CoTec Investment MagIron Secures State of Minnesota Iron Ore Mining Leases

Executive Summary

• MagIron LLC, in which CoTec Holdings Corp. holds a 16.5% equity interest, announced the acquisition of five new state‑issued iron ore mining leases in Itasca County, Minnesota, effective January 1 2026 for a 20‑year term covering 760 acres.
• The leases grant rights to explore, mine and process hematite formations using MagIron’s proprietary Direct Reduction (“DR”) grade pellet technology, supporting the restart of Plant 4 – a modern concentrator aimed at supplying low‑carbon iron feedstock to the U.S. electric‑arc furnace steel market.
• CoTec CEO Julian Treger highlighted the leases as a “milestone” that strengthens MagIron’s supply base and aligns with CoTec’s strategy to become an integrated, multi‑decade supplier of DR‑grade pellets for America’s expanding EAF steel sector.

Key Details

• Lease Portfolio: 5 new state iron ore mining leases granted by the Minnesota Department of Natural Resources; total area = 760 acres.
• Term & Effective Date: 20‑year term, effective January 1 2026.
• Location: Itasca County, Minnesota – hematite iron formation.
• Purpose: Exploration, mining and processing of hematite into high‑grade Direct Reduction (DR) grade iron ore concentrate.
• Strategic Fit: Complements MagIron’s existing stockpiles, tailings, private mineral agreements, other state leases, and owned mineral rights; enhances restart plans for Plant 4 (past‑producing concentrator).
• CoTec Ownership: CoTec holds 16.5% of MagIron on a fully diluted basis, giving it indirect exposure to the newly acquired assets.
• Market Impact: Supports supply of low‑carbon, domestically sourced iron feedstock for the growing U.S. electric‑arc furnace (EAF) steel industry.
• CEO Comment: “These leases are another exciting milestone for MagIron as it further secures supply… to become a multi‑decade integrated supplier of DR grade pellets to America’s rapidly expanding EAF steel industry.” – Julian Treger, CoTec CEO.

Notable Quotes

“These leases are another exciting milestone for MagIron as it further secures supply for MagIron in the execution of its strategy of becoming a multi‑decade integrated supplier of DR grade pellets to America's rapidly expanding EAF steel industry.” – Julian Treger, CoTec CEO.