Homerun Resources Inc. Formally Included in "Programa Desenvolve" Tax Incentive Program to Support Industrial Development and Economic Integration in the State of Bahia, Brazil
Homerun’s Bahia tax deferral eases cash flow timing for its Brazil solar glass project.
Homerun Resources Inc. has been formally included in the "Programa Desenvolve" tax incentive program administered by the Government of the State of Bahia, Brazil. The program grants the company the ability to defer payment of ICMS (state value-added tax) on capital goods acquisitions for 24 months and on sales for 72 months. Management estimates the combined ICMS deferrals could provide a non-dilutive cash-flow timing benefit in the tens of millions of U.S. dollars, enhancing financial flexibility during the construction and early operations phases of the Solar Glass Project. The incentive runs from July 1, 2026, through December 31, 2032, contingent on investment commitments for the Santa Maria Eterna project.
The Bankable Feasibility Study (BFS) for the solar glass plant, released May 12, 2026, confirms a positive economic profile with an initial CAPEX of ~US$396.5 million.
Homerun Resources Inc. (HMR) has been included in the "Programa Desenvolve," a development that aligns with prior announcements regarding government support from BNDES and FINEP, as well as a multi-party memorandum of understanding with state entities. This inclusion offers a timing benefit to cash flows rather than a direct reduction in tax liability, meaning it does not immediately improve the income statement or bottom line. Given the company's pre-revenue status and heavy reliance on external financing, this deferral marginally improves near-term liquidity but does not de-risk the multi-hundred-million-dollar capital raise required for construction. The news is incremental to the BFS completion and does not alter the fundamental execution risk or capital needs.
Homerun Resources Inc. (HMR) is developing a vertically integrated, silica-powered platform in Belmonte, Bahia, Brazil. The company’s flagship project is a 1,000-tonne-per-day antimony-free solar glass manufacturing plant, which leverages high-purity, low-iron silica sand from the Santa Maria Eterna (SME) district.
The SME district hosts a NI 43-101 compliant resource of 63.91 million tonnes, comprising 25.56 million tonnes measured and 38.35 million tonnes inferred, at greater than 99.6% SiO2. Homerun Resources operates a three-phase purification platform targeting 3N (industrial grade), 4N (high purity), and 5N (ultra-high purity) silica products. Additional verticals include perovskite photovoltaic technology via subsidiary Homerun Energy and AI-enabled energy management systems known as "The Hub."