CoTec Investment Magiron Completes Pilot Plant Tests, Achieving Exceptional Recovery Rates

Rhea-AI Summary

CoTec (OTCQB:CTHCF) said its ~16.5% investee MagIron completed independent pilot plant testing with NRRI on November 26, 2025, validating a new flowsheet.

The flotation pilot produced DR-grade concentrate 68.3% Fe (post-LOI) with 83.5% iron recovery and BF-grade 66.4% Fe with 85.9% iron recovery, versus the original Plant 4 recovery of 40.0%. Results will feed an upcoming NI 43-101 resource/reserve and an independent feasibility study by Behre Dolbear expected shortly.

Positive

• DR-grade concentrate at 68.3% Fe (post-LOI)
• Iron recovery 83.5% for DR-grade concentrate
• Iron recovery 85.9% for BF-grade concentrate
• Iron recovery roughly double prior Plant 4 (40.0% → ~84%)
• Pilot data to support NI 43-101 and Behre Dolbear feasibility

Negative

• CoTec holds only ~16.5% of MagIron, limiting direct control
• Independent feasibility study and NI 43-101 not yet finalized

News Market Reaction – CTHCF

+4.85%

1 alert

+4.85% News Effect

On the day this news was published, CTHCF gained 4.85%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Ownership stake: ~16.5% DR-grade Fe: 68.3% Fe DR iron recovery: 83.5% +4 more

7 metrics

Ownership stake ~16.5% CoTec investment in MagIron LLC mentioned in the release

DR-grade Fe 68.3% Fe Direct reduction grade concentrate, post-LOI, from pilot plant

DR iron recovery 83.5% Iron recovery while producing DR-grade concentrate in pilot tests

BF-grade Fe 66.4% Fe Blast furnace grade concentrate, post-LOI, from pilot plant

BF iron recovery 85.9% Iron recovery while producing BF-grade concentrate in pilot tests

Previous recovery 40.0% Original Plant 4 blast furnace grade iron recovery

BF pre-LOI Fe 64.5% Fe Blast furnace grade concentrate pre-LOI Fe grade from table

Market Reality Check

Price: $1.38 Vol: Volume 36,918 vs 20-day a...

high vol

$1.38 Last Close

Volume Volume 36,918 vs 20-day avg 19,945 (relative volume 1.85) ahead of this news. high

Technical Price 1.27 is trading above the 200-day MA of 0.71 prior to the release.

Peers on Argus

No peer stocks or sector momentum data were flagged; the pre-news move in CTHCF ...

No peer stocks or sector momentum data were flagged; the pre-news move in CTHCF appears company-specific based on available data.

Historical Context

5 past events · Latest: Nov 26 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 26	Operational milestone	Positive	+4.8%	MagIron pilot tests showed high iron recovery and DR-grade concentrate quality.
Nov 19	Earnings/financing update	Positive	+6.4%	Q3 filings, LIFE financing, cash balance and project advancement disclosures.
Nov 19	Commercial agreement	Positive	+6.4%	HyProMag USA expanded feedstock deal and deployment of HDD magnet systems.
Nov 11	Board/management change	Positive	-1.4%	Appointment of an independent director to support Lac Jeannine project.
Nov 06	Investor communication	Neutral	-10.6%	Announcement of investor update webinar focused on key growth projects.

Pattern Detected

Recent positive operational and financial updates have often coincided with gains, though some corporate or event-focused news has seen negative price reactions.

Recent Company History

Over the last month, CoTec has issued several updates, including this MagIron pilot plant success on Nov 26 with a prior +4.85% reaction, Q3 financials and financing on Nov 19 with a +6.38% move, and HyProMag USA’s expanded feedstock agreement the same day, also linked to a +6.38% change. Governance and communication items, such as the new director appointment on Nov 11 and an investor update announcement on Nov 6, saw declines of -1.4% and -10.55%, indicating more mixed reactions to non-operational catalysts.

Market Pulse Summary

This announcement details MagIron’s pilot plant program, showing DR-grade concentrate at 68.3% Fe wi...

Analysis

This announcement details MagIron’s pilot plant program, showing DR-grade concentrate at 68.3% Fe with 83.5% recovery and BF-grade at 66.4% Fe with 85.9% recovery, versus the prior 40.0% Plant 4 recovery. These data points feed into an upcoming NI 43-101 resource and independent feasibility study. In context with recent financing and project updates, investors may watch for completion of the feasibility work and subsequent development decisions as key next milestones.

Key Terms

direct reduction, blast furnace, electric arc furnace, flowsheet, +1 more

5 terms

direct reduction technical

"The flotation pilot plant, while making direct reduction ("DR") grade concentrate of 68.3%..."

A manufacturing method that turns iron ore into solid iron by chemically removing the oxygen in the ore using gases (often natural gas or hydrogen) at lower temperatures than a traditional blast furnace. Investors care because it can cut steelmakers' energy use and carbon emissions, change fuel and raw‑material needs, and require different capital investment — all of which affect costs, regulatory risk, and long‑term competitiveness.

blast furnace technical

"the flotation pilot plant, while making blast furnace ("BF") grade concentrate of 66.4%..."

A blast furnace is a tall, industrial furnace that smelts iron ore into molten iron by layering ore, coke (a fuel), and limestone and blowing hot air through the stack, functioning like a giant cooking pot that separates metal from rock. For investors, it matters because blast furnaces are central to producing steel, so their capacity, operating costs, and emissions profile directly affect a producer’s output, margins, and regulatory risks.

electric arc furnace technical

"feedstock for the growing Electric Arc Furnace ("EAF") steel sector."

An electric arc furnace is an industrial furnace that melts scrap metal or direct-reduced iron by creating intense heat from an electric arc between electrodes, like a giant, high-powered electric oven that turns metal pieces into molten steel. Investors care because it determines a steelmaker’s energy costs, flexibility to use recycled material, and greenhouse gas footprint—factors that affect profitability, raw-material exposure, and regulatory or public-pressure risks.

flowsheet technical

"confirmed the technical viability of MagIron's new and innovative process flowsheet..."

A flowsheet is a structured table that records a series of clinical or operational data points—such as vital signs, lab results, medication doses, procedures or milestone dates—so each patient or case can be tracked over time. For investors, a flowsheet turns detailed trial or operational activity into a clear timeline that highlights progress, gaps or problems, helping assess development speed, regulatory readiness and potential delays much like a trip log shows a journey’s pace and hiccups.

national instrument 43-101 regulatory

"foundation of the forthcoming National Instrument 43-101 ("NI 43-101") compliant..."

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

AI-generated analysis. Not financial advice.

VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / November 26, 2025 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec" or the "Company") is pleased to note that its ~16.5% investment, MagIron LLC ("MagIron"), today announced the successful completion of its comprehensive independent pilot plant test work program conducted in partnership with the University of Minnesota, Natural Resources Research Institute ("NRRI") at Coleraine, Minnesota. The test work forms a key component of MagIron's ongoing feasibility study for the restart of Plant 4 in Grand Rapids, Minnesota.

The independent pilot-scale program has confirmed the technical viability of MagIron's new and innovative process flowsheet and demonstrates exceptional iron recovery rates and concentrate quality, consistent with previous bench-scale results conducted since 2022. The flotation pilot plant, while making direct reduction ("DR") grade concentrate of 68.3% total Fe (post-LOI), achieved an 83.5% iron recovery. Meanwhile, the flotation pilot plant, while making blast furnace ("BF") grade concentrate of 66.4% total Fe (post-LOI), achieved an iron recovery of 85.9%. The original Plant 4 previously produced BF grade concentrate at an iron recovery of 40.0%. On a comparable basis, the new Plant 4 flow sheet iron recovery is slightly more than double that of the prior facility. These results validate MagIron's ability to produce DR-grade iron oxide concentrate, supporting the Company's strategy to supply high-grade feedstock for the growing Electric Arc Furnace ("EAF") steel sector.

		Fe grade (% Fe)
	Iron recovery rate (%)	Pre-LOI	Post-LOI
DR Grade concentrate	83.5%	66.4%	68.3%
BF Grade concentrate	85.9%	64.5%	66.4%

Data from the pilot plant and bench testing campaign forms the foundation of the forthcoming National Instrument 43-101 ("NI 43-101") compliant Mineral Resource and Reserve estimate and will be incorporated into the independent feasibility study being completed by Behre Dolbear, which is expected to be finalised shortly.

Julian Treger, CEO of CoTec commented: "The completion of the pilot plant study and its exciting results are a major step forward for MagIron towards the execution of its strategy to re-start these assets. We remain very bullish on MagIron and are confident that they could become a major player in the US steel industry. As a large shareholder, MagIron's success will further improve the substantial value proposition of CoTec."

Larry Lehtinen, CEO of MagIron, commented: "The successful completion of our bench testing and pilot plant programs marks another major milestone in the restart of Plant 4. The results confirm that MagIron's new process, has the potential to deliver outstanding recovery and product quality metrics. These findings reinforce the robustness of our flowsheet and provide critical validation as we advance our feasibility study and prepare to publish our NI 43-101 compliant resource and reserve statement in the coming weeks."

For further details on MagIron and today's announcement, please visit www.magironusa.com.

About CoTec Holdings Corp.

CoTec Holdings Corp. (TSX-V: CTH, OTCQB: CTHCF) is redefining the future of resource extraction and recycling. Focused on rare earth magnets and strategic materials, CoTec integrates breakthrough technologies with strategic assets to unlock secure, sustainable, and low-cost supply chains.

CoTec's mission is clear: accelerate the energy transition while strengthening strategic critical mineral supply chains for the countries we operate in. By investing in and deploying disruptive technologies, the Company delivers capital-efficient, scalable solutions that transform marginal assets, tailings, waste streams, and recycled products into high-value critical minerals.

From its HyProMag USA magnet recycling joint venture in Texas, to iron tailings reprocessing in Québec, to next-generation copper and iron solutions backed by global majors, CoTec is building a diversified portfolio with long-term growth, rapid cash flow potential, and high barriers to entry. The result is a game-changing platform at the intersection of technology, sustainability, and strategic materials.

For more information, please visit www.cotec.ca.

For further information, please contact:
Braam Jonker - (604) 992-5600

Forward-Looking Information Cautionary Statement

Statements in this press release regarding the Company and its investments which are not historical facts are "forward-looking statements" which involve risks and uncertainties, including statements relating to the MagIron investment, as well as management's expectations with respect to the MagIron investment and other current and potential future investments of CoTec, and the benefits to the Company which may be implied from such statements.

Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to known and unknown risks and uncertainties affecting the Company, including but not limited to: resource and reserve risks; environmental risks and costs; permitting and regulatory risks; labor costs and shortages; uncertain supply and price fluctuations in materials; increases in energy costs; labor disputes and work stoppages; equipment leasing and availability; heavy equipment demand and availability; contractor and subcontractor performance; worksite safety issues; project delays and cost overruns; extreme weather events; and social, transport, or geopolitical disruptions.

For further details regarding risks and uncertainties facing the Company, please refer to "Risk Factors" in the Company's filing statement dated April 6, 2022, a copy of which may be found under the Company's profile on SEDAR+ (www.sedarplus.ca). The Company assumes no obligation to update forward-looking statements in this press release except as required by law. Readers should not place undue reliance on the forward-looking statements and information contained in this news release and are encouraged to read the Company's continuous disclosure documents available on SEDAR+ (www.sedarplus.ca).

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE: CoTec Holdings Corp.

View the original press release on ACCESS Newswire

FAQ

What pilot plant results did MagIron announce on November 26, 2025 for CTHCF investors?

MagIron reported DR-grade 68.3% Fe with 83.5% iron recovery and BF-grade 66.4% Fe with 85.9% recovery.

How do MagIron's pilot iron recoveries compare to the original Plant 4 for CTHCF?

New pilot recoveries (~83.5–85.9%) are roughly double the original Plant 4 recovery of 40.0% on a comparable basis.

Will MagIron publish a NI 43-101 and feasibility study for CTHCF shareholders?

Yes, pilot data will be included in an upcoming NI 43-101 resource and an independent feasibility study by Behre Dolbear expected shortly.

What grade of iron concentrate can MagIron produce according to the pilot for CTHCF?

The pilot produced DR-grade concentrate at 68.3% Fe (post-LOI) and BF-grade at 66.4% Fe (post-LOI).

How might MagIron's pilot results affect CoTec (CTHCF) value?

MagIron's validated flowsheet and high recoveries support potential value uplift, but CoTec's benefit is limited by its ~16.5% stake.

Who conducted MagIron's pilot plant testing announced on November 26, 2025?

The independent pilot program was conducted in partnership with the University of Minnesota NRRI at Coleraine, Minnesota.