COTEC HOLDINGS CORP Stock Price, News & Analysis

HyProMag USA, a joint venture of CoTec Holdings and Mkango Resources, has appointed Linda Lourie to its Advisory Board, effective June 20, 2024. Lourie's extensive background includes roles as Assistant Director for Research and Technology Security in the White House Office of Science and Technology Policy and as a Principal with WestExec Advisors. Her expertise is expected to strengthen HyProMag USA's strategy in securing US Government funding and forging long-term commercial relationships. The JV's bankable Feasibility Study is progressing well, aiming to establish a cost-effective, energy-efficient rare earth magnet recycling process in the US through patented Hydrogen Processing of Magnet Scrap (HPMS) technology.

CoTec Holdings Corp. (TSXV:CTH, OTCQB:CTHCF) has joined the Rare Earth Industry Association (REIA). CEO Julian Treger highlighted CoTec's investment in the HyProMag technology, which recycles Rare Earth Elements (REEs) using Hydrogen Processing of Magnet Scrap (HPMS), developed at the University of Birmingham.

The company aims to complete the HyProMag USA bankable Feasibility Study by year-end. Dr. Badrinath Veluri, President of REIA, praised CoTec's commitment to ESG principles and innovative technologies, noting their alignment with REIA's mission for sustainable practices within the rare earth industry. REIA plans to support CoTec and other stakeholders in the deployment of these transformative technologies.

CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) announced its unaudited interim condensed consolidated financial results for the first quarter of 2024, ending March 31. The company reported a net loss of $39,000, influenced by foreign exchange gains on equity investments and operating costs. Key developments include the incorporation of HyProMag USA , which CoTec controls with a 60.3% stake. HyProMag USA will implement Hydrogen Processing of Magnet Scrap (HPMS) technology in the US. The company engaged BBA USA Inc., PegasusTSI, and Weston Solutions Inc. to complete a Bankable Feasibility Study by year-end. Additionally, CoTec awarded contracts for a National Instrument 43-101 Preliminary Economic Assessment (PEA) for its Lac Jeannine Iron Project, targeted for completion in the first half of 2024. The company appointed Mr. Erez Ichilov and retired Vice-Admiral Robert Harward to its Board. CoTec received $975,000 from warrant exercises and was included in the 2024 TSX Venture Top 50 list. CoTec aims to complete the PEA and Feasibility Study by the specified dates and is also targeting two additional technology investments by year-end.

CoTec Holdings subsidiary, HyProMag USA , is set to benefit from a new 25% tariff on Chinese permanent magnets, starting in 2026. CoTec holds a 60.3% equity interest in HyProMag USA, which aims to deploy patented REE recycling technology in the US. The technology, HPMS, extracts NdFeB magnets from electronic waste, which can be reprocessed and sold. HyProMag USA is completing a feasibility study for three sites, focusing initially on Fort Worth, Texas. The CEO of CoTec, Julian Treger, anticipates the first revenues by 2026, aligning with the tariff's implementation.

CoTec Holdings Corp. (CTHCF) has completed its second and final non-brokered private placement of units, raising $2,573,013.07 in gross proceeds. Each unit, priced at $0.50, includes one common share and one common share purchase warrant, exercisable at $1.05 within 12 months. The funds will support the HyProMag USA feasibility study, the Lac Jeannine Project's preliminary economic assessment, and general working capital. Insiders purchased 4,050,000 units for $2,025,000, making this a related party transaction under MI 61-101 exemptions. Following this issuance, CoTec has 66,047,531 common shares outstanding.

CoTec Holdings Corp. (TSX.V:CTH)(OTCQB:CTHCF) announced that MagIron , in which CoTec holds a 17% equity interest, has signed long-term mineral leases. These leases will support the reopening of MagIron's Plant 4 iron ore concentrator.

The secured iron-bearing materials combined with existing stockpiles can potentially sustain Plant 4 operations for over 20 years, targeting an annual production of 2.5 million dry tonnes of Direct Reduction (DR) grade iron concentrate. This milestone aids MagIron's strategy to restart Plant 4 and contributes to ongoing feasibility studies and testing. The initiative aims to recycle historical mining materials into high-quality DR-grade iron concentrate, which is important for the decarbonization of the steel industry.