BFS - Saul Centers, Inc.
Homerun Resources Inc. Announces Positive Bankable Feasibility Study on Solar Glass Manufacturing Plant in Brazil, Confirming Strong Economics and Strategic First-Mover Position in the Americas
BFS HIGHLIGHTS Base-case NPV of approximately US$670 million (and US$829 at 105% production) IRR of 20.2% at 100% production (and 23.1% at 105% production) significantly exceeding the Project's estimated WACC of 4.6%, indicating substantial value creation above the cost of funding After startup in 2028, indicative gross margin of approximately 50% at projected 2030 domestic pricing After startup in 2028, estimated specific operating costs of approximately US$520.2 per tonne by 2030 and US$581.2 per tonne in 2033, compared to projected domestic selling prices of approximately US$1,033 per tonne and US$1,196 per tonne, respectively Plant designed to reach full run-rate solar glass production of approximately 288,300 tonnes per annum from Year 5 of operations (SORG furnaces are designed to operate at up to 10% above their nominal capacity) Estimated payback period of approximately 7.6 years Estimated total initial CAPEX of approximately US$396.5 million, net of VAT and other local taxes Estimated annual revenue of US$ 294.3 million and OPEX of approximately US$143.3 million in 2030, and approximately US$ 344.9 / US$167.6 million in 2033 after ramp-up The glass furnace is designed for a 15-year operating campaign, with depreciation modeled conservatively over 20 years Project start contemplated in November 2026 subject to financing and advancement of detailed engineering and approvals Strategic location in Belmonte, Bahia, neighbouring Homerun's commanded low-iron silica sand mine and offering room for a potential second production line which market projections indicate as very likely to be required in the medium term The BFS projects 474 direct employees - 7 managers and 467 engineers and technical staff The plant design incorporates an on-site photovoltaic power system, reducing grid dependency and supporting the Company's lower-carbon production mandate No current solar pattern glass manufacturer identified in the Americas in the BFS, supporting a potential first-mover advantage for Homerun Project site video available here: VIDEO Vancouver, British Columbia--(Newsfile Corp. - May 12, 2026) - Homerun Resources Inc. (TSXV: HMR) (OTCQB: HMRFF) ("Homerun" or the "Company"), a vertically integrated materials company advancing the Company's high-purity silica resources located in Belmonte, Bahia, Brazil, is pleased to announce the results of its Bankable Feasibility Study (the "BFS") for the Company's Solar Glass Manufacturing Plant to be located in Belmonte, Bahia, Brazil, adjacent to Homerun's low-iron silica sand resources. The BFS positively confirms that the Solar Glass Manufacturing Plant is technically and economically feasible and outlines a large-scale, antimony-free solar glass manufacturing operation designed to supply both Brazil's fast-growing solar sector and selected export markets.
