CoTec Holdings Corp. Announces Progress in Operations and Share Buyback Initiative

CoTec Holdings Corp., a prominent figure in the innovation of mineral resource extraction, has shared updates on its operational strategies and the Normal Course Issuer Bid (NCIB) program. The CEO, Julian Treger, expressed optimism regarding the business advancements and the company's commitment to enhancing shareholder value through the NCIB, highlighting the attractive valuation of their shares.

The company is advancing with the HyProMag USA project and the Lac Jeannine venture, aiming to complete a comprehensive feasibility study for HyProMag USA and a preliminary economic assessment, including a maiden Mineral Resource Estimate for Lac Jeannine, within specified timelines. This progress demonstrates CoTec's unique strategic approach in comparison to traditional mining tactics.

HyProMag USA initiated the feasibility study execution with BBA USA Inc. and PegasusTSI, focusing on establishing recycling and magnet production facilities in the United States with a capacity for significant annual output. The addition of Robert Harward, a senior defense technology executive, to the CoTec board signals strategic moves towards obtaining U.S. Government support and securing a long-term supply chain for Rare Earth magnets.

For the Lac Jeannine project, the company has made strides in metallurgy testing and initiated the NI43-101 compliant Preliminary Economic Assessment, expected to be completed by the first half of 2024. This study will include results from the company's extensive drill program conducted in 2023.

Under the NCIB, CoTec has procured 625,000 shares, reflecting a proactive approach in enhancing shareholder value. These operational and strategic updates signify CoTec's steady progress in its venture into becoming a mid-tier mineral resource producer with a focus on low carbon technology and environmental sustainability.