Cotec Holdings Corp. Submits Financial Reports and Management Discussion and Analysis for the Second Quarter
CoTec Holdings Corp. Makes Strides in Sustainable Mineral Extraction
CoTec Holdings Corp., a mid-tier disruptor in the commodities sector, is making significant progress in its dual approach of investing in innovative mineral extraction technologies and applying these technologies to undervalued assets.
In August, the company secured an additional $6.6 million in convertible loan facilities to support its future growth. This comes after a successful financing round that raised $13.5 million.
One of CoTec's key projects is HyProMag USA, a joint venture with HyProMag Limited. The project, currently in the detailed design and engineering phase, is on track and within budget. The facility, planned for construction in the Dallas–Fort Worth region, is expected to come online in 2027.
HyProMag USA aims to utilize a hydrogen-based short-loop magnet recycling process, addressing challenges related to liberating magnets from end-of-life scrap streams. The joint venture has also secured a consistent supply of neodymium iron boron (NdFeB) magnets through a feedstock supply and preprocessing site share agreement with Intelligent Lifecycle Solutions (ILS).
The project is projected to process 750 metric tons of NdFeB magnets and over 800 metric tons of related co-products annually within five years of operation, significantly offsetting U.S. reliance on imported rare earth materials. It is also anticipated to create 90 to 100 skilled manufacturing jobs once operational.
CoTec Holdings Corp. is committed to revolutionizing the global metals and minerals industry through environmentally sustainable technologies and strategic asset acquisitions. The company recently reported a net loss for the quarter, primarily due to non-cash foreign exchange and accounting adjustments, as well as share-based compensation.
The company's mission is to drive the sector towards a low-carbon future. It focuses on recycling, waste mining, and scalable solutions to accelerate the production of critical minerals, shorten development timelines, and reduce environmental impact.
CoTec Holdings Corp. is publicly traded on TSX Venture Exchange, OTCQB, and trades under the symbols CTH and CTHCF, respectively. For further details regarding risks and uncertainties facing the company, please refer to the company's filing statement dated April 6, 2022, available on SEDAR+ at www.sedarplus.ca.
In other news, Ceibo Inc., CoTec's investment in low-carbon copper heap leaching technology, produced its first copper cathode at a demonstration plant at Compañía Minera San Gerónimo.
For more information about CoTec Holdings Corp., click here to receive an Investor Presentation.
CoTec Holdings Corp., in the realm of business and finance, is investing in sustainable mineral extraction technologies, such as the HyProMag USA joint venture, which plans to recycle rare earth materials and create jobs, while reducing U.S. reliance on imported materials.
The company's strategic asset investment, Ceibo Inc., has already achieved a significant milestone by producing its first copper cathode, using low-carbon copper heap leaching technology.
