VANCOUVER, BC / ACCESSWIRE / May 30, 2024 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec" or the "Company") is pleased to announce it has filed its unaudited interim condensed consolidated financial statements and the accompanying management discussion and analysis ("MD&A") for the three months ended March 31, 2024. The financial statements and MD&A can be accessed under the Company's SEDAR profile at www.sedarplus.ca.

The Company announced a net loss for the quarter of $39,000. This marginal net loss was mainly driven by foreign exchange gains on equity investments offset by the operating costs for the quarter.

Other highlights for the quarter include:

HyProMag USA LLC ("HyProMag USA") was formally incorporated with CoTec owning 60.3% (50% direct and 10.3% indirect). HyProMag USA will roll out HyProMag's revolutionary patented Hydrogen Processing of Magnet Scrap technology ("HPMS") in the USA which recovers rare earth elements ("REE") from permanent magnets
BBA USA Inc., PegasusTSI and Weston Solutions Inc. were engaged by HyProMag USA to complete the Bankable Feasibility Study for the roll out of the HyProMag technology in the USA with targeted completion prior to the 2024 year-end ("Feasibility Study")
Awarded contracts for the National Instrument 43-101 Preliminary Economic Assessment for the Company's Quebec based Lac Jeannine Iron Project ("PEA") to an interdisciplinary team of consultants, engineers and scientists co-led by Addison Mining Services Ltd. and Soutex Inc. Completion of PEA targeted for the first half ("H1") of 2024
Appointed Mr. Erez Ichilov to the Board of Directors ("Board') effective January 1, 2024
Appointed retired Vice-Admiral Robert Harward to the Board effective March 4, 2024
Received $975 from the exercise of 1.3 million warrants
Inclusion in the 2024 TSX Venture top 50™ list

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https://www.accesswire.com/869708/cotec-holdings-corp-files-first-quarter-2024-results-with-continued-focus-on-operational-roll-out