Mkango Subsidiary, Maginito, and CoTec Appoint Lead Engineers BBA and Pegasus to Complete the Feasibility Study for HyProMag USA

LONDON and VANCOUVER, British Columbia, March 11, 2024 (GLOBE NEWSWIRE) -- CoTec Holdings Corp. (TSXV: CTH; OTCQB: CTHCF) (“CoTec”) and Mkango Resources Ltd. (AIM/TSX-V: MKA) (“Mkango”) are pleased to announce that Canada-based BBA USA Inc. (“BBA”) and US-based PegasusTSI Inc. (“PegasusTSI”) have been engaged to complete the HyProMag USA, LLC (“HyProMag USA”) bankable feasibility study (“Feasibility Study”) to engineer and design its REE magnet recycling plants and a production facility in the United States.

The Feasibility Study is expected to be completed during H2 2024. HyProMag USA has the potential to supply the United States with a sustainable, long term domestic supply of neodymium/iron/boron (NdFeB) permanent magnets to enable the creation of secure, low carbon and traceable rare-earth supply chains.

Julian Treger, CoTec CEO commented: “The Feasibility Study represents a significant milestone towards the construction of commercial-scale magnet recycling and production facilities in the United States. HyProMag is supported by the Minerals Security Partnership¹ which aims to accelerate the development of secure, diverse and sustainable supply chains for critical energy minerals. We are looking forward to working with BBA and PegasusTSI to develop these facilities using HyProMag’s considerable experience from the plants being developed at Tyseley in the UK and in Germany following extensive piloting at the University of Birmingham. As the Feasibility Study progresses, HyProMag USA will be working and collaborating closely with local, state and federal stakeholders.”

Will Dawes, Mkango CEO commented: “We see the United States as a major growth opportunity, underpinned by ongoing development of HyProMag’s operations in the UK and Germany, and leveraging off HyProMag’s competitive advantages in the rare earth magnet recycling sector – the ability to cost effectively liberate magnets from end-of-life scrap streams and to produce recycled rare earth magnets with a significantly reduced carbon footprint.

“As a result, HyProMag is receiving strong interest and numerous enquiries for recycled magnets and recycling solutions, and is engaged in multiple discussions on potential collaboration, with test work trials being completed for a number of major multinational companies.

“We look forward to working with BBA, PegasusTSI, HyProMag and CoTec to build a leading rare earth magnet business in the United States and other jurisdictions.”

HyProMag USA plans to develop a low cost, low carbon, sustainable rare earth magnet recycling and production business underpinned by HyProMag Limited’s (“HyProMag”) patented Hydrogen Processing of Magnet Scrap (“HPMS”) recycling technology. HyProMag has sublicenced the HPMS technology to HyProMag USA, which is 50:50 per cent owned by CoTec and Maginito.