Mr. Julian Treger reports

COTEC HOLDINGS CORP. INCREASES INTEREST IN MAGIRON

Cotec Holdings Corp. has invested a further $101,014 (U.S.) into MagIron LLC. The investment was part of a larger $400,000 (U.S.) fundraise that was supported by existing shareholders and was done at a premoney valuation of $35-million (U.S.). The funds will be used to further progress the restart of plant 4 and for general corporate purposes.

Cotec contributed $200,000 to an earlier fundraise in February, 2023. These two investments have increased Cotec's equity interest in MagIron from 15.8 per cent to 16.89 per cent on an undiluted basis.

Julian Treger, Cotec chief executive officer, commented: "We are pleased with MagIron's progress towards the execution of their strategy to become a green iron producer in the United States. MagIron's latest investment round was concluded at a $35-million (U.S.) valuation compared to the $13.4-million (U.S.) postmoney valuation of our initial investment, reflecting the progress made by MagIron over the past 12 months and supporting the upward adjustment of the investment in our financial statements.

"We believe that the demand for low carbon resources will continue to intensify and will demand significant green premiums over time. MagIron could be well positioned to benefit from this expected market development and Cotec will continue to support MagIron in this regard."

About Cotec Holdings Corp.

Cotec is an environmental-and-social-governance-focused company investing in innovative technologies that have the potential to fundamentally change the way metals and minerals can be extracted and processed. The company 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. Cotec is a publicly traded mining issuer listed on the TSX Venture Exchange and trades under the symbol CTH.V.

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