CoTec Holdings Corp. Provides Operational Update

VANCOUVER, BC / ACCESSWIRE / April 2, 2024 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec" or the "Company") is pleased to provide an update on its operational roll-out opportunities and Normal Course Issuer Bid program ("NCIB Program").

Julian Treger, CoTec CEO commented; "We are very encouraged by the significant progress made on all fronts of the business and continue to support the share price through our NCIB Program ("NCIB") as we believe our shares offer considerable value at the current share price levels."

"We have engaged engineering companies for both HyProMag USA and Lac Jeannine and are targeting completion of the HyProMag USA bankable Feasibility Study ("Feasibility Study") prior to year-end and the Preliminary Economic Assessment ("PEA" or the "Study"), including a maiden Mineral Resource Estimate, for the Lac Jeannine property during H1, 2024. The timeframe for the completion of these studies and the target dates for first revenue from these opportunities are testimony to the advantages of the CoTec strategy over the traditional mining approach."

HyProMag USA Feasibility Study

HyProMag USA has engaged BBA USA Inc. ("BBA") and PegasusTSI ("Pegasus") to complete the Feasibility Study with targeted completion prior to year-end. BBA and Pegasus have successfully completed their onboarding process through visiting key manufacturers in Germany, Poland and the HyProMag Demonstration Plant at Tyseley,UK. The experience from the UK and Germany demonstration plants will be transferred expeditiously to the Feasibility Study.

Site selection for three Plants in the USA has commenced. This process will be driven by Pegasus, working with environmental consultant Weston Solutions Inc. The current focus is on Texas, Fort Worth for the first recycling spoke and magnet production facility (~500 tonnes of NdFeB finished permanent magnets and alloys per annum). Three recycling spokes are targeted and permitting for the various sites will start once site selection has been completed in Q3. Commercial production is targeted for H1 2026.

Discussions with potential feedstock suppliers and off takers in the USA have commenced, targeting agreements to secure recycled feedstock and long term off take through strategic partners.

Finally, the company has appointed Robert Harward, a retired Vice Admiral, US Navy, SEAL and a senior defence technology executive to the board of CoTec. Mr. Harward will be focused on supporting and guiding HyProMag USA in the application for US Government Grant support and long-term strategic supply of Rare Earth permanent magnets to US Government Prime contractors.