CoTec Holdings Corp. Files Second Quarter 2024 Results with Continued Focus on Its Operational Roll-Out Opportunities

About this update from Cotec Holdings Corp

[{"type":"text","content":"CoTec Holdings Corp. Files Second Quarter 2024 Results with Continued Focus on Its Operational Roll-Out OpportunitiesVANCOUVER, BC / ACCESSWIRE / August 7, 2024 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) (\"CoTec\" or the \"Company\") is pleased to announce it has filed its unaudited interim condensed consolidated financial statements and the accompanying management discussion and analysis (\"MD&A\") for the three and six months ended June 30, 2024. The financial statements and MD&A can be accessed under the Company's SEDAR profile at www.sedarplus.ca.The Company announced comprehensive income for the quarter and the six months ended June 30, 2024 of $1.45 million and $1.42 million respectively. The comprehensive income was mainly driven by a gain on equity investments offset by the operating costs for the quarter.Other highlights for the quarter include:Initial Mineral Resource Estimate and positive Preliminary Economic Assessment for the Lac Jeannine Iron Tailings Project (\"PEA\") completed on time and within budget. Initial Inferred Mineral Resource of approximately 73 million tonnes (Mt) at 6.7% total Fe for 4.9 Mt of contained total Fe. Pre-tax NPV7% of US$93.6 million, and IRR of 38%, and after tax NPV7% of US$59.5 million, and IRR of 30% excluding potential benefit of adjacent tailingsGood progress at HyProMag USA LLC bankable feasibility study (\"Feasibility Study\") and remains on schedule for release prior to end of 2024 fiscal yearMagIron (equity investment) has signed long-term mineral leases that provide further operational and economic support for the restart of MagIron's Plant 4 iron ore concentrator. When combined with iron-bearing stockpiles already owned by MagIron, the aggregate iron-bearing materials secured could be sufficient to support Plant 4 for more than 20 years of operation, targeting annual production of 2.5 million dry tonnes per annum of Direct Reduction (\"DR\") grade iron concentrateAppointed Ms. Linda Lourie to the Board of Directors for HyProMag USA LLC effective June 24, 2024Joined the Rare Earth Industry Association (\"REIA\") to work with REIA and other stakeholders to support the roll out of the HyProMag technologyRaised gross proceeds of $2.6 million through a non-brokered private placementMr. Julian Treger, CEO of the Company commented, \"We were very pleased with the outcome...

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