Mr. Julian Treger reports

COTEC HOLDINGS CORP. ENTERS COPPER INDUSTRY THROUGH INVESTMENT IN EARLY-STAGE REVOLUTIONARY COPPER LEACHING TECHNOLOGY

Cotec Holdings Corp. has invested $1.5-million (U.S.) into Ceibo Inc., a Delaware corporation, for a small equity interest. Ceibo, through its wholly owned Chilean subsidiary, has developed a revolutionary process to leach low-grade primary copper sulphides, such as chalcopyrite, and copper waste material using a proprietary high-throughput inorganic leaching technology. Jetti Resources LLC, a copper mining extraction company, has developed a competitive, though more advanced, technology, which has recently been valued at $2.5-billion (U.S.) (1).

Cotec participated in Ceibo's recently completed Series B financing round with financing secured from a group of leading international investors. Ceibo will use the proceeds from the financing to scale its technology through continued small- and large-scale column testing and the building of a demonstration plant.

If successful, Ceibo's technology will represent a leading, low-carbon, high-recovery primary and waste copper sulphide heap leaching process. This could deliver considerable value through a significant reduction in the time required to bring additional copper into production, a competitive cost structure, and a lower environmental and carbon footprint, protected by a high technical barrier to entry.

Julian Treger, Cotec chief executive officer, commented: "We are pleased to have been given the opportunity to invest in Ceibo. In line with Cotec's business model, we expect to contribute to the development of the technology by appointing a representative to a technical advisory board that Ceibo intends to form. We also intend to identify opportunities for Ceibo to commercially deploy its technology with a view to participating in any such opportunities that Ceibo chooses to pursue as a co-investor or joint venture partner.

"Entering the copper industry has been one of Cotec's key strategic objectives, and we view Ceibo's technology as an excellent entry point for us as copper will play an essential role in the transition towards a carbon-neutral energy system. We are looking forward to working with the Ceibo team as they continue to develop this exciting technology and in securing application opportunities that we could jointly pursue.

"Our board and senior executives have extensive experience and industry relationships that, along with the financial support of our co-investors, will allow Cotec to make a meaningful and immediate contribution to Ceibo's success."

About Cotec Holdings Corp.

Cotec is an environmental, social and governance focused company investing in innovative technologies which 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 (CTH.V) and the OTCQB (CTHCF).

(1) T. Biesheuvel (Oct. 24, 2022). Copper Tech Firm Jetti Raises Funds at $2.5-billion Value, Bloomberg.

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