CoTec Holdings Corp. Files First Quarter 2023 Results and Targets Operational Roll-Out

VANCOUVER, BC / ACCESSWIRE / May 30, 2023 / CoTec Holdings Corp. (TSXV:CTH) ("CoTec" or the "Company") is pleased to announce that it has filed its unaudited interim condensed consolidated financial statements and the accompanying management discussion and analysis for the three months ended March 31, 2023. The Company continued to build on the strong foundation laid in the past 12 months as it now targets the operational application and roll-out of the HyProMag and Binding Solutions technologies.

Other highlights for the quarter include:

• Loss for the three months ended March 31, 2023 of $520k
• Completed two non-brokered private placements for an aggregate of 16,137,304 Units at a price of $0.50 per Unit for gross proceeds of $8.1 million
• Completed the final payment for the GBP2 million convertible note into Mkango Resources Ltd. ("Mkango")
• Completed the GBP1.5 million equity investment into Maginito Limited ("Maginito")
• Increased the Company's interest in both Binding Solutions Limited ("BSL") and MagIron LLC ("MagIron") in the amounts of $684k and $268k respectively
• Applied for listing on the OTC Market in the United States ("OTC"). The Company commenced trading over the OTCQB under the ticker CTHCF on May 10, 2023

Mr. Julian Treger, CEO of the Company commented: "The first quarter was another strong quarter for CoTec during which we completed our investments into Mkango/Maginito and BSL allowing us to move our focus to the operational application and roll-out of these technologies in the United States and in Canada.

"For Maginito's HyProMag technology, scoping studies and site selection in the US are underway ahead of a feasibility study. Discussions with the US Government, potential customers and recycling partners have commenced and are ongoing. The US roll-out will be completed in parallel with the UK and German based developments and will benefit from operational experience and production ramp-up in the UK and Germany. Revenue from the US operation is targeted for 2025/2026. This US operation will be owned on a 50:50 basis between CoTec and Maginito.

"To date, CoTec has identified five application opportunities for the BSL technology, which, if pursued, will be done on a 50:50 joint venture basis with BSL. One of these opportunities is in due diligence and discussions are ongoing to agree ownership structure, progress permitting and access to infrastructure. If successful in securing the project, CoTec will proceed with the required geological and feasibility work before commencing development. Subject to regulatory approval and feasibility, first production is potentially targeted for 2025/2026.