CoTec Commissions BBA to Lead Feasibility Study for the Lac Jeannine Iron Tailings Recovery Project

Executive Summary

• CoTec Holdings engaged Québec‑based BBA Inc. to complete a bankable Feasibility Study (FS) for the Lac Jeannine Iron Tailings Project, targeting completion by H2 2026.
• The FS will build on a 2024 PEA that projected a pre‑tax NPV of US$93.6 million and IRR of 38% with an initial capex of US$64.6 million, and will incorporate Salter Cyclone Multi‑Gravity Separators to recover additional iron ore.
• Recent infill and extension drilling (Sept 2025) aims to upgrade the existing inferred resource of 73 Mt @ 6.7 % Fe to indicated status and potentially double mine life by adding adjacent tailings, with bulk‑sample results expected Q1 2026.

Key Details

• Engagement: BBA Inc. hired to engineer/design the bankable FS for Lac Jeannine Tailings Reclamation Project.
• FS Scope: Evaluation of full tailings reprocessing, inclusion of adjacent tailings, metallurgical testing for direct‑reduction (DR) grade concentrate, and application of Salter Cyclone MGS technology.
• Timeline: Staged FS approach; expected completion H2 2026.
• Previous Economic Assessment (PEA – 2024):
• Pre‑tax NPV: US$93.6 million
• IRR: 38%
• Initial capital investment: US$64.6 million
• Resource Update:
• Existing inferred resource: 73 Mt @ 6.7 % total Fe (≈4.9 Mt contained Fe).
• September 2025 drilling campaign aimed at upgrading to indicated and extending the resource with adjacent tailings, potentially doubling mine life with limited additional capex.
• Future Deliverables:
• 2025 drilling and bulk‑sample results anticipated Q1 2026, may increase current resource estimate.
• FS metallurgy testing targeting high‑grade iron concentrate for green steel industry.
• Project Background:
• Lac Jeannine property: 31 mineral claims covering 1,649 ha in Québec’s Côte‑Nord region; historic open‑pit mine produced ~260 M long tons of ore (33 % Fe) from 1961‑1976.
• Tailings Storage Facility contains legacy concentrator tailings slated for reprocessing and rehabilitation.
• Qualified Person: Christian Beaulieu, P.Geo., NI 43‑101 QP, reviewed and approved technical content.

Notable Quotes

“Lac Jeannine exemplifies CoTec's strategy to deploy innovative, environmentally responsible technologies which transform legacy waste sites into valuable resources… the inclusion of adjacent tailings … could almost double the life of mine with limited additional capex, unlocking substantial upside potential.” – Julian Treger, CEO, CoTec Holdings