Mr. Julian Treger reports

COTEC COMPLETES MAIDEN RESOURCE DRILLING AND BULK SAMPLE PROGRAMME AT THE LAC JEANNINE PROPERTY AND ENGAGES COREM FOR METALLURGICAL TESTING

Cotec Holdings Corp. has completed its 2023 sonic drilling and bulk sampling testing program at the Lac Jeannine property, and has engaged Corem to complete the metallurgical testing.

Highlights:

• An initial program totalling 510 metres of sonic drilling for 13 holes, drilled up to 40 metres, was completed on the historical tailings of the previous Lac Jeannine iron ore mine operated by the Quebec Cartier Mining Company between 1959 and 1985.
• Additional bulk sampling has also been concluded -- a total of 25 tonnes of tailings material has been shipped to Corem's testing facility in Quebec.
• Bulk sampling results are expected in Q1 2024.

The company has worked closely with Corem to develop the test program best suited for the current stage of development of the Lac Jeannine flowsheet. Test work will include particle grain size analysis, gravity and particle size separation test work, and metallurgical analysis. Results will be used to develop the flowsheet and mass balances for the project and, in addition, will confirm previous historical bulk sampling test work.

Julian Treger, Cotec's chief executive officer, commented: "Completing the drilling and bulk sample demonstrates Cotec's strategy to execute opportunities expediently. Corem is an independent, renowned leader in mineral processing technologies and innovation with an extensive track record of projects in the region.

"Cotec is targeting completion of a maiden resource estimate and due diligence on the Lac Jeannine property in H1 2024. If the results are positive, the company intends to complete a feasibility study regarding the recovery and production of low-cost, low-carbon iron ore pellets from the project for the green steel industry. The project is expected to add significant value to the company, and we are targeting revenue by 2025/2026.

"Cotec will be working and collaborating with local, provincial and federal stakeholders, targeting the completion of our feasibility study followed by permitting and construction. This accelerated time frame can be compared to the standard seven-to-10-year development time of traditional mining projects, again emphasizing the clear advantage of the Cotec model."

About Cotec Holdings Corp.

Cotec is a publicly traded investment issuer listed on the TSX Venture Exchange and the OTCQB and trades under the symbol CTH and CTHCF, respectively. The company is an ESG-focused (environment, social and governance) company investing in innovative technologies that 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 five investments to date and is actively pursuing operating opportunities where current technology investments could be deployed.

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