Cotec-backed MagIron obtains Minnesota iron leases

Executive Summary

• Cotec Holdings Corp. highlights that its portfolio company, MagIron LLC, has secured five new state iron ore mining leases in Minnesota, effective January 1, 2026.
• The leases cover 760 acres in Itasca County, granting rights to explore, mine, and process hematite iron formation for a 20-year term.
• This acquisition supports MagIron's strategy to restart Plant 4, a concentrator designed to supply low-carbon, direct reduction (DR) grade iron ore concentrate to the U.S. electric arc furnace (EAF) steel sector.

Key Details

• Lease Acquisition: MagIron acquired five new state iron ore mining leases from the Minnesota Department of Natural Resources, approved by the State of Minnesota Executive Council on December 2, 2025.
• Lease Terms: The leases are effective January 1, 2026, for a 20-year term.
• Location and Area: The leases cover 760 acres in Itasca County, Minnesota.
• Resource Type: The leases grant rights to explore, mine, and process hematite iron formation.
• Strategic Alignment: These are the first state-issued hematite mining leases specifically aligned with MagIron's proprietary process for targeting and upgrading oxidized iron formation into high-grade DR grade iron ore concentrate.
• Operational Impact: The new leases, combined with existing stockpiles, tailings, private mineral agreements, and other state leases, strengthen MagIron's restart plans for Plant 4.
• Plant 4 Details: Plant 4 is described as a modern past-producing concentrator designed to supply the U.S. steel industry with low-carbon, domestically sourced iron units.
• Cotec Ownership: Cotec Holdings Corp. owns 16.5% of the equity in MagIron on a fully diluted basis.

Notable Quotes

• Julian Treger, Cotec Chief Executive Officer: "These leases are another exciting milestone for MagIron as it further secures supply for MagIron in the execution of its strategy of becoming a multidecade integrated supplier of DR grade pellets to America's rapidly expanding EAF steel industry."