CoTec Holdings Corp. Files Annual Financial Statements and MD&A

VANCOUVER, BC / ACCESSWIRE / April 29, 2024 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec" or the "Company") is pleased to announce that it has filed its audited annual financial statements and the accompanying management discussion and analysis for the financial year ended December 31, 2023. The Company reported net income of $9.8 million for the financial year.

Other highlights for the year include:

Operational

Net income of $9.763 million and loss of $(3.34) million for the year and the quarter respectively. Loss for the quarter includes a $1.967 million net foreign exchange rate loss in investments due to the strengthening of the Canadian dollar versus the US dollar during the quarter and $346k stock-based compensation which are non-cash items. The Canadian dollar weakened against the US dollar in Q1, 2024, which is expected to reverse a substantial portion of these losses

Completed a GBP3.5 million investment in Maginito Limited ("Maginito") for a 20.6% equity interest

Maginito completed the purchase of the remaining 58% equity interest in HyProMag Limited ("HyProMag") in August 2023. HyProMag owns ground-breaking technology for the recovery of rare earth elements from permanent magnets

Commenced a Request for Proposal process for engagement of an engineering firm to undertake the HyProMag USA Feasibility Study ("USA Feasibility Study") for the roll out of the HyProMag technology in the USA. HyProMag USA LLC is a 50:50 joint venture between CoTec and Maginito. USA Feasibility Study to be completed in 2024 in parallel with the completion of HyProMag commercial demonstration plants in the UK and Germany

Increased the Company's interest in Binding Solutions Limited ("BSL") to 2.66% through a further investment of $684k. BSL is the global leader in cold bonding technology of pellets in the mining sector

Entered an option agreement for the acquisition of Lac Jeannine iron ore mining claims in Quebec for application of the revolutionary BSL pelletizing technology

Engaged drilling contractor for Lac Jeannine and completed bulk sample and maiden resource drilling program in October 2023

Engaged Corem, a non-profit expertise and innovation Centre that offers mining corporations a range of specialized research services to assist in the development and optimization of key mineral processing, to complete metallurgy testing on the Lac Jeannine bulk samples. Test work included particle grain size analysis, gravity and particle size separation test work and metallurgical analysis