The Conversation (0)
Provaris Energy Ltd (Provaris; ASX:PV1) is pleased to advise the collaboration with Uniper Global Commodities SE (Uniper) and Norwegian Hydrogen AS has advanced to the execution of a conditional Term Sheet for the supply, transport and offtake of RFNBO compliant hydrogen. The Term Sheet provides the basis of negotiating a binding Hydrogen Sale and Purchase Agreement (Hydrogen SPA) which is targeted for June 2025.
Highlights:
- Provaris, Uniper and Norwegian Hydrogen sign a conditional Term Sheet for hydrogen supply, transport and offtake.
- Agreed Key Terms and Conditions to form the basis of negotiating a binding Hydrogen SPA, targeted for June 2025.
- Annual volume of 42,500 tonnes per year of RFNBO1-certified hydrogen to be delivered as gaseous compressed hydrogen using Provaris’ H2Neo carriers.
- Uniper Global Commodities SE will be the buyer of hydrogen at an agreed fixed price and responsible for the receiving terminal in North-Western Europe for delivery.
- Commencement of cargos deliveries is targeted for early-2029, for a minimum term of 10-years, making it Europe’s first regional hydrogen marine transport project at scale.
- Term Sheet for supply of hydrogen using Provaris carriers demonstrates Uniper’s commitment to a portfolio of supply sources, including a focus on supply from the Nordic Region.
- Provaris’ approach to hydrogen supply and transport provides a standardized, efficient and flexible approach to scaling hydrogen supply, which is exactly what Germany and Europe needs to meet its 2030 decarbonisation targets.
Execution of the Term Sheet achieves a significant milestone under the Memorandum of Understanding (MOU), announced in August 2024, and facilitates ongoing co-operation on developing hydrogen supply chains based on Provaris’ compressed hydrogen carriers from Norway and other potential Nordic sites to import locations in North- Western Europe.
Provaris’ Managing Director and CEO, Martin Carolan, stated: “We are delighted to see the collaboration has progressed to a Term Sheet for hydrogen supply and offtake. This represents a key milestone for Provaris and validation towards developing regional bulk-scale hydrogen supply chains within Europe using Provaris’ H2Neo compressed hydrogen carriers.”
Norwegian Hydrogen CEO, Jens Berge, added: “We’re very excited about this tri-party collaboration, and it’s rewarding for all three parties to see our efforts progress into increasingly concrete and advanced stages”
Uniper Global Commodities SE, Senior Vice President - New Energies Origination, Benedikt Messner, commented: “We think that the innovative transport concept by Provaris might be a solution to connect commercially interesting hydrogen supply locations with our core markets and look forward to the continuation of our collaboration.”
Compression Replaces Complexity with Simplicity to Lower the Delivered Cost of Hydrogen
Analysis by the collaboration partners has highlighted that when customer demand is for hydrogen (not a derivative), regionally sourced hydrogen from the Nordics, transported through Provaris’ compressed hydrogen carriers, provides an efficient and cost-effective supply chain, limiting the losses in the entire chain from electrolyzer through to the distribution pipeline in Europe.
Lowering the energy consumption over the entire supply chain results in more renewable energy available for hydrogen production and higher volumes delivered.
Hydrogen Supply Chain Development
Provaris and Norwegian Hydrogen are collaborating on the development of the supply of RFNBO compliant hydrogen, which will be stored and transported using Provaris’ H2Neo carriers. Work is underway to outline the preferred sites in the Nordics, including Norway and Finland. Sites with a detailed feasibility include the FjordH2 Project located in the Alesund region, Norway.
Based on the proposed hydrogen volumes and shipping distance, the supply chain’s storage and shipping infrastructure using Provaris’ proprietary shipping solutions will include one (1) H2Leo barge storage at the production site, with a capacity of 450 tonnes of compressed hydrogen at 250 barg pressure, and two (2) H2Neo hydrogen carriers with an individual storage capacity of 450 tonnes of compressed hydrogen at 250 barg pressure. Provaris continues to progress both the H2Neo and H2Leo towards Final Class approvals in the first half of 2025.
Uniper will be responsible for the selection and development of the import terminal and are working with Provaris to outline the capital and operating equipment to discharge the H2Neo carriers, which includes an assessment of optimal storage and connection to the European Hydrogen Backbone for distribution to industrial sectors. Simplicity of port infrastructure provides for the flexibility of nominating one or more entry ports.
The Term Sheet remains conditional upon, among others, the negotiation and execution of a fully termed Hydrogen SPA and obtaining all necessary approvals.
Illustration of the Regional Supply locations from the Nordic Region into North-West European ports with hydrogen import development plans linked to the future development of Germany’s core hydrogen network
Source: Provaris Energy
Click here for the full ASX Release
This article includes content from Provaris Energy, 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.
PV1:AU
Provaris Energy Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Provaris Energy
Investor Insight
Provaris presents a unique and attractive investment opportunity given its leading role in developing innovative storage and transport infrastructure essential to lower the cost of hydrogen and CO2 supply chains. With its proprietary technology, strategic partnerships and integrated business model, Provaris is well-positioned to capitalize on the growing demand for clean energy solutions.
Company Highlights
- Proprietary tank IP, fabrication and ship designs provide unique advantages to unlocking economic storage and transport.
- Studies demonstrate compression provides the lowest cost for regional hydrogen supply.
- Advancing term sheets into binding agreements in 2025 for hydrogen supply to German utilities.
- Simple ‘Capital lite’ model to provide early cash flow from license fees, recurring revenue and remove capex
- Expanding tank IP and new license fees with Yinson Production AS to innovate liquid CO2 tank and vessels and a second source for license fee income.
- Growth opportunities from pipeline of supply projects and new markets for gas and liquid storage tank solutions
Overview
Provaris (ASX:PV1), offers innovative storage and transport infrastructure essential to lower the cost of hydrogen and CO2 supply chains. With an office established in Oslo, Norway, to support the focus on Europe, the company has developed a shipping solution for ‘Ready to Use’ hydrogen, which provides flexible and stable supply for buyers at the lowest regional delivery cost. The advantages of compressed hydrogen are now recognized through multiple industrial partners for supply and offtake, including a maiden term sheet for offtake with Germany’s Uniper Global Commodities.
The implementation of a ‘capital lite’ model through technology license fees enables Provaris to support a portfolio of supply projects to deliver early cash flow and long-term recurring revenue without large-scale capex. Illustrative fees for each supply chain project are material to support substantial returns to investors over time.
Provaris stands at the forefront of the green hydrogen economy being developed, dedicated to innovative and efficient supply chains for zero-carbon energy in the European region. With its rapid adoption of green hydrogen, the European market needs 7 Mt of low carbon H2 imports by 2030 with less than <1 percent produced today. As countries across the continent seek to decarbonize their economies, the demand for sustainable supply of hydrogen molecules remains in deficit for decades to come. Provaris’ compressed gas solution delivers the fastest, lowest cost route to closing this gap.
Compression supports the development of simple, scalable and energy-efficient green hydrogen supply chains for the European market. By focusing on a regional supply model, the Provaris solution delivers 50 percent more hydrogen from supply sights in the Nordics at a 20 percent lower cost.
Supply Chain Project Pipeline in Europe
Provaris is progressing a two hydrogen supply chain project in the Nordics, which include a German utility for offtake. Additional opportunities under review:
> Norway: Working with developers on hydrogen export infrastructure
> Spain: Assessing sites for export and supply chain integration.
> Finland: Identification of suitable sites for bulk-scale hydrogen export infrastructure.
Multiple projects will further diversify Provaris’ revenue potential and position the company as a key enabler of Europe’s hydrogen transition.
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.
Recent Concept Design Study reaffirms 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 innovative compressed hydrogen technology, Provaris is in the final stages of developing new vessel designs specifically for hydrogen transport. These specialized vessels are engineered to safely and efficiently carry compressed hydrogen across maritime routes, opening up new possibilities for international green energy trade.
At the heart of Provaris’ innovative H2Neo carrier solution is its proprietary compressed hydrogen technology. The H2Neo offers a more efficient and cost-effective alternative to traditional methods of hydrogen storage and transport. These carriers are designed to address the growing global demand for hydrogen while overcoming the logistical challenges associated with green hydrogen distribution.
Strategic Partnerships using Provaris solutions for hydrogen
At the forefront of Provaris Energy's European strategy is a groundbreaking Memorandum of Understanding (MoU) with Norwegian Hydrogen and Germany-based international energy company Uniper Global Commodities. This tripartite agreement marks a pivotal step in developing hydrogen supply chains, leveraging each partner's unique strengths.
The collaboration strategically capitalizes on the Nordic region's geographical advantages, facilitating efficient hydrogen distribution across Europe, with a particular focus on the German market. Germany is reliant on the import of over 70 percent of its hydrogen demand by 2030. In January 2025, a breakthrough term sheet was announced for the supply, shipping and offtake of 42,500 tonnes per annum of hydrogen, with the target for converting to a binding Hydrogen SPA during 2025.
A second MOU collaboration is also underway replicating this success with a new hydrogen supply project and German utility. Further details are to be announced during 2Q 2025.
In The Netherlands, Provaris is collaborating with Global Energy Storage (GES) to develop a bulk-scale hydrogen import facility within Rotterdam’s global energy hub. The agreement involves the completion of a comprehensive prefeasibility study to demonstrate the technical and economic viability of berthing and unloading of Provaris’ H2Neo compressed hydrogen carriers. Provaris will be responsible for the transportation of the hydrogen in the H2Neo carriers and GES will be responsible for the discharge and injection into the hydrogen grid.
Innovating CO2 Storage and Transport
As part of its commitment to sustainable energy solutions, Provaris is expanding its portfolio 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 USD 3 billion global energy infrastructure leader in FPSOs and renewable technologies, having raised USD 1.6 B in late-2024 for growth funding, including the establishment of CO₂ supply chains.
In 2024, a Joint Development Agreement (JDA) was announced to develop new bulk liquid CO₂ tank designs for floating, onshore, and ship-based storage applications, solving 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.
CO2 offers Provaris growth in License Fees
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 confirmation of an early milestone was achieved with a Concept Design for a new CO2 Tank design completed, with the next milestone set for June 2025. Development fees have included a USD 200,000 Technology License Fee paid under the JDA, with ongoing fees to be received in 2025.
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
Enabling the scale-up of clean energy supply chains through innovative hydrogen and CO2 storage and transport solutions.
Provaris Energy’s Capital-light Shift Unlocks Growth in Hydrogen and CO₂ Transport, Report Says
With key agreements in place, new revenue streams emerging, and an expanded valuation outlook, Provaris is well-positioned for growth in the global clean energy market.
Illustration of the Regional Supply locations from the Nordic Region into North-West European ports with hydrogen import development plans linked to the future development of Germany’s core hydrogen network
Key Highlights from the Report:
Building Blocks for Hydrogen and CO₂ Transport in Place
Provaris has secured foundational agreements to advance its hydrogen and CO2 transport solutions. This includes a 42,000 tpa hydrogen supply chain agreement with Uniper and Norwegian Hydrogen, a 30,000 tpa supply deal from Norway to a German utility, and a joint development agreement with Yinson Production Offshore for a 5 mtpa CO2 transport project targeted for the end of the decade.
Capital-light Model to Reduce Funding Needs
Adopting a capital-light model, Provaris will generate licence and origination fees while avoiding the need to fund vessel construction directly. This approach lowers financial risk while maintaining long-term participation in the sector.
Licence Fees Unlock Near-term Revenue
Provaris will now earn a 5 percent technology licence fee on the capital expenditure of its H2Neo hydrogen carrier and H2Leo hydrogen barge, providing upfront revenue during the 30-month construction period. Once operational, the company targets a 5 percent free-carried equity ownership, allowing further financial participation.
Revised Forecasts and Increased Valuation
The updated financial model anticipates technology licence revenue as early as FY 2027, earlier than previous forecasts. Longspur Clean Energy has raised its base-case valuation slightly from AU$0.07 to AU$0.08, with a single CO2 project pushing this to AU$0.13. A larger-scale Norwegian hydrogen project could drive a high-case valuation of AU$0.15. The lower capital requirements under the new model increase the feasibility of new projects, improving confidence in higher valuation scenarios.
For the full analyst report, click here.
This content is intended only for persons who reside or access the website in jurisdictions with securities and other applicable laws which permit the distribution and consumption of this content and whose local law recognizes the scope and effect of this Disclaimer, its limitation of liability, and the legal effect of its exclusive jurisdiction and governing law provisions [link to Governing Law section of the Disclaimer page].
Any investment information contained on this website, including third party research reports, are provided strictly for informational purposes, are general in nature and not tailored for the specific needs of any person, and are not a solicitation or recommendation to purchase or sell a security or intended to provide investment advice. Readers are cautioned to seek the advice of a registered investment advisor regarding the appropriateness of investing in any securities or investment strategies mentioned on this website.
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.
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.
Provaris Energy Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects