CoTec Holdings Corp. Files Annual Financial Statements and MD&A
CoTec Holdings Corp. announced the filing of its audited annual financial statements for 2023, reporting a net income of $9.8 million. The company made various operational advancements, including investments in Maginito and Binding Solutions , engagement in the HyProMag USA Feasibility Study, and acquisition of Lac Jeannine iron ore mining claims. CoTec also secured a partnership with the Birmingham Centre for Strategic Elements and became a member of SAFE. CEO Julian Treger highlighted the successful year and the company's shift towards operational activities.
CoTec reported a net income of $9.8 million for the financial year 2023.
Completed investments in Maginito and Binding Solutions
Engaged in the HyProMag USA Feasibility Study and acquired Lac Jeannine iron ore mining claims.
Secured a partnership with the Birmingham Centre for Strategic Elements and became a member of SAFE.
CEO Julian Treger emphasized the company's successful year and shift towards operational activities.
Loss of $(3.34) million for the quarter due to foreign exchange rate loss and stock-based compensation.
Decrease in investments value due to the strengthening of the Canadian dollar.
Completion of a Request for Proposal process for the USA Feasibility Study in 2024.
Failure to reach target technology investments for 2024.
VANCOUVER, BC / ACCESSWIRE / April 29, 2024 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec" or the "Company") is pleased to announce that it has filed its audited annual financial statements and the accompanying management discussion and analysis for the financial year ended December 31, 2023. The Company reported net income of
Other highlights for the year include:
Operational
Net income of
Completed a GBP3.5 million investment in Maginito Limited ("Maginito") for a
Maginito completed the purchase of the remaining
Commenced a Request for Proposal process for engagement of an engineering firm to undertake the HyProMag USA Feasibility Study ("USA Feasibility Study") for the roll out of the HyProMag technology in the USA. HyProMag USA LLC is a 50:50 joint venture between CoTec and Maginito. USA Feasibility Study to be completed in 2024 in parallel with the completion of HyProMag commercial demonstration plants in the UK and Germany
Increased the Company's interest in Binding Solutions Limited ("BSL") to
Entered an option agreement for the acquisition of Lac Jeannine iron ore mining claims in Quebec for application of the revolutionary BSL pelletizing technology
Engaged drilling contractor for Lac Jeannine and completed bulk sample and maiden resource drilling program in October 2023
Engaged Corem, a non-profit expertise and innovation Centre that offers mining corporations a range of specialized research services to assist in the development and optimization of key mineral processing, to complete metallurgy testing on the Lac Jeannine bulk samples. Test work included particle grain size analysis, gravity and particle size separation test work and metallurgical analysis
BSL secured a US
Invested US
Participated in five cash calls for an aggregate amount US
MagIron completed independent laboratory scale metallurgical test work demonstrating the potential to double historical iron recovery achieved at Plant 4 and to produce Direct Reduction grade iron concentrate
Corporate
Raised gross proceeds of
Formed a partnership with the Birmingham Centre for Strategic Elements and Critical Materials at the University of Birmingham to identify and commercialize disruptive technologies related to the critical mineral extraction industry
Became a member of Securing America's Future Energy ("SAFE"). SAFE enhances energy security and supports U.S. economic resurgence and resiliency, by advancing transformative transportation and mobility technologies whilst ensuring the United States and allies secure key aspects of the technology supply chain
Julian Treger, CoTec CEO commented; "CoTec had a very successful year, during which we laid the foundation for its transformation from an investor in disruptive natural resource technology to a future resource producer applying such technologies to marginal and reclamation assets and recycling opportunities."
"Though we are targeting another two technology investments for 2024, our main focus has shifted to the operational roll out of the HyProMag technology in the USA, the preliminary economic assessment of the Lac Jeannine property and identifying other operational application opportunities for our existing technologies."
"We believe that the Company's current portfolio of investments and operational opportunities provide a compelling value proposition, and insiders continue to support the Company through significant participation in private placements and share purchases in the market. Over the past six months, Kings Chapel International, a Company associated with myself, invested
About CoTec
CoTec is a publicly traded investment issuer listed on the TSX Venture Exchange ("TSX- V") and the OTCQB and trades under the symbol CTH and CTHCF respectively. The Company is an environment, social, and governance ("ESG")-focused company investing in innovative technologies. These technologies have the potential to fundamentally change the way metals and minerals can be extracted and processed for the purpose of applying those technologies to undervalued operating assets and recycling opportunities, as the Company transitions into a mid-tier mineral resource producer.
CoTec is committed to supporting the transition to a lower carbon future for the extraction industry, a sector on the cusp of a green revolution as it embraces technology and innovation. The Company has made four investments to date and is actively pursuing operating opportunities where current technology investments could be deployed.
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 Feasibility Study, PEA, as well as management's expectations with respect to other current and potential future investments 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; labor costs and shortages; uncertain supply and price fluctuations in materials; increases in energy costs; labor disputes and work stoppages; leasing costs and the availability of equipment; heavy equipment demand and availability; contractor and subcontractor performance issues; worksite safety issues; project delays and cost overruns; extreme weather conditions; and social 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 SEDAR profile at www.sedar.com. The Company assumes no responsibility 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 which are available on SEDAR at www.sedar.com.
Neither 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.
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