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Troy Minerals
Investor Insight
Troy Minerals’ focused growth strategy—anchored by two high-purity silica projects nearing production and a diversified exploration portfolio targeting critical minerals—positions the company as a compelling investment opportunity with strong future upside..
Overview
Troy Minerals (CSE:TROY;OTCQB:TROYF;FSE:VJ3) is a rapidly emerging player in the critical minerals space, focusing on the development of high-purity silica and other essential materials for the clean energy transition.
Troy Minerals’ diverse portfolio targets the rising demand for raw materials in high-growth sectors like renewable energy and semiconductors. Leading the portfolio are two high-purity silica projects—Table Mountain (British Columbia) and Tsagaan Zalaa (Mongolia)—acquired through the strategic purchase of CBGB Ventures in September 2024. Tsagaan Zalaa is slated for production within 2025, followed by Table Mountain in 2026. These assets support Troy’s strategy to become a key supplier of critical minerals for the global energy transition.
Troy Minerals is targeting a transition from an exploration company to a production company, a move expected to significantly increase our shareholders value.
Troy Minerals is advancing exploration in titanium, vanadium and rare earths through projects in Wyoming, USA, and Quebec, Canada—broadening its exposure to critical minerals essential for industries like aerospace and energy storage.
Its assets are strategically located near key infrastructure and major markets such as the US and China, positioning the company to create significant shareholder value through exploration, development, and future production.
High-purity silica—vital for solar panels, semiconductors, and advanced high-quality glass—is central to the clean energy transition. Troy’s high-grade silica assets are well-suited for these applications, with the global market projected to reach US$104.34 billion by 2030.
With supply shortages worsened by geopolitical tensions and supply chain disruptions, Troy is well-positioned to become a key supplier, targeting near-term production at both its silica projects.
Troy Minerals maintains a diversified portfolio with key vanadium and rare earth element (REE) assets essential to EVs, renewable energy storage, and advanced electronics. The Lake Owen project in Wyoming is prospective for titanium and vanadium, while Lac St. Jacques in Quebec targets REEs—especially neodymium and praseodymium. In its recent corporate news release, Troy announced the discovery of scandium, the first metal element in the REE sequence at Lake Owen Project.
Vanadium supports vanadium redox flow batteries (VRFBs), a scalable energy storage solution for renewables. REEs are critical for permanent magnets used in wind turbines, EV motors, and electronic devices.
Scandium has green-energy technologies applications, but additionally it is the most effective known microalloying element that can strengthen aluminium, while also offering improved flexibility, resistance to heat and corrosion, and lighter weight, therefore Scandium finds applications in the space, military and civilian aviation industries.
Company Highlights
- Troy Minerals acquired CBGB Ventures in September 2024, securing two flagship high-purity silica projects in British Columbia and Mongolia.
- The Tsagaan Zalaa project in Mongolia is in mine permitting stage, being targeted to commence high-purity silica production within 2025, thereby positioning the company as a key supplier for the solar and semiconductor industries.
- The Table Mountain project in British Columbia is being targeted to begin high-purity silica production by 2026, with a 24-month development timeline. A maiden NI43-101 MRE is anticipated within Q2 2025.
- High-purity silica, similar to the company’s projects, is critical for solar panel production, semiconductors, fiber optics and high-performance glass.
- At its 100 percent owned Lake Owen Project in Wyoming, USA, the company has recently announce a Scandium discovery in its first two drilled holes.
- The company also maintains an exploration portfolio of critical mineral assets, including vanadium and REE, in tier 1 jurisdictions.
Key Projects
Tsagaan Zalaa Project (Mongolia)
The Tsagaan Zalaa project, located near the China-Mongolia border, is a near-term high-purity silica asset that is being targeted to commence production within 2025. The project’s proximity to key consuming markets, such as China, Japan and Korea, provides significant logistical advantages for the transportation of silica.
Tsagaan Zalaa’s silica deposits boast purity levels above 99 percent, making them suitable for advanced technological applications such as solar panels, semiconductors and fiber optics. The project’s minimal overburden and low strip ratio make extraction cost-effective, further enhancing its economic potential. Given the global demand for high-purity silica, this project has the potential to generate significant revenue for the company.
Troy Minerals has completed drilling and environmental studies at its Tsagaan Zalaa project and submitted a mining license application in February 2025. Government approval is anticipated in Q2 2025.
Table Mountain Project (British Columbia)
The Table Mountain project in British Columbia is a high-purity silica asset with strong near-term production potential. Spanning 1,698 hectares, it benefits from excellent infrastructure access, including roads, power, and natural gas, positioning it as a strategically located asset for the North American market. Troy Minerals expanded the project in 2025 through direct staking of two additional mineral claims totaling 606 hectares, contiguous to the existing property.
Recent analytical results confirmed broad zones of high-purity silica, reinforcing the project’s suitability for critical applications such as solar panels, high-performance glass, and electronics. Troy Minerals has submitted a drilling permit application and is advancing the project toward production, targeted for 2026, following a 24-month development timeline.
An NI43-101 compliant maiden Mineral Resource Estimate (MRE) is expected to be announced and filed within Q2 2025.
With rising demand for high-purity silica and growing emphasis on regional supply chain security, Table Mountain is well-positioned to help reduce North America’s reliance on imports and support the clean energy transition.
Lake Owen Project (Wyoming)
The Lake Owen project, located 50 km southwest of Laramie, Wyoming, is an early-stage exploration asset with strong potential for vanadium, titanium, and other critical minerals. Covering 1,932 acres (782 hectares), the project sits within the Proterozoic Lake Owen mafic to ultramafic layered intrusive complex, geologically favorable for titanomagnetite-hosted mineralization.
Troy Minerals has announced a strategic expansion of its Lake Owen Project, significantly increasing its land position in this highly prospective region. The project has effectively doubled in size—from 714 hectares to 1,433 hectares—through the addition of adjacent claims secured via recent targeted staking. These newly acquired claims are well-located, with excellent access to existing infrastructure, and cover ground considered highly prospective for critical mineral discoveries.
Recent drilling results have confirmed the presence of high concentrations of vanadium pentoxide (V₂O₅) and titanium dioxide (TiO₂), along with the discovery of scandium and rare earth elements, significantly enhancing the project’s critical mineral profile. Additionally, the presence of platinum group elements and gold adds further exploration upside.
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 recently flown by USGS covering Troy’s Claims. This federal backing highlights the project’s strategic importance within the US critical minerals landscape. The data have become available to Troy, which is currently designing the 2nd Phase, H2 2025, exploration program.
Lac St. Jacques Project (Quebec)
The Lac St. Jacques project, located 250 km north of Montreal, Quebec, is a rare earth element (REE) exploration asset spanning 2,889 acres (1,169 hectares). With excellent road access and nearby hydroelectric power, the project offers cost-effective logistics and a sustainable energy source for future development.
Rare earth mineralization at Lac St. Jacques is hosted in pegmatitic syenite and granite intrusives, with a carbonatite deposit rich in light REEs—particularly neodymium and praseodymium. These elements are critical for manufacturing permanent magnets used in EV motors, wind turbines, and other advanced technologies. Recent drilling has returned promising results, with neodymium and praseodymium concentrations ranging from 500 to 2,000 parts per million, underscoring the project’s strong potential.
The company is currently executing a DDH drilling program at Lac St. Jacques. Results are anticipated in the coming months.
Management Team
Yannis Tsitos - President
Yannis Tsitos has over 35 years of experience in the mining industry, having spent 19 years with the BHP Billiton group. He has worked on projects in 32 countries including Mongolia, lived and worked in South Africa, Ecuador, Greece and the United Kingdom, and has been working in Canada since 2000. Originally a physicist-geophysicist, he left BHP in 2008, where he had the title of new business manager for Global Minerals Exploration. He has been instrumental in the identification, negotiation and execution of more than 50 exploration, joint venture, royalty, mining and commodity trading agreements over 11 different commodities with juniors, majors, as well as with state exploration and mining companies. He was the president of Goldsource Mines till its recent acquisition (July 2024) by the precious metals' producer, Mako Mining. Tsitos sits on several companies' boards as an Independent Director, has published articles in exploration and mining magazines on relevant topics and has been a strong advocate of anti-corruption policies in the mining industry.
Rana Vig - CEO and Director
Rana Vig has more than 30 years of business experience, helping launch five business ventures in the private sector. He has been involved in publicly traded companies since 2010, and from 2011 to 2016 he was the president of Musgrove Minerals, an Idaho-focused gold and copper mining exploration company. From 2013 to 2016, he was the chairman and CEO of Continental Precious Minerals, a TSX senior board listed mining exploration company with a focus on advancing one of the largest uranium deposits in the world located in Sweden. Vig was a recipient of the Senate 150th Anniversary Medal, awarded to top Canadians actively involved in their communities who, through generosity, dedication and hard work, make their hometowns and communities, a better place to live.
Norman Brewster - Director
Norman Brewster’s mineral industry career includes serving on various company boards, financing and developing the Aguas Tenidas Mine in Spain, and negotiating the purchase of the Condestable Mine in Peru. He also led the committee in reviewing the successful acquisition of Iberian Minerals by the Trafigura Group in an all-cash takeover valued at around $497.8 million.
Gurdeep Bains - Director
Gurdeep Bains is a chartered professional accountant. He received his chartered accountant designation from the Institute of Chartered Accountants of BC in 2003 and in 2004 graduated from Simon Fraser University with a Bachelor of Business Administration. From 2000 to 2005, he was a senior auditor, assurance services at KPMG.
From 2005 to 2014, Bains was with Canaccord Genuity as vice-president, internal audit and financial analysis where he was involved in the company’s global expansion by performing the due diligence and integration of $850 million in acquisitions in Canada, US, UK, Australia and China. From June 2014 to October 2017, he was the CFO at OK Tire Stores, an automotive company with over 330 locations across Canada. From October 2017 to March 2019, Bains was CFO at Zenabis, contributing in both finance and business development roles.
Regina Lara Yunes - CFO
Lara Yunes is a chartered professional accountant with a Bachelor of Technology in accounting from the British Columbia Institute of Technology. She is currently a financial reporting manager at Treewalk, providing accounting, financial reporting and compliance services to publicly listed firms. Prior to this, she worked at Smythe LLP as an accountant, offering audit and tax services to both private and public companies.
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24 April
CoTec Holdings Corp. To Commence Expansion Drilling Program And Secure A Salter Techology Bulk Sample At The Lac Jeannine Property
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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23 April
CoTec Holdings To Host Investor Update
CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec" or the "Company") is pleased to announce that the Company's CEO, Julian Treger, will host an investor update on Thursday, April 24, 2025, at 7:30am PDT / 10:30pm EDT. A Q&A period will follow the presentation.
Investors that want to attend the presentation may do so by clicking here to register.
Should the above link not work, please copy and paste the following link to your browser: https://6ix.com/event/cotec-provides-market-update-2
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.
For more information, 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" 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. 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.ca.
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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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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11 April
Cleantech Market Update: Q1 2025 in Review
Shifting political winds and tech advancements defined the cleantech sector in the first quarter of 2025.
This cleantech market update will explore the key trends and challenges that shaped the sector in Q1, with a focus on electric vehicles (EVs), autonomous driving technologies and renewable energy.
From shifting regulatory landscapes to breakthroughs in battery innovation, the period was marked by rapid developments and growing global investment in clean technologies.
Political shifts and policy challenges in cleantech
A notable political shift away from climate-supportive policies in the early weeks of Q1 posed a challenge for the cleantech industry as the Trump administration initiated legal action to cancel key subsidies and funding programs.
Targeting the Biden-era Inflation Reduction Act (IRA) on his first day in office, US President Donald Trump signed the Unleashing American Energy executive order that, among other things, calls for a freeze on fund disbursement.
The Trump administration has since taken various additional steps to reshape the nation's environmental and energy landscape, suspending the US$5 billion National Electric Vehicle Infrastructure (NEVI) program initially approved by Congress in 2021 and launching a deregulatory initiative to boost the US energy sector.
Such actions have ignited strong backlash from legal experts and climate activists. “On a bipartisan basis, Congress funded this program to build a new vehicle charging network nationwide. The Trump administration does not have the authority to halt it capriciously,” said Beth Hammon, senior advocate at the Natural Resources Defense Council, after the Federal Highway Administration announced the suspension of the NEVI Formula Program.
Trump would need Congressional approval to repeal tax credits; however, since many IRA-funded projects have generated jobs in red states, pursuing repeals could intensify the backlash the government is facing due to the tariff-induced trade war, which significantly impacted 401(k)s and pushed indexes into a bear market at the start of Q2.
“Many of our plants in the Midwest that have converted to EVs depend on the production credit,” Ford (NASDAQ:F) CEO Jim Farley told reporters at the Detroit Auto Show this past January.
“We would have built those factories in other places, but we didn't ... It changed the math for a lot of investments.”
As legal battles unfold in federal court, delays have already reverberated throughout the cleantech sector, with companies postponing projects in anticipation of potential policy changes, according to Bob Keefe of E2. The outcome could have long-lasting effects on the overall growth and stability of the cleantech industry.
EVs and the autonomous revolution
Electrified transport has been a major sector driving global energy transition investment, accounting for US$757 billion in 2024, according to BloombergNEF’s Energy Transition Investment Trends report.
In January, the Consumer Electronics Show highlighted the convergence of EVs and autonomous driving, with Google’s (NASDAQ:GOOGL) EV subsidiary Waymo announcing an expansion of its partnership with Hyundai Motor (OTC Pink:HYEVF,KRX:005380) and a new collaboration to integrate the Zeekr RT into its fleet.
NVIDIA (NASDAQ:NVDA) CEO Jensen Huang, who kicked off the event by delivering a keynote speech, touted the success of Waymo and Tesla (NASDAQ:TSLA) as a symbol of the “arrival” of autonomous vehicles.
Huang later disclosed during an interview with Yahoo Finance’s Dan Howley that NVIDIA's technology for autonomous driving is projected to generate US$5 billion in annual sales.
Waymo has since announced plans to expand its self-driving testing to 10 more cities in the US this year and has expanded its services in the San Francisco Bay Area.
In March, the company teamed up with Uber (NYSE:UBER) to offer robotaxis in Austin, Texas — ahead of Tesla’s planned June launch — with plans to expand into Atlanta later this year.
Mixed performance for Tesla
Tesla faced a period of mixed performance in Q1, with its share price experiencing a 2.9 percent drop after Bank of America Global Research changed its rating from “buy” to “neutral” in early January. Analysts cited high execution risks as a near-term growth impediment, mentioning the delayed launch of Tesla's robotaxi and low-cost models.
A National Highway Traffic Safety Administration investigation into Tesla's Smart Summon system initiated a further downturn in its share price. This was compounded by a substantial drop in the week of January 20 amid Trump’s declaration of an “energy emergency” and evolving policy conditions.
Subsequently, Brand Finance indicated in February that Tesla's brand value was weakening due to revenue shortfalls and heightened competition, particularly from China, where companies like BYD (OTC Pink:BYDDF,SZSE:002594) and Xiaomi (OTC Pink:XIACF,HKEX:1810) have eaten into its market share. BYD surpassed Tesla’s revenue for 2024's fourth quarter, and analysts predict it will lead in global battery EV market share for the full year.
In addition to that, BYD unveiled a new EV battery system and platform in March that boasts an ultra-fast charging capability, which will be featured in its new series launching in April.
Xiaomi, another significant Chinese player in the EV market, reported 365.9 billion Chinese yuan (US$50.6 billion) in annual revenue in its 2024 earnings report, with 10 percent from its new EV division.
Xiaomi also lifted its 2025 delivery target for EVs to 350,000, up from an earlier figure of 300,000, with plans to release an electric SUV this summer, pitting it against Tesla’s recently refreshed Model Y.
Tesla, which has plans to launch in Saudi Arabia on April 10, didn’t provide a vehicle delivery estimate in its Q4 report, saying only that it expects to see a “return to growth."
Musk's DOGE work weighs on Tesla
Tesla CEO Elon Musk’s involvement in US politics has also weighed on the company.
Daniel Ives, a Wedbush Securities analyst who has been bullish on Tesla for the last four years, has reduced his Tesla share price target to US$315 from US$550. In a client report shared by Bloomberg on April 6, Ives said his reason for doing so was a "brand crisis" created by Musk’s connection to Trump’s trade policies.
Protests have erupted across the US and in Canada in reaction to Musk’s increasingly prominent role in the Trump administration, with participants honing in on his seemingly unrestricted access to sensitive government data and his efforts to shut down agencies and implement massive funding cuts.
Reports of vehicle and storefront vandalism surfaced as activists called for Tesla drivers to sell their vehicles and dump shares as a form of protest against Musk’s involvement. This sentiment resulted in substantial declines in Tesla’s share price on multiple occasions throughout March, the largest of which (15.43 percent) occurred on March 10, when Trump confirmed his intention to move forward with tariffs on goods from Canada and Mexico.
Tesla "least exposed" to auto tariffs
Global tariffs announced on April 2 have added another layer to the challenges global trade poses to the cleantech sector, particularly for the auto industry. While the situation is unfolding and some political analysts are hopeful that negotiations will result in lower levies, many economists say high tariffs could devastate the sector.
CFRA Research analyst Garrett Nelson’s latest work on the subject describes how Tesla is the “least exposed” to automobile tariffs and could even stand to benefit.
“There are very few winners,” Sam Fiorani, vice president of global vehicle forecasting for AutoForecast Solutions, said in a telephone interview with Bloomberg. “Consumers will be losers because they will have reduced choice and higher prices.”
Renewable energy under the Trump administration
Recent efforts to bolster the renewable energy sector have seen gradual success, as demonstrated by new data from the International Renewable Energy Agency showing that added renewable energy capacity accounted for more than 90 percent of total global power expansion last year at 585 gigawatts,
Solar and wind energy grew at the highest rate, with the US adding a 54 percent increase in solar capacity.
BloombergNEF's Energy Transition Investment Trends report, which was released on January 30 and includes data likely compiled before Trump's inauguration and subsequent policy changes, names solar and wind power as a “mature” part of the energy transition and states that they are likely to continue receiving funding in 2025; however, under the Trump administration, the near-term future of both industries appears uncertain.
Wood Mackenzie's David Brown told the Globe and Mail in January that despite the current strong growth in US solar capacity, the effects of policy uncertainty and incentive cuts might be more pronounced after the next 12 to 18 months.
Along with pausing IRA funding earmarked for climate programs, Trump has ordered the suspension of wind and solar power projects. Wood MacKenzie recently cut its five year outlook for new wind energy projects by 40 percent, citing economic concerns and the current administration’s policies as hurdles.
Within this evolving landscape, Plug Power, a hydrogen manufacturer that secured a loan guarantee of almost US$1.7 billion to build hydrogen power plants before Biden left office, was able to claim tax benefits after this order took effect. The company added US$30 million to its liquidity pool on January 24 through the transfer of the Federal Investment Tax Credit; however, a US$200 million funding gap prompted a Seeking Alpha contributor to name it a high-risk bet.
Cleantech forecast for 2025
Wood Mackenzie’s latest energy transition outlook suggests that North America's power sector emissions could be reduced by 20 percent by 2030, although factors like tariffs and policy could impede this progress.
While bank financing for low-carbon energy technologies nearly matched that of fossil fuels in 2023, a potential funding threat has emerged as all major US banks have withdrawn from the Net Zero Banking Alliance. Additionally, BlackRock (NYSE:BLK) announced its decision to leave the Net Zero Asset Managers initiative in January.
The current political and economic outlook presents a landscape rife with questions for the cleantech industry.
A District Court judge in Rhode Island blocked the order to freeze IRA funding in late January, but comments from the administration suggest the battle is far from over. Even so, progress continues on several fronts. A note by Citigroup (NYSE:C) ESG analysts asserts that the energy transition is further along now than it was during Trump’s first term, and his policies will not be able to hold back the progress that has already begun.
Meanwhile, companies are continuing to expand. Revel CEO Frank Reig told Axios there's still plenty of financing support for EV charging from local governments and state utilities, despite the cutbacks in federal funding. The electric taxi company recently opened its first EV fast-charging station outside of New York City in San Francisco's Mission District, with plans to add another 125 chargers at seven sites in the Bay Area within the year.
For its part, EV maker Rivian (NASDAQ:RIVN) is proceeding with its US$6.6 billion IRA-backed Georgia factory despite earlier state-level uncertainty. Rivian has also spun out a new micromobility startup, securing US$105 million in funding with investment from venture capital firm Eclipse. Researchers at BloombergNEF predict that by 2050, three out of four global sales of two and three wheelers will be EVs, compared to approximately half in 2024.
Despite potential headwinds for renewables, Petar Pejovic, senior portfolio manager with Pejovic Bighill Private Wealth at Wellington-Altus Private Wealth, has suggested that energy demands for artificial intelligence (AI) infrastructure are likely to support a diverse energy mix, including green sources.
Nuclear energy is gaining traction as a sustainable option, with nuclear fusion and small modular reactors identified as high-growth areas by the Cleantech Group at its annual North American forum.
Electric mobility and hydrogen could face slower growth due to manufacturing hurdles and demand issues, respectively. However, investment opportunities are anticipated in hydrogen for long-term decarbonization.
The intersection of AI and cleantech is strengthening, attracting increased investment. Furthermore, the cleantech and defense sectors are converging on dual-use technologies. The growing awareness of the health impacts of climate change is also expected to drive further attention and investment in cleantech solutions.
The coming months will be critical in determining the trajectory of the cleantech industry as it navigates policy shifts, market competition and technological advancements.
Don’t forget to follow us @INN_Technology or real time updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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07 April
Carbonxt (CG1) Managing Director Warren Murphy at the Ignite Investment Summit, 26-27 March 2025 Hong Kong
United States focused Cleantech company Carbonxt Group Ltd (ASX:CG1) (Carbonxt or the Company) is pleased to announce that our Managing Director, Warren Murphy, will be presenting at the Ignite Investment Summit in Hong Kong on Thursday, March 27 at 12:00 PM HK time. Warren will showcase Carbonxt's cutting-edge carbon solutions, highlighting how the Company is driving sustainability and delivering value through advanced technology and eco-friendly innovation.
Carbonxt Group Limited is excited to be part of the Ignite Summit, a premier event that brings together innovative companies, investors, and industry leaders from across the globe.
Click here for the full ASX Release
This article includes content from Carbonxt Group (ASX:CG1), licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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