advantage Belmonte, Bahia, Brazil — Strategic Site Selection Adjacent Raw Material SITE LOCATION Site neighbours Homerun's commanded low-iron silica sand mine — feedstock is 100% captive, eliminating long-haul supply risk entirely. Santa Maria Eterna Belmonte, Bahia — Brazil Lat. 15°
Slide 5: Technology & Process
Technology & Process Proven Glass Manufacturing Technology — SORG Expertise Step 1 Step 2 Step 3 Step 4 Step 5 Batch Plant Glass Melter 4 Forehearths Roll Glass Lines Solar Processing 1,000 tpd raw 1,000 tpd furnace 250 tpd each Pattern forming, AR coating, QC, material prep ▶ 15-yr campaign life ▶
Slide 6: Capital Expenditure (CAPEX)
Capital Expenditure (CAPEX) Total Investment: US$396.5 Million CAPEX Key Notes CAPEX Breakdown by Category (US$M) Costs are NET (excl. VAT & local taxes) Patterned Glass Production Equipment $140.1M Based on first vendor budget quotations Civil & Earth Works $69.8M Accuracy: +5% / −10% Glass Process
Slide 7: Operating Costs (OPEX)
Operating Costs (OPEX) Competitive Cost Structure — ~50% Gross Margin at Domestic Pricing OPEX (2030) OPEX (Full Rate) Unit Cost (2030) Unit Cost (Full) Gross Margin $143.3M/yr $167.6M/yr $520/ton $581/ton ~50% Early production year 288,350 tpa — 2033+ vs. $1,033/ton sell price vs. $1,196/ton sell p
Slide 8: Financial Model & Returns
Financial Model & Returns NPV US$670M | IRR 20.2% | 7.6-Year Payback Net Present Value Internal Rate of Return Payback Period WACC $670M 20.2% 7.6 yrs 4.6% USD — Base Case Base (100% prod.) Within 13-yr life IRR exceeds by 15.6 pts Model Assumptions Revenue & EBITDA Trajectory Operations Start: 2028
Slide 9: Competitive Moat & Market Strategy
Competitive Moat & Market Strategy First-Mover in a Supply-Starved Market Why Homerun Has a Structural Advantage Demand & Pricing Context Zero Competition in Region Brazil 2025 PV module imports: 17.9 GW No solar glass manufacturers in Brazil or S. America. Homerun will be the sole domestic producer
Slide 10: Phase 2 Expansion Potential
Phase 2 Expansion Potential Site Designed for a Second 1,000 tpd Line — Doubling Capacity The BFS site layout explicitly reserves space for a second full production line — giving Homerun a built-in pathway to ~576,600 tpa and a potential second NPV event. Phase 1 — Current BFS Scope Phase 2 — Second
Slide 11: Conclusion & Next Steps
Conclusion & Next Steps The BFS Confirms: Homerun Solar Glass Project Is Feasible & Compelling The Bankable Feasibility Study concludes the Homerun Solar Glass Project is financially viable, operationally achievable, and strategically positioned to capture a large, underserved market. BFS prepared b