Homerun Resources Inc. Announces Approval by ANM of Final Exploration Report for Mineral Rights Leased from CBPM in the Santa Maria Eterna High Purity Silica District August 21, 2025 8:00 AM EDT | Source: Homerun Resources Inc. Vancouver, British Columbia--(Newsfile Corp. - August 21, 2025) - Homerun Resources Inc. (TSXV: HMR) (OTCQB: HMRFF) ("Homerun" or the "Company") is pleased to announce that Brazil's National Mining Agency (ANM) has formally approved the Final Exploration Report for the concession are ...

Summary of China Solar Industry Conference Call Industry Overview - **Industry**: China Solar Industry - **Date**: 15 August 2025 Key Points Polysilicon Prices and Production - Polysilicon price remained stable at Rmb44/kg as of the week starting 11 August 2025, with a current inventory of 24.2kt, reflecting a 4% week-over-week increase [1] - Monthly polysilicon production is projected to rise by 16% month-over-month to 125kt (equivalent to 54GW) in August [1] Wafer and Cell Prices - N-type wafer prices for M10/G12 remained unchanged at Rmb1.20/1.55 per piece week-over-week [2] - Utilization rates for tier-1 wafer manufacturers were stable at 50% and 46%, while vertical integrators operated at 50-80% [2] - TOPcon cell prices for M10/G12 also remained flat at Rmb0.29 per watt [2] - Module prices held steady at Rmb0.68 for TOPcon and Rmb0.76 for Back Contact modules, with module production flat at 52GW in August [2] Solar Glass Inventory and Pricing - Solar glass prices remained unchanged at Rmb10.75 for 2.0mm and Rmb18.75 for 3.2mm [3] - Soda ash prices were stable at Rmb1,350 per tonne [3] - Solar glass inventory decreased to 25.32 days, indicating a potential price increase in the coming weeks [3] Risks and Opportunities - **Downside Risks**: - Slower-than-expected growth in installed domestic renewable energy capacity [21] - Larger-than-expected tariff cuts for renewable energy projects [21] - Increased competition from other power resources due to future power reforms [21] - **Upside Risks**: - Faster-than-expected growth in installed domestic renewable energy capacity [22] - Smaller-than-expected tariff cuts for renewable energy projects [22] - Market share gains for solar energy compared to other power resources under future reforms [22] Additional Insights - The report emphasizes the stability in pricing across the solar supply chain, which may indicate a balanced market environment [1][2][3] - The increase in polysilicon production suggests a positive outlook for the solar industry, potentially leading to greater capacity and efficiency in solar energy generation [1] - The decline in solar glass inventory could signal upcoming price adjustments, which may impact overall project costs in the solar sector [3]

Homerun Resources Inc. Receives Joint Support Plan from BNDES and FINEP Indicating Financial Instruments Available to Support Homerun's Business Plan July 28, 2025 8:00 AM EDT | Source: Homerun Resources Inc. https://agenciadenoticias.bndes.gov.br/detalhe/noticia/BNDES-e-Finep-concluem-avaliacao-de-propostas-de- chamada-publica-de-projetos-com-foco-em-minerais-estrategicos/ The Company will provide further updates as the initiative progresses. About Homerun (www.homerunresources.com) Vancouver, British Colu ...

Investment Rating - The industry investment rating is Attractive [4]. Core Insights - Solar glass prices have dropped below cash cost levels, with reported prices in June for 2.0mm products at Rmb12-12.5/sqm and actual executed prices ranging from Rmb10.8-11/sqm, indicating industry-wide losses at cash levels [2][7]. - The rebound in solar glass prices in March and April led to the initiation of 11.3kt/d new capacities and the resumption of one 850/t line in the past three months, with the industry operating capacity at approximately 100kt/d, supporting around 54GW monthly production [7]. Summary by Sections Price Trends - Solar glass prices rebounded in March and April to Rmb14-14.5/sqm due to better-than-expected demand, but have since fallen to Rmb12-12.5/sqm in June, with actual prices for smaller players even lower [2][7]. Production Capacity - Approximately 97% of the operating capacity commenced production in 2021 and later, making it difficult to suspend production quickly. There are still around 10kt/d of smaller lines that may exit the market first due to higher costs [3]. Market Dynamics - The lower profit margins are expected to trigger production line blockages or suspensions, with companies like CNBM, Flat Glass, IRICO, and Almaden planning maintenance in the near term [3].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **solar energy industry** in China, focusing on various segments such as polysilicon, wafers, cells, modules, and inverters [1][2][3][4][5][6][7][10][11]. Core Insights and Arguments Price Trends - **Polysilicon Prices**: N-type and P-type polysilicon prices remained stable at RMB38.6/kg and RMB31.3/kg respectively, with low transaction volumes reported [1][5]. - **Wafer Prices**: Prices for G10L, G12R, and G12 N-type wafers remained flat at RMB0.95, RMB1.10, and RMB1.30 per piece respectively, indicating a stabilization in the market [1][6]. - **Cell Prices**: M10L TOPCon cell prices decreased to RMB0.255-0.26 per watt, while G12R and G12 TOPCon cell prices remained stable at RMB0.26-0.27 and RMB0.27-0.28 per watt respectively [7][13]. - **Module Prices**: New TOPCon module orders were weak, priced at RMB0.65-0.66 per watt, with expectations of continued weak demand until mid-2025 [10][28]. Market Dynamics - **Installed Capacity**: China installed 104.93 GW of PV capacity in the first four months of 2025, with a significant year-on-year increase of 74% [2]. - **Export Trends**: In April 2025, the export value of modules and cells dropped by 21% year-on-year to USD2,249 million, with the EU becoming the largest overseas market [3][4]. - **Inverter Exports**: Inverter exports increased by 17% year-on-year to USD809 million, with the EU also leading in this segment [4]. Supply Chain and Inventory - **Silicon Supply**: The number of polysilicon producers remained at 11, with a reported decrease in output by 6.08% month-on-month to 99.1 kt in April 2025 [5]. - **Wafer Inventory**: Wafer inventory levels dropped to approximately 10 days, indicating a tightening supply situation [6]. - **Solar Glass Prices**: Prices for solar glass decreased, with 3.2mm and 2.0mm glass priced at RMB21-21.5 and RMB13-13.5 per square meter respectively [11]. Policy and Market Outlook - **Policy Changes**: Developers rushed to connect PV projects to the grid before a policy shift from Feed-in Tariffs (FiT) to market-based pricing, indicating a potential impact on future installations [2]. - **Demand Forecast**: The market outlook remains lukewarm with shrinking end demand, and prices are expected to continue to fall in the short term [8][13]. Other Important Insights - **Utilization Rates**: Utilization rates across various segments are reported to be low, with DQ's utilization rate at 33% and JKS's at 5% for US shipments [22][23]. - **Financial Performance**: Companies like CSIQ and JKS reported financial results in line with expectations but highlighted challenges due to policy uncertainty and reduced shipments [14][23]. - **Emerging Technologies**: Discussions on emerging technologies such as eVTOL (Electric Vertical Takeoff and Landing) indicate a growing interest in urban air mobility, with EHang positioned as a key player [19][31]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the current state and future outlook of the solar energy industry in China.

Investment Rating - The industry view for Greater China Materials is rated as Attractive [6] Core Insights - Lithium demand may be pressured by trade tensions, with a market surplus expected to increase to approximately 10,000 tons of lithium carbonate equivalent (LCE) in April, leading to downward pressure on prices [2][3] - Uranium fundamentals remain solid despite a spot price correction, with term pricing stable at around US$80 per pound, indicating a constructive medium-to-long-term supply-demand outlook [3] - Solar glass prices are likely to stabilize due to supply responses, although pressures are expected to persist in the second half of 2025 as demand decreases [4][10] Summary by Sections Lithium - Demand in 1Q25 was stronger than expected due to EV trade-in programs and energy storage system (ESS) demand, but the peak season in 2Q25 is anticipated to be muted due to earlier demand pull-forward [2] - Tariff uncertainties have caused large EV makers to pause April order books, leading to a potential price bottom for lithium carbonate at approximately Rmb65,000 per ton [2] Uranium - The spot price has declined to around US$60 per pound, influenced by uncertainties regarding Russian enriched uranium and US tariffs, but the gap between spot and term prices has widened, limiting further downside [3] - Supply imbalances are expected to gradually reflect in the market, potentially pushing uranium prices higher and benefiting companies like CGN Mining [3] Solar Glass - A reasonable recovery was noted in 1Q25, with prices rebounding due to increased demand from module producers, but a decrease in demand is expected in June as rush installations conclude [4][10] - The near-term supply and demand for solar glass could remain solid, supporting earnings recovery for producers, but increased industry supply may pressure prices again in 2H25 [10] Rare Earth Magnets - An upward trend in rare earth prices is anticipated due to new smelting regulations and tariffs, which could tighten supply from imports, benefiting producers [11] Stock Ratings - Overweight-rated stocks include Xinyi Solar, CGN Mining, and various rare earth magnet producers, with significant upside potential noted for several companies [12][13]