MustGrow: CEO Letter to Shareholders 2025
20 December 2025, Canada: MustGrow Biologics Corp. (TSXV: MGRO; OTC: MGROF; FRA: 0C0) (the “Company” or “MustGrow”), is pleased to issue a letter to shareholders from Corey Giasson, MustGrow’s President and CEO.
Dear MustGrow shareholders and stakeholders,
I hope everyone is well and ready to enjoy a peaceful and festive holiday season with family and friends. I am writing this letter to share our excitement in what was a truly transformational year for MustGrow as we transitioned from product development to commercialization, with our own mustard-derived TerraSanteTM biofertility product sales expansion in the U.S. and through our sales and distribution division, NexusBioAg, in Canada. For TerraSanteTM, the response from large U.S. commercial farming operations has exceeded our expectations as exhibited through strong repeat demand. For our Canadian distribution business, NexusBioAg, we are anticipating a typical cyclical rebound for farmers and our business in 2026.
TerraSanteTM
Quite simply: We experienced strong demand, farmer feedback has confirmed the economics and return-on-investment proposition and market size is significant and validated, and we have already begun executing our 2026 plan to increase manufacturing scale to meet this demand.
For the first half of 2025, TerraSanteTM biofertility sales were modest, as farmers and retailers in the U.S. purchased product for field trials on only a small portion of acres. In the second half of 2025 we witnessed an increase in repeat demand, as initial field trials proved successful. We could not fully supply this late-season demand due to intentionally conservative inventory planning earlier in the year – a clear sign that TerraSante™’s market acceptance is accelerating. Like some of the commercial farmers that used TerraSanteTM, we were impressed with the product performance in terms of yield, crop health, and economics. In September, we moved quickly to produce additional inventories to meet the growing demand for Q4-2025 and Q1-2026 deliveries. This experience has underlined our thesis that once the major retailers and fruit & vegetable commercial farmers use our biofertility product, they are likely to want more!
Even though our marketing has been minimal, the performance reputation has been spreading. Farmers in Washington state presented TerraSanteTM at their field day in the summer. For their harvest, they have indicated a two ton per acre increase in their potato yields and approximately 35% more high-quality A’s and B’s, which means less culls. This farmer estimated an approximately US$5,000 per acre increase in value using TerraSanteTM. At an approximately US$180 per acre product cost, the return on investment is excellent.
Management is watching demand continue to grow and we have the ability to scale production. Our contract manufacturers in Asia have produced product for us and are looking to expand their existing production capacities in 2026. These expansions are expected to improve MustGrow’s margins as the facilities are preparing dedicated lines capable of continuous production, compared to the current lower margin batch production process currently in place. In addition, MustGrow will continue to seek additional production partners and opportunities as demand grows.
Other exciting news on TerraSanteTM – we have been contacted by sales and distribution groups from around the world who are taking note of the product’s performance in the U.S. These groups have indicated that there are opportunities for timely registration and eventual sales TerraSanteTM in other countries as a biofertility or biostimulant. We look to 2026 to see if this comes to fruition.
With increasing demand in the U.S. and potential registrations and sales in other countries, 2026 looks very promising for TerraSanteTM. We look forward to a significant increase in sales and margins on our signature mustard-derived biofertility product.
TerraMGTM
MustGrow has been working through our own biopesticide registrations in Canada (PMRA) and the U.S. (EPA) for TerraMGTM.
In Canada, we generated additional field data via the 2025 BioAdvantage Trial (BAT) program field trial program through NexusBioAg. This information will be submitted shortly, and hopefully moving us one step closer to a registration in Canada. We now have two years of large-scale field data in Canada and have been able to show farmers and retailers how the product works, specifically on clubroot disease affecting canola acres. This is a similar approach we took with TerraSanteTM in the U.S., effectively pre-wiring demand through trialling.
Bayer Commercial License Agreement
Our work with Bayer AG (“Bayer“) under our commercial license agreement in Europe, the Middle East and Africa continues to progress well. After our most recent trip to Europe in October, we continue to be impressed with the wide resources being allocated toward the TerraMGTM registration, with the next milestone payment to MustGrow anticipated to be forthcoming. Bayer’s focus and commitment to the TerraMGTM partnership continues to meet our expectations.
NexusBioAg
We are approaching our first full year with our Canadian sales and distribution division, NexusBioAg. Acquiring NexusBioAg allowed MustGrow to transition to a fully integrated supplier of biological and regenerative agriculture products, supplementing our proprietary products and technology with the sales of third party products. Strategically, NexusBioAg is a ready-made sales channel for TerraMGTM in the Canadian market. 2025 proved to be a difficult year for the Canadian agriculture market. We realize the agriculture industry is a cyclical and are optimistic for a stronger 2026 since crop input purchases have been pushed into Q1-2026.
Western Canadian farmers have been facing droughts in some areas, tariffs, and higher interest rates and input costs, resulting in lower margins for farmers.1 In spite of these headwinds, a crop will be grown in 2026 and farmers will still seek to maximize yields and returns with crop input purchases.
Conclusion
We enter 2026 optimistically. TerraSanteTM continues to perform very well, with additional orders and repeat business from the U.S. and potential expansion to regions beyond the U.S. We look forward to expanding manufacturing operations and continuing to assess additional avenues to meet growing demand for our biofertility product. Registrations on our biopesticide, TerraMGTM, continue to progress in North America, and we will continue to work with Bayer on registration in Europe, the Middle East and Affrica.
I would like to thank the MustGrow, NexusBioAg, and Bayer teams for all their hard work in 2025. Let’s go and create even more value in 2026!
Merry Christmas, Happy Holidays, Happy New Year and All the Best in 2026!
Corey Giasson
President & CEO
TSXV Approval of August Transactions
In addition, further to the Company’s news release dated August 29, 2025 (the “August News Release“), the Company can announce that the TSX Venture Exchange has confirmed their acceptance of the LIFE Offering, Warrant Repricing and Shares for Debenture Debt Settlement (as each term is defined in the August News Release, and collectively the “August Transactions“), as more particularly described in the August News Release. No key details of the August Transaction have changed since the August News Release.
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