Mr. Julian Treger reports

COTEC INVESTMENT MAGIRON COMPLETES PURCHASE OF REYNOLDS PELLET PLANT

Cotec Holdings Corp. has noted MagIron LLC's press release dated Dec. 31, 2025, following its prior press release dated Dec. 19, 2025. Cotec owns 16.5 per cent of the equity in MagIron on a fully diluted basis.

MagIron announced that it has completed the acquisition of the pellet plant located near Reynolds, Ind., from the receivership estate of Altos Hornos De Mexico SAB De CV on schedule and in accordance with the asset purchase agreement.

Larry Lehtinen, chief executive officer of MagIron, commented: "The completion of this transaction marks a significant milestone for MagIron. We now look forward to implementing our restart strategy and bringing significant investment and job creation to both Minnesota and Indiana."

Julian Treger, Cotec chief executive officer, commented: "The Reynolds pellet plant is a modern straight grate, past-producing, restart-ready pelletizer benefiting from approximately $440-million of prior investment. The completion of its acquisition enables MagIron to now focus on the execution of its strategy to become a fully integrated DR pellet producer to America's fast-growing electric arc furnace steel industry and pursuing the development of merchant pig iron facilities. Cotec is very supportive of this strategy and believes that, if successful, MagIron could become a significant contributor to the USA steel industry."

About Cotec Holdings Corp.

Cotec is redefining the future of resource extraction and recycling. Focused on rare earth magnets and strategic materials, Cotec integrates breakthrough technologies with strategic assets to unlock secure, sustainable and low-cost supply chains for the United States and its allies.

Cotec's mission is clear: accelerate the energy transition while strengthening U.S. economic and national security. By investing in and deploying disruptive technologies, the company delivers capital-efficient, scalable solutions that transform marginal assets, tailings, waste streams and recycled products into high-value critical minerals.

From its HyProMag USA magnet recycling joint venture in Texas to iron tailings reprocessing in Quebec to next-generation copper and iron solutions backed by global majors, Cotec is building a diversified portfolio with long-term growth, rapid cash flow potential and high barriers to entry. The result is a game-changing platform at the intersection of technology, sustainability and strategic materials.

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