Year-End Message to Shareholders
December 31, 2025
To Our Shareholders,
As 2025 concludes, I want to personally thank you for your unwavering support and commitment to the bold, necessary work we are doing at Frontieras North America. Your evangelism of the company, our technology and our mission, are critical in growing our shareholder base and establishing a foundation for what lies ahead.
This year marked a decisive leap forward — for our company, our industry, and the energy economy we are helping reshape.
Fueled by a $150 million equity facility from GEM Global Yield, we completed a record-setting Reg CF offering, followed by a second campaign that now stands among the most successful first-year offerings in Reg CF history. Earlier this month, we successfully cleared our Reg A+ offering through the SEC, expanding investor access and positioning Frontieras for accelerated capital formation in 2026.
We currently have broad discussion with institutional debt and equity that is aligning well for 2026.
In June, we welcomed Jose Lopez as Chief Financial Officer, a major strategic hire. Jose brings decades of infrastructure finance, capital markets, and operational excellence to our team. His leadership is already strengthening our project finance structure and long-term capital strategy. Jose’ is an expert in public company compliance and has extensive experience in the energy sector.
At the core of our operational progress is the FASForm™ platform — our patented solid carbon fractionation system that turns coal and other volatile-rich hydrocarbons into clean, high-yield fuels, carbon, and industrial chemicals. The future potential for the company is beyond measure, as coal is the world’s most abundant accessible form of energy-by a significant margin. Unlocking the intrinsic value of this resource represents an entirely new category of energy production.
Our first FASForm™ plant expects to yield:
- 2.3 barrels of refined liquid fuels per ton of coal (over 15,000 barrels per day)
- Over 20 million standard cubic feet per day of hydrogen
- FASCarbon™, a low-sulfur, high-efficiency solid carbon used in steel, cement, and thermal power
- Ammonium sulfate fertilizer and sulfuric acid, produced from repurposed otherwise “waste products”
- Zero-waste, zero-discharge operation — with no emissions into air, water, or soil
This year, we reached a major inflection point in intellectual property.
Our IP holding company, Frontier Applied Sciences, filed a U.S. patent on the Witherspoon Method, a critical innovation by our co-founder and CTO, Joe Witherspoon. This proprietary method unlocks new functionality within the FASForm platform — allowing us to convert volatile byproducts into ammonium sulfate fertilizer at significantly lower cost of production than conventional methods.
In a world facing both energy scarcity and agricultural instability, this is a game-changing capability — and one that aligns perfectly with our zero-waste ideology. Frontieras North America now holds the exclusive rights to deploy the Witherspoon Method in the United States and Canada, giving us a powerful, differentiated revenue stream that turns former liabilities into essential products for global food security.
2025 also brought long-awaited policy alignment. With the collapse of ESG mandates, the investment community is abandoning ideological constructs in favor of profitability, reliability, and real asset value. Meanwhile, the EPA’s sweeping deregulations under the Trump administration have cleared the final regulatory barriers to hydrocarbon innovation.
For years, we built this company on the belief that four forces must align to commercialize transformative energy technology: Science, Technology, Economics, and Politics (S.T.E.P.). That alignment is now here — and Frontieras is ready.
We are not an ESG project. We are not a speculative green-tech bet.
We are a profitability-first, zero-waste platform built for the age of energy realism.
FASForm is redefining coal — not as a fuel to burn, but as a resource to fractionate, reform, and refine into high-value, multi-sector products. With 9 patents covering 85% of the global coal market, and no known commercial competitor, Frontieras is positioned to lead this transformation with clarity and conviction.
As we head into 2026, we do so with capital in hand, engineering complete, leadership in place, and a firm belief that hydrocarbons — used wisely — are the most powerful tool we have to build the future.
Thank you for your vision, trust, and commitment. Together, we are not just powering the future — we are redesigning it.
With life, liberty, and the pursuit of energy.
Matthew T. McKean
Chief Executive Officer
Frontieras North America