Vancouver, British Columbia--(Newsfile Corp. - January 20, 2026) - Homerun Resources Inc. (TSXV: HMR) (OTCQB: HMRFF) ("Homerun" or the "Company") is pleased to provide details of the monthly settlements received from the previously announced CDN$6,000,000 financing with Sorbie Bornholm LP (see News Release dated December 8, 2025).The first settlement under the Sharing Agreement, was dated December 15th, 2025 for total gross proceeds of $206,784.86 representing a $0.9603 Sharing Arrangement Transaction Fina ...

Summary of the China Solar Industry Conference Call Industry Overview - **Industry**: China Solar Industry - **Date**: 19 December 2025 Key Points Polysilicon Market - The price of monograde polysilicon remained stable at Rmb52/kg as of the week starting 15 December, despite a previous increase to above Rmb65/kg with limited transactions [1] - Inventory levels for polysilicon were flat at 25kt week-over-week [1] - Monthly polysilicon production is forecasted to increase by 4% month-over-month to below 120kt (52GW) in December due to mild production resumption [1] Cell and Module Prices - N-type wafer prices remained unchanged at Rmb1.18/1.50 per piece for M10 and G12 [2] - The average utilization rate in the industry decreased by 5% week-over-week, with Tier 1 companies operating at 50%/48% and integrated manufacturers at 50-70% [2] - Cell prices for tunnel oxide passivated contacts (TOPcon) rose by 7.1% week-over-week to Rmb0.30 for both M10 and G12, primarily due to increased silver prices [2] - Module prices remained stable at Rmb0.69/Rmb0.76 per watt for TOPcon and back contacts [2] - Module production is expected to decline by 12% month-over-month to 44-45GW in December [2] Solar Glass Market - Solar glass prices decreased by 2.1% for 2.0mm and 1.3% for 3.2mm, reaching Rmb11.50 and Rmb18.50 per square meter, respectively [3] - Inventory levels for solar glass increased by 8.6% week-over-week to 35.92 days [3] - The price of soda ash remained unchanged at Rmb1,300 per ton [3] Industry Self-Discipline Initiatives - A new round of industry self-discipline and anti-involution efforts is being planned by leading solar companies, following the establishment of a polysilicon buyout fund platform on 9 December [4] - Major proposals include production regulations, lifting technology and energy consumption standards, cancelling export tax rebates, and adhering to low-carbon and ESG principles [4] - The industry's profitability is expected to recover amid potential self-discipline, mergers and acquisitions, and policy support in 2026 [4] Risks and Opportunities - **Downside Risks**: - Slower-than-expected growth in installed domestic renewable energy capacity [20] - Larger-than-expected tariff cuts for renewable energy projects [20] - Increased competition from other power resources under future power reforms [20] - **Upside Risks**: - Faster-than-expected growth in installed domestic renewable energy capacity [21] - Smaller-than-expected tariff cuts for renewable energy projects [21] - Market share gains for solar energy compared to other power resources under future reforms [21] Additional Insights - The ongoing self-discipline efforts in the solar industry may lead to improved profitability and stability in pricing, which could present investment opportunities in the sector [4]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: New Materials, specifically lithium, uranium, rare earths, magnets, and solar glass [1][6] - **Market Outlook**: Positive trends expected in lithium and uranium prices due to strong demand, while solar glass faces challenges from oversupply [1][2][3][5] Lithium Market Insights - **Demand Surge**: Lithium demand has exceeded expectations, particularly from Energy Storage Systems (ESS), with production up 70% year-over-year [2] - **Price Recovery**: Lithium carbonate prices in China have rebounded to nearly Rmb100,000 per ton, prompting the restart of previously idled production capacity [2] - **Future Growth**: The market anticipates a further 50% growth in ESS production in 2026, leading to a more balanced supply-demand scenario [2] - **Risks**: Six lepidolite mines in Yichun are at risk of temporary shutdowns in 2026, which could impact supply [2] Uranium Market Insights - **Price Momentum**: Strong momentum in uranium prices is expected, supported by major investment vehicles resuming buying in the spot market post-holiday season [3] - **Production Guidance**: Kazatomprom's production guidance for 2026, to be announced early next year, may act as a short-term catalyst for price increases [3] - **Long-term Contracts**: An increase in utilities contracting in November has led to improved long-term prices, currently at US$86 per pound [3] - **Investment Opportunities**: CGN Mining is expected to benefit from rising uranium prices and potential re-rating following the listing of its peer CNUC [3] Rare Earths and Magnets - **Price Strength**: Strong demand in downstream applications has led to robust rare earth prices, supported by China's supply-side controls [4] - **Export Normalization**: Leading magnet producers have received export licenses, normalizing shipments and potentially improving earnings in 2026 [4] Solar Glass Market Insights - **Weak Demand**: Solar glass demand remains weak, with installations in China boosted by a rush due to tariff reforms, leading to a potential decline in installations in 2026 [5] - **High Supply Pressure**: Current supply levels are high at approximately 88,000 tons per day, leading to inventory buildup and price drops to Rmb12 per square meter or lower [5] - **Capacity Adjustments Needed**: Continued capacity exits or maintenance are necessary to balance the market, with new overseas capacity expected to add further supply pressure in 2026 [5] Company-Specific Insights - **Ganfeng Lithium**: Price target raised to HK$62.40 for H-shares, reflecting demand upside from ESS [19] - **Tianqi Lithium**: Price target increased to HK$55.20 for H-shares, with EPS estimates adjusted significantly upward for 2026 [19] - **Sinomine Resources**: Price target raised to Rmb77.00, with EPS estimates showing substantial growth for 2026 [19] - **Xinyi Solar**: Price target decreased to HK$3.40, reflecting longer-term ASP changes despite a positive outlook for EPS in 2025 [21] - **Flat Glass**: Price targets adjusted downward due to expected production declines, with significant changes in EPS estimates for the coming years [21] Conclusion - **Investment Outlook**: The New Materials sector shows potential for growth, particularly in lithium and uranium, while challenges persist in the solar glass market. Companies like Ganfeng Lithium and Tianqi Lithium are positioned to benefit from favorable market conditions, while adjustments in price targets reflect the evolving landscape [1][19][21]

Financing Details - Homerun Resources Inc. has filed for final approval of a private placement financing at CA$1.00 per unit, aiming for total gross proceeds of CA$3,128,384 [1] - The second tranche of the financing has closed, raising CA$1,560,384 and resulting in the issuance of 1,560,384 units, bringing the total to 3,128,384 units issued [2] - Each unit consists of one common share and one common share purchase warrant, with warrants exercisable at CA$1.30 for 24 months, subject to acceleration if shares close at or above CA$2 for 10 consecutive trading days [2] Use of Proceeds - Proceeds from the financing will be allocated for project payments, ongoing development of the company's projects, and general working capital [3] - The company will also pay cash finder's fees of CA$31,150 and issue 31,150 Non-Transferable Broker Warrants upon receiving Exchange approval [3] Company Overview - Homerun is focused on building a silica-powered backbone for the energy transition across four verticals: Silica, Solar, Energy Storage, and Energy Solutions [3][4] - The company is anchored by a unique high-purity low-iron silica resource in Bahia, Brazil, transforming raw silica into essential products for clean power adoption [3] - Homerun aims to create a scalable, vertically integrated platform for clean energy manufacturing in the Americas through disciplined execution and strategic partnerships [4] Industry Focus - The company is securing supply and processing of high-purity low-iron silica for applications in premium solar glass and advanced energy materials [7] - It is developing Latin America's first dedicated 1,000 tonne per day high-efficiency solar glass plant and commercializing antimony-free solar glass for next-generation photovoltaic performance [7] - Homerun is advancing long-duration, silica-based thermal storage systems to decarbonize industrial heat and enhance grid flexibility [7] - The company is also working on AI-enabled energy management systems and turnkey electrification solutions to optimize renewable generation for commercial and industrial customers [7]

Summary of China Solar Industry Conference Call Industry Overview - **Industry**: China Solar Industry - **Current Situation**: Demand remains sluggish in December 2025, with various components of the solar supply chain showing mixed performance Key Points Polysilicon Market - **Price Stability**: The price of monograde polysilicon remained flat at Rmb52/kg as of December 1, 2025, with a 4% increase in inventory levels to 29.1kt week-over-week [2][3] - **Production Forecast**: Monthly polysilicon production is expected to increase by 4% month-over-month to below 120kt (52GW) in December due to mild production resumption [2] Wafer Market - **Price Decline**: N-type wafer prices fell by 1.7% to Rmb1.18/pc for M10 and 3.2% to Rmb1.50/pc for G12 week-over-week [3] - **Cell Prices**: TOPcon cell prices remained unchanged at Rmb0.285/W for both M10 and G12 [3] - **Module Prices**: Module prices also remained stable at Rmb0.69/W for TOPcon and Rmb0.76/W for back contact [3] - **Production Outlook**: December module production is projected to decline by 15% month-over-month to 43GW [3] Solar Glass Market - **Price Decrease**: Solar glass prices decreased by 2.0% for 2.0mm and 1.3% for 3.2mm week-over-week, now at Rmb12.25/sqm and Rmb19.25/sqm respectively [4] - **Inventory Increase**: Inventory levels increased by 5.9% week-over-week to 31.07 days [4] Installation and Export Data - **Installation Growth**: As of October 2025, total solar installation reached 252.9GW, marking a 39% year-over-year increase. However, October installations were down 38% year-over-year to 12.6GW despite a 30% month-over-month increase [5] - **Export Performance**: Solar cell and module exports totaled US$2.3 billion in October, up 4% year-over-year but down 19% month-over-month. The implied shipment volume was 23.6GW, reflecting a 6% year-over-year increase but a 20% month-over-month decline [5] - **Inverter Exports**: Solar inverter export value reached US$0.7 billion in October, up 3% year-over-year but down 5% month-over-month, with a significant drop in monthly export volume of 35% year-over-year and 16% month-over-month [5] Risks and Opportunities - **Downside Risks**: - Slower-than-expected growth in installed domestic renewable energy capacity - Larger-than-expected tariff cuts for renewable energy projects - Increased competition from other power resources due to future power reforms [22] - **Upside Risks**: - Faster-than-expected growth in installed domestic renewable energy capacity - Smaller-than-expected tariff cuts for renewable energy projects - Market share gains for solar energy compared to other power resources under future reforms [23] Conclusion The China solar industry is currently facing challenges with sluggish demand and price stability across various components. However, there are potential growth opportunities if domestic capacity increases and tariffs remain favorable. The market dynamics suggest a cautious outlook for the near term, with significant attention needed on production and export trends.

Core Viewpoint - Homerun Resources Inc. has received conditional approval from the TSX Venture Exchange for a CDN$6 million financing with institutional investor Sorbie Bornholm LP, aimed at advancing its silica to solar and energy storage business [1][2][3] Financing Details - The financing will involve the issuance of 6,000,000 units at a price of CDN$1.00 per unit, each consisting of one common share and one common share purchase warrant [1][2] - Proceeds will be utilized for business development, scaling revenues, and general working capital [2] Investor Insights - The CEO of Homerun expressed enthusiasm for the partnership with Sorbie Bornholm, highlighting the investor's innovative model that provides capital over 24 months [3] - Sorbie Bornholm's Managing Director emphasized the importance of Homerun's integrated strategy for high-purity silica and advanced energy solutions in the context of the global energy transition [3] Offering Structure - The investor will deposit CDN$6 million into an escrow account, with shares and warrants released monthly based on the company's market price [5] - The investor will receive 1,500,000 warrants immediately upon closing, with additional warrants issued monthly at a 20% premium to the 5-day VWAP [5] Regulatory and Closing Information - The offering is expected to close on or about November 30, 2025, subject to necessary regulatory approvals [7] - The company intends to rely on the listed issuer financing exemption for the offering, with shares and warrants not subject to resale restrictions [6] Company Overview - Homerun is focused on building a vertically integrated platform for clean energy manufacturing, leveraging high-purity low-iron silica resources [8][9] - The company aims to develop a high-efficiency solar glass plant and advance silica-based thermal storage systems [13]

Summary of the China Solar Industry Conference Call Industry Overview - **Industry**: China Solar Industry - **Date**: 21 November 2025 Key Points Polysilicon Market - The price of monograde polysilicon remained stable at **Rmb52/kg** as of the week starting 17 November, showing no week-over-week (WoW) change [2] - Inventory levels for polysilicon increased by **1% WoW** to **27.1kt** [2] - Monthly polysilicon production is forecasted to decline by **12% month-over-month (MoM)** to below **120kt (52GW)** in November due to weaker demand and production cuts in Sichuan and Yunnan during the low hydropower season [2] Wafer and Cell Prices - N-type wafer prices decreased by **1.5%** for M10 and **1.8%** for G12, now at **Rmb1.28** and **Rmb1.60** per piece respectively [3] - TOPcon cell prices fell by **1.7%** for M10 and **3.3%** for G12, now priced at **Rmb0.30** and **Rmb0.29** per watt respectively [3] - Module prices remained unchanged at **Rmb0.69** for TOPcon and **Rmb0.76** for back contact [3] - November module production is expected to drop by **4% MoM** to **50.5GW** [3] Solar Glass Market - Solar glass prices remained stable at **Rmb12.75** for 2.0mm and **Rmb19.75** for 3.2mm [4] - Inventory levels for solar glass increased by **9.7% WoW** to **28.13 days** [4] - The price of soda ash remained unchanged at **Rmb1,330/t** [4] Risks and Opportunities - **Downside Risks**: - Slower-than-expected growth in installed domestic renewable energy (RE) capacity [20] - Larger-than-expected tariff cuts for RE projects [20] - Increased competition from other power resources due to future power reforms [20] - **Upside Risks**: - Faster-than-expected growth in installed domestic RE capacity [21] - Smaller-than-expected tariff cuts for RE projects [21] - Market share gains for solar energy compared to other power resources under future reforms [21] Additional Insights - The report emphasizes the importance of monitoring inventory levels and price trends in the polysilicon, wafer, cell, and solar glass markets as they are critical indicators of industry health and future production capabilities [2][3][4] - The current market dynamics suggest a cautious outlook for the solar industry in the short term, with potential for recovery depending on demand and policy support [20][21]

Summary of Conference Call Notes Industry Overview - **Industry**: New Materials in China - **Key Focus Areas**: Lithium, Uranium, Rare Earths, Solar Glass Key Points and Arguments Lithium Market - **Demand**: Year-to-date lithium demand has exceeded market expectations, driven by strong demand from Energy Storage Systems (ESS) and ongoing electric vehicle (EV) trade-in programs [2] - **Supply Risks**: Yichun lepidolite mines are undergoing resource reclassification, which may lead to temporary shutdowns. These mines collectively produce approximately 150,000 tons of Lithium Carbonate Equivalent (LCE) annually [2] - **Cost Dynamics**: The cost curve for lepidolite mines is expected to rise due to increased royalties and fees, with cost support estimated at around RMB 70,000 per ton [2] Uranium Market - **Price Momentum**: Strong momentum in uranium prices is anticipated, supported by major investment vehicles like SPUT and Yellow Cake purchasing in the spot market. Long-term prices are expected to rise post-World Nuclear Symposium, with current spot prices around US$83 per pound [3] - **Supply Adjustments**: Production cuts from Kazatomprom and Cameco highlight ongoing supply risks, benefiting CGN Mining, which has increased its spot price exposure to 70% from 60% due to a renewed three-year contract [3] Rare Earths and Magnets - **Price Strength**: Rare earth prices are robust due to strong downstream demand and China's supply-side controls. Magnet producers are expected to pass price increases to customers, improving gross profit margins [4] - **Export Recovery**: Export volumes for magnet producers are normalizing, with anticipated improvements in shipment volumes and earnings in the second half of the year [4] Solar Glass Market - **Demand Decline**: Demand for solar glass has softened in October and is expected to weaken further into winter, leading to inventory build-up and downward pressure on prices [5] - **Earnings Impact**: The anticipated decline in solar glass prices could negatively affect company earnings if no supply-side controls are implemented [5] Additional Insights - **Equity Ratings**: Various companies within the new materials sector have been rated with "Overweight" or "Equal-weight" based on their market positions and expected performance [10][11] - **Price Target Adjustments**: Price targets for several companies have been adjusted based on updated earnings forecasts and market conditions, reflecting changes in commodity prices and company performance [19][20] - **Market Sentiment**: The overall sentiment in the new materials sector remains attractive, with potential upside from uranium recovery and stable demand in rare earths, despite challenges in lithium and solar glass markets [1][7] Conclusion The new materials sector in China is experiencing mixed dynamics, with strong demand in lithium and uranium markets, while facing challenges in solar glass. Companies are adjusting their strategies and forecasts in response to evolving market conditions, highlighting the importance of monitoring supply risks and price movements in this sector.

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Solar Industry - **Key Focus**: Development of Battery Energy Storage Systems (BESS) and polysilicon pricing trends Core Insights and Arguments 1. **Polysilicon Price Trends**: - The monograde polysilicon price increased by 4.2% week-over-week (WoW) to Rmb50/kg as of September 8, with current inventory at 31,000 tons, up 3% WoW [1][2] - Monthly polysilicon production is forecasted to rise by 2% month-over-month (MoM) to 128,000 tons (equivalent to 55GW) in September [1] 2. **Wafer and Cell Prices**: - N-type wafer prices for M10/G12 rose by 4.0% and 3.1% WoW to Rmb1.30 and Rmb1.65 per piece, respectively [2] - TOPcon cell prices for M10/G12 increased by 3.3% and 1.7% WoW to Rmb0.31 and Rmb0.30 per watt [2] - Module prices remained stable at Rmb0.69 and Rmb0.76 per watt for TOPcon and back contact modules, respectively [2] 3. **Module Production and Demand**: - Module production slightly declined MoM to 50GW in September, with demand primarily driven by overseas customers stockpiling due to anticipated price increases [2] 4. **Solar Glass Inventory**: - Solar glass prices remained unchanged at Rmb13.00 and Rmb20.00 per square meter for 2.0mm and 3.2mm thicknesses, respectively [3] - Inventory of solar glass decreased by 12.1% WoW to 16.13 days [3] 5. **BESS Development Action Plan**: - On September 12, China announced a BESS development action plan targeting a cumulative capacity of 180GW by 2027 [4] - The plan includes incentives for market transactions involving "renewables+BESS" projects and aims to improve the pricing mechanism for BESS [4] - As of the end of H1 2025, China's cumulative BESS capacity reached 95GW/222GWh, indicating significant growth potential in the next two years [4] 6. **Provincial Pricing Mechanism**: - Shandong province announced a mechanism price for solar projects at Rmb0.225/kWh, which is lower than the wind mechanism price of Rmb0.319/kWh [5] - For eligible solar projects, 80% of total power generation can be priced at the mechanism price, while the remainder will be priced through market transactions [5] Additional Important Insights 1. **Risks to the Solar Industry**: - Major downside risks include slower-than-expected growth in installed renewable energy capacity, larger-than-expected tariff cuts, and competition from other power resources [23] - Upside risks involve faster-than-expected capacity growth, smaller-than-expected tariff cuts, and market share gains for solar energy [24] 2. **Market Dynamics**: - The current market dynamics suggest a potential for increased demand for BESS due to improved transaction mechanisms and pricing strategies [4] This summary encapsulates the critical developments and insights from the conference call regarding the China solar industry, focusing on pricing trends, production forecasts, and strategic initiatives in the BESS sector.

Core Points - Brazil's National Mining Agency (ANM) has approved the Final Exploration Report for Homerun Resources Inc.'s mineral rights in the Santa Maria Eterna District, confirming a preliminary resource of 25.56 million tonnes Measured and 38.35 million tonnes Inferred of high-purity silica sand [1][2] - The company is fully permitted for immediate extraction and mining operations through its lease with Companhia Bahiana de Pesquisa Mineral (CBPM) [1] - CEO Brian Leeners emphasized the importance of this approval in advancing the company's resource control and establishing multiple large, fully permitted sources of high-purity silica sand for various applications [3] Company Overview - Homerun Resources Inc. is focused on revolutionizing green energy solutions through advanced silica technologies, controlling the full industrial vertical from raw material extraction to solar, battery, and energy storage solutions [4] - The company is positioned to capitalize on high-growth global energy transition markets with a robust supply of high-purity silica sand and quartz silica materials [8] - Homerun maintains a commitment to ESG principles, utilizing sustainable production technologies and benefiting local communities [9]