Q3 2025 Financial and Operational Highlights
On July 10, 2025, Northstar announced the production of our first run of liquid asphalt, evidencing the commissioning of all processing units and de-risking the technical and chemical process. Liquid asphalt samples from the production run were sampled at independent laboratories, with results suggesting asphalt quality superior to test results collected over several years at the pilot facility in Delta, British Columbia. Superior quality characteristics have the potential of additional upside to plant economics when factored into future commercial agreements;
Northstar also announced on September 10, 2025 the first production of solid asphalt pellets from end-of-life, tear-off shingles. The ability of the Northstar process to produce pellets provides the potential for significant market access through optimized logistic options. The announcement marked the technical achievement to successfully process both post-consumer discarded shingles that have been exposed to weather elements for significant periods of time and manufactured waste asphalt, evidencing the robustness of Northstar's patented technology and intellectual know-how;
On July 28, 2025, Northstar announced the closing of a non-brokered private placement raising $3.6 million via a unit offering, comprised of one common share at $0.30 per share and a warrant to purchase one common share, with an exercise price of $0.45 for a period of 36 months. A portion of the private placement was sourced via finder fees arrangements. Net proceeds were allocated to ongoing commercial ramp-up and general corporate purposes; and
On September 24, 2025, Northstar announced the addition of a new patent with the United States Patent and Trademark Office regarding the recovery of limestone from the Company's proprietary asphalt shingle reprocessing technology. The patent is expected to remain in force until 2045 and adds to an existing fulsome patent portfolio. The addition of recovering limestone from discarded asphalt shingles adds a fourth revenue product line while enhancing the quality characteristics of the final liquid or pelletized asphalt product.
Financial Results
(CAD$, except per share amounts and common shares outstanding)
Three Months Ended September 30
Nine Months Ended September 30
2025
2024
2025
2024
FINANCIAL RESULTS
Loss and comprehensive loss
3,947,979
3,207,180
