Market Signal Briefing

Precision Optics Corporation, Inc. ( POCI ) Q1 2026 Earnings Call November 13, 2025 5:00 PM EST Company Participants Joseph Forkey - CEO, President, Treasurer & Director Wayne Coll - CFO & Secretary Conference Call Participants Robert Blum - Lytham Partners, LLC Presentation Operator Good afternoon, and welcome to the Precision Optics Q1 '26 Earnings Event. [Operator Instructions] Please also note today's event is being recorded.

Precigen, Inc. ( PGEN ) Q3 2025 Earnings Call November 13, 2025 4:30 PM EST Company Participants Steven Harasym - VP & Head of Investor Relations Helen Sabzevari - President, CEO & Director Phil Tennant - Chief Commercial Officer Rutul Shah - Chief Operating Officer Harry Thomasian - Chief Financial Officer Conference Call Participants Jason Butler - Citizens JMP Securities, LLC, Research Division Swayampakula Ramakanth - H.C. Wainwright & Co, LLC, Research Division Michael DiFiore Brian Cheng Presentation Operator Good afternoon, ladies and gentlemen, and welcome to the Precigen Third Quarter 2025 Financial Results and Business Update Conference Call.

November 13, 2025 11:00 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 13, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of DexCom, Inc. (NASDAQ: DXCM) between July 26, 2024 and September 17, 2025, both dates inclusive (the "Class Period") of the important December 29, 2025 lead plaintiff deadline.

SO WHAT: If you purchased DexCom securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the DexCom class action, go to https://rosenlegal.com/submit-form/?case_id=28133 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. If you wish to serve as lead plaintiff, you must move the Court no later than December 29, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) DexCom had made material design changes to the G6 and G7 continuous glucose monitoring ("CGM") systems that were unauthorized by the U.S. Food and Drug Administration (the "FDA"); (2) the foregoing design changes rendered the G6 and G7 less reliable than their prior iterations, presenting a material health risk to users relying on those devices for accurate glucose readings; (3) accordingly, defendants' purported enhancements to the G7, as well as the device's reliability, accuracy, and functionality, were overstated; (4) Defendants downplayed the true scope and severity of the issues and health risks posed by adulterated G7 devices; (5) all the foregoing subjected DexCom to an increased risk of heightened regulatory scrutiny and enforcement action, as well as significant legal, reputational, and financial harm; and (6) as a result, defendants' public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the DexCom class action, go to https://rosenlegal.com/submit-form/?case_id=28133 call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274429

November 13, 2025 23:07 ET

 | Source:

Fennec Pharmaceuticals Inc.

RESEARCH TRIANGLE PARK, N.C., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Fennec Pharmaceuticals Inc. (NASDAQ:FENC) (TSX:FRX) (“Fennec” or the “Company”), a specialty pharmaceutical company, today announced the pricing of its underwritten registered public offering of 4,666,667 common shares at a public offering price of $7.50 per share. In addition, Fennec has granted the underwriters a 30-day option to purchase up to an additional 700,000 common shares on the same terms and conditions. Fennec anticipates the total gross proceeds from the offering (before deducting the underwriting discounts and offering expenses) will be approximately $35,000,000, excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on November 17, 2025, subject to customary closing conditions.

Fennec intends to use the net proceeds of the offering to repurchase and redeem certain indebtedness and the remaining net proceeds, if any, for working capital and general corporate purposes.

Piper Sandler & Co. and Craig-Hallum Capital Group LLC are acting as the joint book-running managers for the offering. H.C. Wainwright & Co. is acting as lead manager and Stephens Inc. is acting as co-manager for the offering.

The common shares are being offered by the Company pursuant to a registration statement previously filed with and declared effective by the Securities and Exchange Commission (the “SEC”). A final prospectus supplement and an accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus, when filed with the SEC, may also be obtained from Piper Sandler & Co., Attention: Prospectus Department, 350 North 5th Street, Suite 1000, Minneapolis, Minnesota 55401, by telephone at (800) 747-3924 or by email at [email protected] and Craig-Hallum Capital Group LLC, Attention: Equity Capital Markets, 323 North Washington Ave., Minneapolis, MN 55401, by telephone at (612) 334-6300 or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy common shares, nor shall there be any sale of common shares, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The common shares in the offering will not be offered or sold, directly or indirectly, in Canada or to any resident of Canada. Fennec is relying upon the exemption set forth in Section 602.1 of the TSX Company Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as Nasdaq.

About Fennec Pharmaceuticals

Fennec Pharmaceuticals Inc. is a specialty pharmaceutical company committed to the fight against ototoxicity in cancer patients who receive cisplatin-based chemotherapy. Fennec is focused on the commercialization of PEDMARK® to reduce the risk of platinum-induced ototoxicity in cancer patients. PEDMARK® received FDA approval in September 2022 and European Commission approval in June 2023 and United Kingdom (U.K.) approval in October 2023 under the brand name PEDMARQSI®.

In March 2024, Fennec entered into an exclusive licensing agreement under which Norgine Pharmaceuticals Ltd., a leading European specialist pharmaceutical company, will commercialize PEDMARQSI® in Europe, U.K., Australia and New Zealand. PEDMARQSI® is now commercially available in the U.K. and Germany.

PEDMARK® has received Orphan Drug Exclusivity in the U.S. and PEDMARQSI® has received Pediatric Use Marketing Authorization in Europe which includes eight years plus two years of data and market protection. Further, Fennec has patents providing protection for PEDMARK® until 2039 in both the U.S. and internationally.

Forward Looking Statements

Except for historical information described in this press release, all other statements are forward-looking. Words such as “believe,” “anticipate,” “plan,” “expect,” “estimate,” “intend,” “may,” “will,” or the negative of those terms, and similar expressions, are intended to identify forward-looking statements. These forward-looking statements include, among other things, statements regarding the Company’s expectations on the timing, size and completion of the offering. Forward-looking statements are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including the risks and uncertainties that regulatory and guideline developments may change, scientific data and/or manufacturing capabilities may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, unforeseen global instability, including political instability, or instability from an outbreak of pandemic or contagious disease, such as the novel coronavirus (COVID-19), or surrounding the duration and severity of an outbreak, protection offered by the Company’s patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the Company’s products will not be as large as expected, the Company’s products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to fund further development and clinical studies, the Company’s ability to obtain necessary capital when needed on acceptable terms or at all, and other risks detailed from time to time in the Company’s filings with the SEC including its Annual Report on Form 10-K for the year ended December 31, 2024. Fennec disclaims any obligation to update these forward-looking statements except as required by law.

For a more detailed discussion of related risk factors, please refer to our public filings available at www.sec.gov and www.sedar.com.

PEDMARK®, PEDMARQSI® and Fennec® are registered trademarks of Fennec Pharmaceuticals Inc.

©2025 Fennec Pharmaceuticals Inc. All rights reserved

For further information, please contact:

Investors:
Robert Andrade
Chief Financial Officer
Fennec Pharmaceuticals Inc.
+1 919-246-5299

Corporate and Media:
Lindsay Rocco
Elixir Health Public Relations
+1 862-596-1304
[email protected]

BioHarvest Sciences Inc. ( BHST ) Q3 2025 Earnings Call November 13, 2025 4:30 PM EST Company Participants Ilan Sobel - Chief Executive Officer Bar Dichter - Chief Financial Officer Conference Call Participants Matthew Hewitt - Craig-Hallum Capital Group LLC, Research Division Nicholas Sherwood - Maxim Group LLC, Research Division Susan Anderson - Canaccord Genuity Corp., Research Division Presentation Operator Greetings, and welcome to the BioHarvest Sciences Third Quarter 2025 Corporate Update Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

Shimmick Corporation ( SHIM ) Q3 2025 Earnings Call November 13, 2025 5:00 PM EST Company Participants Anthony Rasmus - Investor Relations Officer Ural Yal - CEO & Director Todd Yoder - Executive VP & CFO Conference Call Participants Aaron Spychalla - Craig-Hallum Capital Group LLC, Research Division Gerard Sweeney - ROTH Capital Partners, LLC, Research Division Presentation Operator Welcome to Shimmick's Third Quarter 2025 Financial Results. [Operator Instructions] As a reminder, this conference call is being recorded.

Recorded Net Income of $25.4 million, Including $15 Million in Insurance Recoveries Related to Sabanero Block

Generated Quarterly Operating EBITDA from Continuing Operations of $86.6 Million

Generated Adjusted Infrastructure EBITDA of $30.4 million and Segment Income of $15.5 Million, Led by Strong ODL Performance

Streamlined Organization Resulting in Leaner, More Efficient Structure Generating $10-$15 Million in Expected Overhead Savings Going Forward

Reduced Production Costs 5% and Transportation Costs 1% Through Operational Improvements

Averaged 39,240 Boe/d Year-to-Date, Revised Production Guidance to 39,000 – 39,500 Boe/d

Declared Quarterly Dividend of C$0.0625 Per Share, or $3.1 Million in Aggregate, Payable On or Around January 19, 2026

Accelerated Puerto Bahia LPG FID: Phase 1 Expected To Be Operational in the First Half of 2026

FEC Equity Qualified to Trade in OTCQX® Best Market, Providing Improved Investor Visibility and Trading Liquidity 

, /PRNewswire/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") today reported financial and operational results for the third quarter ended September 30, 2025. All financial amounts in this news release and in the Company's financial disclosures are in United States dollars, unless otherwise stated. Figures from previous reporting periods were revised due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. For more information, refer to the "Discontinued Operations" section of the interim management's discussion and analysis for the three and nine months ended September 30, 2025, dated November 13, 2025 (the "MD&A").

Gabriel de Alba, Chairman of the Board of Directors, commented:

"In the third quarter, Frontera remained focused on enforcing capital discipline, driving savings and efficiency to navigate lower commodity prices. During the quarter, the Company generated $86.6 million in Operating EBITDA from continuing operations, generated Adjusted Infrastructure EBITDA of $30.4 million and $115.0 million in cash provided by operating activities, extended its crude oil hedges through the first half of 2026 and ended the quarter with $172.1 million of total cash (including restricted cash), underscoring its strong balance sheet.

Regarding the Company's Guyana Exploration business, the Government of Guyana, through its counsel, communicated its willingness to participate in a final "Without Prejudice" meeting with Frontera and its partner CGX Energy Inc ("CGX" and together the "Joint Venture") to discuss the matters in dispute. The Government proposed November 25 or December 2, 2025, as possible dates for this meeting. The Joint Venture remains open to engaging in good faith discussions with the government. 

Frontera continues to prioritize initiatives that drive stakeholder value. Today, the Board declared a quarterly dividend of C$0.0625 per share, or approximately $3.1 million in aggregate, and year to date, the Company has repurchased 385,200 shares via its Normal-Course Issuer Bid ("NCIB") program. Over the last twelve months, Frontera has returned over $112 million to shareholders via dividends and share repurchases, including $66.5 million paid to shareholders during the third quarter through a Substantial Issuer Bid ("SIB"), reducing its shares outstanding by 14% since the end of 2024, and the Company successfully repurchased over $80 million of its senior unsecured notes due 2028 reducing the balance outstanding to $314 million, underscoring the Company's commitment to return capital to all its stakeholders.

Frontera is pleased to announce its qualification for the OTCQX® Best Market, an important milestone that increases the Company's visibility in the United States and reinforces its commitment to strong financial disclosure and corporate governance. Trading on OTCQX enhances access to a broader U.S. investor base, including the U.S. retail market, offering shareholders improved liquidity and more efficient participation under the Company's existing TSX reporting framework. 

Notably, OTC market activity has represented over 30% of FEC's total share trading over the past five years, highlighting the relevance of the U.S. market to Frontera's investor community. Access to this highest tier of the U.S. OTC markets further strengthens Frontera's ability to reach a broader investor base and enhance long-term value creation. Trading will commence tomorrow, November 14th, under the symbol "FECCF"."

Orlando Cabrales, Chief Executive Officer (CEO), Frontera, commented:

"Frontera's third quarter financial and operating results highlight the decisive steps we are taking to deliver stakeholder value, maintain operational flexibility, drive cost efficiencies and maintain a strong balance sheet.  

During the quarter, we continued to prioritize operational improvements, reducing our production costs quarter-over-quarter by 5%, driven by the implementation of new field production technologies, continuous optimization, cost reduction in O&M contracts and digital process implementation. We also reduced our transportation costs by 1% quarter-over-quarter driven by optimizing our transportation routes and pipeline agreements, including the expiry of our long term Ocensa P-135 Take or Pay agreement. These improvements were partially offset by increasing energy costs as we processed higher liquids volumes during the quarter. We also simplified our corporate structure during the third quarter, through targeted reorganization initiatives that will improve organizational and operational efficiencies, generating between $10 and 15 million in expected savings in overhead going forward.

Production during the quarter decreased 2%, mainly due to adverse weather conditions as well as related operational and logistical challenges, which have since been resolved. The 2025 rainy season stands among the most severe in a decade, with well above historical rainfall averages impacting operations. For the nine months ending September 30, Frontera averaged 39,240 boe/d of production, an increase of over 3% compared with the same periods of 2024.

Considering these factors, we have adjusted our 2025 annual Colombia production guidance slightly to 39,000 - 39,500 boe/d. We have also tightened our 2025 capital expenditures guidance, reducing the higher end by around $25 million, to reflect the disciplined approach to capital spending and ability to identify ongoing operational efficiencies. 

Subsequent to the quarter, Frontera spudded the high-impact Guapo-1 well at the VIM-1 block, targeting natural gas and condensate. Drilling is expected to be completed by December 2025. The Guapo-1 well has the potential to significantly improve the Company's natural gas reserves, including to potentially provide much needed supply to the Colombian market in the short to medium term and help de-risk nearby contingent prospects.

On our infrastructure business, we continue to see strong momentum supporting all areas of this business unit. ODL saw strong quarter over quarter volumes and EBITDA growth led by an increase in production associated with Ecopetrol's Caño Sur block. In Puerto Bahía, the port's operating EBITDA was relatively flat quarter over quarter despite a reduction in liquids throughput volumes associated to a trader's exit from the country. The financial impact of the reduced liquids throughput volumes was offset entirely by a strong performance from our general cargo operations, which saw strong growth in container volumes, that surpassed 3,600 twenty-foot equivalent units ("TEUs") in October. On SAARA, water management volumes continue to increase and stabilize, reaching an average of approximately 157,000 barrels of water per day processed during the quarter, including reaching a maximum throughput of 230,000 barrels per day, and gaining momentum towards our goal of 250,000 barrels per day.

The Company's standalone and growing Colombian infrastructure business, which includes interests in ODL and Puerto Bahía, together with its partner GASCO, has reached final investment decision ("FID") on the planned liquified petroleum gas ("LPG") project. The initial phase is being fast-tracked and is expected to be operational in the first half of 2026, helping address supply constraints in Colombia's domestic LPG market. The LPG project is expected to generate between $10 and 15 million in yearly project EBITDA once it reaches its target capacity."

Third Quarter 2025 Operational and Financial Summary:

Nine months ended

September 30

Q3 2025

Q2 2025

Q3 2024

2025

2024

Operational Results from Continuing Operations

Heavy crude oil production (1)

(bbl/d)

27,078

27,535

25,312

27,259

24,520

Light and medium crude oil combined production (1)

(bbl/d)

9,235

9,850

11,018

9,538

11,016

Total crude oil production

(bbl/d)

36,313

37,385

36,330

36,797

35,536

Conventional natural gas production (1)

(mcf/d)

4,406

3,118

3,192

3,272

3,494

Natural gas liquids production (1)

(boe/d) (3)

1,848

1,846

1,950

1,869

1,792

Total production Colombia (2)

(boe/d) (3)

38,934

39,778

38,840

39,240

37,941

Total inventory balance of Colombia and Peru

(bbl)

919,914

1,109,347

1,257,358

919,914

1,257,358

Brent price reference

($/bbl)

68.17

66.71

78.71

69.91

81.82

Produced crude oil and gas sales (4)

($/boe)

64.40

63.18

71.13

65.37

75.12

Purchased crude net margin (4)(5)

($/boe)

(2.70)

(3.65)

(3.59)

(3.41)

(3.14)

Oil and gas sales, net of purchases (4)(5)

($/boe)

61.70

59.53

67.54

61.96

71.98

 (Loss) gain on oil price risk management contracts (6)(7)

($/boe)

(1.20)

0.16

(0.47)

(0.84)

(1.03)

Royalties (6)

($/boe)

(0.78)

(0.71)

(0.80)

(0.81)

(1.43)

Net sales realized price (4)(5)

($/boe)

59.72

58.98

66.27

60.31

69.52

Production costs (excluding energy costs), net of realized FX hedge impact (4)  

($/boe)

(8.46)

(8.89)

(8.89)

(9.10)

(10.03)

Energy costs, net of realized FX hedge impact (4)

($/boe)

(5.56)

(4.75)

(5.25)

(5.25)

(5.19)

Transportation costs, net of realized FX hedge impact (4)(5)

($/boe)

(11.72)

(11.81)

(12.59)

(12.02)

(11.88)

Operating netback from Continuing Operations per boe (4)(5)

($/boe)

33.98

33.53

39.54

33.94

42.42

Financial Results

Oil & gas sales, net of purchases (8)

($M)

194,153

165,439

203,017

550,506

608,475

(Loss) gain on oil price risk management contracts (7)

($M)

(3,784)

431

(1,425)

(7,494)

(8,710)

Royalties

($M)

(2,454)

(1,965)

(2,412)

(7,207)

(12,105)

Net sales (8)

($M)

187,915

163,905

199,180

535,805

587,660

Net income (loss) for the period from continuing operations (9)

($M)

28,235

(410,857)

16,923

(357,007)

1,857

Net (loss) income for the period from discontinued operations

($M)

(2,818)

(44,355)

(335)

(45,264)

3,382

Net income (loss) for the period (9)

($M)

25,417

(455,212)

16,588

(402,271)

5,239

Per share – diluted from continuing operations

($)

0.38

(5.32)

0.19

(4.73)

0.02

Per share – diluted from discontinued operations

($)

(0.04)

(0.57)

—

(0.60)

0.04

General and administrative

($M)

14,877

14,021

12,473

42,276

38,472

Outstanding Common Shares

Number of
Shares

69,833,514

77,295,478

84,167,856

69,833,514

84,167,856

Operating EBITDA from continuing operations (8)

($M)

86,585

73,489

96,494

239,122

295,498

Cash provided by operating activities

($M)

115,034

41,786

124,058

226,957

339,461

Capital expenditures (8)

($M)

50,859

58,967

74,872

155,946

206,140

Cash and cash equivalents – unrestricted

($M)

158,614

184,860

205,572

158,614

205,572

Restricted cash short and long-term (10)

($M)

13,437

12,679

34,752

13,437

34,752

Total cash (10)

($M)

172,051

197,539

240,324

172,051

240,324

Total debt and lease liabilities (10)

($M)

532,789

535,346

531,235

532,789

531,235

Consolidated total indebtedness (excluding Unrestricted Subsidiaries) (11)

($M)

357,228

353,764

415,387

357,228

415,387

Net debt (excluding Unrestricted Subsidiaries) (11)

($M)

252,640

204,671

267,043

252,640

267,043

* Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section on page 18 of the MD&A for further details.

(1)  References to heavy crude oil, light and medium crude oil combined, conventional natural gas, and natural gas liquids in the above table and elsewhere in this MD&A refer to heavy crude oil, light crude oil and medium crude oil combined, conventional natural gas, and natural gas liquids, respectively, product types as defined in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.

(2)  Represents W.I. production before royalties. Refer to the "Further Disclosures" section on page 43 of the MD&A for further details.

(3)  Boe has been expressed using the 5.7 to 1 Mcf/bbl conversion standard required by the Colombian Ministry of Mines & Energy. Refer to the "Further Disclosures - Boe Conversion" section on page 43 of the MD&A for further details.

(4)  Non-IFRS ratio is equivalent to a "non-GAAP ratio", as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112"). Refer to the "Non-IFRS and Other Financial Measures'' section on page 26 of the MD&A for further details.

(5) 2024 comparative figures differ from those previously reported due to the inclusion of Puerto Bahia inter-segment costs related to diluent and oil purchases as well as transportation costs.

(6) Supplementary financial measure (as defined in NI 52-112). Refer to the "Non-IFRS and Other Financial Measures" section on page 26 of the MD&A for further details.

(7)  Includes the net effect of put premiums paid for expired positions and positive cash settlements received from oil price contracts during the period. Refer to the "Gain (Loss) on Risk Management Contracts" section on page 17 of the MD&A for further details.

(8)  Non-IFRS financial measure (equivalent to a "non-GAAP financial measure", as defined in NI 52-112). Refer to the "Non-IFRS and Other Financial Measures" section on page 26 of the MD&A for further details.

(9)  Capital management measure (as defined in NI 52-112). Refer to the "Non-IFRS and Other Financial Measures" section on page 26 of the MD&A for further details.

(10)  "Unrestricted Subsidiaries" include CGX Energy Inc. ("CGX"), listed on the TSX Venture Exchange under the trading symbol "OYL"; FEC ODL Holdings Corp., including its subsidiary, Frontera Pipeline Investment AG ("FPI", formerly named Pipeline Investment Ltd); Frontera BIC Holding Ltd.; Frontera Energy Guyana Holding Ltd.; Frontera Energy Guyana Corp.; and Frontera Bahía Holding Ltd., including Sociedad Portuaria Puerto Bahia S.A ("Puerto Bahia"). Refer to the "Liquidity and Capital Resources" section on page 33 of the MD&A for further details.

Executive Changes and Restructuring

In the third quarter, as part of Frontera's ongoing focus on cost-savings, the company simplified its corporate structure, through targeted reorganization initiatives that are designed to improve organizational and operational efficiencies, resulting in $10-$15 million in expected savings in overhead going forward.

Effective September 29, 2025, Mr. Ivan Arevalo, Vice President Operations assumed responsibility for Reservoir and Reserves. This adjustment is aligned with the Company's vision to enhance synergies, optimize processes, and ensures a comprehensive approach to managing all aspects of our operations. Mr. Arevalo has more than 30 years of experience in the oil and gas industry and has been with the Company for more than 17 years. 

On September 29, 2025, Mr. Andrés Sarmiento was promoted to Vice-President of Corporate Sustainability & People. Mr. Sarmiento is an Economist with a Master's degree in Economics from the Universidad de los Andes and a Master's degree in Energy, Mining, and Finance from Imperial College London. Prior to joining Frontera, Mr. Sarmiento previously was secretary general of the Colombian Association of Natural Gas, was a senior investment advisor in the London Office of ProColombia and an advisor to several ministers and vice ministers in the Colombian Ministry of Mines and Energy. 

The Company congratulates Mr. Arevalo and Mr. Sarmiento on their expanded roles.

With these organizational changes, Frontera aims to strengthen operational efficiency, align capabilities to address future challenges, and establish a more agile structure while building a more sustainable future.

Third Quarter 2025 Operational and Financial Results:

The Company recorded net income, attributable to equity holders of the Company, from continuing operations of $28.2 million ($0.38/share), in the third quarter of 2025, compared with a net loss, attributable to equity holders of the Company, from continuing operations of $410.9 million, net of a non-cash impairment expenses of $431.9 million ($5.32/share) in the prior quarter and net income from continuing operations of $16.9 million ($0.19/share) in the third quarter of 2024. Net income from continuing operations included a loss from operations of $13.9 million (net of a non-cash impairment expense of $9.7 million), finance expenses of $18.9 million and $4.9 million related to loss on risk management contracts, partially offset by an income tax recovery of $20.6 million (including $20.9 million of deferred income tax recovery), $15.9 million from share of income from associates, other income by $12.0 million mainly related to insurance recoveries for the Sabanero block by $14.7 million, and foreign exchange income of $2.1 million.
Total Colombian production averaged 38,934 boe/d in the third quarter of 2025, compared with 39,778 boe/d in the prior quarter and 38,840 boe/d in the third quarter of 2024. Heavy crude oil production declined by 2% during the quarter, mainly due to adverse weather conditions as well as related operational and logistical challenges, which have since been resolved. Offset by increases in conventional natural gas production driven by the commercialization of volumes from the VIM-1 block. Additionally, Colombian light and medium crude oil combined production decrease by 6%, primarily due to natural declines.

Production

Nine months ended
September 30

Production from Continuing Operations:

Q3 2025

Q2 2025

Q3 2024

2025

2024

Producing blocks in Colombia

Heavy crude oil

(bbl/d)

27,078

27,535

25,312

27,259

24,520

Light and medium crude oil combined

(bbl/d)

9,235

9,850

11,018

9,538

11,016

Conventional natural gas

(mcf/d)

4,406

3,118

3,192

3,272

3,494

Natural gas liquids

(boe/d)

1,848

1,846

1,950

1,869

1,792

Total production Colombia

(boe/d)

38,934

39,778

38,840

39,240

37,941

Production from Discontinued Operations (1):  

Producing blocks in Ecuador

Light and medium crude oil combined

(bbl/d)

940

1,277

1,776

1,226

1,637

Total production Ecuador

(bbl/d)

940

1,277

1,776

1,226

1,637

(1)  Refer to the "Discontinued Operations" section on page 18 of the MD&A for further details.

Operating EBITDA from continuing operations was $86.6 million in the third quarter of 2025, compared with $73.5 million in the prior quarter and $96.5 million in the third quarter of 2024. The quarter over quarter increase was mainly due to higher volumes sold during the quarter, higher Brent oil prices and lower production costs and transportation cost (net of realized FX hedge impact), partially offset by higher energy costs.
Cash provided by operating activities was $115.0 million in the third quarter of 2025, compared with $41.8 million in the prior quarter, and $124.1 million in the third quarter of 2024. During the quarter, the Company invested $50.9 million in capital expenditures, paid $66.5 million to shareholders through its substantial issuer bid, received $14.7 million in insurance compensation for the Sabanero block and received $18.5 million in cash dividends from ODL.
The Company reported a total cash position of $172.1 million at September 30, 2025, compared with $197.5 million at June 30, 2025, and $240.3 million at September 30, 2024.
As at September 30, 2025, the Company had a total crude oil inventory balance of 919,914 barrels compared to 1,109,347 barrels at June 30, 2025. The Company had a total inventory balance in Colombia of 439,714 barrels, including 348,544 crude oil barrels and 91,170 barrels of diluent and others. This compared to 629,147 barrels as at June 30, 2025, and 777,158 barrels as at September 30, 2024. The decrease in inventory levels quarter over quarter was associated with higher volumes of oil inventory sold during the quarter.
Capital expenditures were $50.9 million in the third quarter of 2025, compared with $59.0 million in the prior quarter and $74.9 million in the third quarter of 2024. During the third quarter the Company drilled 16 wells primarily in the Quifa and CPE-6 blocks.
The Company's net sales realized price was $59.72/boe in the third quarter of 2025, compared to $58.98/boe in the prior quarter and $66.27/boe in the third quarter of 2024. The quarter over quarter increase was primarily driven by a higher Brent benchmark oil price, stronger oil price differentials, partially offset by premiums paid on oil price risk management contracts.
The Company's operating netback from continuing operations was $33.98/boe in the third quarter of 2025, compared with $33.53/boe in the prior quarter and $39.54/boe in the third quarter of 2024. The increase in the Company's operating netback quarter-over-quarter was mainly due to higher net sales realized price, lower production costs and transportation cost, (net of realized FX hedge impacts), partially offset by higher energy costs
Production costs (excluding energy costs), net of realized FX hedge impact, averaged $8.46/boe in the third quarter of 2025, compared with $8.89/boe in the prior quarter and $8.89/boe in the third quarter of 2024. The decrease in production costs was primarily due to new field production technologies, continuous optimization, cost reduction in O&M contracts and digital process implementation.
Energy costs, net of realized FX hedging impacts, averaged $5.56/boe in the third quarter of 2025, compared to $4.75/boe in the prior quarter and up from $5.25/boe in the third quarter of 2024. The increase quarter over quarter was mainly due to higher fuel consumption resulting from higher processed production liquid volumes.
Transportation costs, net of realized FX hedging impacts averaged $11.72/boe in the third quarter of 2025, compared with $11.81/boe in the prior quarter and $12.59/boe in the third quarter of 2024. The decrease in transportation costs during the quarter was mainly driven by the optimization of the transportation routes and pipeline agreements including the termination of the Ocensa P-135 long-term Take-or-Pay agreement.
Restructuring costs during the quarter were $8.3 million, driven by targeted reorganization initiatives, resulting in expected savings of 20% in corporate overhead going forward.
ODL volumes transported were 241,958 bbl/d during the third quarter of 2025, up slightly led by an increase in volumes from Ecopetrol's Caño Sur block, compared with the previous quarter, which saw 235,804 bbl/d in volumes transported.
Total Puerto Bahia liquids volumes were 39,560 bbl/d during the quarter compared to 53,280 bbl/d the previous quarter, the reduction in liquids volumes was due to a third-party trader's exit from the country. The Company is actively seeking to replace the lost volumes. The financial impact of the reduced liquids throughput volumes was offset entirely by a strong performance from the general cargo operations, which saw strong growth in container volumes, that surpassed 3,000 TEUs in September.
Adjusted Infrastructure EBITDA in the quarter was $30.4 million, compared to $27.1 million in the prior quarter. The quarter over quarter increase was mainly a result of higher revenues from the ODL business due to higher volumes transported through the pipeline.

Frontera's Sustainability Strategy

During the quarter, the Company continued to make progress towards its 2028 sustainability goals and achieved 81% of its 2025 plan year to date.

In line with its supply chain sustainability strategy, the Company strengthened its Business Network for Responsible Business Conduct — a collaborative platform that fosters human rights due diligence, shared policies, and best practices — ensuring a consistent and responsible approach across suppliers and key subsidiaries, including Puerto Bahía and ProAgrollanos.

In the third quarter of 2025, local suppliers accounted for 11.58% of total purchases, reflecting the Company's ongoing commitment to support local economic development. Additionally, Frontera maintained strong performance in health and safety indicators, reporting a Total Recordable Incident Rate ("TRIR") of 0.57. The Company also attained a water reuse rate of 36% within its operational activities.

In addition, Frontera achieved the "Level of Excellence" certified by Great Place to Work.

Enhancing Shareholder Returns

The Company continues to consider investor-focused initiatives for the remainder of 2025 and beyond, including additional dividends, distributions, share or bond buybacks, based on the overall results of the businesses, oil prices and cash flow generation. Additionally, the Company also continues to consider all options to enhance the value of its common shares, and in so doing may consider forms of strategic initiatives or transactions, which may include a further return of capital to shareholders, a merger or a business combination, or the transfer, sale or other disposition of all or a significant portion of the business, assets or securities of the Company, the recapitalization or separation of interest in one or more subsidiaries or in assets of the Company, whether in one or a series of transactions. However, there can be no assurance that any such initiative or transaction will occur or if it occurs, the timing thereof.

NCIB: On July 18, 2025, the Company initiated a Normal Course Issuer Bid ("NCIB"), through which the Company may purchase up to 3,502,962 shares for cancellation, representing approximately 5% of the issued and outstanding shares as at July 15, 2025.

As at November 12, 2025, the Company had repurchased approximately 385,200 Common Shares for cancellation for approximately $1.6 million. The NCIB will expire on July 17, 2026.

SIB: On July 15, 2025, the Company announced that, it had taken up and paid for 7,583,333 common shares (approximately 9.77% of the total number of Frontera's issued and outstanding common shares as at July 10, 2025) at a price of CAD$12.00 per common share, representing an aggregate purchase price of approximately CAD $91.0 million pursuant to a substantial issuer bid. The July 2025 substantial issuer bid had a 92.6% participation and the tendered shares were purchased on a pro rata basis. Shareholders who tendered to the substantial issuer bid had approximately 10.54% of their tendered shares purchased by the Company. With an over 90% consistent participation rate in its recent SIBs, the Company's capital distribution strategy has proven effective and well received by shareholders.

Dividend: Pursuant to Frontera's dividend policy, Frontera's Board of Directors declared a dividend of C$0.0625 per common share to be paid on or around January 19, 2026, to shareholders of record at the close of business on January 5, 2026.

This dividend payment to shareholders is designated as an "eligible dividend" for purposes of the Income Tax Act (Canada). This dividend is eligible for the Company's Dividend Reinvestment Plan which provides Canadian resident shareholders of Frontera the option to automatically reinvest the cash dividends on their common shares into additional common shares, without paying brokerage commissions or services charges.

Frontera's Three Core Businesses

Frontera's three core businesses include: (1) its Colombia Upstream Onshore business, (2) its standalone and growing Colombian Infrastructure business, and (3) its potentially transformational Guyana Exploration business offshore Guyana.

2025 Guidance Update

Frontera's average production was 39,240 boe/d for the nine-month period ended September 30, 2025. The Company has adjusted production guidance for 2025 to 39,000 - 39,500 boe/d. The Company has also tightened its 2025 capital expenditures guidance to reflect its disciplined approach to capital spending and ability to identify ongoing operational efficiencies and updated its EBITDA guidance range to reflect the lower oil price environment.

The following table reports the Company's 2025 updated guidance as well as its actual results for the nine months ended September 30, 2025:

Guidance Metrics

Unit

2025 August
Guidance

2025 Updated

Guidance

Actual *

Average Daily Production (1)

boe/d

39,500 - 41,000

39,000 - 39,500

39,240

Production Costs (2)(4)

$/boe

8.75 - 9.25

9.03

Energy Costs (2)(4)

$/boe

5.25 - 5.75

5.32

Transportation Costs (3)(4)

$/boe

12.50 - 13.00

12.02

Operating EBITDA from Continuing Operations (5) at $70/bbl (6)  

$MM

320 - 360

239.1

Operating EBITDA from Continuing Operations (5) at $65/bbl (6)

$MM

270 – 315

239.1

Adjusted Infrastructure EBITDA (5)

$MM

110 – 125

86.1

Development Drilling

$MM

100 - 110

95 - 100

83.7

Development Facilities

$MM

45 - 65

60 – 65

42.5

Colombia Development

$MM

145 - 175

155 - 165

126.2

Colombia Exploration

$MM

25 - 35

30 - 35

14.6

Other (7)

$MM

10 - 15

2 - 5

1.9

Total Colombia Capex

$MM

180 - 225

187 - 205

142.7

Guyana Exploration

$MM

1 - 3

1 - 3

0.4

Colombia Infrastructure

$MM

15 - 20

12 - 15

12.9

Total Capital Expenditures from Continuing Operations (5)

$MM

196 - 248

200 - 223

156

* The figures correspond only to continuing operations, following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section for further details.

(1) The Company's 2025 updated average production guidance range reflects its gross working interest production before royalties and does not include in-kind royalties, operational consumption, quality volumetric compensation or potential production from successful exploration activities planned in 2025.

(2) Per-bbl/boe metric on a share before royalties' basis.

(3) Calculated using net production after royalties.

(4) Supplementary financial measure (as defined in NI 52-112). Refer to the "Non-IFRS and Other Financial Measures" section on page 24 of the MD&A for further details.

(5) Non-IFRS financial measure (equivalent to a "non-GAAP financial measure", as defined in NI 52-112). Refer to the "Non-IFRS and Other Financial Measures" section on page 24 of the MD&A for further details.

(6) 2025 Updated Guidance Operating EBITDA from continuing operations calculated at Brent between $70/bbl and $65/bbl, and COP/USD exchange rate of 4,150:1

(7) Other includes HSEQ activities and new field production technologies.

Colombia Upstream Onshore

Colombia

Frontera produced 38,934 boe/d from its Colombian operations in the third quarter (consisting of 27,078 bbl/d of heavy crude oil, 9,235 bbl/d of light and medium crude oil, 4,406 mcf/d of conventional natural gas and 1,848 boe/d of natural gas liquids).

The Company drilled 16 development wells primarily at the Quifa and CPE-6 blocks and completed well interventions at 7 others during the quarter.

Currently, the Company has 1 drilling rig and 1 well intervention rigs active in Colombia.

Quifa Block: Quifa SW and Cajua

At Quifa, production averaged 17,586 bbl/d of heavy crude oil (including both Quifa and Cajua) in the third quarter compared to 17,576 bbl/d during the previous quarter. The Company invested in facility expansion and the installation of new flow lines in the Cajua field, in the Quifa block to support new well production and the SAARA connection.

During the quarter, the Company processed approximately 1.78 million barrels of water per day in Quifa including SAARA.

CPE-6

At CPE-6, production averaged approximately 7,710 bbl/d of heavy crude oil during the third quarter, compared to 7,771 bbl/d during the second quarter of 2025.

During the quarter, the Company invested in the expansion of crude oil storage capacity and the implementation of new field production technologies.

The Company processed approximately 357 thousand barrels of water per day in CPE-6 in the third quarter of 2025. The Company's current water handling capacity in CPE-6 is approximately 380 thousand barrels of water per day.

Other Colombia Developments

At Guatiquia, production during the quarter averaged 5,145 bbl/d of light and medium crude compared with 5,385bbl/d in the second quarter of 2025.

In the Cubiro block production averaged 981 bbl/d of light and medium crude oil during quarter compared with 1,057 bbl/d in the second quarter of 2025.

At VIM-1 (Frontera 50% W.I., non-operator), production averaged 2,187 boe/d of light and medium crude oil during the third quarter compared to 1,960 boe/d of light and medium crude oil in the second quarter of 2025.

At the Sabanero block, production averaged 1,781 boe/d of heavy oil crude production during the third quarter compared to 2,189 boe/d in the second quarter of 2025.

Colombia Exploration Assets

The Company's exploration focus during the third quarter remained on the Lower Magdalena Valley and Llanos Basins in Colombia.

At the VIM-1 block, activities related to the Guapo-1 exploration well are ongoing. Civil works have been completed, and the well was spudded in October 16, 2025. At the Llanos-119 block, the Colombian National Hydrocarbon Agency ("ANH") approved the request to transfer commitments to VIM-46 block to acquire a 3D seismic survey. In addition, the Company is engaged in pre-seismic and pre-drilling activities related to social and environmental studies in the Llanos-99 and VIM-46 blocks.

2. Infrastructure Colombia

Frontera's Infrastructure Colombia Segment includes the Company's 35% equity interest in the ODL pipeline through Frontera's wholly owned subsidiary, FPI and the Company's 99.97% interest in Puerto Bahia. Beginning in 2024, the Infrastructure Colombia Segment also includes the Company's reverse osmosis water treatment facility (SAARA) and its palm oil plantation (ProAgrollanos).

Frontera's and its partner GASCO, announced that the partners had reached a final investment decision on its planned LPG project. The initial phase of the project is being fast-tracked and expected to be operational in the first half of 2026. supporting the challenges in Colombia's domestic LPG market. The LPG project will generate between $10 and 15 million in yearly project EBITDA once it reaches its target capacity. The Company continues to pursue strategic investment opportunities to maximize the port's infrastructure and drive long-term value creation.

The Reficar connection's construction was completed, and the Port's efforts have shifted to working together with Ecopetrol to start utilizing the connection and establishing Puerto Bahia as a strategic partner for the Reficar Refinery.

Infrastructure Colombia Segment Results

Adjusted Infrastructure EBITDA in the third quarter of 2025 was $30.4 million, compared with $27.1 million during the second quarter of 2025. ODL saw strong quarter over quarter volume increase and EBITDA, led by an increase in production associated with Ecopetrol's Caño Sur block.

Puerto Bahía's operating EBITDA was relatively flat quarter over quarter despite a reduction in liquids associated to a third-part trader's exit from the country. The financial impact of the reduced liquids throughput volumes was offset entirely by a strong performance from general cargo operations, which saw strong growth in container volumes, that surpassed 3,000 TEUs in September.

On the SAARA side, the Company continued to increase water management volumes reaching an average of 156,767 barrels of water per day for the quarter. The Company achieved maximum throughput capacity of 230,000 barrels of water per day, gaining momentum towards its goal of 250,000 barrels per day.

Three months ended

September 30

Nine months ended

September 30

($M)

2025

2024

2025

2024

Adjusted Infrastructure Revenue

49,172

42,152

139,053

126,114

Adjusted Infrastructure Operating Costs

(15,800)

(12,416)

(43,943)

(36,552)

Adjusted Infrastructure General and Administrative  

(2,928)

(3,555)

(9,006)

(9,871)

Adjusted Infrastructure EBITDA

30,444

26,181

86,104

79,691

(1)  Non-IFRS financial measure

Segment capital expenditures for the three months ended September 30, 2025, totaled $4.8 million primarily driven by Puerto Bahia investments of $3.9 million, including: (i) $4.6 million towards the connection project between Puerto Bahia's port facility and the Cartagena refinery, (ii) tank maintenance, and (iii) general cargo terminal facilities. The third quarter also includes investment in the SAARA project and palm oil plantation.

Three months ended

September 30

Nine months ended

September 30

($M)

Q3 2025

Q2 2025

Q3 2024

2025

2024

Revenue

15,647

14,479

11,247

42,990

34,669

Costs

(11,244)

(10,493)

(7,592)

(30,667)

(23,339)

General and administrative expenses

(1,429)

(1,180)

(1,528)

(4,116)

(4,396)

Depletion, depreciation and amortization

(2,815)

(2,100)

(1,921)

(6,941)

(5,699)

Other operating costs

(472)

(552)

(495)

(1,238)

(1,653)

Infrastructure Colombia (loss) income from operations

(313)

154

(289)

28

(418)

Share of income from associates - ODL

15,857

14,124

13,411

45,090

40,712

Infrastructure Colombia segment income

15,544

14,278

13,122

45,118

40,294

Infrastructure Colombia segment cash flow from operating activities  

22,062

1,594

12,679

49,236

43,246

Capital Expenditures Infrastructure Colombia Segment (1)

5,344

4,834

13,860

12,878

21,883

(1) Non-IFRS financial measures (equivalent to a "non-GAAP financial measures", as defined in NI 52-112). Refer to the "Non-IFRS and Other Financial Measures'' section on page 26 of the MD&A.

The following table shows the volumes pumped per injection point in ODL:

Nine months ended

September 30

(bbl/d)

Q3 2025

Q2 2025

Q3 2024

2025

2024

At Rubiales Station

131,536

133,187

172,745

145,752

170,768

At Caño Sur Station

50,484

59,435

—

31,743

—

At Jagüey and Palmeras Stations  

59,938

43,182

71,252

60,575

75,634

Total

241,958

235,804

243,997

238,070

246,402

The following table shows throughput for the liquids port facility at Puerto Bahia:

Nine months ended

September 30

(bbl/d)

Q3 2025

Q2 2025

Q3 2024

2025

2024

FEC volumes  

10,286

10,914

12,459

9,870

14,147

Third party

29,274

42,366

34,505

28,361

39,868

Total

39,560

53,280

46,964

38,231

54,015

The following table shows the barrels of water per day treated and irrigated in SAARA and field performance indicators for Proagrollanos:

Nine months ended

September 30

($M)

Q3 2025

Q2 2025

Q3 2024

2025

2024

Fresh fruit bunches for palm oil (produced - sold)

(Tons)

6,214

7,039

5,184

20,937

19,174

Production per hectare per year (1)

(Tons/ha/year)

9.35

8.86

7.71

9.35

7.71

Palm oil fruit price

($/Ton)

198

189

172

200

165

Volumes of reverse osmosis water treated

(bwpd)

156,767

119,409

49,589

119,495

32,505

Volumes of water irrigated for palm oil cultivation (2)  

(bwpd)

150,125

118,831

44,585

117,106

27,594

(1) Tons per hectare per year for the three months ended September 30, are calculated using the total production for the last twelve months ended  September 30.

3. Guyana - Arbitration Update

On March 26, 2025, the Company and its subsidiaries, Frontera Petroleum International Holding B.V. and Frontera Energy Guyana Holding Ltd. (the "Investors"), delivered a Notice of Intent to the Government of Guyana (the "GoG"). In this Notice, the Investors alleged breaches of the United Kingdom–Guyana Bilateral Investment Treaty and the Guyana Investment Act by the GoG. This communication triggered a 90-day consultation and negotiation period intended to resolve the dispute amicably. The parties have been unable to reach a mutual resolution to date.

On November 4, 2025, the GoG, through its counsel, communicated its willingness to participate in a final "Without Prejudice" meeting with the Joint Venture to discuss the matters in dispute. The Government proposed November 25 or December 2, 2025, as possible dates for this meeting. The Joint Venture remains open to engaging in good faith discussions with the Government.

The Joint Venture continues to firmly maintain that its interests in, and the license for, the Corentyne block remain valid and in good standing and that the Petroleum Agreement for such block has not been terminated. While the Government of Guyana reaffirmed its position that the Joint Venture's interest expired on June 28, 2024, the Joint Venture strongly disagrees and remains committed to asserting its legal rights under applicable treaties and agreements.

As previously disclosed, the Company evaluated the recoverability of the Corentyne E&E asset in light of the GoG's conduct and unwillingness to recognize the Joint Venture's rights during the consultation period. This resulted in an impairment of $432.2 million, reducing the carrying value of the Corentyne E&E asset to $Nil as of June 30, 2025 (December 31, 2024: $431.9 million).

The Joint Venture jointly holds 100% working interest in the Corentyne block, located offshore Guyana. Frontera Guyana and CGX Resources have agreed that their respective participating interests are 72.52% and 27.48%, which includes a 4.52% interest that CGX Resources agreed to assign to Frontera Guyana in 2023. This assignment remains subject to the approval of the Government of Guyana but is enforceable between Frontera Guyana and CGX Resources.

Hedging Update

As part of its risk management strategy, Frontera uses derivative commodity instruments to manage exposure to price volatility by hedging a portion of its oil production. The Company's strategy aims to protect 40-60% of its estimated net after royalties' production using a combination of instruments, capped and non-capped, to protect the revenue generation and cash position of the Company, while maximizing the upside, thereby allowing the Company to take a more dynamic approach to the management of its hedging portfolio.

The following table summarizes Frontera's hedging position as of November 13, 2025.

Term

Type of
Instrument

Positions

(bbl/d)

Strike Prices

Put/Call

Oct 25

Put Spread

15,161

65/55

Nov 25

Put Spread

15,000

65/55

Dec 25

Put Spread

14,516

65/55

4Q-2025

Total Average

14,891

Jan 26

Put Spread

8,097

65/55

Feb 26

Put Spread

14,500

65/55

Mar 26

Put Spread

20,613

64.3/55

1Q-2026

Total Average

14,400

Apr 26

Put Spread

8,073

62.7/55

May 26

Put Spread

21,258

62.7/55

Jun 26

Put Spread

14,633

62.7/55

2Q-2026

Total Average

14,727

The Company is exposed to foreign currency fluctuations primarily arising from expenditures that are incurred in COP and its fluctuation against the USD. As of November 13, 2025 the Company had the following foreign currency derivatives contracts:

Term

Type of Instrument

Open Interest

(US$ MM)

Strike Prices

Put/Call

Hedging Ratio

4Q-2025  

Zero-Cost Collars

30

4,295/4,787

20 %

Third Quarter 2025 Financial Results Conference Call Details

A conference call for investors and analysts will be held on Friday, November 14th, 2025, at 11:00 a.m. Eastern Time. Participants will include Gabriel de Alba, Chairman of the Board of Directors, Orlando Cabrales, Chief Executive Officer, Rene Burgos, Chief Financial Officer, and other members of the senior management team.

Analysts and investors are invited to participate using the following dial-in numbers:

RapidConnect URL:                                                  

https://emportal.ink/4m3hn0f 

Participant Number (Toll Free North America):    

1-888-510-2154

Participant Number (Toll Free Colombia):            

+57-601-489-8375

Participant Number (International):                        

1-437-900-0527

Conference ID:                                                          

20437

Webcast URL:                                                      

www.fronteraenergy.ca 

A replay of the conference call will be available until 11:59 p.m. Eastern Time on November 21st, 2025.

Encore Toll free Dial-in Number:                 

1-888-660-6345

International Dial-in Number:                                 

1-289-819-1450

Encore ID:                                                                  

20437

About Frontera:

Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 22 exploration and production blocks in Colombia, Ecuador and Guyana, and pipeline and port facilities in Colombia. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.

If you would like to receive News Releases via e-mail as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe. 

Social Media

Follow Frontera Energy social media channels at the following links:

Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp. 

Advisories:

Cautionary Note Concerning Forward-Looking Statements

This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, statements regarding the Company's goal of enhancing shareholder value by returning capital to shareholders, among other initiatives, the expected completion date of the LPG Project and its impact on Colombia's domestic LPG market, the Company's intent to consider future shareholder initiatives including a potential future separation of interest in one or more subsidiaries or in assets of the Company, whether in on or a series of transactions,  the expected impact of the Company's qualification for the OTCQX® Best Market marks and the commencement of trading thereunder, the expected production for November and the rest of 2025, the expected benefits of the reorganization to simplify corporate structure, the Company's consideration of investor focused initiatives,   the potential outcome of the dispute with the GoG over the Corentyne block, the Company's exploration and development plans and objectives, production levels, profitability, costs, future income generation capacity, cash levels (including the timing and ability to release restricted cash), regulatory approval, and the Company's hedging program and its ability to mitigate the impact of changes in oil prices are forward-looking statements.

These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: volatility in market prices for oil and natural gas; the U.S. trade tariffs and sanctions imposed on numerous countries; the impact of international conflicts including the Russia-Ukraine conflict and the conflict in the Middle East and other escalating geopolitical tensions; actions of the Organization of Petroleum Exporting Countries; uncertainties associated with estimating and establishing oil and natural gas reserves and resources; liabilities inherent with the exploration, development, exploitation and reclamation of oil and natural gas; uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; increases or changes to transportation costs; expectations regarding the Company's ability to raise capital and to continually add reserves through acquisition and development; the Company's ability to complete strategic initiatives or transactions to enhance the value of its common shares and the timing thereof; the Company's ability to access additional financing; the ability of the Company to maintain its credit ratings; the ability of the Company to: meet its financial obligations and minimum commitments, fund capital expenditures and comply with covenants contained in the agreements that govern indebtedness; the intentions of the Company with regard to its capital allocation decisions; political developments in the countries where the Company operates; the uncertainties involved in interpreting drilling results and other geological data; geological, technical, drilling and processing problems; timing on receipt of government approvals; fluctuations in foreign exchange or interest rates and stock market volatility, the ability of the Joint Venture to reach an agreement with the GoG in respect of the Joint Venture's interest in the agreements relating to the Corentyne block, and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 10, 2025 filed on SEDAR+ at www.sedarplus.ca. 

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

This news release contains future oriented financial information and financial outlook information (collectively, "FOFI") (including, without limitation, statements regarding expected average production), and are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraph. The FOFI has been prepared by management to provide an outlook of the Company's activities and results, and such information may not be appropriate for other purposes. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's reasonable estimates and judgments, however, actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein. Any FOFI speaks only as of the date on which it is made, and the Company disclaims any intent or obligation to update any FOFI, whether as a result of new information, future events or results or otherwise, unless required by applicable laws.

Non-IFRS Financial Measures

This press release contains various "non-IFRS financial measures" (equivalent to "non-GAAP financial measures", as such term is defined in NI 52-112), "non-IFRS ratios" (equivalent to "non-GAAP ratios", as such term is defined in NI 52-112), "supplementary financial measures" (as such term is defined in NI 52-112) and "capital management measures" (as such term is defined in NI 52-112), which are described in further detail below. Such measures do not have standardized IFRS definitions. The Company's determination of these non-IFRS financial measures may differ from other reporting issuers and they are therefore unlikely to be comparable to similar measures presented by other companies. Furthermore, these financial measures should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. These financial measures do not replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.

The Company discloses these financial measures, together with measures prepared in accordance with IFRS, because management believes they provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. These financial measures highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS financial measures. Further, management also uses non-IFRS measures to exclude the impact of certain expenses and income that management does not believe reflect the Company's underlying operating performance. The Company's management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare annual operating budgets and as a measure of the Company's ability to finance its ongoing operations and obligations.

Set forth below is a description of the non-IFRS financial measures, non-IFRS ratios, supplementary financial measures and capital management measures used in the MD&A.

Operating EBITDA from Continuing Operations *

EBITDA is a commonly used non-IFRS financial measure that adjusts net income (loss) as reported under IFRS to exclude the effects of income taxes, finance income and expenses, and DD&A. Operating EBITDA from continuing operations is a non-IFRS financial measure that represents the operating results of the Company's primary business, excluding the following items: restructuring, severance and other costs, post-termination obligation, trunkline costs, temporal taxes, payments of minimum work commitments and, certain non-cash items (such as impairments, foreign exchange, unrealized risk management contracts, share-based compensation and debt extinguishment cost) and gains or losses arising from the disposal of capital assets. In addition, other unusual or non-recurring items are excluded from operating EBITDA from continuing operations, as they are not indicative of the underlying core operating performance of the Company.

The following table provides a reconciliation of net income (loss) to Operating EBITDA from continuing operations:

Three months ended

September 30

Nine months ended

September 30

($M)

2025

2024

2025

2024

Net income (loss) for the period from continuing operations (1)

28,235

16,923

(357,007)

1,857

Finance income

(1,745)

(3,123)

(5,285)

(6,512)

Finance expenses

18,899

17,570

52,445

51,779

Income tax (recovery) expense

(20,600)

6,329

(44,079)

63,730

Depletion, depreciation and amortization

75,472

65,581

200,304

192,054

Colombian temporary taxes (2)

2,392

—

5,250

—

Expense of asset retirement obligation

3,283

5,546

3,809

4,549

Impairment expense

9,706

361

442,733

1,780

Trunkline costs (3)

—

3,829

2,000

3,829

Post-termination obligation

2,708

(314)

2,599

(128)

Share-based compensation

(779)

(143)

1,683

858

Restructuring, severance and other costs

8,278

361

18,805

3,216

Share of income from associates

(15,857)

(13,411)

(45,090)

(40,712)

Foreign exchange (income) loss

(2,076)

631

(1,762)

9,246

Other (income) loss

(12,013)

4,203

(13,367)

7,368

Unrealized loss (gain) on risk management contracts

3,130

(7,644)

(5,212)

3,941

Realized gain on risk management contract for ODL dividends received

1,221

288

1,221

288

Non-controlling interests

(13,669)

(201)

(13,964)

(644)

Gain on repurchase of senior unsecured notes net of consent solicitation  

—

(292)

(11,925)

(1,001)

Debt extinguishment cost

—

—

5,964

—

Operating EBITDA from continuing operations

86,585

96,494

239,122

295,498

Capital Expenditures

Capital expenditures is a non-IFRS financial measure that reflects the cash and non-cash items used by the Company to invest in capital assets. This financial measure considers oil and gas properties, plant and equipment, infrastructure, exploration and evaluation assets expenditures which are items reconciled to the Company's Statements of Cash Flows for the period.

Three months ended

September 30

Nine months ended

September 30

2025

2024

2025

2024

Consolidated Statements of Cash Flows

Additions to oil and gas properties, infrastructure port, and plant and equipment

48,031

83,258

151,090

218,685

Additions to exploration and evaluation assets

1,154

1,301

3,677

10,278

Total additions in Consolidated Statements of Cash Flows

49,185

84,559

154,767

228,963

Non-cash adjustments (1)

1,674

(7,206)

1,222

(20,342)

Cash adjustments (2)

—

(2,481)

(43)

(2,481)

Total Capital Expenditures from Continuing Operations

50,859

74,872

155,946

206,140

Capital Expenditures attributable to Infrastructure Colombia Segment

5,344

13,860

12,878

21,883

Capital Expenditures attributable to other segments different to Infrastructure Colombia Segment  

45,515

61,012

143,068

184,257

Total Capital Expenditure from Continuing Operations

50,859

74,872

155,946

206,140

(1)  Related to materials inventory movements, capitalized non-cash items and other adjustments

Infrastructure Colombia Calculations

Each of Adjusted Infrastructure Revenue, Adjusted Infrastructure Operating Costs and Adjusted Infrastructure General and Administrative, is a non-IFRS financial measure, and each is used to evaluate the performance of the Infrastructure Colombia Segment operations. Adjusted Infrastructure Revenue includes revenues of the Infrastructure Colombia Segment including ODL's revenue direct participation interest. Adjusted Infrastructure Operating Costs includes costs of the Infrastructure Colombia Segment including ODL's cost direct participation interest. Adjusted Infrastructure General and Administrative includes general and administrative costs of the Infrastructure Colombia Segment including ODL's general and administrative direct participation interest.

A reconciliation of each of Adjusted Infrastructure Revenue, Adjusted Infrastructure Operating Costs and Adjusted Infrastructure General and Administrative is provided below.

Three months ended

September 30

Nine months ended

September 30

($M) (1)

2025

2024

2025

2024

Revenue Infrastructure Colombia Segment

15,647

11,247

42,990

34,669

Revenue from ODL

95,786

88,301

274,466

261,272

Direct participation interest in the ODL

35 %

35 %

35 %

35 %

Equity adjustment participation of ODL (1)

33,525

30,905

96,063

91,445

Adjusted Infrastructure Revenues

49,172

42,152

139,053

126,114

Operating cost Infrastructure Colombia Segment

(11,244)

(7,592)

(30,667)

(23,339)

Operating Cost from ODL

(13,017)

(13,782)

(37,931)

(37,750)

Direct participation interest in the ODL

35 %

35 %

35 %

35 %

Equity adjustment participation of ODL (1)

(4,556)

(4,824)

(13,276)

(13,213)

Adjusted Infrastructure Operating Costs

(15,800)

(12,416)

(43,943)

(36,552)

General and administrative Infrastructure Colombia Segment  

(1,429)

(1,528)

(4,116)

(4,396)

General and administrative from ODL

(4,284)

(5,792)

(13,974)

(15,643)

Direct participation interest in the ODL

35 %

35 %

35 %

35 %

Equity adjustment participation of ODL (1)

(1,499)

(2,027)

(4,890)

(5,475)

Adjusted Infrastructure General and Administrative

(2,928)

(3,555)

(9,006)

(9,871)

(1) Revenues and expenses related to ODL are accounted for using the equity method, as described in Note  of the Interim Condensed Consolidated Financial Statements.

Adjusted Infrastructure EBITDA

The Adjusted Infrastructure EBITDA is a non-IFRS financial measure used to assist in measuring the operating results of the Infrastructure Colombia Segment business.

Three months ended

September 30

Nine months ended

September 30

($M)

2025

2024

2025

2024

Adjusted Infrastructure Revenue (1)

49,172

42,152

139,053

126,114

Adjusted Infrastructure Operating Costs (1)

(15,800)

(12,416)

(43,943)

(36,552)

Adjusted Infrastructure General and Administrative (1)  

(2,928)

(3,555)

(9,006)

(9,871)

Adjusted Infrastructure EBITDA

30,444

26,181

86,104

79,691

(1)  Non-IFRS financial measure

Net Sales

Net sales is a non-IFRS financial measure that adjusts revenue to include realized gains and losses from oil risk management contracts while removing the cost of any volumes purchased from third parties. This is a useful indicator for management, as the Company hedges a portion of its oil production using derivative instruments to manage exposure to oil price volatility. This metric allows the Company to report its realized net sales after factoring in these oil risk management activities. The deduction of cost of purchases is helpful to understand the Company's sales performance based on the net realized proceeds from its own production, the cost of which is partially recovered when the blended product is sold. Net sales also exclude sales from port services, as it is not considered part of the oil and gas segment. Refer to the reconciliation in the "Sales" section on page 10 of the MD&A.

Operating Netback and Oil and Gas Sales, Net of Purchases

Operating netback is a non-IFRS financial measure and operating netback per boe is a non-IFRS ratio. Operating netback per boe is used to assess the net margin of the Company's production after subtracting all costs associated with bringing one barrel of oil to the market. It is also commonly used by the oil and gas industry to analyze financial and operating performance expressed as profit per barrel and is an indicator of how efficient the Company is at extracting and selling its product. For netback purposes, the Company removes the effects of any trading activities and results from its Infrastructure Colombia Segment from the per barrel metrics and adds the effects attributable to transportation and operating costs of any realized gain or loss on foreign exchange risk management contracts. Refer to the reconciliation in the "Operating Netback" section on page 9 of the MD&A.

The following is a description of each component of the Company's operating netback and how it is calculated. Oil and gas sales, net of purchases, is a non-IFRS financial measure that is calculated using oil and gas sales less the cost of volumes purchased from third parties including its transportation and refining costs. Oil and gas sales, net of purchases per boe, is a non-IFRS ratio that is calculated using oil and gas sales, net of purchases, divided by the total sales volumes, net of purchases. A reconciliation of this calculation is provided below:

Three months ended

September 30

Nine months ended

September 30

2025

2024

2025

2024

Produced crude oil and products sales ($M) (1)  

202,667

213,798

580,810

635,041

Purchased crude net margin ($M) (2)(3)

(8,514)

(10,781)

(30,304)

(26,566)

Oil and gas sales, net of purchases ($M) (2)

194,153

203,017

550,506

608,475

Sales volumes, net of purchases - (boe)

3,146,860

3,005,640

8,884,239

8,453,174

Produced crude oil and gas sales ($/boe)

64.40

71.13

65.37

75.12

Oil and gas sales, net of purchases ($/boe) (2)

61.70

67.54

61.96

71.98

 * Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section on page 18  of the MD&A for further details.

(1)  Excludes sales from infrastructure services, as they are not part of the oil and gas segment. Refer to the "Infrastructure Colombia" section on page 21 of the MD&A for further details.

(2) 2024 comparative figures differ from those previously reported due to the inclusion of Puerto Bahia inter-segment costs related to diluent and oil purchases as well as transportation costs.

(3)  Purchased crude net margin is a non-IFRS financial measure calculated using purchased crude oil and product sales, less the cost of those volumes purchased from third parties including transportation and refining costs. Please see the calculation below.

Non-IFRS Ratios

Realized oil price, net of purchases, and realized gas price per boe

Realized oil price, net of purchases, and realized gas price per boe are both non-IFRS ratios. Realized oil price, net of purchases, per boe is calculated using oil sales net of purchases, divided by total sales volumes, net of purchases. Realized gas price is calculated using sales from gas production divided by the conventional natural gas sales volumes.

Three months ended

September 30

Nine months ended

September 30

2025

2024

2025

2024

Oil and gas sales, net of purchases ($M) (1)(2)

194,153

203,017

550,506

608,475

Crude oil sales volumes, net of purchases - (bbl)  

3,073,301

2,955,899

8,733,579

8,286,708

Conventional natural gas sales volumes - (mcf)

419,241

283,837

859,626

948,850

Realized oil price, net of purchases ($/bbl) (2)

61.95

68.03

62.31

72.71

Realized conventional natural gas price ($/mcf)

8.98

6.77

7.35

6.27

* Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section on page 18 for further details.

(1)  Non-IFRS financial measure.

(2) 2024 comparative figures differ from those previously reported due to the inclusion of Puerto Bahia inter-segment costs related to diluent and oil purchases as well as transportation costs.

Net sales realized price

Net sales realized price is a non-IFRS ratio that is calculated using net sales (including oil and gas sales net of purchases, realized gains and losses from oil risk management contracts and less royalties). Net sales realized price per boe is a non-IFRS ratio which is calculated dividing each component by total sales volumes, net of purchases. A reconciliation of this calculation is provided below:

Three months ended

September 30

Nine months ended

September 30

2025

2024

2025

2024

Oil and gas sales, net of purchases ($M) (1)(2)

194,153

203,017

550,506

608,475

Loss (gain) on oil price risk management contracts, net ($M) (3)

(3,784)

(1,425)

(7,494)

(8,710)

(-) Royalties ($M)

(2,454)

(2,412)

(7,207)

(12,105)

Net sales ($M)

187,915

199,180

535,805

587,660

Sales volumes, net of purchases - (boe)

3,146,860

3,005,640

8,884,239

8,453,174

Oil and gas sales, net of purchases ($/boe) (2)

61.70

67.54

61.96

71.98

 Premiums received (paid) on oil price risk management contracts (3)(4)  

(1.20)

(0.47)

(0.84)

(1.03)

 Royalties ($/boe) (4)

(0.78)

(0.80)

(0.81)

(1.43)

Net sales realized price ($/boe) (2)

59.72

66.27

60.31

69.52

* Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section on page 18 of the MD&A for further details.

(1)  Non-IFRS financial measure.

(2)  2024 comparative figures differ from those previously reported due to the inclusion of Puerto Bahia inter-segment costs related to diluent and oil purchases as well as transportation costs.

(3)  Includes the net amount of put premiums paid for expired positions and the positive cash settlement received from oil price contracts during the period. Refer to the "Gain (Loss) on Risk Management Contracts" section on page 16 of the MD&A for further details.

(4)  Supplementary financial measure.

Purchase crude net margin

Purchase crude net margin is a non-IFRS financial measure that is calculated using the purchased crude oil and products sales, less the cost of those volumes purchased from third parties including its transportation and refining costs. Purchase crude net margin per boe is a non-IFRS ratio that is calculated using the Purchase crude net margin, divided by the total sales volumes, net of purchases. A reconciliation of this calculation is provided below:

Three months ended

September 30

Nine months ended

September 30

2025

2024

2025

2024

Purchased crude oil and products sales ($M)  

44,372

47,963

150,874

148,283

(-) Cost of diluent and oil purchased ($M) (1)

(52,250)

(57,557)

(179,719)

(170,569)

Puerto Bahía inter-segment costs (2)

(636)

(1,187)

(1,459)

(4,280)

Purchased crude net margin ($M) (2)

(8,514)

(10,781)

(30,304)

(26,566)

Sales volumes, net of purchases - (boe)

3,146,860

3,005,640

8,884,239

8,453,174

Purchased crude net margin ($/boe) (2)

(2.70)

(3.59)

(3.41)

(3.14)

* Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section on page 18 of the MD&A for further details.

(1)  Cost of third-party volumes purchased for use and resale in the Company's oil operations, including associated transportation and refining costs.

(2)  2024 comparative figures differ from those previously reported due to the inclusion of Puerto Bahia inter-segment costs related to diluent and oil purchases as well as transportation costs.

Production costs (excluding energy cost), net of realized FX hedge impact, and production cost (excluding energy cost), net of realized FX hedge impact per boe

Production costs (excluding energy cost), net of realized FX hedge impact is a non-IFRS financial measure that mainly includes lifting costs, activities developed in the blocks, processes to put the crude oil and gas in sales condition and the realized gain or loss on foreign exchange risk management contracts attributable to production costs. Production cost, net of realized FX hedge impact per boe is a non-IFRS ratio that is calculated using production cost (excluding energy cost), net of realized FX hedge impact divided by production (before royalties). A reconciliation of this calculation is provided below:

Three months ended

September 30

Nine months ended

September 30

2025

2024

2025

2024

Production costs (excluding energy costs) ($M)

29,831

31,007

94,803

107,066

(-) Realized (gain) loss on FX hedge attributable to production costs (excluding energy costs) ($M) (1)  

(1,205)

182

(1,248)

(3,358)

SAARA inter-segment costs

1,675

587

3,911

587

Production costs (excluding energy costs), net of realized FX hedge impact ($M) (2)

30,301

31,776

97,466

104,295

Production Colombia (boe)

3,581,928

3,573,280

10,712,520

10,395,834

Production costs (excluding energy costs), net of realized FX hedge impact ($/boe)

8.46

8.89

9.10

10.03

* Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section on page 18 of the MD&A for further details.

(1)  See "Gain (Loss) on Risk Management Contracts" on page 16 of the MD&A for further details.

(2) Non-IFRS financial measure.

Energy costs, net of realized FX hedge impact, and production cost, net of realized FX hedge impact per boe

Energy costs, net of realized FX hedge impact is a non-IFRS financial measure that describes the electricity consumption and the costs of localized energy generation and the realized gain or loss on foreign exchange risk management contracts attributable to energy costs. Energy cost, net of realized FX hedge impact per boe is a non-IFRS ratio that is calculated using energy cost, net of realized FX hedge impact divided by production (before royalties). A reconciliation of this calculation is provided below:

Three months ended

September 30

Nine months ended

September 30

2025

2024

2025

2024

Energy costs ($M)

20,589

18,664

56,951

55,183

(-) Realized loss (gain) on FX hedge attributable to energy costs ($M) (1)  

(689)

84

(689)

(1,267)

Energy costs, net of realized FX hedge impact ($M) (2)

19,900

18,748

56,262

53,916

Production Colombia (boe)

3,581,928

3,573,280

10,712,520

10,395,834

Energy costs, net of realized FX hedge impact ($/boe)

5.56

5.25

5.25

5.19

* Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador.

(1)  See "Gain (Loss) on Risk Management Contracts" on page 16 of the MD&A for further details.

(2) Non-IFRS financial measure.

Transportation costs, net of realized FX hedge impact, and transportation costs, net of realized FX hedge impact per boe

Transportation costs, net of realized FX hedge impact is a non-IFRS financial measure, that includes all commercial and logistics costs associated with the sale of produced crude oil and gas such as trucking and pipeline, and the realized gain or loss on foreign exchange risk management contracts attributable to transportation costs. Transportation cost, net of realized FX hedge impact per boe is a non-IFRS ratio that is calculated using transportation cost, net of realized FX hedge impact divided by net production after royalties. A reconciliation of this calculation is provided below:

Three months ended

September 30

Nine months ended

September 30

2025

2024

2025

2024

Transportation costs ($M)

38,407

38,779

115,882

108,096

(-) Realized (gain) loss on FX hedge attributable to transportation costs ($M) (1)  

(867)

61

(867)

(982)

Puerto Bahía inter-segment costs (2)

776

613

2,104

1,514

Transportation costs, net of realized FX hedge impact ($M) (2)(3)

38,316

39,453

117,119

108,628

Net production Colombia (boe)

3,267,932

3,132,784

9,739,821

9,146,942

Transportation costs, net of realized FX hedge impact ($/boe) (2)

11.72

12.59

12.02

11.88

* Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section on page 18 of the MD&A for further details.

(1)  See "Gain (Loss) on Risk Management Contracts" on page 16 of the MD&A for further details.

(2) 2024 comparative figures differ from those previously reported due to the inclusion of Puerto Bahia inter-segment costs related to transportation costs.

(3) Non-IFRS financial measure.

Supplementary Financial Measures

Royalties per boe

Royalties includes royalties and amounts paid to previous owners of certain blocks in Colombia and cash payments for PAP. Royalties per boe is a supplementary financial measure that is calculated using the royalties divided by total sales volumes, net of purchases.

Capital Management Measures

Restricted cash short- and long-term

Restricted cash (short- and long-term) is a capital management measure, that sums the short-term portion and long-term portion of the cash that the Company has in term deposits that have been escrowed to cover future commitments and future abandonment obligations, or insurance collateral for certain contingencies and other matters that are not available for immediate disbursement.

Total cash

Total cash is a capital management measure to describe the total cash and cash equivalents restricted and unrestricted available, is comprised by the cash and cash equivalents and the restricted cash short and long-term.

Total debt and lease liabilities

Total debt and lease liabilities are capital management measures to describe the total financial liabilities of the Company and is comprised of the debt of the 2028 Unsecured Notes, loans, and liabilities from leases of various properties, power generation supply, vehicles and other assets.

Definitions:

bbl(s)

Barrel(s) of oil

bbl/d

Barrel of oil per day

boe

Refer to "Boe Conversion" disclosure above

boe/d

Barrel of oil equivalent per day

Mcf

Thousand cubic feet

Net Production  

Net production represents the Company's working interest volumes, net of royalties and internal consumption

SOURCE Frontera Energy Corporation

Peter Hastings Warne

Good morning, ladies and gentlemen. My name is Peter Warne, and I am Chair of Virgin Australia. Welcome to the 2025 Annual General Meeting of the Shareholders of Virgin Australia Holdings Limited.

Before the commencement of the meeting and on behalf of Virgin Australia, I would like to acknowledge the traditional custodians of the land on which we meet today, the Jagera and Turrbal people. We would like to also extend our respects to the elders past and present and to all First Nations people with us today.

I note that we have a quorum necessary and I declare the meeting open.

I also declare that the poll is open, and shareholders may vote or change their vote on any item of business at any time in the meeting until I declare the poll to be closed. As a matter of courtesy, I would ask everyone to ensure that their mobile phones are turned off or put on silent during the meeting. And with safety as a priority for Virgin Australia, in the unlikely event of an emergency, please follow the directions of the venue staff.

Today, the meeting is being held in a hybrid format with shareholders able to attend and participate either in person or online via the Computershare meeting platform. The recording of this meeting will be available on Virgin Australia's website in due course, and I ask that this meeting not otherwise be recorded so that proceedings are not disrupted.

Shareholders online can listen to our

LONG BEACH, Calif., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Rocket Lab Corporation (Nasdaq: RKLB) (“Rocket Lab” or “the Company”), a leading launch and space systems company, today announced its two Explorer-class spacecraft for NASA and the University of California Berkeley’s Space Sciences Laboratory have been successfully launched, beginning their journey to Mars to study the Red Planet’s magnetosphere. NASA’s Escape and Plasma Acceleration and Dynamics Explorers (ESCAPADE) mission was launched by Blue Origin on November 13, from Cape Canaveral Space Force Station at 03:55 p.m. EST.

Rocket Lab has successfully established contact with the spacecraft and they are generating power. Now in orbit, the spacecraft will undergo commissioning by Rocket Lab’s spacecraft operations team in the coming days, beginning with early checkouts including orientation stabilization and solar array deployment, followed by commissioning of flight computers, multiple antenna, guidance and navigation sensors and actuators, and the propulsion system leading up to the mission’s first maneuvers.

Rocket Lab’s Explorer-class spacecraft platform is a high delta-V, interplanetary member of its advanced satellite family. From contract award to launch, ESCAPADE moved from design to spacecraft completion in just three and a half years – an aggressive timeline for a Mars mission. This was made possible by the Company’s vertically integrated supply chain, which brings the production of solar arrays, reaction wheels, propellant tanks, star trackers, radios, avionics, flight software, and more entirely in-house.

“Mars missions have historically been measured in decades and come with price tags in the billions or hundreds of millions. With this mission we’re bringing Mars closer, proving real interplanetary science can be done faster and more cost-effectively to unlock the solar system,” said Sir Peter Beck, Founder and CEO of Rocket Lab. “ESCAPADE is a major first, not just for Rocket Lab, but for commercial interplanetary science. It’s the result of bold goals from NASA and UC Berkeley, enabled by our end-to-end spacecraft capabilities. We’re proud to play a part in this mission and even prouder to know they’re continuing our legacy at the Red Planet.”

Rob Lillis, ESCAPADE Principal Investigator and Associate Director for Planetary Science at the UC Berkeley Space Sciences Laboratory, says: "As PI, I'm very grateful to have a top-notch joint ops team at UC Berkeley and Rocket Lab taking care of the twin spacecraft out there in space. I'm both elated and relieved to see NASA’s ESCAPADE spacecraft healthy post-launch and looking forward to the next chapter of their journey to help us understand Mars' dynamic space weather environment."

Now in orbit, a complex and extended journey begins for Blue and Gold, with trajectory design led by Advanced Space LLC.

The alignment between Earth and Mars does not currently allow ESCAPADE to use a traditional direct-to-Mars transfer. Instead, ESCAPADE will launch into a “loiter” (or “Earth-proximity”) orbit that loops around Earth’s Lagrange point 2 (about a million miles from Earth, opposite the Sun) until the next planetary alignment window. Once the planets have reached the ideal alignment in fall 2026, the ESCAPADE spacecraft will use an Earth gravity assist to begin the journey to Mars.

Throughout the mission, Rocket Lab and UC Berkeley spacecraft operators will command the spacecraft to conduct deep-space maneuvers, known as trajectory correction maneuvers (TCMs). The TCMs will boost the spacecraft’s energy to reach Mars and provide navigation control to target their unique orbit insertion corridors. The spacecraft are scheduled to arrive at Mars in September 2027. The spacecraft will begin to transition to their first science formation in 2028.

ESCAPADE will allow scientists to understand how the solar wind strips ions from Mars’ atmosphere, offering insight into the planet’s atmospheric escape history and space weather environment, and informing future human exploration strategies.

More mission information: https://rocketlabcorp.com/assets/Uploads/RL-ESCAPADE-Press-Kit-2025.pdf

+ Rocket Lab Media Contact
[email protected]

+ About Rocket Lab
Rocket Lab is a leading space company that provides launch services, spacecraft, payloads, and satellite components serving commercial, government, and national security markets. Rocket Lab’s Electron rocket is the world’s most frequently launched orbital small rocket; its HASTE rocket provides hypersonic test launch capability for the U.S. government and allied nations; and its Neutron launch vehicle in development will unlock medium launch for constellation deployment, national security and exploration missions. Rocket Lab’s spacecraft and satellite components have enabled more than 1,700 missions spanning commercial, defense and national security missions including GPS, constellations, and exploration missions to the Moon, Mars, and Venus. Rocket Lab is a publicly listed company on the Nasdaq stock exchange (RKLB). Learn more at www.rocketlabcorp.com.

+ Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our launch and space systems operations, launch schedule and window, safe and repeatable access to space, Neutron development, operational expansion and business strategy are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.rocketlabcorp.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c3270d81-2c53-4b06-95c9-e195b943dcf0

Rocket Lab-Built Twin Spacecraft Begin Mars Journey for NASA and UC Berkeley’s ESCAPADE Mission
Twin satellites built by Rocket Lab for NASA and the University of California Berkeley’s Space Scien...

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Andrea Bonini, CFO of Prada Group, discusses the company's growth amidst a global luxury slowdown, and the strength of consumption across China and the U.S.

Economist Peter Schiff taunted Bitcoin (CRYPTO: BTC) supporters on Thursday after the leading cryptocurrency tumbled below $100,000.

Schiff opened up a poll on X, asking investors how low Bitcoin must drop before they would admit he was “right” all along. The poll includes four options: $50,000, $25,000, $10,000, and 0.

As of this writing, about 57% of X users voted for 0, with a little over 19% choosing $50,000.

See Also: Bitcoin Flat As Fed Policy Meet Looms; Ethereum, Dogecoin, XRP Decline: Analyst Flags Support Where They Plan To ‘Load Heavily' On ETH

Bitcoin Defenders RespondSchiff’s poll challenges Bitcoiners to concede his view that the cryptocurrency is a speculative bubble destined for zero value.

However, users pushed back, with one Thomas Rossini stating that Schiff’s “window for being right has closed.”

In response, Schiff asked whether he’d still be wrong if Bitcoin investors “end up losing 90% of their money, and many get completely wiped out due to leverage and taxes.”

BTC Back Below $100,000Schiff’s poll comes after the apex cryptocurrency sank below $100,000 yet again, reversing gains made earlier in the week. BTC was down 21% from its October highs.

“Extreme Fear” sentiment dominated the market, while Bitcoin liquidations alone topped $273 million in the last 24 hours, according to Coinglass.

Analyst Scott Melker suggested that traders may have front-run Bitcoin’s four-year halving cycle, diluting its impact. However, he added that once that premature selling fades, Bitcoin could shift into a mature, liquidity-driven phase that extends through 2026.

Price Action: At the time of writing, BTC was exchanging hands at $99,603.75, up 2.46% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Frame Stock Footage on Shutterstock.com

Read Next: 

Bitcoin To Reach $750,000 In The Next 5 Years, Pantera Capital's Dan Morehead Says
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Bitfarms’ stock has plunged after the company announced it would be shuttering its Bitcoin mining operations over the next two years and converting them to artificial intelligence and high-compute data centers.

The company said on Thursday that its 18-megawatt Bitcoin (BTC) mining site in the US state of Washington will be the first to be fully converted to support AI and high-performance computing, with completion expected in December 2026.

“Despite being less than 1% of our total developable portfolio, we believe that the conversion of just our Washington site to GPU-as-a-Service could potentially produce more net operating income than we have ever generated with Bitcoin mining,” said Bitfarms CEO Ben Gagnon.

He added the conversion would help the company as it winds down its Bitcoin mining business in 2026 and 2027.

Bitfarms’ crypto mining rivals have also begun to shift some operations toward AI as the sector has boomed. Earlier in November, Bitcoin miner IREN signed a multi-year $9.7 billion deal with Microsoft to give the tech giant access to its AI compute.

AI “best opportunity” for most US Bitcoin miners: CEOGagnon told investors on an earnings call that Bitcoin miners are likely to “rotate out to lower and lower cost jurisdictions” as the difficulty and cost of mining the cryptocurrency rise.

“One of the big dynamics that is taking place is that the public miners represented almost a third of the entire network, and they all seem very keen on moving over to the higher economics associated with HPC and AI,” he added.

Ben Gagnon speaking on stage at a Las Vegas Bitcoin conference in April. Source: YouTubeGagnon said that Bitcoin mining has started to see major growth in the Middle East, Africa and Russia and added that “the best opportunity for most miners in the United States really is this transition to HPC and AI.”

“The economics are really going to drive that forward because the US is the best market to invest in for HPC and AI, whereas Bitcoin mining is largely location-agnostic,” he said. “It’s happy to go to cheaper locations, higher-risk locations, more remote locations than HPC and AI is.”

Gagnon added that the opportunities for Bitfarms to move its Bitcoin mining elsewhere “are really few” and not “a great use of management’s resources or time.”

“The best opportunity is to basically bring forward what should be estimated free cash flow for mining operations today into cash and reinvest those into HPC and AI,” he said.

Bitfarms posts Q3 loss, misses on revenueIt comes as Bitfarms reported a net loss of $46 million in Q3, compared to losses of $24 million a year ago, equating to a loss of 8 cents per share, which was below analyst expectation of a 2-cent per share loss.

The company’s revenue increased 156% year-over-year to $69 million, but missed analyst estimates by over 16%.

Bitfarms said it earned 520 BTC at an average direct cost of $48,200 each and held 1,827 BTC as of Wednesday.

Shares in Bitfarms (BITF) declined on Thursday following the results, closing the trading day down nearly 18% to $2.60, with losses extending into after-hours trading of almost 3.5% to $2.51.

Bitfarms sank by nearly 18% on Thursday as its Q3 results reported $46 million in losses. Source: Google FinanceMagazine: If the crypto bull run is ending… it’s time to buy a Ferrari — Crypto Kid

Bitcoin is no longer the speculative playground it once was. What began as a retail-driven movement powered by early adopters and crypto enthusiasts has evolved into a market increasingly shaped by institutional capital, from BTC ETFs absorbing billions in inflows to corporations and hedge funds adding BTC to their balance sheets.

Why Institutional Accumulation Has Changed Bitcoin Volatility
The narrative around Bitcoin has undergone a fundamental transaction. According to the Arch Network post on X, the institutional participant in Bitcoin is no longer emerging; it’s already established. Spot Bitcoin ETF now holds over 1 million BTC, which is roughly 5% of the total supply. Daily inflows through mid-2025 have averaged between $300 and $500 million, with a cumulative asset close to $60 billion.

Furthermore, the reach of this integration is global, with more than half of the world’s top asset managers now having indirect exposure to BTC through these accessible ETF structures. However, while this level of adoption is bullish, a significant challenge is that most of this BTC remains idle in cold storage. This model secures exposure but fundamentally does not generate return.

Source: Chart from Arch Network on X
Presently, for the institutions managing trillions in assets, the model is losing relevance. A productive BTC stack that combines robust security with consistent yield generation is becoming the natural next step for capital markets.

An ambassador at NEARProtocol and Somnia_Network, Trader Onur, has highlighted that Bitcoin ETF recorded $524 million daily inflows on Tuesday, marking the biggest since the crash. The derivatives market is flashing similar signals that smart money just stacked $8.5 million in BTC longs.

This shows retailers are still nervous, but institutions are quietly positioning. If the upcoming Consumer Price Index (CPI) print is favorable, it could set the tone for the year-end momentum.

How Flows Can Confirm Or Contradict Market Mood
The selling momentum in Bitcoin spot ETF flows has stalled for now. A full-time crypto trader and investor, Daan Crypto Trades, has pointed out that the BTC price has held the $100,000 region for now, as a lot of outflows and bad sentiment have taken place. However, the BTC price is also failing to push higher on the back of it.

As Daan noted, ETF flow data is a lagging indicator and useful mostly in hindsight. Nonetheless, when large outflows occur and the price refuses to drop further, it could be considered as short-term bullish absorption. Additionally, when heavy inflows fail to lift the price higher, it can signal local tops. 

These patterns have played out multiple times in this cycle, and they often occur at the key pivot zones where market direction shifts. Daan believes that it’s still valuable to watch how the price behaves around major ETF in- and outflow days.

BTC trading at $103,017 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com

Bitcoin’s recent wave of whale selling pressure is typical of a late-stage crypto cycle and should be no more concerning than it has been in the past, according to analysts from Glassnode. 

On Thursday, a major Bitcoin whale made moves toward selling. A wallet identified as belonging to trader Owen Gunden transferred 2,400 Bitcoin (BTC), worth $237 million, to the crypto exchange Kraken, according to blockchain analytics platform Arkham.

It adds to a recent spate of Bitcoin whales seemingly shifting away from the cryptocurrency. 

Glassnode analysts, however, argued that the data show that narratives such as “OG Whales Dumping” or “Bitcoin’s Silent IPO” are more nuanced in reality. 

Monthly average spending by long-term holders indicates inflows have climbed from over 12,000 Bitcoin per day in early July to around 26,000 as of Thursday, Glassnode said, which points to regularly and evenly spaced distribution, not “specifically OG dumping, but normal bull-market behavior.”

“This steady rise reflects increasing distribution pressure from older investor cohorts — a pattern typical of late-cycle profit-taking, not a sudden exodus of whales.” Source: Glassnode“Long-term holders have been realizing profits throughout this cycle, just as they did in every previous one,” Glassnode added.

Crypto market hasn’t topped yet: Kronos ResearchSpeaking to Cointelegraph, Vincent Liu, the chief investment officer at quantitative trading firm Kronos Research, said that whale sales are a structured cycle flow, and steady profit rotation, rather than panic, often indicate a late-cycle phase, along with rising realized gains and resilient liquidity.

Liu, however, said this “late-cycle” phase doesn’t necessarily mean the market has topped, as long as there are buyers to scoop up the new supply. 

“Late cycle doesn’t mean the market is capped, it means momentum has cooled while macro and liquidity steer the ship. Fading rate-cut bets and short-term softness have slowed upside, not sunk it,” Liu said.

“On-chain readings hint at a potential bottom. Bitcoin’s net unrealized profit ratio at 0.476 signals short-term lows may be forming, offering strategic positioning but it’s just one of many indicators that need to be tracked to confirm a market bottom.”Crypto market sentiment has been fearful as the broader market continues to slump. Analysts have attributed this to a range of macroeconomic factors, such as traders shifting to assets with clearer exposure to economic policies and credit flows.

Market tops are usually four years apartCharlie Sherry, the head of finance at Australian crypto exchange BTC Markets, said whales selling in isolation isn’t usually significant, but this time, there is a noticeable lack of meaningful support on the buy side to absorb that selling.

However, he still thinks it’s too early to know if this is a sign of a cycle peak, though it is plausible. 

Market tops have historically occurred roughly four years apart, as seen in December 2017, around 1,067 days after the bottom, and then in November 2021, approximately 1,058 days after the low.

“The recent all-time high on Oct. 6 2025 came 1,050 days from the bottom. From that view, it is plausible that we have already topped this cycle and are entering the early stages of a bear market,” Sherry said.

Market cycles might not hold sway anymoreAt the same time, however, Sherry noted that the “four-year cycle concept isn’t bulletproof,” as there are only a few examples to draw on, and Bitcoin continues to evolve with different demand dynamics fueled by exchange-traded funds and corporate treasuries.

“These buyers don’t trade cycles or follow the four-year rhythm. The appetite of these players has been weak recently, but that can change quickly,” he said.

“Only time will tell whether we have just seen a cycle top. There are fundamental reasons why Bitcoin may no longer follow a four-year rhythm, but the strength of those fundamentals is being tested right now.”Magazine: Good luck suing crypto exchanges, market makers over the flash crash

Cash App is propelling unified digital finance forward through upgrades that combine banking, payments, crypto activity and automation into a cohesive ecosystem built to boost speed, expand access and strengthen momentum across on-chain money operations.

TLDR:

Investigators linked the POPCAT setup to 26 wallets coordinating a 25M dollar buy wall signal.
The attacker absorbed a 4M dollar loss while Hyperliquid liquidity providers lost 4.9M dollars.
Wallet traces connected multiple OKX and Bybit deposits to earlier manipulation activity.
Funding trails led researchers to wallets associated with BTX Capital and its founder.

The sudden turbulence around POPCAT trading on Hyperliquid has drawn fresh attention to a coordinated setup tied to large capital flows. Investigators tracked a complex series of wallets that supported a $25 million buy wall shortly before the orders vanished. 

The setup created sharp price distortions that wiped out traders and damaged Hyperliquid’s liquidity pool. The emerging trail now ties back to wallets linked to BTX Capital.

POPCAT manipulation traced to coordinated wallets
Analysts monitoring the event reported that more than 26 wallets placed the large buy wall near 0.21 dollars on November 12. They noted that the orders created the appearance of strong demand before the attacker pulled them, which caused rapid liquidations. 

Data shared on social platforms showed that the attacker lost 4 million dollars in collateral while Hyperliquid’s liquidity provider absorbed 4.9 million dollars in losses. Investigators believe the attacker offset these losses by shorting the token on a centralized exchange with larger capital.

The wallet identified as 0x0A11 funded seven additional wallets and appeared in an earlier manipulation involving TST. That wallet received 0.003 ETH from 0xad67, which also transferred 0.0457 ETH to 0x9e8 before funds later reached 0xf6c. Records show that 0xf6c sent gas funds to 0xc10, which deposited 598,615 USDT to OKX two days later.

Investigators highlighted more deposits tied to related wallets. OKX Deposit 1 received 688,700 USDT from 0xbBf4 and sent 393,980 USDT to another OKX address. OKX Deposit 2 received 593,000 USDT from 0x01c8, which also funded 0xC0a before a 506,000 USDT Bybit deposit.

Blockchain trail leads to BTX Capital connections
The Bybit deposit wallet later received 50 million AKI tokens from a Polygon multisig created by 0xf97. That wallet was funded on Ethereum by the public address of BTX Capital founder Vanessa Cao. 

Analysts also noted that 0xf97 received 1 POL from a BTX Capital-linked wallet on Polygon earlier in the year. These linked transactions supported claims from market researchers tying BTX Capital to recent token volatility.

Investigators described BTX Capital as a trading and investment firm with large liquidity reserves. They noted its activity around liquid token strategies and pointed to the scale of funding required for the POPCAT setup. 

As earlier reported by Blockonomi, POPCAT has faced intense market pressure from coordinated moves that disrupted normal trading activity. Market researchers now connect the firm to similar patterns in tokens such as ZEREBRO, JELLYJELLY, and HIFI.

Analysts summarized the approach as a dual-venue setup. The attacker used Hyperliquid to create the manipulation while taking the opposite position on a centralized exchange. They viewed the structure as a straightforward way to profit from artificial moves without relying on long exposure.

Canary Capital’s spot XRP ETF (XRPC) officially launched yesterday and it is already the biggest ETF debut of the year. The product surpassed $BSOL’s previous record, posting more than $59 million in first-day trading volume, according to analysts tracking the launch.

Speaking after the milestone, Canary Capital Founder and CEO Steven McClurg discussed what the XRP ETF means for investors, how demand may evolve, and what realistic long-term price targets look like.

Why the XRP ETF Is DifferentIn an interview with Crypto Prime, McClurg explained that XRP is not like Bitcoin or Ethereum. Instead, the XRP Ledger is a payments-focused network designed as a financial rail for fast, low-cost value transfer.

He explained that the technology was built to solve real-world remittance problems, including high fees charged by banks and services like Western Union. In many countries, workers sending money home face fees between 8% and 15%, which McClurg described as a “global tax on the working class.”

The XRP Ledger, he said, offers near-instant settlement and much cheaper transfers, making it a strong candidate for global payment infrastructure.

Can XRP Reach $10, $35, or Even $1,000?When asked about price projections circulating in the community, including predictions of $1,000 or even $10,000 per XRP, McClurg issued a warning, calling those extreme values “very high numbers.”

XRP reaching Bitcoin’s current market cap of around $2 trillion would imply a price near $35, but such a move would require enormous global adoption.

However, he was clear that $10 is not unrealistic.

“Given XRP’s current ecosystem and its role in global payments, I don’t think $10 is unrealistic at all. That is something achievable in the next three to four years,” McClurg said.  “

ETF Demand Could Be the CatalystWith XRPC posting record-breaking volume and beating all other ETF launches of 2024, analysts say demand is already exceeding expectations. McClurg says the ETF structure will help mainstream investors understand XRP’s real-world utility and potentially accelerate adoption.

As more institutions gain exposure to XRP through regulated products, he expects interest and liquidity to steadily increase.

For now, the community is celebrating both the successful ETF debut and McClurg’s confirmation that double-digit XRP is a realistic possibility, not a fantasy.

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Bitcoin continues to face strong resistance as it struggles to reclaim higher supply levels, with price action stalling below the $105,000 mark. The market remains caught between cautious optimism and lingering fear, as selling pressure persists but downside momentum appears to be fading. According to on-chain data from Arkham Intelligence, whales have continued to offload significant portions of their holdings in recent days, contributing to the ongoing headwinds in the market.

However, despite this selling activity, analysts note growing signs of buyer absorption around the $100,000 zone, where strong demand has repeatedly prevented further declines. This balance between distribution and accumulation has split analyst opinions — some expect Bitcoin to dip further before stabilizing, while others see this phase as a reaccumulation zone that could precede a move toward new all-time highs.

As the market navigates this critical stage, liquidity concentration and whale behavior remain key indicators to watch. If selling pressure continues to ease and demand sustains near current levels, Bitcoin could be setting the foundation for its next major impulse.

OG Whale Sells $600 Million in Bitcoin Amid Market Uncertainty
According to data from Arkham Intelligence, one of Bitcoin’s earliest and most prominent holders, Owen Gunden, has recently offloaded a significant portion of his holdings — a move that has caught the attention of market analysts.

Gunden, who has held Bitcoin since late 2011, was sitting on approximately 11,450 BTC valued at $1.4 billion just a month ago. However, recent on-chain activity shows that he has sold around 6,100 BTC, worth roughly $616 million, reducing his holdings to $542 million.

Owen Gunden Bitcoin Balance History | Source: Arkham
This large-scale selloff comes at a critical time for Bitcoin, as the asset consolidates near the $100,000–$105,000 range amid mounting selling pressure from whales. Gunden’s decision to take profit after over a decade of holding suggests a combination of profit realization and market caution, particularly as macro uncertainty and liquidity stress weigh on risk assets.

While some view this as a bearish signal, others argue that such sales often mark the late stages of a distribution phase, where long-term holders transfer coins to new investors during consolidation. If Bitcoin maintains strong support near $100K despite this heavy selling, it could indicate deep market demand and the potential for a renewed accumulation phase.

Bitcoin Consolidates as Bulls Defend the $100K Level
The daily Bitcoin chart shows that BTC remains in a consolidation phase, trading around $103,000 after multiple attempts to rebound from the $100,000 psychological support zone. Despite persistent selling pressure and fading momentum, buyers continue to absorb liquidity near this level, keeping the structure relatively stable.

Owen Gunden Bitcoin Balances History | Source: Arkham
Price action shows a series of lower highs since mid-September, reflecting ongoing market hesitation and the dominance of short-term sellers. The 50-day and 100-day moving averages (blue and green lines) are currently acting as dynamic resistance levels, with BTC repeatedly failing to close above them. Meanwhile, the 200-day moving average (red line) provides a long-term anchor, currently positioned near $98,000, which remains the next major support level to watch.

Until then, the market is likely to remain range-bound, consolidating within the $100K–$105K corridor. A breakdown below $100K could trigger further downside pressure, while a successful defense may set the stage for a recovery toward the $110K–$115K range in the coming weeks.

Featured image from ChatGPT, chart from TradingView.com

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.
As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community.
To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.
Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance.
Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Last updated: 

November 13, 2025

Bitcoin fell below $100,000 in Asian trading on Friday, with regional markets trading lower as traders scaled back expectations of a US interest rate cut next month after hawkish remarks from Federal Reserve officials reignited inflation fears.

The mood soured across the board, with Wall Street futures flashing red after Thursday’s rout that wiped out a four-day winning streak.

Market snapshot
Bitcoin: $99,063, down 2.9%
Ether: $3,224, down 6.9%
XRP: $2.31, down 7.6%
Total crypto market cap: $3.41 trillion, down 3.8%
Global Stocks Sink As Tech Rout Deepens And Inflation Fears ReturnThe Dow Jones dropped 1.65%, the S&P 500 slid 1.66% and the Nasdaq fell 2.29%, as investors dumped tech stocks led by Nvidia amid concerns over stretched valuations and policy uncertainty.

Across Asia, Japan’s Nikkei 225 lost 1.77%, Australia’s S&P/ASX 200 fell 1.35% and New Zealand’s benchmark fell 1.58%.

Hong Kong’s Hang Seng opened lower, while China’s Shanghai Composite slipped 0.16% after fresh data showed retail sales and industrial output slowed in October, dampening hopes for a recovery.

Bitcoin’s drop erased recent gains fueled by optimism around institutional inflows. The token traded below $100K for the first time this month, as liquidity thinned and momentum faded. Traders said renewed institutional conviction will be key for the next leg higher.

Maja Vujinovic, who leads digital assets at FG Nexus, said markets are currently under multiple layers of strain, with macro and tech-related risks combining with selling by long-term holders and a slowdown in institutional demand.

💸 Bitcoin ETF's have seen a net flow of -$963.7M over the past 9 trading days, with the trend turning right as $BTC rebounded to $115K back on October 28th. This isn't necessarily bad news, but does indicate how much confidence has been lost as crypto has slid. pic.twitter.com/deOQ2P4RuB

— Santiment (@santimentfeed) November 13, 2025
“That combination is what pushed Bitcoin below $100K,” she added. “It doesn’t signal the model is broken, but it does show we’re in a phase where Bitcoin’s upside is now more dependent on renewed institutional conviction and liquidity, not just headlines.”

In Europe, selling pressure deepened with Germany’s DAX down 1.39%, the UK’s FTSE 100 off 1.05%, and France’s CAC 40 edging 0.11% lower. The Euro Stoxx 50 also lost 0.83% as inflation jitters and weak corporate earnings weighed on sentiment.

Fed Officials Signal Caution, Dimming Hopes For Near-Term Policy EasingTreasury yields climbed as traders dialed back bets on a December rate cut, with CME FedWatch data showing odds for easing dropping to about 46% from over 60% a day earlier.

Cleveland Fed President Beth Hammack said rates should remain restrictive to curb inflation, while St. Louis Fed chief Alberto Musalem noted limited room to ease without fueling price pressures. Their remarks reinforced market expectations that the Fed may stay on hold longer.

The White House added to the gloom, saying October’s unemployment data may not be released following a record 43-day government shutdown that had already delayed key reports and clouded visibility on the economy.

The pullback came as traders shifted from rate-cut euphoria to a more sober outlook on inflation, pushing risk assets lower and prompting a flight to safety.

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XRP price started a fresh decline from $2.550. The price is now showing bearish signs and might extend losses if it dips below $2.250.

XRP price started a fresh decline below the $2.450 zone.
The price is now trading below $2.40 and the 100-hourly Simple Moving Average.
There is a short-term contracting triangle forming with resistance at $2.235 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to move down if it settles below $2.250.

XRP Price Dips Further
XRP price attempted more gains above $2.50 but failed to continue higher, like Bitcoin and Ethereum. The price started a fresh decline below $2.450 and $2.420.

There was a move below the $2.320 pivot level. A low was formed at $2.2754, and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement level of the recent decline from the $2.525 swing high to the $2.2754 low.

The price is now trading below $2.40 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.2350 level. There is also a short-term contracting triangle forming with resistance at $2.235 on the hourly chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com
The first major resistance is near the $2.40 level, above which the price could rise and test $2.450 or the 76.4% Fib retracement level of the recent decline from the $2.525 swing high to the $2.2754 low. A clear move above the $2.450 resistance might send the price toward the $2.520 resistance. Any more gains might send the price toward the $2.580 resistance. The next major hurdle for the bulls might be near $2.650.

Another Decline?
If XRP fails to clear the $2.40 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.280 level. The next major support is near the $2.250 level.

If there is a downside break and a close below the $2.250 level, the price might continue to decline toward $2.20. The next major support sits near the $2.120 zone, below which the price could continue lower toward $2.050.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.250 and $2.20.

Major Resistance Levels – $2.40 and $2.450.

It appears that institutions are taking advantage of market weakness to buy assets, then move them into long-term custody.

Key Takeaways

Anchorage Digital received $405 million in Bitcoin from major institutional clients.
The institutions involved include Coinbase, Cumberland, Galaxy Digital, and Wintermute.

Anchorage Digital, a ÚS-regulated crypto custodian, received about $405 million in Bitcoin today across transfers from major institutional players.

The inflows suggest institutions are moving BTC off trading venues and into long-term, regulated custody, a pattern typically associated with strategic accumulation or treasury rebalancing.

Anchorage Digital has been expanding its institutional footprint and is currently one of the custodians supporting BlackRock’s Bitcoin ETF, alongside other approved service providers.

The transfers involved several key players in institutional crypto services. Cumberland operates as a digital asset trading firm, while Galaxy Digital focuses on digital asset management. Wintermute serves as a crypto market maker, facilitating Bitcoin transactions during market fluctuations.

Disclaimer

Bitcoin (BTC) price plunged below $100,000 and sent ripples of panic across the crypto markets, challenging the confidence of traders and investors alike. Yet, in a surprising twist, some of the market’s top altcoins, including Ethereum, XRP, and Solana, have held steady above their respective support levels, defying the expected domino effect. It’s now important to examine what factors are helping these altcoins maintain stability even as Bitcoin faces significant selling pressure.

Why Bitcoin Price Dropped Below $100,000Bitcoin’s sudden fall under $100,000 rattled the crypto market, but the drivers go beyond routine profit-taking. Experts point to a combination of serious liquidity and structural factors behind the plunge.

First, a wave of massive liquidations hit the market, with hundreds of millions of dollars in long positions unwound within hours. This created a cascade effect, pushing the price sharply lower. At the same time, long-term holders began offloading BTC, signaling a shift in sentiment from cautious optimism to risk management.

Macro factors also played a role. Tighter liquidity conditions, combined with hawkish signals from the Federal Reserve, have reduced appetite for high-value risk assets like Bitcoin. Finally, the breach of key technical support levels triggered stop-loss orders, further accelerating the decline.

Altcoins Held Up Despite Bitcoin’s DropWhile Bitcoin price faced heavy selling pressure, several major altcoins—including Ethereum (ETH), XRP, and Solana (SOL)—have shown surprising resilience. Analysts point to a few key factors behind this divergence.

Market Structure and Capital Rotation: Unlike previous cycles, altcoins now attract a more diverse set of investors. Some capital that would have flowed exclusively into BTC is staying in high-potential altcoins, cushioning them from a full collapse.Stronger Fundamentals and Ecosystem Developments: Projects like Ethereum, XRP, and Solana have ongoing network upgrades, partnerships, and ecosystem growth, which support investor confidence even amid broader market stress.Fragmented Liquidity: Altcoin markets are less dominated by institutional flows compared to Bitcoin. Retail and decentralized finance activity continues to provide support, making altcoins less sensitive to BTC-driven sell-offs.Technical Support Levels: Many top altcoins were already trading near established support zones, reducing immediate downside risk and preventing panic selling.Cautions for InvestorsWhile altcoins haven’t collapsed, history warns that resilience may be temporary. Macro risks—including interest rates, liquidity, and equities — can eventually pressure all crypto assets. Traders should monitor correlation shifts closely, as altcoins can still follow Bitcoin’s trajectory with a lag.

Key Levels & What to WatchBitcoin: Watch the $93K–$100K support zone. Sustained below $100K could trigger further downside.ETH & SOL: Keep an eye on $3,000 for ETH and key SOL support levels; any breakdown could accelerate the downside.Altcoin rotation: A drop in BTC dominance could favor altcoins, but waning liquidity remains a concern.Macro signals: US interest rates, equity markets, and liquidity conditions will continue to influence crypto performance.What’s Next for Bitcoin and the MarketWith Bitcoin slipping below $100,000, the coming days will be crucial in determining the next phase of the crypto market. Traders are closely watching key support levels around $93,000–$95,000; a sustained breach could accelerate selling pressure, while a recovery above $100,000 may stabilize sentiment.

Altcoins like Ethereum, XRP, and Solana may continue to resist downward pressure in the short term, but their fate is increasingly tied to Bitcoin’s direction. Liquidity, macroeconomic developments, and technical signals will dictate market movements this weekend, making cautious positioning and active monitoring essential for investors.

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November 13, 2025 9:45 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 13, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds sellers of ordinary shares, including those that sold into the Merger of Sina Corporation (NASDAQ: SINA) between October 13, 2020 and March 22, 2021, both dates inclusive (the "Class Period"), of the important November 18, 2025 lead plaintiff deadline in the securities class action.

SO WHAT: If you sold Sina ordinary shares, including those that sold into the Merger, during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Sina class action, go to https://rosenlegal.com/submit-form/?case_id=45219 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 18, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants' created a fraudulent scheme to depress the value of Sina ordinary shares to avoid paying a fair price to Sina's shareholders in connection with the Merger. Defendants executed this scheme by misrepresenting and/or omitting material information within and from Sina's proxy materials in connection with the Merger that were necessary for shareholders to make an informed decision concerning whether to vote in favor of the Merger. Specifically, defendants failed to disclose that: (1) defendants concealed the true value of Sina's investment in TuSimple at the time of the Merger; (2) in turn, the offer of $43.30 per ordinary share as consideration for the Merger substantially shortchanged the true value of Sina ordinary shares; and (3) as a result, defendants' statements about Sina's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

To join the Sina class action, go to https://rosenlegal.com/submit-form/?case_id=45219 call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274418

November 13, 2025 9:50 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 13, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of KBR, Inc. (NYSE: KBR) between May 6, 2025 and June 19, 2025, both dates inclusive (the "Class Period"), of the important November 18, 2025 lead plaintiff deadline in the securities class action first filed by the Firm.

SO WHAT: If you purchased KBR securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the KBR class action, go to https://rosenlegal.com/submit-form/?case_id=42136 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 18, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) despite the knowledge that the U.S. Department of Defense's Transportation Command (TRANSCOM) had, for months, had material concerns with HomeSafe's ability to fulfill the Global Household Goods Contract, defendants claimed that the partnership was without issue, and would ramp up in future quarters; and (2) as a result, defendants' statements about KBR's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the KBR class action, go to https://rosenlegal.com/submit-form/?case_id=42136 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274409