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VANCOUVER, BC / ACCESS Newswire / November 11, 2025 / (TSX:NANO)(OTCQB:NNOMF)(Frankfurt:LBMB)

Business Operational Highlights

• Newly installed proprietary agitator in full-scale One-Pot™ reactor at Candiac, boosts throughput capacity by approximately 50% resulting in reduced operating expenses (OPEX)

• A Front-End Engineering & Design (FEED) study was completed as part of the capacity expansion plan to at least 800 metric tons per year at the Candiac Operation

• Financial investment decision has been made to proceed with detailed engineering and initial procurement activities as part of that capacity expansion plan

Strategic Updates

• Sumitomo Metal Mining confirms Nano One as a key technology partner and advances collaboration towards LFP commercialization

• Nano One pre-qualifies multiple sources of lithium carbonate from Rio Tinto for the future production of LFP cathode materials

• Nano One expands patent portfolio with five new patents for LFP, NMC, and LNMO cathodes

Third Quarter 2025 & Subsequent Results

• The Company reported total net assets of $16.5 million and working capital of $16.6 million for the end of the period

• An at-the-market (ATM) equity offering was launched in September 2025, which raised net proceeds of $0.2 million through to September 30, 2025, with an additional $2.4 million subsequently raised through to October 31, 2025

• Announced NRCan government funding award of $5.0 million to support Candiac capacity expansion, advance commercialization, to promote diversification and regionalization of battery supply chains in line with G7 priorities

Nano One® Materials Corp. (“Nano One” or the “Company”) has filed its condensed interim consolidated financial statements (the “financial statements”) and Management Discussion & Analysis (“MD&A”) for the nine months ending September 30, 2025 (“Q3 2025”) and is pleased to provide a summary and an update on subsequent events.

Q3 2025 – Financial Position and Results

As at September 30, 2025, the Company reported total net assets and working capital of $16.5 million and $16.6 million respectively, with cash and cash equivalents at $17.8 million. The use of cash in operating activities, capital expenditures and facility lease and other payments for the quarter contributed to the $6.8 million change in total assets in Q3 2025 versus a $2.6 million change for the Q2 2025 period.

Nano One’s Current Candiac Operations and Capacity Expansion Plans Explained

Lithium-iron phosphate (“LFP”) cathode materials production is being piloted and demonstrated at Nano One’s facility in Candiac, Québec. This facility draws on an existing plant that was retrofitted with the Company’s patented One-Pot processing technology and a team with decades of commercial LFP manufacturing experience. The facility was upgraded in 2023 with new 2,000 litre pilot-scale One-Pot reactors with a production capacity of 200 tonnes per annum (tpa), which are now being used for process improvement, commercial sales validation and have sufficient capacity to support preliminary commercial sales to the defense and battery energy storage systems (“BESS”) sectors.

The pilot facility is also serving concurrent activities to further improve Nano One’s LFP product, technology and operational know-how for high-volume commercial manufacturing and licensing opportunities in the BESS, automotive and AI data center market segments.

The facility is also equipped with existing 20,000 litre reactors that are being used in a series of manually fed production runs, which are demonstrating One-Pot enabled LFP cathode material made in full scale commercial equipment. On August 20, 2025, the Company announced the newly installed, high-efficiency agitator has been engineered to enhance mixing dynamics, thermal transfer and reaction time and is estimated to increase the throughput capacity of the reactor by approximately 50%. It will also improve the consistency and quality of CAM output, while yielding reduced operating expenses (OPEX).

Results from these operations have led to decisions and plans that are now in motion to add automation that reintegrates the 20,000 litre reactors into the flowsheet, expands production capacity in Candiac, and addresses projected increases in customer demand. These plans are described below in the FEED Study.

FEED Study Completed, Final Investment Decision made for Candiac Expansion Plan

A FEED Study was completed in Q3 2025 for capacity expansion at the Nano One Candiac facility and resulted in a pre-feasibility-level costing and nameplate capacity estimation.

The Company has identified two stages of capacity expansion. The first stage enables demonstration of the technology at commercial scale by integrating and automating some of the site’s existing commercial scale equipment, while expanding capacity to a minimum of 800 tonnes per annum (tpa). The second stage supports anticipated customer ramp-up and future sales by boosting capacity to 1,000+ tpa, which will largely be achieved through investment in feedstock handling, automation and integration with existing equipment.

The Company has now made a Financial Investment Decision (“FID”) to proceed with detailed engineering and procurement activities over Q4 2025 and Q1 2026. This will be followed by additional procurement, installation and commissioning activities commencing in Q2 2026 with a target to complete commissioning in H1 2027. FID for the second phase will be aligned with growth in customer demand.

In parallel with the first and second stages of capacity expansion, the Company will continue operating its pilot plant to support preliminary sales activities in the defense and BESS market segments, as well as supporting licensing opportunities. Demonstration in the larger reactors will continue via manually fed production runs, to showcase the same scale of One-Pot reactors that will be used in larger 25,000 tpa plants. Towards the end of the first stage, the large reactors will be temporarily taken offline to automate, re-commission and serve anticipated increase in demand and sales.

This expansion plan aligns with the existing government funding programs that support both capital expenditures and operating expenditures through to end of Q2 2027. It marks continued progress toward commercializing One-Pot LFP production and building localized capacity in line with government priorities for industrial resilience and supply chain independence.

Expansion of Patent Portfolio

On August 20, 2025, the Company announced the allowance and/or issuance of five new patents in North America and Asia to its portfolio of intellectual property (IP), bringing its total to fifty-two (52) granted, one allowed and fifty-four (54) pending in jurisdictions around the world. Details listed below:

• LFP: United States Patent US 12,319,590 B2 issued on June 3rd, 2025:
  Describes an improved, scalable synthesis method for olivine-structured lithium metal phosphate cathode active materials.

• LFP: Canadian Patent CA 3,068,797 allowed on April 3rd, 2025:
  Describes a synthesis of olivine-structured lithium metal phosphate cathode active materials.

• LFP: Taiwan Patent TW I887600 issued on June 21st, 2025:
  Describes a method of preparing lithium metal phosphate (LMP) cathode active materials using metal feedstocks.

• Original M2CAM NMC: Korean Patent KR 10-2791544 issued on April 1st, 2025: Describes the M2CAM^® technology using the One-Pot sulfate-free process for making lithium battery cathode materials.

• LNMO: United States Patent US 12,355,063 issued on July 8th, 2025:
  Describes a novel battery assembled with high voltage spinel LNMO cathode material made using the One-Pot process and paired with an electrolyte for high durability.

ATM Financing Launched

On September 8, 2025, the Company launched an At-The-Market equity issuance program (“ATM Program”) through entering into an equity distribution agreement (“Distribution Agreement”) with Canaccord Genuity Corp. and Roth Canada, Inc. (together the “Agents”) whereby the Company may distribute common shares to raise up to $15.0 million from time to time through the Agents.

Through to September 30, 2025, the Company raised $0.2 million through the ATM Program, with an additional $2.4 million raised in October 2025.

Collaboration with Sumitomo Metal Mining

On September 20, 2025, the Company reported on its latest progress with Sumitomo Metal Mining (“SMM”) which confirmed Nano One as a key technology partner in advancing its growth strategy for LFP cathodes. Results from development work and trials, economic modeling and IP review have been positive, giving SMM a high degree of confidence in Nano One’s proprietary One-Pot LFP technology. Nano One and SMM are expanding their collaboration to pursue LFP cathode material production opportunities with targeted strategic customers. SMM is also providing support and collaboration on the Natural Resources Canada (NRCan) project announced on October 29, 2025 and is described below.

Pre-qualification of Lithium Raw Materials from Rio Tinto

On October 6, 2025, the Company provided an update on its ongoing collaboration with Rio Tinto (together, the “Parties”) specific to the pre-qualification of high-volume battery‑grade lithium raw material inputs for Nano One’s One-Pot LFP cathode materials production process. Collaboration and pre-qualification of Rio Tinto’s critical minerals and raw materials inputs include lithium carbonate and pre-commercial lithium carbonate samples from Rio Tinto sites in Argentina.

Nano One conducts qualification of battery‑grade raw materials through a rigorous, staged testing protocol at increasing scales from A-sample (kilograms) through to C-sample (1-10 tonnes) prior to D-samples in a commercial plant setting. By pre-qualifying raw material inputs, Nano One aims to accelerate customer acceptance of its LFP cathode material product and LFP CAM licensing packages. This will also help de‑risk supply chains for prospective licensees and fast-track A thru C sample qualification programs by as much as one year.

NRCan Government Funding

On October 29, 2025, the Company announced it had been awarded a $5.0 million non-repayable contribution from NRCan under the Energy Innovation Program to scale production of One-Pot LFP cathode materials and accelerate commercialization. The funding supports Nano One’s ongoing work at the Candiac, Québec and Burnaby, British Columbia facilities through to March 31, 2027. It will enable the Company to continue developing different product grades of One-Pot LFP to meet performance requirements across various applications.

The funding supports Nano One’s scale-up of the Candiac facility from 200 tpa to a minimum of 800 tpa of cathode material production, with the flexibility to reach 1,000+ tpa to meet customer demand. This will be complemented with funding from the Government of Québec announced on December 9, 2024 and DPA Title III funding from the US Department of Defense (War) announced on September 26, 2024. This latest tranche of government funding marks continued support toward commercializing One-Pot LFP cathode material production. This is also in line with building localized capacity following government priorities for industrial resilience and supply chain independence. The announcement came as part of the G7 Energy and Environment Ministers meeting where measures were put in place to strengthen supply chains, reduce dependencies and ensure access to the resources essential for clean energy, advanced manufacturing and defense.

For a more detailed discussion of Nano One’s Q3 2025 interim results, please refer to the Company’s financial statements, and MD&A, which are available at www.sedarplus.ca.

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About Nano One®

Nano One® Materials Corp. (Nano One) is a technology company changing how the world makes cathode active materials for lithium-ion batteries. Applications include stationary energy storage systems (ESS), portable electronics, and electric vehicles (EVs). The Company’s patented One-Pot process reduces costs, is easier-to permit, lowers energy intensity, environmental footprint, and reliance on problematic supply chains. The Company is supporting the drive towards energy security, supply chain resilience, industrial competitiveness and increased performance through process innovation. Production is being piloted and demonstrated in Candiac, Quebec, drawing on existing plant and decades of commercial lithium-iron phosphate (LFP) manufacturing experience. Strategic collaborations and partnerships with international companies like Sumitomo Metal Mining, Rio Tinto, and Worley are supporting a design-one-build-many licensing growth strategy-delivering cost-competitive, easier-to-permit, and faster-to-market battery materials production solutions worldwide. Nano One has received funding from the Government of Canada, the Government of the United States, the Government of Québec, and the Government of British Columbia. For more information, please visit www.nanoone.ca.

Company Contact:

Paul Guedes
info@nanoone.ca
(604) 420-2041

Cautionary Notes and Forward-looking Statements

Certain information contained herein may constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking information in this news release includes, but is not limited to: plans, timing, and execution as well as the purpose for expanding the Candiac facilities and scalability of developed technology; the anticipated sale and distribution of Common Shares under the ATM Program, including the expected volume, timing, and uses of net proceeds; potential bundling of One-Pot with pre-qualified feedstocks and those related benefits to partners, licensees and customers; de‑risking product supply chains for prospective licensees; receipt of the total amount of announced anticipated funding from the Government of Canada/NRCan and other government related grants and loans; use of proceeds; ongoing product and process improvement and innovations as potential additional revenue opportunities for the Company; the development of technology, supply chains, and plans for construction and operation of cathode production facilities for acceptance of the Company’s product and licensing packages; industry acceleration and demand; successful current and future collaborations that are/may happen with OEMs, miners or others; the value, functions and intended benefits of the Company’s technology and products efforts to build resilient and sustainable supply chains for critical minerals and battery materials; the development and evolution of Nano One’s technology and products for scale up and commercialization; achieving commercial production of LFP; the Company’s licensing, supply chain, joint venture strategies, opportunities and potential royalty arrangements; and the execution of the Company’s plans – which are contingent on capital support and grants. Generally, forward-looking information can be identified by the use of terminology such as ‘believe’, ‘expect’, ‘anticipate’, ‘plan’, ‘intend’, ‘continue’, ‘estimate’, ‘may’, ‘will’, ‘should’, ‘ongoing’, ‘target’, ‘goal’, ‘encouraged’, ‘projected’, ‘potential’ or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the current opinions and estimates of management as of the date such statements are made are not, and cannot be, a guarantee of future results or events. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including but not limited to: the anticipated sale and distribution of Common Shares under the ATM Program, including the expected volume, timing, and uses of net proceeds; potential bundling of One-Pot with pre-qualified feedstocks and those related benefits to partners, licensees and customers; de‑risking product supply chains for prospective licensees; receipt of the total amount of announced anticipated funding from the Government of Canada/NRCan and other government related grants and loans; use of proceeds; ongoing product and process improvement and innovations as potential additional revenue opportunities for the Company; de‑risking supply chains for prospective licensees; general and global economic and regulatory changes; next steps and timely execution of the Company’s business plans; the development of technology, supply chains, and plans for construction and operation of cathode production facilities; successful current or future collaborations that may happen with OEMs, miners or others; the execution of the Company’s plans which are contingent on capital sources; the Company’s ability to achieve its stated goals; the commercialization of the Company’s technology and patents via license, joint venture and independent production; the Company’s efforts to build resilient and sustainable supply chains for critical minerals and battery materials; anticipated global demand and projected growth for LFP batteries; and other risk factors as identified in Nano One’s Annual Information Form dated March 25, 2025, for the year ended December 31, 2024, its MD&A for the nine months ended September 30, 2025 and in recent securities filings for the Company which are available at www.sedarplus.ca. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake any obligation to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

SOURCE: Nano One Materials Corp.

View the original press release on ACCESS Newswire

RENO, NV / ACCESS Newswire / November 5, 2025 / Pershing Resources Company, Inc. (“Pershing” or the “Company”) (OTC PINK:PSGR) is pleased to announced that, as of September 1, 2025, it has paid the U.S. Bureau of Land Management (“BLM”) annual maintenance fees to secure mineral rights for its 4 square mile Mohave Project (gold and silver) north of Kingman, Arizona, and also paid the fees for its 100% owned 11.5 square mile New Enterprise Property, as well as four additional nearby exploration prospects in northwestern Arizona that collectively form the broader New Enterprise Project. These payments permit the Company’s control of these properties through September 1, 2026, when next annual maintenance fees come due. The Company has also renewed its BLM and Esmeralda County claim payments on its 1.6 square mile Klondyke Silver/Gold Property near Tonopah, Nevada, reaffirming Pershing’s commitment to advancing its high-potential portfolio in northwest Arizona and southern Nevada.

“With our BLM obligations behind us, Pershing is now positioned to focus on the next stage of growth,” said COO Joel Adams. “We are actively pursuing private funding to raise funds to commence an initial exploration phase, that will include drill tests, at the promising Mohave Project that should allow us to prepare a SK-1300 compilation report for this property and then, due to its proximity, we also expect to focus on the early-exploration phase as outlined in Pershing’s SK-1300 Technical Report on the New Enterprise Project. Both projects are conveniently located north and south of Kingman Arizona. Pershing’s strategy is to build value through disciplined technical work, while leveraging today’s favorable commodity outlook.”

The New Enterprise Project is underpinned by our conceptual exploration model that integrates remote sensing data (airborne geophysics and satellite imagery) Interpretation of these company owned datasets has identified intriguing areas of overlapping alteration and structural features that were not previously considered features that may have concealed significant mineral potential. A three-phase $2.3M exploration program has been designed to further refine this conceptual model and determine the scope of the interpreted structurally controlled mineralization across the project area as follows:

• Phase 1 involves continuation of field mapping, sampling and follow-up ground geophysics estimated to cost $600K,

• Phase 2 involves initial drill testing of known mineral occurrences, that have been prioritized in phase 1 by ground geophysics, estimated to cost $700K,

• Phase 3 involves follow-up drilling to further prioritize, delineate and assess the size/grade potential of the highest priority occurrence (near surface and to depth), estimated to cost $1M.

The New Enterprise Property is strategically located between two major copper-producing mines the Mineral Park Mine (20 miles northwest) and the Bagdad Mine (45 miles southeast) sitting in the heart of the Laramide Arc, one of North America’s most prolific copper belts. Highlights and details of this intriguing project have been presented in a S-K 1300 technical report summary with an effective date of May 22, 2022 was prepared by an Independent Qualified Person, The New Enterprise Report and Presentation are available on the Company’s website at: https://www.pershingpm.com/projects/the-new-enterprise-project/technical-presentation

To receive additional information on Pershing Resources, sign up for email news alerts at: http://ir.pershingpm.com/

This announcement appears for information purposes only and does not constitute an offer or solicitation of an offer to acquire, purchase or subscribe for any securities of the Company.

Forward-Looking Statements

The information contained in this press release, as well as the information on the Company’s website, is provided solely for the reader’s general knowledge. Such information is not intended to be a comprehensive review of all matters pertaining to the Company. Certain statements included herein, and, on the Company’s, website, constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current knowledge, assumptions, judgment, and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, these forward-looking statements are based on the beliefs of, assumptions made by, and information currently available to the Company’s management. When used in this press release and on the Company’s website, words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “plan,” “possibility,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, and/or achievements of the Company or of the mining industry, in general, to be materially different from future results, performance, and/or achievements expressed or implied by those forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include uncertainties related to differences between actual and estimated mineral reserves, fluctuations in gold, silver, copper, and other precious and base metals commodity prices, uncertainties relating to interpretation of drill results and the geology of the Company’s properties, uncertainty of estimates of capital and operating costs, the need for cooperation of government agencies in the development of the Company’s mineral projects, the need to obtain additional financing to develop the Company’s mineral projects, the possibility of delay in development programs or in construction projects, uncertainty of meeting anticipated program milestones for the Company’s mineral projects, the risks associated with the invasion of Ukraine by Russia and other risks and uncertainties affecting the Company’s business operations and financial condition.

All forward-looking statements are expressly qualified in their entirety by this cautionary notice. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. The Company has no obligation, and expressly disclaims any obligation, to update, revise, or correct any of the forward-looking statements.

CONTACT:

Pershing Resources Company, Inc.
200 South Virginia Street, 8th Floor
Reno, NV 89501
Phone: 775-398-3124
Email: info.psgr@pershingpm.com

SOURCE: Pershing Resources Company, Inc.

View the original press release on ACCESS Newswire

ORLANDO, FL / ACCESS Newswire / November 10, 2025 / RedChip Companies will host an investor webinar with Bimergen Energy Corporation (OTCQB:BESS) (“Bimergen”), a developer of utility-scale battery energy storage projects and an independent power provider, on November 11, 2025, at 4:15 p.m. ET.

The exclusive event will feature Bimergen’s Executive Chairman Benjamin Tran and co-CEOs and Directors Robert J. Brilon and Cole W. Johnson. Attendees will gain insights into Bimergen’s expanding portfolio of utility-scale battery energy storage system (BESS) projects designed to meet surging U.S. electricity demand. Bimergen currently controls 23 development-stage projects totaling approximately 2.0 GW of planned capacity across key power markets, including ERCOT, PJM, WECC, and MISO. Bimergen’s leadership will outline the company’s strategy of advancing its development projects, securing long-term offtake agreements with institutional counterparties, and monetizing up to 50% of project CapEx through federal investment tax credits. With expected annual revenues of up to $400 million from its current development pipeline and strong industry tailwinds from electrification, renewable integration, and AI-driven data center growth, Bimergen is positioned as a next-generation independent power producer driving the future of grid reliability.

A live question and answer session will follow the presentation.

To register for the free webinar, please visit: https://www.redchip.com/webinar/BESS/83474121926

Questions can be pre-submitted to BESS@redchip.com or online during the live event.

About Bimergen Energy Corporation

Bimergen Energy Corporation [OTCQB:BESS] is a utility-scale Battery Energy Storage System (BESS) asset owner, project developer, and independent power provider focused on capitalizing on the demand for grid reliability and reducing energy price volatility. Bimergen partners with institutional investors to finance, construct, and operate energy storage facilities under long-term offtake agreements that ensure stable, contract-backed revenue. For more information, visit www.bimergen.com.

About RedChip Companies

RedChip Companies, an Inc. 5000 company, is an international investor relations, media, and research firm focused on microcap and small-cap companies. For 33 years, RedChip has delivered concrete, measurable results for its clients. Our newsletter, Small Stocks, Big Money™, is delivered online weekly to 60,000 investors. RedChip has developed the most comprehensive service platform in the industry for microcap and small-cap companies. These services include the following: a worldwide distribution network for its stock research; retail and institutional roadshows in major U.S. cities; outbound marketing to stock brokers, RIAs, institutions, and family offices; a digital media investor relations platform that has generated millions of unique investor views; investor webinars and group calls; a television show, Small Stocks, Big Money™, which airs weekly on Bloomberg US; TV commercials in local and national markets; corporate and product videos; website design; and traditional investor relation services, which include press release writing, development of investor presentations, quarterly conference call script writing, strategic consulting, capital raising, and more. RedChip also offers RedChat^™, a proprietary AI-powered chatbot that analyzes SEC filings and corporate disclosures for all Nasdaq and NYSE-listed companies, giving investors instant, on-demand insights.

To learn more about RedChip’s products and services, please visit: https://www.redchip.com/corporate/investor_relations

“Discovering Tomorrow’s Blue Chips Today”^™

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Subscribe to our Mailing List: https://www.redchip.com/newsletter/latest

Cautionary Note Regarding Forward-Looking Statements

This press release may include, and oral statements made from time to time by representatives of the Company may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filing with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s filings with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:

Dave Gentry
RedChip Companies Inc.
1-407-644-4256 | 1-800-REDCHIP (733-2447)
BESS@redchip.com

SOURCE: RedChip Companies, Inc.

View the original press release on ACCESS Newswire

JACKSONVILLE, FL / ACCESS Newswire / November 5, 2025 / FRP Holdings, Inc. (NASDAQ:FRPH), a full-service real estate investment and development company with four distinct business segments including Multifamily, Industrial and Commercial Development, and Mining and Royalty Lands, today reported financial results for the quarter ended September 30, 2025.

Third Quarter Highlights and Recent Developments

• 51% decrease in Net Income ($0.7 million vs $1.4 million) due largely to expenses related to the Altman Logistics platform acquisition ($1.3 million) partially offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures (excluding the Altman acquisition expenses, adjusted Net Income was up $0.3 million).

• 16% decrease in pro rata NOI ($9.5 million vs $11.3 million) primarily due to a non-recurring $1.9 million minimum royalty payment in last year’s third quarter. This one-time, catch-up payment applied to the prior twenty-four months when the tenant failed to meet a production requirement contained in the lease. The revenue from this payment was straight-lined over the life of the lease. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $0.1 million this quarter versus last year’s same quarter.

• 3% decrease in the Multifamily segment’s pro rata NOI primarily due to lower NOI at the Maren from higher uncollectable revenue along with higher operating costs and property taxes.

• 25% decrease in Industrial and Commercial segment NOI primarily due to vacancies from an eviction of one tenant and lease expirations.

• 26% decrease in Mining Royalty Lands segment NOI from the aforementioned $1.9 million minimum royalty payment in the third quarter of 2024. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $0.5 million or 16% this quarter versus last year’s same quarter.

• Entered into a joint venture agreement with Strategic Real Estate Partners (“SREP”), a private real estate development firm which specializes in industrial real estate development, to develop 377,892 square feet in two warehouses in Lake County, Florida near Orlando, with options for investment in additional industrial warehouses on adjacent properties in the future.

• Subsequent to the end of the quarter, on October 21, 2025, the Company acquired the business operations and development pipeline of Altman Logistics Property, LLC, including two projects already majority-owned by FRP Holdings as well as minority interests in a portfolio of institutional grade assets under development.

Executive Summary and Analysis

Results for the first nine months were in line with the expectations we outlined earlier this year. Net income is down for this calendar year primarily due to legal expenses associated with our recently announced acquisition of Altman Logistics. On an NOI basis, year-to-date results trailed our 2024 performance primarily due to the one-time $1.9 million catch-up payment received in the third quarter of last year.

Looking forward to next quarter and beyond, we are focused on laying the foundation for long-term earnings and NOI growth. Leasing and occupying the industrial and commercial vacancies accumulated over the past year will be key drivers of both these metrics. Over the next five years, though, our most significant growth will come from executing on projects within our development pipeline. This includes advancing development entitlements in Maryland to ensure these projects are shovel-ready in 2026, continuing to deliver on our active developments in Florida and South Carolina, and filling the newly developed spaces with tenants.

Essential to any discussion of future growth for the Company is our acquisition of Altman Logistics, which closed subsequent to the end of the quarter. Altman was the Company’s partner on our first two industrial joint venture in Florida. This transaction is an important step toward scaling the Company and expanding beyond our traditional in-house development footprint into key growth markets, especially Florida and New Jersey. The additional cashflows generated from the future sale of our minority interests acquired in the Altman transaction will help fuel our newly expanded development platform. This combination will be the driver for the Company’s next decade of growth.

Comparative Results of Operations for the three months ended September 30, 2025 and 2024

Consolidated Results

Net income for the third quarter of 2025 was $662,000 or $.03 per share versus $1,361,000 or $.07 per share in the same period last year. Excluding the Altman acquisition expenses, adjusted Net Income was up $281,000 . Pro rata NOI for the third quarter of 2025 was $9,523,000 versus $11,272,000 in the same period last year. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $104,000 this quarter versus last year’s same quarter. The third quarter of 2025 was impacted by the following items:

• Operating profit decreased $1,720,000 primarily due to $1,281,000 of expenses related to the Altman Logistics platform acquisition. The pro rata operating profit of the Multifamily segment increased however the consolidated portion of the Multifamily segment (Dock/Maren) decreased $404,000 due to uncollectable revenue and higher operating expenses and property taxes. The Industrial and Commercial segment operating profit declined $501,000 due to $207,000 higher depreciation from completion of our new Chelsea warehouse along with lower occupancy due to a tenant default and non-renewing leases. Mining Royalty Land’s segment operating profit increased $438,000 due to higher royalty tons and revenues less related depletion.

• Net investment income increased $65,000 because of higher income from our lending ventures ($465,000) mostly offset by reduced earnings on cash equivalents ($400,000).

• Equity in loss of Joint Ventures improved $614,000 due to improved results of our unconsolidated joint ventures. Results improved at Bryant Street ($255,000) and BC Realty ($401,000) both due to higher revenues and lower variable rate interest expense.

• Pro rata NOI decreased $1,749,000 primarily due to the same quarter last year including a catch-up, minimum royalty payment of $1.9 million that applied to the prior twenty-four months as the tenant failed to meet a production requirement contained in the lease. This revenue was straight-lined over the life of the lease. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $104,000 this quarter versus last year’s same quarter.

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $4,570,000, down $152,000 or 3% compared to $4,722,000 in the same quarter last year. Most of this decrease was from $177,000 lower NOI at the Maren due to increased uncollectable revenue along with higher operating costs and property taxes.

Multifamily Segment (Consolidated – Dock 79 & The Maren)

Total revenues for our two consolidated joint ventures were $5,556,000, a decrease of $126,000 versus $5,682,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $1,155,000, a decrease of $404,000, or 26% versus $1,559,000 in the same period last year primarily due to increased uncollectable revenue along with higher operating costs and property taxes at the Maren.

Multifamily Segment (Pro rata unconsolidated)

Our Multifamily Segment has four unconsolidated joint ventures (Bryant Street, The Verge, Riverside, and .408 Jackson). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024, each upon reaching lease up stabilization.

For our four unconsolidated joint ventures, pro rata revenues were $5,440,000, an increase of $311,000 or 6% compared to $5,129,000 in the same period last year. Pro rata operating profit before G&A was $621,000, an increase of $299,000 or 93% versus $322,000 in the same period last year. The increase was due to improved occupancy at The Verge and Bryant Street and higher revenues at .408 Jackson.

Industrial and Commercial Segment

Shell construction on our 258,279 square foot spec warehouse project in Aberdeen, MD on Chelsea Road was completed effective April 1, 2025 and is in the lease-up phase. We have ten buildings in service at four different locations totaling 773,356 square feet of industrial and 33,708 square feet of office of which 48.6% was leased and occupied at September 30, 2025. Excluding Chelsea these assets were 72.4% leased and occupied during the quarter compared to 95.6% leased and occupied during the same quarter last year primarily due to an eviction for failure to pay rent by one tenant and lease expirations. Total revenues in this segment were $1,229,000, down $226,000 or 16%, over the same period last year. Operating profit before G&A was $341,000, down $501,000 or 60% over the same quarter last year due to $216,000 of depreciation and $40,000 of operating costs at Chelsea along with the lower occupancy. Net operating income in this segment was $904,000, down $305,000 or 25% compared to the same quarter last year.

Mining Royalty Lands Segment Results

Total revenues in this segment were $3,689,000, an increase of $490,000 or 15% versus $3,199,000 in the same period last year. Royalty tons were up 6.5%. Royalty revenue per ton increased 5% over the same period last year. Total operating profit before G&A in this segment was $3,384,000, an increase of $438,000 versus $2,946,000 in the same period last year. Net operating income was $3,756,000, down $1,347,000 or 26% compared to the same quarter last year as higher revenues were more than offset by a $1,835,000 decrease in unrealized revenues. The unrealized revenue decrease is due to the same quarter last year including a catch-up, minimum royalty payment of $1.9 million that applied to the prior twenty-four months as the tenant failed to meet a production requirement contained in the lease. This revenue was straight-lined over the life of the lease.

Development Segment Results

With respect to ongoing Development Segment projects:

• We are the principal capital source to develop 344 residential lots on 110 acres in Harford County, MD. We have funded $27.5 million of our $31.1 million total commitment. A national homebuilder is under contract to purchase all 222 townhome lots and 122 single family lots. At quarter-end, 180 lots have been sold and $24.8 million has been returned to the company of which $6.1 million was booked as profit to the Company.

• We entered into two new joint venture agreements in early 2024 with Altman Logistics. The first joint venture is a 201,420 square-foot warehouse development project in Lakeland, FL, and the second joint venture is a two building 183,215 square-foot warehouse redevelopment project in Broward County, FL. We closed on both construction loans in March, 2025 and construction commenced in the second quarter of 2025. Substantial completion of both projects is expected in the second quarter of 2026.

• On May 30, 2025, we secured construction financing for our multifamily joint venture with Woodfield Development, known as Woven. This is our third multifamily project in Greenville, SC. This is an $87.8M project with 214 units and 13,500 square feet of ground floor retail that is eligible to receive South Carolina Textile Rehabilitation Credits upon substantial completion and received Special Source Credits equal to 50% of the real estate taxes for a period of 20 years. The project broke ground during the 3rd quarter and substantial completion of the project is expected in late 2027.

• On July 23,2025, we entered into a joint venture agreement with Strategic Real Estate Partners (“SREP”), a private real estate development firm which specializes in industrial real estate development, to develop 377,892 square feet in two warehouses in Lake County, Florida near Orlando, with options for investment in additional industrial warehouses on adjacent properties in the future. Substantial completion of the first warehouse is expected in the fourth quarter of 2026,

• On September 12, 2025, we secured construction financing for the first phase (296 multifamily units and 28,745 square feet of retail) of our Estero joint venture with Woodfield Development, located between Naples and Ft. Myers. Substantial completion is expected late 2027.

Nine Month Highlights

• 37% decrease in Net Income ($3.0 million vs $4.7 million) due to $2 million of expenses related to acquiring the Altman Logistics platform. Excluding the $2 million of Altman acquisition expenses, adjusted Net income was down $0.2 million.

• 1.6% decrease in pro rata NOI ($28.6 million vs $29.0 million). Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $1.4 million this year.

• Multifamily segment’s pro rata NOI was up slightly as improved results at Bryant Street, .408 Jackon and The Verge were mostly offset by uncollectable revenue along with higher operating costs and property taxes at the Maren.

• 9% decrease in Industrial and Commercial revenue and 14% decrease in that segment’s NOI

• 1.7% decrease in the Mining Royalty Lands’ Segment’s NOI. Excluding the $1.9 million paynent in last year, adjusted pro rata NOI in this segment was up $1.7 million or 18%.

Comparative Results of Operations for the Nine months ended September 30, 2025 and 2024

Consolidated Results

Net income for the first nine months of 2025 was $2,950,000 or $.16 per share versus $4,706,000 or $.25 per share in the same period last year. Excluding the $2 million of Altman acquisition expenses, adjusted Net Income was down $231,000. Pro rata NOI for the first nine months of 2025 was $28,575,000 versus $29,036,000 in the same period last year. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $1.4 million this year. The first nine months of 2025 were impacted by the following items:

• Operating profit decreased $3,440,000 primarily due to $1,993,000 of expenses related to the Altman Logistics platform acquisition and higher General and administrative expense ($907,000). General and administrative expense increased primarily due to overlapping compensation as a result of the implementation of our executive succession and transition plan that commenced in June, 2024. Industrial and commercial segment operating profit declined $1,057,000 because of a $446,000 increase in depreciation expense from completion of our new Chelsea warehouse, as well as lower occupancy due to a tenant default and non-renewing leases. Mining Royalty Land’s segment operating profit increased $1,034,000 due to higher royalty revenues and the prior year’s overpayment deduction of $566,000.

• Net investment income decreased $1,517,000 from reduced earnings on cash equivalents ($1,303,000) and reduced income from our lending ventures ($214,000) primarily due to fewer residential lot sales.

• Interest expense decreased $224,000 compared to the same period last year as we capitalized $215,000 more interest. More interest was capitalized due to increased in-house and joint venture projects under development this quarter compared to last year.

• Equity in loss of Joint Ventures improved $1,947,000 because of improved results at our unconsolidated joint ventures. Results improved at The Verge ($517,000) due to lower rent concessions, improved occupancy and lower interest expense, and also at Bryant Street ($911,000) and BC Realty ($623,000) because of higher revenues and lower variable rate interest expense.

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

For ease of comparison all the figures in the tables below include the results for The Verge from prior periods (when this project was still in our Development segment).

The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $13,937,000, up $46,000 compared to $13,891,000 in the same period last year. The NOI increase was primarily due to improved results at Bryant Street, .408 Jackson, and The Verge mostly offset by underperformance at Maren due to increased uncollectable revenue along with higher operating costs and property taxes.

Multifamily Segment (Consolidated – Dock 79 and The Maren)

Total revenues for our two consolidated joint ventures were $16,547,000, an increase of $45,000 versus $16,592,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $3,821,000, a decrease of $606,000, or 14% versus $4,427,000 in the same period last year primarily due to higher operating expenses ($322,000) and property taxes ($254,000).

Multifamily Segment (Pro rata unconsolidated)

Our Multifamily Segment has four unconsolidated joint ventures (Bryant Street, The Verge, Riverside, and .408 Jackson). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024, each upon reaching lease up stabilization.

For our four unconsolidated joint ventures, pro rata revenues were $16,225,000, an increase of $1,045,000 or 7% compared to $15,180,000 in the same period last year. Pro rata operating profit before G&A was $1,943,000, an increase of $744,000, or 62% versus $1,199,000 in the same period last year. The increase was due to lease up at The Verge and higher revenues at Bryant Street and .408 Jackson.

Industrial and Commercial Segment

Total revenues in this segment were $3,950,000, down $403,000 or 9%, over the same period last year. Operating profit before G&A was $1,427,000, down $1,057,000 or 43% from $2,484,000 in the same period last year due to $432,000 of depreciation and $70,000 of operating costs at our spec Chelsea warehouse placed in service in April, a write-off of $118,000 unrealized rent receivable and $34,000 deferred leasing commission related to a tenant that defaulted, and the related lower occupancy. Net operating income in this segment was $3,053,000, down $502,000 or 14% compared to the same period last year.

Mining Royalty Lands Segment Results