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:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

WaveCracker^TM

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.

Investor Insight

Prismo Metals’ high-grade silver and copper assets in Arizona, anchored by the Silver King project, offer investors exposure to near-surface polymetallic mineralization and large-system copper potential in a tier-one US jurisdiction, guided by an accomplished technical team. Prismo also retains strategic silver-gold leverage through its Palos Verdes joint program with Vizsla Silver in Mexico, creating a balanced portfolio designed for discovery and growth.

Overview

Prismo Metals (CSE:PRIZ,OTCQB:PMOMF,FSE:7KU) is a North American exploration company focused on advancing high-grade silver, gold and copper discoveries in Arizona, one of the world’s most productive and mining-friendly jurisdictions. The company’s projects, Silver King, Ripsey and Hot Breccia, position Prismo at the forefront of exploration in the Arizona Copper Belt, an area that hosts some of the largest copper deposits on Earth.

The historic Silver King mine produced nearly 6 million ounces of silver during the 1880s.

At the center of Prismo’s focus is the Silver King project, a historic silver mine adjacent to BHP and Rio Tinto’s giant Resolution Copper operation. Along with the nearby Ripsey Mine and Hot Breccia project, these assets form a complementary pipeline targeting both bonanza-grade gold and district-scale copper systems.

In Mexico, Prismo continues to advance its Palos Verdes project through a strategic partnership with Vizsla Silver, Prismo’s largest shareholder, providing investors exposure to one of the richest silver-gold districts in the Americas.

Prismo’s business strategy combines technical excellence, modern exploration technologies and disciplined capital allocation to advance near-term drilling and long-term discovery growth across its portfolio.

Company Highlights

• Arizona-focused Exploration: Advancing a portfolio of high-grade silver, copper and gold projects – Silver King, Ripsey and Hot Breccia – in the heart of the Arizona Copper Belt.
• Exceptional Grades and Momentum: Sampling at Silver King returned 619 g/t silver and 511 g/t silver, as well as 757 g/t silver, 1.5 percent copper, 6.7 percent lead, and 11.5 percent zinc from a newly identified polymetallic vein. An expanded 1,000-meter Phase 2 drill program is planned.
• Strategic Land Position: Projects are surrounded by major producers, including BHP/Rio Tinto’s Resolution Copper and Freeport’s Christmas Mine, offering unmatched geological and infrastructure advantages.
• AI-driven Copper Discovery: Hot Breccia, a large-scale copper-gold target, combines historic Kennecott and Phelps Dodge drilling with new ZTEM geophysics and AI-based drill targeting for a 5,000 m program.
• Partnership Strength: In Mexico, Prismo maintains silver-gold exposure through its Palos Verdes project in collaboration with Vizsla Silver, which is also Prismo’s largest shareholder holding 6.1 percent ownership.
• Tight Share Structure: With only 83.6 million shares outstanding, a market cap of $12.1 million (as of October 14th, 2025) and 28.7 percent insider and advisor ownership, Prismo’s management is closely aligned with shareholders

Key Projects

Silver King

The 125-hectare Silver King project lies entirely within the Resolution Copper claim block, about 3 km from the main Resolution shaft and 1 km from the historic Magma mine. Discovered in 1875, it produced roughly 6 million ounces of silver between 1875 and 1928 at grades up to 61 ounce per ton (oz/t) silver. Small-scale production in the 1990s returned up to 644 oz/t silver and 0.53 oz/t gold.

Recent sampling by Prismo confirmed strong silver-copper-lead-zinc mineralization, including 619 grams per ton (g/t) silver and 511 g/t silver from the Silver King shaft area, and 757 g/t silver, 1.5 percent copper, 6.7 percent lead, and 11.5 percent zinc from a newly identified polymetallic vein. The assay results for both silver and copper demonstrate the high-grade nature of the system.

Following these recent results, Prismo plans a second-phase drill program totaling approximately 1,000 meters to test new polymetallic and copper-bearing targets as well as a large replacement-style zone. The company has submitted a plan of operations for drilling to the US Forest Service, with additional site permits in progress.

Ripsey Mine

Located 20 km west of Hot Breccia and south of the Ray mine, the Ripsey mine covers 30 hectares of patented claims and hosts a historic gold-silver-copper vein system traced over 400 meters along strike and 160 meters vertically. The property saw limited production in the early 20th century and has never been explored with modern methods.

View of open stope on the Ripsey vein near the main shaft

Sampling by Dr. Craig Gibson returned values up to 15.9 g/t gold and 275 g/t silver over 0.75 meters, confirming strong near-surface mineralization with significant expansion potential. Further surface exploration at Ripsey is planned..

Hot Breccia

The Hot Breccia Project, spanning 1,420 hectares, provides Prismo with large-scale copper-gold optionality in the heart of Arizona’s Copper Belt. The project is located 40 km south of Resolution Copper and 35 km north of the San Manuel-Kalamazoo deposit. It hosts the same productive units as Freeport’s nearby Christmas mine, which historically produced high-grade copper skarn ore.

Historic drilling by Kennecott and Phelps Dodge intersected copper-rich skarn mineralization, including 77 ft of 0.54 percent copper, 60 ft of 1.4 percent copper and 4.65 percent zinc, and 25 ft of 1.73 percent copper. A 2023 ZTEM survey and subsequent AI analysis identified a large conductive anomaly at depth, consistent with a porphyry copper system.

Located near major infrastructure, including highways, power, water and the Hayden smelter, Hot Breccia is Prismo’s largest-scale copper discovery opportunity.

Palos Verdes

The Palos Verdes project provides Prismo with strategic exposure to silver and gold in Mexico’s prolific Panuco-Copala district, where Vizsla Silver (TSXV:VZLA) is advancing a billion-dollar silver resource. Prismo’s concession sits at the northeastern end of the district and is fully surrounded by Vizsla’s ground.

Drill site for hole PV-24-34 of the current drill program

To date, Prismo has drilled approximately 6,052 meters across 33 holes, identifying a near-surface, high-grade ore shoot within the Palos Verdes vein. Results include 102 g/t gold and 3,100 g/t silver (11,520 g/t silver equivalent over 0.5 m), comparable to some of the best intercepts in the district.

Future exploration will focus on deeper drilling and potential extensions of the vein system into adjacent Vizsla concessions, as guided by the joint Prismo-Vizsla technical committee chaired by Dr. Peter Megaw and Dr. Craig Gibson.

Management Team

Alain Lambert – CEO and Co-founder

Alain Lambert is a lawyer with over 35 years of experience financing and advising small and mid-sized companies across technology, manufacturing and natural resources. He has participated in private and public financings exceeding $1 billion and built an extensive network of investors, bankers, analysts and IR professionals. Lambert has served as a director and on audit and governance committees for several public and private companies. He holds an LL.B. from the University of Montréal and a diploma in administration from College Jean-de-Brébeuf, Montréal.

Gordon Aldcorn – President

Gordon Aldcorn brings more than 20 years of experience in capital markets and junior public company development. Over the past five years, he has focused on the corporate management of copper and gold exploration projects, with a strong track record of advancing early-stage assets. Committed to responsible mineral exploration and long-term stakeholder engagement, Aldcorn now leads Prismo Metals through a pivotal growth phase, advancing its high-potential projects in Arizona and Mexico.

Craig Gibson – Co-founder and Chief Exploration Officer

Dr. Craig Gibson has extensive experience in the minerals industry. He received his Bachelor of Science (1984) in Earth Sciences from the University of Arizona and Master of Science (1987) and PhD (1992) in Economic Geology and Geochemistry from the Mackay School of Mines, University of Nevada, Reno. He co-founded Prospeccion y Desarrollo Minero del Norte, S.A. de CV (ProDeMin) based in Guadalajara, Mexico, in 2009. ProDeMin is a consulting firm providing a broad spectrum of exploration-related services to the mining industry and has been involved in several major precious metal discoveries in Mexico. Gibson is also a director of Garibaldi Resources, a Vancouver-based junior exploration company; a certified professional geologist of the American Association of Professional Geologists; and a qualified person under NI 43-101.

Carmelo Marelli – CFO and Corporate Secretary

Carmelo Marrelli is the principal of the Marrelli Group, comprising Marrelli Support Services, DSA Corporate Services, DSA Filing Services, Marrelli Press Release Services, Marrelli Escrow Services, and Marrelli Trust Company. The Marrelli Group has delivered accounting, corporate secretarial and regulatory compliance services to listed companies on various exchanges for over 20 years. Marrelli is a chartered professional accountant (CPA, CA, CGA), and a member of the Institute of Chartered Secretaries and Administrators, a professional body that certifies corporate secretaries. He received a Bachelor of Commerce degree from the University of Toronto. Marrelli acts as the chief financial officer to several issuers on the TSX, TSX Venture Exchange and CSE, as well as non-listed companies, and as a director of select issuers.

Martin Dupuis – Director

Martin Dupuis has over 25 years of experience covering all stages of a project’s life, from exploration through feasibility and engineering studies, construction, mine expansion and operations. Dupuis serves as Vizsla Silver’s chief operating officer. He was instrumental in the oversight and delivery of the company’s maiden resource estimate. Before joining Vizsla Silver, Dupuis was director of geology for Pan American Silver, technical services manager for Aurico Gold, and chief geologist at several other operations.

Louis Doyle – Director

Louis Doyle has over 30 years of experience in capital markets and public companies. Since 2016, he has served as executive director of Québec Bourse and has advised private companies seeking Canadian exchange listings. Previously, he was vice-president, Montréal at the TSX Venture Exchange (1999–2015), where he oversaw business development and listings in Québec and Atlantic Canada, chaired the listing committee, served on the policy committee, and led the national mentorship program. Doyle also holds directorships with two other public companies.

Peter Megaw – Advisor and Significant Shareholder

Dr. Peter Megaw is best known as co-founder of MAG Silver and Minaurum Gold. He and his team are credited with MAG Silver’s Juanicipio discovery in the famous Fresnillo District, for which he received the Thayer Lindsley Award in 2017. He received his doctorate from the University of Arizona and has more than 35 years of experience exploring silver and gold in Mexico. Megaw is a certified professional geologist by the American Institute of Professional Geologists and an Arizona registered professional geologist. He is the author of numerous scientific publications on ore deposits and is a frequent speaker at academic and international exploration conferences. Megaw also received the Society of Mining Engineers 2012 Robert M. Dreyer Award for excellence in applied economic geology.

Steve Robertson – Advisor

Steve Robertson brings 35 years of mining industry experience, with a focus on precious metals and copper exploration in North America. He has co-founded and managed multiple exploration companies, including Infinitum Copper, where as CEO he led the public listing and project acquisitions in Sonora, Mexico, and Arizona, USA. Previously, he founded Sun Metals, where his team made a significant copper-gold discovery and completed two corporate mergers.