Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

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<ul><li>Premium silica resource implies strong margins. Leeners emphasized that Homerun’s silica consistently achieves sub-10 ppm iron content after basic washing and attrition, materially below the 120-ppm threshold required for solar glass.</li><li>This enables a step change in realized pricing from commodity levels of ~$50/ton toward specialty markets at close to $500/ton with limited incremental capex.</li><li>Further refinement into high-purity quartz (HPQ) supports pricing ranging from $500 to several thousand dollars per ton, with ultra-high-purity benchmarks reaching up to $10,000/ton.</li></ul>

Premium silica resource implies strong margins. Leeners emphasized that Homerun’s silica consistently achieves sub-10 ppm iron content after basic washing and attrition, materially below the 120-ppm threshold required for solar glass.This enables a step change in realized pricing from commodity levels of ~$50/ton toward specialty markets at close to $500/ton with limited incremental capex.Further refinement into high-purity quartz (HPQ) supports pricing ranging from $500 to several thousand dollars per ton, with ultra-high-purity benchmarks reaching up to $10,000/ton.

Homerun Resources

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