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CoTec Holdings Corp. Files Third Quarter 2024 Results with Continued Focus on Its Operational Roll-Out
VANCOUVER, BC / ACCESSWIRE / November 15, 2024 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("...
About this update from Cotec Holdings Corp
[{"type":"text","content":"CoTec Holdings Corp. Files Third Quarter 2024 Results with Continued Focus on Its Operational Roll-Out VANCOUVER, BC / ACCESSWIRE / November 15, 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 nine months ended September 30, 2024. The financial statements and MD&A can be accessed under the Company's SEDAR profile at www.sedarplus.ca.The Company announced a comprehensive loss for the quarter and nine months ended September 30, 2024 of $2.19 million and $0.78 million respectively. The comprehensive loss was primarily driven by the impact of adverse exchange rate movements on the value of the Company's investments (S381k) and non-regular vesting of Equity Incentive Units ($822k).Other highlights for the quarter include:Filed Initial Mineral Resource Estimate and positive Preliminary Economic Assessment for the Lac Jeannine Iron Tailings Project (\"PEA\"). 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$93.6M, and IRR of 38%, and after tax NPV7% of US$59.5M, and IRR of 30% excluding potential benefit of adjacent tailingsSignificant progress with the HyProMag USA LLC (\"HyProMag USA\") bankable feasibility study (\"Feasibility Study\"). Remains on budget and on schedule for release prior to end of 2024 fiscal yearHyProMag Limited (\"HyProMag\") entered into an exclusive agreement with Inserma Anoia S.L to commercialize automated processing of hard disk drives, loudspeakers and electric motors to compliment HyProMag USA and HyProMag's German and UK future operationsPost quarter-end MagIron LLC Plant 4 secured its air permit, being the final permit required for its planned re-startRaised aggregate gross proceeds of $2.75 million through a non-brokered private placementEngaged San Diego Torrey Hills, Inc. (\"Torrey Hills\") to provide market awareness and investor relations services to CoTec and commenced marketing initiatives in the USMr. Julian Treger, CEO of the Company commented, \"We are very pleased with the progress of our operational roll-out and continue to believe t...