on CoTec Holdings Corp. (isin : CA22165A1021)
CoTec Holdings Corp. Reports Q3 2024 Financial Results Amid Operational Progress
CoTec Holdings Corp. has filed its financial results for Q3 2024, posting a comprehensive loss of $2.19 million, influenced by exchange rate impacts and equity incentive costs. Noteworthy achievements include the completion of a Preliminary Economic Assessment (PEA) for the Lac Jeannine Iron Tailings Project, with promising financial metrics revealed.
The company advanced its HyProMag USA feasibility study, staying on schedule for a 2024 release. An exclusive commercialization agreement was also established to enhance HyProMag's operations. Post-quarter, MagIron LLC secured a key permit, bolstering restart plans while CoTec raised $2.75 million through private placements.
CEO Julian Treger emphasized the value creation efforts and articulated ongoing discussions with Québec authorities about Lac Jeannine. The company anticipates early 2025 drilling and aims for revenue generation by H2 2026, underpinned by a strategic operational foundation laid in 2024.
R. P.
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