CoTec Holdings Corp. Reports First Quarter 2024 Results with Emphasis on Operational Roll-Out

VANCOUVER, BC / ACCESSWIRE / May 30, 2024 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) announced its unaudited interim condensed consolidated financial statements for the quarter ended March 31, 2024. The company reported a net loss of $39,000, influenced by foreign exchange gains offset by operational costs.

Highlights for the quarter include the formal incorporation of HyProMag USA LLC, where CoTec owns 60.3%. HyProMag USA aims to implement patented technology to recover rare earth elements from magnets. The company also engaged BBA USA Inc., PegasusTSI, and Weston Solutions Inc. to conduct a feasibility study, expected to be completed by year-end.

CoTec awarded the preliminary economic assessment for its Quebec-based Lac Jeannine Iron Project to an interdisciplinary team, targeting completion in the first half of 2024. Additionally, CoTec appointed Mr. Erez Ichilov and retired Vice-Admiral Robert Harward to its Board of Directors.

CoTec's CEO, Julian Treger, emphasized the company's focus on completing the PEA for the Lac Jeannine project and the Feasibility Study for HyProMag USA. CoTec is also considering additional technology investments within the year.

Insiders, holding more than 70% of CoTec’s shares, have contributed over $5.4 million since November 2023 to support the company’s value proposition at current share price levels.