Mother Nature built the processing plant: Homerun sets a new benchmark for high-purity silica

Disclaimer and Information on Forward Looking Statements: Rockstone and Homerun Resources Inc. (“Homerun“) caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to Homerun’s public filings for a more complete discussion of such risk factors and their potential effects, which may be accessed through its documents filed on SEDAR+ at www.sedarplus.ca. All statements in this report, other than statements of historical fact, should be considered forward-looking statements. Much of this report is comprised of statements of projection. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements include expectations related to: SME’s silica resource quality, including assumptions that future drilling, sampling, bulk testing, or independent laboratory work will continue to confirm impurity levels, grain characteristics, and SiO₂ grades consistent with the confirmation test results reported by Minerali Industriali Engineering (MIE) in December 2025. Processing performance and upgradeability, including assumptions that minimal-processing pathways demonstrated by MIE (e.g. wet screening, attrition washing, gravimetric separation, and magnetic separation) will scale effectively to pilot, demonstration, and commercial levels; that impurity reductions will remain consistent; and that process simplicity will translate into the expected operating-cost, capital-cost, and ESG advantages. Suitability for solar glass and premium glass markets, including assumptions that SME silica will continue to meet or exceed chemical and physical specifications for antimony-free solar glass and other high-purity industrial glass applications; that downstream manufacturers will accept SME material; and that additional qualification steps will validate the consistency, performance, and scalability indicated by early results. Market access and commercial adoption, including expectations that SME silica will be competitive in markets such as solar glass, PV-grade float glass, specialty glass, engineered materials, and industrial applications. These expectations rely on assumptions regarding sustained demand growth, pricing conditions, successful bulk-sample qualification, third-party validation, and the scalability of SME’s processing flowsheet. Strategic positioning within global supply chains, including assumptions that SME’s ultra-low impurity profile and minimal-processing requirements will provide durable competitive advantages; that the deposit may offer diversification benefits to solar and advanced-materials supply chains; and that customers, policymakers, and industrial partners will value lower-footprint, naturally derived silica sources. ESG, permitting, and regulatory outcomes, including assumptions that regulatory agencies will approve project development within anticipated timelines; that environmental and community-acceptance conditions will align with expectations; and that SME’s minimal-processing approach will reduce potential environmental impacts relative to more chemical-intensive silica operations. Economic and commercial outcomes, including assumptions that project capital and operating costs will align with internal projections; that premium markets such as solar glass will remain accessible and economically attractive; that Homerun can secure the partnerships, financing, and offtake agreements required for development; and that geological or metallurgical variability will not materially alter project economics or scalability. Comparisons to other silica projects, including assumptions that SME’s impurity levels, natural pre-beneficiation, and processing simplicity will continue to benchmark favorably against competing silica or glass sand deposits globally, including those in Australia, North America, or elsewhere in Brazil. Such forward-looking statements are based on assumptions that Rockstone considers reasonable, but no assurance can be given that these expectations will prove correct. Readers are cautioned not to place undue reliance on forward-looking information. Risks and uncertainties include, but are not limited to: Geological & Resource Risks: The quantity, quality, homogeneity, or distribution of silica at Santa Maria Eterna (“SME”) may differ from expectations. Future drilling, sampling, bulk testing, or independent analyses may not confirm the impurity levels, SiO₂ grades, or grain characteristics indicated by the MIE confirmation testwork. Geological variability may influence processing outcomes, recoveries, or resource classification. Processing & Scale-Up Risks: Processing performance observed at laboratory scale, including wet screening, attrition washing, gravimetric separation, and magnetic separation, may not scale as expected to pilot or commercial levels. Impurity reduction may vary across material types or operational conditions. Processing costs, energy usage, equipment performance, and circuit efficiency may differ from assumptions used in economic evaluations. Solar Glass & Product-Qualification Risks: SME silica may not consistently meet end-market specifications for solar glass, antimony-free glass, specialty glass, or related industrial applications. Additional qualification steps may require more time, capital, or technical adjustments than anticipated. Downstream customers may decline to approve SME material based on chemistry, grain morphology, stability, or long-term performance criteria. Market Access & Commercial Adoption Risks: Entry into solar glass and premium industrial markets typically requires multi-stage qualification, bulk sampling, and long-term validation. Customers may delay qualification, prefer incumbent suppliers, negotiate lower pricing, or require additional specifications not yet demonstrated. Market demand, growth rates, or pricing conditions may differ from expectations. Competitive & Industry Risks: Global silica, solar glass, and industrial glass markets are competitive. Established producers, including those in major Australian glass sand districts and other high-purity regions, may expand production, reduce prices, or secure long-term contracts with key customers. Competitors may develop alternative deposit types, purification technologies, or supply chains that diminish SME’s relative advantages. Permitting, ESG & Regulatory Risks: Development of mining areas, processing facilities, and related infrastructure requires various environmental approvals, land-use permits, and community engagement processes. Permits may be delayed, denied, modified, or conditioned on additional ESG requirements. While SME’s minimal-processing pathway is expected to reduce environmental impact, regulatory agencies may impose conditions that affect project timelines, scope, or cost. Infrastructure, Logistics & Operational Risks: Construction, commissioning, and operation of processing facilities may face technical challenges, delays, or cost overruns. Availability of specialized equipment, stable power supply, industrial water, or transport infrastructure may affect timelines and operating costs. Operational performance may differ from engineering models or early-stage testwork. Financing & Capital Market Risks: Advancing SME through additional drilling, pilot processing, feasibility studies, facility construction, and commercial scaling will require significant capital. Financing may not be available on acceptable terms due to market volatility, interest-rate environments, investor sentiment, or macroeconomic conditions. Equity or debt financing may dilute existing shareholders or impose restrictive covenants. Pricing & Economic Risks: Silica, solar glass, and industrial glass markets are subject to pricing volatility driven by supply-demand shifts, technological developments, energy costs, and global economic conditions. Assumptions regarding premium pricing for low-iron silica may not be realized. Project economics may be adversely affected by changes in labor, reagent, equipment, or energy costs, as well as foreign-exchange fluctuations. Offtake, Partnership & Counterparty Risks: Negotiations with potential customers, industrial partners, or processing counterparts may not lead to agreements. Offtake buyers may delay commitments, adjust specifications, or require additional verification steps. Counterparties may fail to meet contractual obligations or alter commercial terms. Regulatory, Trade & Policy Risks: Changes in mining regulations, environmental policy, taxation, export controls, or industrial incentives in Brazil or internationally may impact project development and market access. Trade disputes, tariffs, or reshoring initiatives may influence competitiveness in solar glass and materials markets. Macroeconomic, Commodity & Currency Risks: Inflation, recession, geopolitical instability, supply-chain disruptions, or broader commodity-market events may affect project costs, financing availability, and customer demand. Currency fluctuations between BRL, USD, CAD and EUR may materially impact capital and operating costs and revenue assumptions. Force Majeure & External Event Risks: Extreme weather, climate impacts, natural disasters, pandemics, political instability, or other external events may materially disrupt operations, construction, logistics, or scheduling. Liquidity & Trading Risks: As a small-cap issuer, Homerun’s shares may experience limited liquidity, significant price volatility, or wide bid–ask spreads. Market sentiment may diverge from project fundamentals, affecting valuation independently of operational progress. Accordingly, readers should not place undue reliance on forward-looking information. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report except as required by law. Past performance and comparisons to other companies or jurisdictions are provided for illustrative purposes only and should not be considered indicative of future results.

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