
April 24, 2025
CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec" or the "Company") is pleased to announce it has appointed "403 Drilling Limited" to complete its 2025 drilling program to support the expansion of the previously announced PEA mineral resource estimate (the "MRE") at the Lac Jeannine Property in Québec (the "Project"). As part of this program, the company will also secure bulk material for further testing of the potential incorporation of the Multi-Gravity Separators Salter technology ("MGS") into the Project's recovery circuiti.
The program will consist of 12 to 13 holes, totaling approximately 680 meters of sonic core samples. Four of the holes will be allocated to infill drilling in relation to the 2023 program with the remaining holes being step-out drilling to cover the adjacent tailings not included in the 2023 program. Sample material from this drilling program, together with material collected in the 2023 sampling program, will further validate our MGS results which we believe could lead to the technology being incorporated into the current recovery circuit for additional recovery of iron from ultra fines.
In August 2024ii, CoTec filed an independent National Instrument 43-101 technical report in relation to the Project indicating a pre-tax NPV7% of US$93.6 million, and an IRR of 38%, and an after tax NPV7% of US$59.5 million based on approximately 73 million tonnes (Mt) at 6.7% total Fe for 4.9 Mt of contained total Fe. The Project's current business case is based on a 66.8% FeT concentrate produced from approximately half the historic estimated volume of tailings, excluding an MGS circuit. If results are in line with previous tests, we believe this program will enable the inclusion of the additional tailings adding further upside to the project and support its progress to the feasibility study stage.
In November 2024 the company received the approval of the Québec Ministère des Ressources naturelles et des Forêts (the "MNRF") for its closure plan in connection with the Company's targeted 2025 exploration drilling campaign.
In parallel, the Company is continuing its advanced discussions with various stakeholders, including the Government of Québec, First Nations and other interested parties, to secure support for the exploration, construction and operation of the Project.
Julian Treger, CoTec CEO commented; "This sampling program will not only target adding tonnes to the current 73Mt of resource, but also has the potential to increase production through the incorporation of the MGS technology into the current flowsheet, which could allow the recovery of iron from ultra-fine material".
"We believe the Project is very promising and can demonstrate how historic mine sites can be rehabilitated in accordance with best practices while creating jobs and economic opportunities for local and Indigenous communities."
Qualified Person
The Independent Qualified Person as defined by NI 43-101 for the Lac Jeannine Mineral Resource, Mr. Christian Beaulieu, P.Geo., is a member of l'Ordre des géologues du Québec (#1072). The Qualified Person has reviewed and approved the scientific and technical content of this news release relating to the Lac Jeannine Mineral Resource.
About CoTec
CoTec is a publicly traded investment issuer listed on the Toronto Venture Stock Exchange ("TSX-V") and the OTCQB and trades under the symbols CTH and CTHCF respectively. CoTec Holdings Corp. is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employs a dual approach: investing in disruptive mineral extraction technologies that enhance efficiency and sustainability while applying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining, and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector.
Please visit www.cotec.ca.
For further information, please contact:
Braam Jonker - (604) 992-5600
Forward-Looking Information Cautionary Statement
Statements in this news release regarding the Company and its investments which are not historical facts are "forward-looking statements" which involve risks and uncertainties, including statements relating to the PEA and the intended 2025 drilling program and the expected results thereof, transition to a lower carbon future and the Company's participation therein and contribution thereto, as well as management's expectations with respect to the Lac Jeannine investment and other current and potential future investments and the benefits to the Company which may be implied from such statements. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to known and unknown risks and uncertainties affecting the Company, including, but not limited to: resource and reserve risks; environmental risks and costs; labor costs and shortages; uncertain supply and price fluctuations in materials; increases in energy costs; labor disputes and work stoppages; leasing costs and the availability of equipment; heavy equipment demand and availability; contractor and subcontractor performance issues; worksite safety issues; project delays and cost overruns; extreme weather conditions; and social and transport disruptions. For further details regarding risks and uncertainties facing the Company, please refer to "Risk Factors" in the Company's filing statement dated April 6, 2022, a copy of which may be found under the Company's SEDAR+ profile at www.sedarplus.com. The Company assumes no responsibility to update forward-looking statements in this news release except as required by law. Readers should not place undue reliance on the forward-looking statements and information contained in this news release and are encouraged to read the Company's continuous disclosure documents which are available on SEDAR+ at www.sedarplus.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release
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14 April
CoTec Holdings
Investor Insight
CoTec Holdings (CoTec) is a resource extraction and processing company that identifies and deploys breakthrough technologies to turn undervalued assets into high-margin businesses. By combining innovation with strategic execution, the company offers a unique investment opportunity, characterized by low cost, lower capex, faster cash flow generation, and superior returns.
Overview
CoTec (TSXV:CTH,OTCQB:CTHCF) applies innovative, disruptive technology to undervalued resource assets, aiming to create a portfolio of 20 to 30 modular “mini-mines” or processing facilities. By focusing on strategic minerals — such as rare earths, copper and iron ore — critical to advanced manufacturing, defense, AI and electrification, the company transforms waste materials into valuable strategic commodities. This approach establishes the potential for high-margin revenue streams and positions CoTec for continued growth.
Through investments and efficient processing methods, CoTec targets areas like rare earth magnet recycling, green steel production and copper waste processing — sectors crucial to today’s evolving economies. For investors, this represents a straightforward opportunity to support a forward-thinking company poised for long-term appreciation.
CoTec is advancing six cutting-edge technologies and three strategic assets, with a medium-term goal of acquiring 10 technologies and 20 to 30 assets. The company’s business model is supported by partnerships, joint ventures (JVs), and a disciplined capital management strategy to unlock value across its portfolio.
CoTec is guided by a highly experienced management team and board of directors with deep expertise in mining, technology and corporate finance.
Why Invest in CoTec?
Investors looking for a high-potential opportunity with strong alignment to global trends in sustainability and technology will find CoTec an attractive choice. Here’s why:
- Significant Upside Potential: CoTec’s innovative approach to deploying cutting-edge, disruptive technologies across undervalued and waste assets creates a scalable business model. By targeting sectors of strategic importance such as rare earth magnet recycling, green steel production, and copper waste processing, CoTec aligns with critical global trends that ensure relevance and growth.
- Strategic Positioning: The company is well-positioned in sectors that are increasingly recognized as strategic priorities, with the application of rare earths and other critical minerals in artificial intelligence, renewable energy and defense.
- Experienced Leadership and Insider Confidence: With a leadership team boasting decades of experience in the resource sector and significant insider ownership (approximately 74 percent of the company is owned by management and insiders), CoTec’s leadership is deeply invested in the company’s success.
- Environmental Responsibility: CoTec’s focus on low-carbon resource extraction technologies not only aligns with global sustainability goals but also enables investors to generate financial returns while contributing to environmental stewardship.
- Catalysts for Growth: The company has a clear roadmap with multiple catalysts in the near term, which may include studies, expansions and potential funding announcements, which are expected to unlock further value for shareholders.*
Company Highlights
- CoTec deploys cutting-edge, low-carbon technologies to marginal assets, reclamation opportunities and recycling initiatives, transforming waste materials into strategic, high-value commodities.
- The company holds stakes in six groundbreaking technologies — HyProMag, Binding Solutions, MagIron, Ceibo, WaveCrackerTM, and Salter. These technologies are designed to unlock significant value across strategically chosen assets. The Lac Jeannine iron project in Quebec, with an after tax NPV of US$59.9 million, stands on its own merits but could see further economic and environmental enhancements through the application of CoTec’s technologies. Similarly, HyProMag USA is pioneering the rollout of HyProMag’s rare earth recycling technology in the United States, delivering low-cost, magnet-to-magnet recovery of rare earth sintered magnets.
- CoTec accelerates the transition from discovery to production through proprietary technologies and strategic joint ventures, enabling significantly faster revenue generation compared to traditional mining operations.
- Backed by a management team with extensive expertise in mining, finance and technology, CoTec is uniquely positioned to drive innovation and growth in the critical minerals sector.
- Approximately 74 percent of the company is owned by management and insiders, demonstrating the leadership’s strong commitment to the company’s success.
- Although CoTec is trading at an ~88 percent discount to its Net Asset Value, various near-term catalysts have the potential to reduce this valuation gap
Key Technologies and Assets
HyProMag USA Project
The HPMS process enables magnet-to-magnet short-loop recycling to produce domestically sourced recycled rare earth magnets with a very low cost, and lowest CO2 footprint, bypassing the extensive chemical refining and reprocessing of traditional long-loop processes. HPMS uses 88 percent less energy, 85 percent less water and reduces CO2 by 85 percent. It eliminates complex separation stages, reduces material losses, and lowers operational risk. This streamlined approach is faster, more economical, and strategically critical for the U.S., ensuring self-sufficiency in AI, robotics, and defense, where reliance on Chinese rare earths poses a major geopolitical risk.
HyProMag USA, a US Government Minerals Security Partnership Project, leverages the Hydrogen Processing of Magnetic Scrap (HPMS) technology to recover NdFeB magnets from end-of-life electronics and industrial waste. This revolutionary hydrogen-based recycling process provides a much simpler, lower-risk, and more cost-effective alternative to conventional rare earth extraction, reducing reliance on traditional mining and imports. Over US$100 million was spent on R&D, developed by the University of Birmingham over 15 years.
A feasibility study released in November 2024, underscored the HyProMag USA project potential to become a game-changing domestic source of recycled rare earth magnets for the United States. CoTec, which owns 60.3 percent of HyProMag USA (50 percent through the US JV with Maginito, and CoTec’s 20.3 percent equity ownership in Maginito), is targeting a total annual production capacity of 1,041 tons of recycled NdFeB magnets over a 40-year operating life, post-tax net present value (NPV) of US$262 million at current market prices, increasing to US$503 million at independent forecast prices. HyProMag USA is targeting 10 percent of USA’s domestic demand for NdFeB magnets within five years of commissioning, with three plants targeting ~3,000 tons of recycled NdFeB magnets, which is three times what was contemplated in the November 2024 feasibility study.
By tapping into the United States’ push for domestically sourced critical mineral resources, HyProMag USA will position itself as a pivotal player in reshaping the permanent magnet supply chain, providing investors with an opportunity to align with a project at the intersection of sustainability, innovation and economic growth.
Lac Jeannine Iron Project
Located in Quebec, the Lac Jeannine Project is an advanced-stage iron tailings project with a published Preliminary Economic Assessment (PEA - preliminary economic assessment). The project involves reprocessing approximately 73 million tonnes (Mt) of tailings to produce high-purity iron concentrate. The PEA incorporated the 2023 drill-program, providing an initial Inferred Mineral Resource of approximately 73 Mt at 6.7 percent total Fe for 4.9 Mt of contained total Fe. Though the PEA is based on an initial 10-year life of mine, estimates are the life of mine could be extended by as much as a further 10 years with further drilling and resource definition during the feasibility study in 2025. Based on open-pit extraction methods and the production of a gravity concentrate via conventional processing techniques and at a discount rate of 7 percent (based solely on an initial 10-year life of mine), the PEA indicated a pre-tax NPV of US$93.6 million, and an IRR of 38 percent, and an after tax NPV of US$59.5 million, and an IRR of 30 percent.
The Independent Qualified Person as defined by NI 43-101 for the Lac Jeannine Mineral Resource, Mr. Christian Beaulieu, P.Geo., is a member of l’Ordre des géologues du Québec (#1072). The Qualified Person has reviewed and approved the scientific and technical content relating to the Lac Jeannine Mineral Resource.
MagIron
MagIron focuses on restarting a brownfield iron ore concentrator in Minnesota to produce DR-grade iron concentrate for low-carbon steel production. The company is targeting production capacity of 2 to 3 Mt of concentrate annually with an operational life exceeding 20 years. MagIron is positioned to capitalize on the demand for U.S.-based green steel, with preliminary valuations showing significant uplift since CoTec’s initial investment. CoTec has a 16 percent equity interest in MagIron.
Binding Solutions (BSL)
BSL’s cold agglomeration technology converts mining waste into ISO-compliant pellets or briquettes, primarily for green steel production. This process is a game-changer in the industry, offering substantial reductions in energy use and emissions. CoTec’s equity in BSL has grown significantly in value, with the most recent valuation of the company exceeding US$158 million, a 107 percent increase from CoTec’s initial investment.
Ceibo
Ceibo’s low-carbon, low-cost oxidative heap leaching technology enhances recovery rates for sulphide copper minerals such as chalcopyrite. The technology potentially improves copper recovery from 30 percent to 80 percent, making it a potential industry-leading solution for copper extraction. CoTec has a seat on Ceibo’s technical advisory board along with its minority equity interest, and is identifying copper assets where the technology could be applied in the form of a joint venture.
WaveCrackerTM
CoTec has entered into a joint collaboration and investigation agreement with McGill University, Québec, Canada. The project, WaveCrackerTM, will investigate extended applications of microwave technologies aiming to improve low-carbon, economic recovery of valuable metals from a range of mineral targets. The initial focus will be on copper recoveries, particularly in advanced sulphide leaching applications. This collaboration builds upon, and extends, domain knowledge with new learnings and, in combination with other technologies, offers the potential for the low-carbon, low cost production of “new” copper metal.
As part of the project collaboration, CoTec will leverage McGill’s considerable experience in mineral processing and depth of research knowledge in the field of applied microwave technologies over the last 30 years.
Salter Cyclones
CoTec has signed a binding long-term exclusivity and collaboration agreement with Salter Cyclones Limited (“Salter”) for the application of its Multi-Gravity Separators (MGS) technology for the recovery of iron ore and manganese from both primary mining and tailings material.
Salter’s MGS technology was originally developed in the 1980s by Richard Mozley and has been in operation for many years applied to the recovery of valuable metal minerals (tin, chromium, copper, zinc etc). Its application to bulk commodities such as iron and manganese has been limited.
CoTec believes the technology could represent a step change in the bulk handling of iron and manganese tailings, offering the company the opportunity to produce high grade critical mineral iron and manganese concentrates from ultra fine tailings, material which is currently classified as waste and sent directly to tailings storage facilities.
As part of the collaboration CoTec will have an Exclusivity Period for the application of the MGS to iron ore globally and manganese in the United States, South Africa and Brazil for three (3) years. This Exclusivity Period can be extended by achieving certain milestones. CoTec and Salter will actively collaborate on an asset-by-asset basis to apply the technology to identified iron and manganese assets.
Management & Leadership
Julian Treger - CEO
With over three decades of experience in natural resources and finance, Julian Treger is the driving force behind CoTec’s innovative approach to resource extraction. Previously the CEO of Anglo Pacific Group, Treger successfully transitioned the company from a coal-focused royalty business to a battery-metals-focused streaming company, growing its income from £3 million in 2013 to nearly £62 million in 2021. Treger also brings significant expertise from his roles at Audley Capital and various board positions across the mining sector.
Lucio Genovese - Chairman
A seasoned executive with more than 30 years of experience in metals and mining, Lucio Genovese has held leadership roles at Glencore and is the CEO of Nage Capital Management in Switzerland. He is also chairman at Ferrexpo and a member of the board of directors of Mantos Copper S.A. and Nevada Copper. His deep industry knowledge and expertise in value creation through joint ventures and operational excellence are pivotal to CoTec’s success.
Tom Albanese
Tom Albanese served as chief executive officer of Rio Tinto from 2007 to 2013 and as chief executive officer and director of Vedanta Resources and Vedanta Limited from 2014 to 2017. He currently serves as lead independent director of Nevada Copper and non-executive director of Franco-Nevada, and was previously on the board of directors of Ivanhoe Mines, Palabora Mining Company and Turquoise Hill Resources. He holds a Master of Science degree in mining engineering and a Bachelor of Science degree in mineral economics both from the University of Alaska Fairbanks.
Robert Harward - Non-executive Director
Robert Harward is a retired United States Navy vice admiral (SEAL) and a former deputy commander of the United States Central Command. He served on the US National Security Council in The White House and led several multi-national special forces commands in Afghanistan and Iraq. He joined Lockheed Martin in 2014 as their chief executive in the UAE and expanded his responsibilities to cover the Middle East, leaving to join Shield AI as executive vice-president for international business development and strategy based in the UAE.
Sharon Fay - Non-executive Director
A global investment industry leader with more than 35 years of experience, Sharon Fay has extensive expertise in corporate responsibility and strategic evaluation, making her instrumental in CoTec’s ESG initiatives and governance.
Margot Naudie - Non-executive Director
Magot Naudie is a seasoned capital markets professional with 25 years of experience as senior portfolio manager for North American and global natural resource portfolios. She has held senior roles at leading multi-billion-dollar asset management firms including TD Asset Management, Marret Asset Management and CPP Investment Board. Naudie is the president of Elephant Capital, and the co-founder of Abaxx Technologies. She sits on a number of public and private company boards. Naudie holds an MBA from Ivey Business School and a BA from McGill University. She is also a chartered financial analyst.
Erez Ichilov - Non-executive Director
With a background in mining, technology and project investments, Erez Ichilov has driven multiple ventures in battery materials, critical minerals and sustainable exploration, aligning well with CoTec’s strategic goals.
John Singleton - COO
John Singleton has more than 25 years of experience in the mining industry, including senior roles at Rio Tinto, De Beers Consolidated Mines and Centamin. His background in corporate development, strategy project evaluation, operations and project development equips CoTec with the expertise necessary for scaling its portfolio of assets and technologies. He is a Fellow of the Royal Geological Society and holds a BSc from the University of Bristol and a MSc in Engineering Geology from Imperial College London.
Abraham Jonker - CFO
Abraham Jonker brings 30 years of financial leadership in the mining industry, with a focus on corporate transactions, equity and debt financing, and strategic growth. He has played a pivotal role in raising over $750 million for mining ventures and has served on the boards of other prominent mining companies.
*Forward-Looking Statements
The information above regarding the Company and its investments which are not historical facts are "forward-looking statements" which involve risks and uncertainties. Since forward- looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to known and unknown risks and uncertainties affecting the Company, including, but not limited to: resource and reserve risks; environmental risks and costs; labor costs and shortages; uncertain supply and price fluctuations in materials; increases in energy costs; labor disputes and work stoppages; leasing costs and the availability of equipment; heavy equipment demand and availability; contractor and subcontractor performance issues; worksite safety issues; project delays and cost overruns; extreme weather conditions; and social and transport disruptions. For further details regarding risks and uncertainties facing the Company, please refer to “Risk Factors” in the Company’s filing statement dated April 6, 2022, a copy of which may be found under the Company’s SEDAR+ profile at www.sedarplus.com, and its other public filings. The Company assumes no responsibility to update forward- looking statements in this news release except as required by law. Readers should not place undue reliance on the forward-looking statements and information contained in this news release and are encouraged to read the Company’s continuous disclosure documents which are available on SEDAR+ at www.sedarplus.com.
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Unlocking value with disruptive resource technologies
21h
Troy Minerals Reports Drilling Results from the Lake Owen Project, Wyoming
Show 240.73 meters of Critical Metal Mineralization, Iron, Titanium, Vanadium, Scandium and Gallium
Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to announce that complete results from Hole LO24-01 show strong critical metal mineralization over continuous 240.73 meters (from 10.67 meters to 251.40 meters) from its maiden drilling program on its 100% owned Lake Owen Project (the "Project"), located 50 km southwest of Laramie, Wyoming, USA (see Figures 1,2).
The Project is a Proterozoic layered mafic intrusion complex historically explored for Platinum Group Elements (PGE). Similar to the Stillwater Complex in the USA and the Merensky Reef of South Africa, the Lake Owen Complex shows strong potential for vanadium, titanium, PGE, and associated metals.
In late 2024, the Company drilled two diamond holes totaling 607.77 meters near the southwestern claims' boundary (see Figure 3), marking Troy Minerals' first drill holes on the Project. These holes targeted titanium (TiO2) and vanadium (V2O5) mineralization linked with magnetite in gabbro, as well as reef-style PGE mineralization (see Company News Release dated February 28, 2025).
A first pass of selective sampling of the drill holes had been carried out and demonstrated presence of anomalous titanium and vanadium mineralization. Elevated values of vanadium are correlative with the titanium. Sampling was selected to assess various lithological units and all zones with magnetite content up to 15-20% and/or visible sulfide mineralization. Magnetite content in the gabbro in hole LO24-01 is consistently about 5-10%. In LO24-01, the initially limited sampling suggested a large zone of titanium and vanadium-enrichment and higher relative values correlate well with the green gabbro. Associated with these anomalous zones have been elevated concentrations of scandium.
Based on these initial results, additional infill sampling through all prospective lithologies was carried out by Company personnel in January, 2025. Results exhibit robust critical metal mineralization over 240.73 meters in hole LO24-01, including:
- 1.53% TiO2
- 0.10% V2O3
- 16.0% Fe (total Iron, mainly in Fe Oxides)
- 69.7 ppm (or g/t) Sc2O3
- 26.2 ppm (or g/t) Ga2O3
Concurrent with Company infill sampling, geologists from the USGS and Wyoming State Geological Survey (WSGS) collected samples for Whole Rock, Major Oxides, and thin section analyses. Results of the USGS and WSGS work are pending.


"Our recent geological and geophysical findings, coupled with promising initial drilling results, are significantly enhancing our confidence in the Lake Owen Project. Each new insight reinforces our belief that this project deserves a robust exploration budget in the near future." Said Yannis Tsitos, President of Troy. "Beyond the historically recognized high grades of iron, titanium, and vanadium, the recent discovery of scandium and gallium-critical metals essential for applications in metal alloys, military and civil aviation, semiconductors, electric vehicles, and solar panels-underscores the project's immense potential for both our Company and the State of Wyoming in USA. We are committed to maximizing shareholder value through strategic development plans for Lake Owen, alongside our silica and rare earth element (REE) initiatives."

Table 1: Drill hole specifications
Hole ID | Location (UTM Zone 13 North, NAD83) | Total Depth (m) | Orientation (°) | |||
Easting | Northing | Elevation (m) | Azimuth | Dip | ||
LO24-01 | 402871 | 4553588 | 2731 | 281.33 | 210 | -45 |
LO24-02 | 403004 | 4553382 | 2732 | 326.44 | 210 | -45 |
Drill hole LO24-01 was designed to test the extent of the Lower Mag Gabbro down to the basement contact. Drilling revealed a series of interlayered magnetic gabbro and a distinctive coarse-grained green gabbro. The green coloration is imparted by pyroxenes altering to chlorite. These layers are generally constrained to widths of less than 4 metres.
Table 2: Drill hole LO24-01 intersections
Hole ID | Interval (m) 1 | Results 2 | ||||||
From | To | Length | TiO2 (%) | V2O5 (%) | FeO (%) | Sc2O3 (ppm) | Ga2O3 (ppm) | |
LO24-01 | 10.67 | 251.40 | 240.73 | 1.53 | 0.10 | 15.95 | 69.7 | 26.2 |
incl | 29.93 | 55.78 | 25.85 | 1.98 | 0.12 | 19.00 | 82.7 | 28.8 |
and | 96.93 | 103.02 | 6.09 | 1.87 | 0.12 | 19.07 | 80.1 | 27.5 |
and | 115.61 | 131.98 | 16.37 | 1.74 | 0.11 | 18.44 | 82.4 | 24.5 |
and | 188.06 | 234.09 | 46.03 | 1.63 | 0.10 | 16.26 | 69.9 | 26.6 |
1: All intersections lengths are drill indicated thicknesses; insufficient work has been completed to reliably determine true thicknesses.
2: Elemental geochemical analyses were converted to oxides using following conversion factors
Titanium - 1.6681, Vanadium - 1.7852, Iron - 1.2865, Scandium - 1.5338, Gallium - 1.3442

Drill hole LO24-02 intersected gabbroic units that are weakly magnetic and contain no anomalous values of titanium, vanadium, or scandium. This drill hole was collared deeper in the sequence than hole LO24-01; further down dip and stratigraphically lower in the Lower Mag Unit.
Drill core was detail logged and sampled by Company staff. Core was split by saw with samples sent to ALS Global's laboratory in Reno, NV for preparation and analysis. Samples were analyzed for multi-elements (ME-MS61). The Company's quality control monitoring consisted of inserting certified reference and blank material in the sample stream. No quality control issues were identified.
Only a very small portion of the Lake Owen Complex and therefore our Claims has been drill-tested to date. As currently mapped, the prospective Lower Mag Gabbro unit continues along strike to the west. The Company has yet to drill test the stratigraphically higher Upper Mag Gabbro. Surface mapping and sampling in 2023 identified two massive magnetite rock samples that returned 8.812% TiO2 and 0.548% V2O5, and 15.505% TiO2 and 0.586% V2O5 respectively (Figure 5). These represent priority drill targets for 2025. An historical drill hole was completed here not by Troy, but there was no assessment of titanium, vanadium, or scandium.

Troy Minerals is planning its summer fieldwork for the Lake Owen Project. After analyzing airborne geophysical data, as reported in the May 21, 2025 news release, Troy will collect soil samples and conduct geological mapping and sampling. The aim is to refine drill targets for the 2026 season, including a relevant drilling pads application.
Qualified Person
The information contained in this news release has been reviewed and approved by Ted Vander Wart, P.Geo., a consultant to the Company, who is a qualified person as defined under National Instrument 43-101.
About Troy Minerals
Troy Minerals is a Canadian based publicly listed mining company focused on building shareholder value through acquisition, exploration, and development of strategically located "critical" mineral assets. Troy is aggressively advancing its projects within the silica (silicon), vanadium, and rare earths industries within regions that exhibit high and growing demand for such commodities, in both North America and Central-East Asia. The Company's primary objective is the near-term prospect of production with a vision of becoming a cash-flowing mining company to deliver tangible monetary value to shareholders, state, and local communities.
ON BEHALF OF THE BOARD,
Rana Vig | CEO & Director
Telephone: 604-218-4766
Email: rana@ranavig.com
Forward-Looking Statements
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Troy Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of commodity prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
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02 June
CoTec Holdings Corp. Announces Filing of Amended and Restated Life Offering Document
CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec" or the "Company") announces that, further to its news release of May 20, 2025, it has filed an amended and restated offering document in connection with its proposed financing under the Listed Issuer Financing Exemption (as defined below), whereby the Company intends to raise up to $5 millionthrough an offering of up to 6,410,256 units (each, a "Unit") at a price of $0.78 per Unit (the "LIFE Offering").
Concurrently with the LIFE Offering, as previously announced, the Company also intends to complete a private placement financing whereby the Company intends to raise up to $5,000,000 through an offering of up to 6,410,257 Units to be priced at $0.78 per Unit (the "Concurrent Offering" and together with the LIFE Offering, the "Offering"). The Common Shares offered under the Concurrent Offering will be subject to a four month and one day hold period in accordance with applicable Canadian securities laws.
Among other things, the amended and restated offering document clarifies that the completion of the LIFE Offering is conditional upon the concurrent completion of the Concurrent Offering resulting in the issuance under the Offering collectively of at least 6,410,257 Units for aggregate gross proceeds of at least $5,000.000.
The Offering is expected to close on or about June 15, 2025 or such other date or dates as the Company may determine, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. For further details regarding the Offering please refer to the Company's news release of May 20, 2025 and the amended and restated offering document.
There is an amended and restated offering document related to the LIFE Offering that can be accessed under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.cotec.ca. Prospective investors should read this amended and restated offering document before making an investment decision.
The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any applicable securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent such registration or an applicable exemption from such registration requirements. This release does not constitute an offer for sale or the solicitation of an offer to buy any of the securities in the United States or to, or for the account or benefit of, a U.S. person. "U.S. Person" and "United States" are as defined in Regulation S under the U.S. Securities Act, or elsewhere.
About CoTec
CoTec is a publicly traded investment issuer listed on the TSXV and the OTCQB and trades under the symbols CTH and CTHCF respectively. CoTec is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employes a dual approach: investing in disruptive mineral extraction technologies that enhance efficiency and sustainability while applying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining, and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector.
For more information, please visit www.cotec.ca.
Forward-Looking Information Cautionary Statements
Statements in this press release regarding the Company, the Offerings and its investments which are not historical facts are "forward-looking statements" that involve risks and uncertainties, including statements relating to management's expectations with respect to its current and potential future investments and the benefits to the Company which may be implied from such statements. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
Actual results in each case could differ materially from those currently anticipated in such statements, due to known an unknown risks and uncertainties affecting the Company, including by not limited to: general economic, political and market factors in North America and internationally, interest and foreign exchange rates, changes in costs of goods and services, global equity and capital markets, business competition, technological change, changes in government relations, industry conditions, unexpected judicial or regulatory proceedings and catastrophic events. The Company's investments are being made in mineral extraction related assets and technologies which are subject to their own inherent risks and the success of such Investments may be adversely impacted by, among other things: environmental risks and costs; labor costs and shortages; uncertain supply and price fluctuations in materials; increases in energy costs; labor disputes and work stoppages; leasing costs and the availability of equipment; heavy equipment demand and availability; contractor and subcontractor performance issues; worksite safety issues; project delays and cost overruns; extreme weather conditions; and social disruptions. As the investments are being made in mineral extraction technology, such investments will also be subject to risks of successful application, scaling and deployment of technology, acceptability of technology within the industry, availability of assets where technology could be applied, protection of intellectual property in relation to such technology, successful promotion of technology and success of competitor technology. Any material adverse change in the Company's financial position or a failure by the Company to successfully make investments in the manner currently contemplated, could have a corresponding material adverse change on the investments and, by extension, the Company.
For further details regarding risks and uncertainties facing the Company, please refer to "Risk Factors" in the Company's filing statement dated April 6, 2022 together with its other continuous disclosure documents, copies of which may be found under the Company's SEDAR+ profile at www.sedarplus.com. The Company assumes no responsibility to update forward-looking statements in this press release except as required by law. Readers should not place undue reliance on the forward-looking statements and information contained in this press release and are encouraged to read the Company's continuous disclosure documents, which are available on SEDAR+ at www.sedarplus.ca.
For further information, please contact:
Braam Jonker - (604) 992-5600
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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02 June
CoTec Holdings Corp. Announces TSXV Approval Of Convertible Loan With Kings Chapel International Limited
CoTec Holdings Corp. (TSXV:CTH) ("CoTec" or the "Company") today announces that it has received the approval of the TSX Venture Exchange (the "TSXV") for the conversion component of its convertible loan agreement dated November 25, 2024 (as amended, the "Convertible Loan Agreement") with Kings Chapel International Limited ("Kings Chapel"), previously disclosed in the Company's news releases dated November 25, 2024 and February 28, 2025.
The outstanding principal amount under the Convertible Loan Agreement as at May 30, 2025 is $6,351,387 and $664,668 in interest has accrued thereunder.
The outstanding principal amount under the Convertible Loan Agreement will be converted into common shares of the Company ("Common Shares") (i) at any time at Kings Chapel's election, at a price of CAD$0.75 per Common Share, and (ii) automatically at a price of CAD$0.75 per Common Share, on the first day on which the volume weighted average trading price of the Common Shares on the principal stock exchange on which the Common Shares are then traded over the immediately preceding 15 trading days is equal to or greater than CAD$1.00. No conversion of the outstanding principal amount will occur to the extent that, after giving effect to the conversion, Kings Chapel, its affiliates and any person with whom Kings Chapel or its affiliates would own more than 49% of the outstanding Common Shares.
Kings Chapel is an existing insider and Control Person (as defined by TSX Venture Exchange ("TSXV") Rules) of the Company. Julian Treger, a director of the Company and its Chief Executive Officer, is a beneficiary of a family trust associated with Kings Chapel. As a result, the execution of the Convertible Loan Agreement was a related party transaction subject to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI61-101"). The execution of the Convertible Loan Agreement was exempt from the formal valuation requirements of MI 61-101 pursuant to subsection 5.5(b) of MI 61-101 because the Common Shares are listed only on the TSXV and is exempt from the minority shareholder approval requirements of MI 61-101 pursuant to subsection 5.7(1)(a) of MI 61-101 because the fair market value of neither the Convertible Loan Agreement nor the Common Shares issuable pursuant to the conversion of the outstanding principal amount under the Convertible Loan Agreement exceed 25% of the Company's market capitalization as determined in accordance with MI 61-101.
All securities issuable in connection with the Convertible Loan Agreement will be subject to a statutory hold period of four months plus a day from the date of the Convertible Loan Agreement in accordance with applicable securities legislation in Canada.
About CoTec
CoTec is a publicly traded investment issuer listed on the TSXV and the OTCQB and trades under the symbol CTH and CTHCF respectively. CoTec is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employs a dual approach: investing in disruptive mineral extraction technologies that enhance efficiency and sustainability while applying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's strategic model delivers low capital requirements, rapid revenue generation and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector.
For more information, please visit www.cotec.ca.
For further information, please contact:
Braam Jonker - (604) 992-5600
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
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29 May
CoTec Holdings Corp. Files First Quarter Financial Statements And MD&A
CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec" or the "Company") is pleased to announce that it has filed its unaudited interim condensed consolidated financial statements and the accompanying management discussion and analysis ("MD&A") for the three months ended March 31, 2025. The financial statements and MD&A can be accessed under the Company's SEDAR profile at www.sedarplus.ca .
Julian Treger, CoTec CEO commented; "CoTec had an exceptional start to the year. Our main priority for the quarter was the continued roll-out of HyProMag USA, our Joint Venture U.S. based rare earth elements ("REE") magnet recycling and permanent magnet manufacturing Project. HyProMag USA selected its preferred bidder for engineering, procurement and construction management ("EPCM") services, culminating in the engagement of PegasusTSI Inc. ("Pegasus") and BBA USA Inc. ("BBA") and the commencement of the detailed design and engineering phase shortly after quarter-end. We have also expanded the scope of the detailed engineering to include three HPMS [i] vessels and initiated concept studies for further expansion and complementary "Long Loop" Recycling."
"The Project will play a key role in supporting the U.S. strategy of reshoring manufacturing capability, reducing dependence on foreign magnets and rare earths, which is a top priority for the Trump administration. The increased production capacity could also allow the flexibility to produce a wider range of products and specialist magnets, further improving both financial returns and the Project's ability to become a supplier of choice. HyProMag USA is continuing its ongoing discussions with high-ranking officials in the U.S. Government regarding financial support and project acceleration. The HPMS process remains extremely cost competitive and has independently quantified its exceptionally low CO 2 footprint compared to industry alternatives.
"CoTec secured two new complementary critical mineral technologies targeting the use of Multi-Gravity Technology for the recovery of ultra fine iron and manganese and a joint collaboration with McGill University, Québec, Canada ("McGill") "WaveCracker TM " which will investigate extended applications of microwave technologies with the aim of improving low-carbon, economic recovery of valuable metals from a range of mineral targets, with a starting focus on copper recoveries particularly in advanced sulphide leaching application."
"CoTec believes the significant strategic and commercial value presented by our 60.3 % direct and indirect stake in HyProMag USA combined with the value of our Lac Jeannine project and our other investments, far exceed our current share price. We are encouraged by recent improvements in our share price, but our market valuation still significantly lags the recent uplift in our REE peer group and the disconnect between our share price and the intrinsic value of our assets remains material. We are working hard to address this matter through various investor outreach programs which have been initiated."
The Company announced a comprehensive loss for the quarter of $1,7 million mainly driven by G&A expenses of $709k and non-cash foreign exchange losses on equity investments and share based compensation of $200k and $269k respectively.
Highlights for the quarter include:
Operational
- Invested US$148,500, and US$132,071 into MagIron LLC ("MagIron") on February 4, 2025, and on March 25, 2025, respectively to maintain its undiluted equity interest
- Completed the selection process and commenced negotiations with Pegasus and BBA for their engagement to provide EPCM services for HyProMag USA project with an engagement contract signed on April 20, 2025. Environment and permitting studies will be supported by U.S.-based Weston Solutions, Inc.
- Commenced Project WaveCracker TM with McGill University, Québec, targeting the application of microwave technology to accelerate sulphide copper leaching
- Entered exclusivity and collaboration agreement with Salter for the use of its multi-gravity technology for the recovery of ultra fine iron and manganese
- HyProMag USA expanded detailed design and engineering phase to include three hydrogen processing of magnet scrap ("HPMS") vessels and initiate concept studies for further expansion, including long loop recycling
- HyProMag USA completed independent ISO-Compliant Product Carbon Footprint Study with Minviro Limited ("Minviro"). Minviro confirmed an exceptionally low CO 2 footprint of 2.35 kg CO 2 eq. per kg of NdFeB cut sintered block
Corporate
- Executive informational overview report on the Company released by Crystal Research Associates LLC. on February 18, 2025
- Drew down $500k on January 6, and February 6, 2025, respectively on the Kings Chapel Convertible Loan Agreement
- Agreed an amendment to the Convertible Loan Agreement with Kings Chapel International Limited on February 28, 2025. Pursuant to the amendment, the principal amount available to the Company under the Convertible Loan Agreement was increased by up to $2.5 million. All other terms remain unchanged
- Drew down an additional $500 under the Kings Chapel Convertible Loan Agreement on March 5, and March 19, 2025, respectively
- Engaged Investing News Network to support an advertising and investor awareness campaign
About CoTec
CoTec is a publicly traded investment issuer listed on the Toronto Venture Stock Exchange ("TSX-V") and the OTCQB and trades under the symbols CTH and CTHCF respectively. CoTec Holdings Corp. is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employs a dual approach: investing in disruptive mineral extraction technologies that enhance efficiency and sustainability while applying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining, and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector.
Please visit www.cotec.ca.
For further information, please contact:
Braam Jonker - (604) 992-5600
Forward-Looking Information Cautionary Statement
Statements in this press release regarding the Company and its investments which are not historical facts are "forward-looking statements" which involve risks and uncertainties, including statements relating to the roll out of its HyProMag USA and Lac Jeannine projects and its investment in Salter, as well as management's expectations with respect to other current and potential future investments and the benefits to the Company which may be implied from such statements. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements, due to known and unknown risks and uncertainties affecting the Company, including but not limited to resource and reserve risks; environmental risks and costs; labor costs and shortages; uncertain supply and price fluctuations in materials; increases in energy costs; labor disputes and work stoppages; leasing costs and the availability of equipment; heavy equipment demand and availability; contractor and subcontractor performance issues; worksite safety issues; project delays and cost overruns; extreme weather conditions; and social disruptions. For further details regarding risks and uncertainties facing the Company please refer to "Risk Factors" in the Company's filing statement dated April 6, 2022, a copy of which may be found under the Company's SEDAR profile at www.sedar.com" target="_blank" rel="noopener noreferrer">www.sedar.com" target="_blank" rel="noopener noreferrer">www.sedar.com" target="_blank" rel="noopener noreferrer">www.sedar.com. The Company assumes no responsibility to update forward-looking statements in this press release except as required by law. Readers should not place undue reliance on the forward-looking statements and information contained in this news release and are encouraged to read the Company's continuous disclosure documents which are available on SEDAR at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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25 May
Provaris Energy
Investor Insight
Provaris Energy is at the forefront of developing integrated compressed hydrogen and liquid CO₂ storage and transport infrastructure. With proprietary technology, a capital-light license model, and a growing portfolio of European hydrogen supply chain projects, Provaris is well-positioned to support global decarbonization efforts.
Company Highlights
- Proprietary tank IP and vessel designs enable scalable, low-cost storage and transport solutions.
- Compression technology offers the lowest cost for regional hydrogen supply.
- Term sheet signed with Uniper Global Commodities for 42,500 tpa hydrogen supply; binding Hydrogen SPA targeted mid-2025.
- Second MoU signed in March 2025 for 30,000 tpa hydrogen supply from Norway to Germany; term sheet expected Q2 2025.
- Early cash flow via license and origination fees; no capex required for Provaris to participate in shipping infrastructure.
- Partnership with Yinson Production AS to deliver new liquid CO₂ tank designs targeting maritime, floating, and onshore storage.
- High-volume inbound interest (>150 ktpa) from Nordic and Spanish developers confirms market demand.
- Prototype compressed hydrogen tank in construction, with class approvals expected Q3 2025.
Overview
Provaris (ASX:PV1) offers innovative storage and transport infrastructure essential to lowering the cost of hydrogen and CO₂ supply chains. With offices in Sydney and Oslo, the company is strategically focused on Europe, where decarbonization goals and energy security demand scalable and efficient clean energy solutions.
Provaris has developed a proprietary compressed hydrogen shipping solution designed to deliver “ready-to-use” green hydrogen with the lowest delivered cost for regional markets. Compression has been validated as the most energy- and cost-efficient method for hydrogen delivery, eliminating the need for complex conversion to carriers like ammonia. Studies show Provaris’ model delivers ~50 percent more hydrogen at ~20 percent lower cost compared to ammonia, with emissions well below EU RED II thresholds.
The company's “capital lite” model enables early cash flow and long-term recurring revenue through license and origination fees, without requiring ownership of ships or infrastructure. Each hydrogen supply project can generate ~US$34 million in total revenue for Provaris, including a technology license fee of ~US$16.5 million per project.
With binding commercial milestones targeted for 2025, including two supply agreements with German utilities totaling over 70,000 tonnes per annum of hydrogen, Provaris is well positioned to enable Europe’s transition to clean hydrogen. Europe's hydrogen import needs are forecast to reach 7 million tonnes (Mt) by 2030, with less than 1 percent of that currently supplied by low-carbon sources.
The company is also pioneering bulk liquid CO₂ tank technology in partnership with Yinson Production AS, opening a second stream of licensing revenue and addressing bottlenecks in carbon capture and storage infrastructure. This innovation aligns with Provaris’ mission to enable practical, efficient, and scalable zero-carbon energy supply chains across Europe and beyond.
Advanced Supply Chain Project Pipeline in Europe
Provaris is advancing several green hydrogen export projects from the Nordics to continental Europe:
- Norway: Two hydrogen export projects under MoUs with German utilities (Uniper and a second unnamed utility).
- Germany: Import infrastructure collaboration with utilities; aligned with TSO build-out and industrial decarbonization targets.
- Spain: Ongoing discussions with developers and offtake partners for hydrogen export hubs.
- Finland: Working with local partners to identify export-capable hydrogen production sites.
- The Netherlands: Joint pre-feasibility with Global Energy Storage (GES) for 40,000 tpa hydrogen import terminal in Rotterdam.
These projects underpin a cumulative pipeline of over 150 ktpa and demonstrate Provaris’ ability to meet Europe’s growing hydrogen demand.
Key Features and Benefits of Compressed Hydrogen
- Enhanced Safety: Provaris’ compressed hydrogen technology prioritizes safety in storage and transportation.
- Cost-effectiveness: By eliminating the need for complex liquefaction or ammonia synthesis processes, the company's solutions reduce overall costs.
- Scalability: The technology is adaptable to various project sizes, from regional supply chains to large-scale international exports.
- Environmental Sustainability: Compressed green hydrogen aligns with global efforts to reduce carbon emissions and transition to cleaner energy sources.
Multiple studies reaffirm the simplicity and efficiency of compressed hydrogen enables low-cost supply for Europe.
Innovative Hydrogen Vessel Designs: H2Neo Carrier and H2Leo Barge for export efficiency
Complementing its proprietary compressed hydrogen technology, Provaris is progressing the final design and classification approval phases of two purpose-built vessel types—the H2Neo Carrier and H2Leo Barge—designed to safely and efficiently transport compressed hydrogen across regional maritime routes.
These vessels are central to Provaris' strategy to unlock flexible and cost-effective green hydrogen supply chains. The H₂Neo Carrier is engineered with a cargo capacity of 27,000 cubic meters (equivalent to 450 tonnes of hydrogen at 250 bar pressure) and features a closed containment system that eliminates boil-off losses and minimizes emissions. FEED level design has been completed and approved by classification societies, including safety studies. Final Class approval is expected in 2025, aligning with the company’s targeted project final investment decisions in 2026.
H2Neo carrier solution together with barge storage for loading and discharge sites
The combination proprietary tank technology, automated shipbuilding processes, and flexible infrastructure options, Provaris offers a lower total cost of ownership and faster deployment compared to alternative hydrogen carriers such as ammonia or liquid hydrogen. These innovations position Provaris as a first mover in delivering safe, scalable, and cost-competitive maritime transport for green hydrogen across Europe.
Innovating CO2 Storage and Transport
As part of its commitment to sustainable energy solutions, Provaris is expanding its portfolio in 2024 to include CO₂ storage. This strategic move commenced with a ground-breaking partnership with Norway’s Yinson Production AS to bring innovation to liquid CO₂ storage and transport, for both maritime and onshore applications. Yinson is a US$3 billion global energy infrastructure leader in FPSOs and renewable technologies, having raised US$1.6 billion in late-2024 for growth funding, including the establishment of CO₂ supply chains.
A Joint Development Agreement (JDA) to develop new bulk liquid CO₂ (LCO2) tank designs for floating, onshore and ship-based storage applications, solves an industry bottleneck for CO₂ tank capacity limited to ~7,500 cbm. Targeting major gains in storage volume and reduced storage costs, tank designs at low pressure and temperature maximise storage and efficiency to reduce storage and transport costs.
Aligned with its technology license model for hydrogen, Yinson is funding Provaris’ development of new tank designs to be jointly owned and then licensed to owners of floating storage, shipping and land-based storage solutions, which will include Yinson.
In March 2025, Provaris completed a concept design for a large-volume, low-pressure tank solution, unlocking a new stream of license fee revenue. The initial license fee of US$200,000 has already been received, and further payments are anticipated as development progresses.
Milestones for June 2025 include the completion of Phase 2 of the JDA which will include a type rating approval of a LCO2 tank and integrated with Yinson’s development of a Floating Storage Injection Unit (FSIU) proposed for the use in offtshore CCS injection projects under development in Europe and Asia.
Management Team
Martin Carolan – Managing Director & CEO
Greg Martin – Chairman
Andrew Pickering – Non-executive Director
David Palmer – Non-executive Director
Per Roed – Chief Technical Officer
Mats Fagerberg – Business Development, Europe
Garry Triglavcanin – Product Development Director
Norman Marshall – Group Commercial Manager
John Stevenson – Group Financial Controller
Jessica Roed – Operations Manager, Norway
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21 May
Troy Minerals Reports Ongoing Geophysical Studies at the Lake Owen Project, Wyoming
Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to report on the processing and interpretation status of the airborne geophysical survey covering the 100% owned Lake Owen Project (the "Project"), which is located 50 km southwest of Laramie, Wyoming, USA (see Figure 1, 2).
Covering 1,424 hectares, the project is an exploration asset in the Proterozoic Lake Owen complex, favorable for titanomagnetite-hosted mineralization. Historically explored for Platinum Group Elements (PGE), it shows strong potential for vanadium, titanium, PGE, and other critical minerals.
Figure 1. Lake Owen, Location Map, Wyoming, USA
Recent maiden drilling results by Troy (announced on February 28th, 2025) have confirmed the presence of high concentrations of vanadium pentoxide (V₂O₅) and titanium dioxide (TiO₂), along with the discovery of scandium (a REE metal), significantly enhancing the project's critical mineral profile.
Lake Owen is supported by the US Geological Survey (USGS)'s Earth MRI (Earth Mapping Resources Initiative), which is delivering key geoscientific data and helping reduce exploration costs. As part of this initiative, a high resolution airborne magnetic and radiometric survey has been flown by USGS covering Troy's Claims and the raw data have become available to the Company. This federal backing highlights the project's strategic importance within the US critical minerals landscape.
Troy has engaged Geophysics One Inc. of Ontario, Canada, to evaluate, process, model and interpret the magnetic and radiometric data in conjunction with any available in-house geoscience data provided by the Company.
Figure 2. Lake Owen Project, Troy's Claims on Topo Map
Key Aspects of the Airborne Geophysical Survey
- The Lake Owen Project area was surveyed by EON Geosciences Inc. for the USGS, using an airborne total-field magnetic and radiometric method in 2021.
- Most of the 16,400 line-km helicopter survey was flown at 200m intervals, with the Lake Owen Complex subset infilled at 100m line separation in 2023 (see Figure 3, 4).
- Despite the 100m interval, the nominal altitude was high at 80m, averaging 107.4m within the property and ranging from 78m to 180m. Overall, the data quality is very good.
- Emphasis is placed on mapping magnetite-rich zones from the high-resolution magnetic data due to the area's mineralization being concentrated within cumulus magnetite-rich layers. Work and interpretation will be completed with enhanced magnetic images and a 3D magnetic model of the data that reveal remarkably consistent rhythmic magnetic layers and extending 10 km or more laterally, including the entire length of the Lake Owen property.
- High magnetization zones aid geological mapping and exploration of the Lake Owen property, particularly in areas with increased magnetite content and inferred structural zones.
- The radiometric response from the mafic complex is minimal and will be used only for mapping purposes, such as identifying cover and defining the Lake Owen Complex' extents. However, a few interesting anomalies will be analyzed to provide context for exploration targeting.
- Geophysics One, beyond general interpretation maps, will provide to Troy all magnetic and radiometric product maps, as well as 2D & 3D modelling in selected cases.
Figure 3.Map showing the 2023 flown high-resolution (100m line spacing) airborne survey (2nd Vertical Derivative magnetics) covering Troy's Lake Owen Project claims, on top of the 200m line spacing Medicine Bow Magnetic Survey (background data of Total Field magnetics)
The interpretation of the geophysical survey is in progress and the results of the Geophysics One studies once received will be reported and discussed in another news release in due course.
Figure 4. The 100m Line Spacing Magnetic Survey over the Lake Owen Complex (2VD)
Qualified Person
The information contained in this news release has been reviewed and approved by Ted Vander Wart, P.Geo., a consultant to the Company, who is a qualified person as defined under National Instrument 43-101.
About Troy Minerals
Troy Minerals is a Canadian based publicly listed mining company focused on building shareholder value through acquisition, exploration, and development of strategically located "critical" mineral assets. Troy is aggressively advancing its projects within the silica (silicon), vanadium, and rare earths industries within regions that exhibit high and growing demand for such commodities, in both North America and Central-East Asia. The Company's primary objective is the near-term prospect of production with a vision of becoming a cash-flowing mining company to ultimately deliver tangible monetary value to shareholders, state, and local communities.
ON BEHALF OF THE BOARD,
Rana Vig | CEO & Director
Telephone: 604-218-4766
Email: rana@ranavig.com
Forward-Looking Statements
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Troy Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of commodity prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
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