Homerun Resources announced that it has signed a sponsored Brazilian depositary receipt program with Banco B3 S.A., formalized by a service agreement dated March 27th, 2026, and disclosed publicly on April 1, 2026. The move creates a pathway for the company’s securities to trade on B3, Brazil’s primary exchange, via BDRs. A Brazilian Depositary Receipt is a locally issued certificate that represents an interest in a foreign-listed share while allowing trades to settle in Brazilian reais.
The announcement signals a deliberate effort by Homerun to connect with domestic capital markets and investor communities that prefer or are required to purchase Brazilian-listed instruments.
The initial structure will be a Level I Level I – confirm program in which each BDR corresponds to one common share of the company traded on the TSX Venture Exchange under the symbol HMR. Under this arrangement the Underlying Share backing each BDR will be held in custody outside Brazil; new certificates are only created when the depositary acquires and blocks the corresponding underlying shares. Practically, when investors buy Homerun BDRs on B3, the depositary will source the shares from the TSXV market or from already blocked inventory, which can reduce the freely tradable float on the TSXV as BDRs are issued and remain outstanding.
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How the sponsored BDR program operates
The sponsored program places the depositary at the center of issuance and custody. When the depositary purchases and immobilizes the underlying shares, it issues Brazilian certificates that trade in reais and settle on B3. This model keeps economic and voting parity between the BDRs and the shares listed on the TSXV, with market prices linked through arbitrage across the two exchanges. By denominating trades in local currency and using a domestic clearing venue, the structure reduces currency conversion burdens and operational steps for Brazil-based investors who would otherwise buy the Canadian-listed shares directly.
Legal and regulatory mechanics
Final admission to trading on B3 and formal registration with the Comissão de Valores Mobiliários (CVM) are required before trading begins. Details such as the official ticker, the commencement date for trading, and any investor eligibility limitations imposed by the CVM will be disclosed once approvals are received. The depositary arrangement was negotiated to meet both Brazilian regulatory standards and the disclosure expectations applicable to a sponsored program, while preserving transparency so arbitrageurs and institutional participants can align pricing between markets.
Why Homerun pursued a B3 listing
Management framed the BDR listing as a response to growing demand from Brazilian institutional investors and family offices expressing interest in the company’s projects. The listing is timed as Homerun advances toward a planned bankable feasibility study and project financing processes that have already attracted indicative support from BNDES, Brazil’s national development bank. A domestic listing in reais is intended to lower regulatory and operational frictions for Brazilian investors, particularly those with mandates or internal rules that favor investments through local market instruments.
Strategic fit with the energy transition
Homerun positions itself as a vertically integrated participant in Brazil’s clean energy agenda, with key verticals including silica, solar, energy storage, and energy solutions. The company highlights a high-purity, low-iron silica resource in Bahia that feeds applications such as premium solar glass, development of a high-capacity solar glass manufacturing facility, long-duration thermal storage systems and AI-enabled energy management. Listing on B3 can increase the firm’s visibility among domestic stakeholders that have a strategic interest in local manufacturing and decarbonization initiatives.
What investors should monitor next
Market participants should watch for regulatory clearances from B3 and the CVM, disclosure of the ticker symbol and the official trading start date, plus any investor eligibility constraints tied to the program’s level. Management expects the listing to broaden the shareholder base in Brazil, enhance recognition among high-net-worth and institutional investors, and offer an alternate trading venue that could support liquidity and valuation over time. The company also reiterates standard cautionary notes: public statements about future financing, project timelines, and expected benefits are forward-looking statements and depend on assumptions and approvals that may not materialize exactly as envisioned.
