CoTec Holdings Corp. Announces Filing of Annual Financial Statements and Strategic Investments

CoTec Holdings Corp., listed on TSXV and OTCQB under the symbols CTH and CTHCF respectively, declared the filing of its audited annual financial statements for the year ended December 31, 2023. The documents, including a detailed management discussion and analysis, reveal a net income of $9.8 million for the year despite a quarterly loss of $3.34 million primarily due to a foreign exchange loss and non-cash compensation expenses.

Significant achievements highlighted include a £3.5 million investment in Maginito Limited for a 20.6% equity stake and the acquisition of a 58% equity in HyProMag Limited, which specializes in rare earth elements recovery technologies. CoTec also increased its share in Binding Solutions Limited, a leader in cold bonding technology for the mining industry, and entered into a drilling contract and bulk sample extraction for Lac Jeannine iron ore mining claims in Quebec.

Moreover, the company secured a substantial financial endorsement from Mineral Resources Limited, investing $17.5 million in BSL at a considerable premium. Other initiatives include an investment in Ceibo for a new leaching technology aimed at copper recovery, and ongoing partnerships to further critical mineral extraction technologies. CEO Julian Treger underscored a strategic pivot towards operational deployment of existing investments and resource production.