Cotec-backed MagIron obtains Minnesota iron leases

Mr. Julian Treger reports COTEC INVESTMENT MAGIRON SECURES STATE OF MINNESOTA IRON ORE MINING LEASES Cotec Holdings Corp. has highlighted MagIron LLC's press release dated Dec. 18, 2025. Cotec owns 16.5 per cent of the equity in MagIron on a fully diluted basis. MagIron announced that it has acquired five new state iron ore mining leases with the Minnesota Department of Natural Resources following the approval by the State of Minnesota Executive Council on Dec. 2, 2025. These five new iron ore mining leases grant MagIron the rights to explore, mine and process hematite iron formation located in Itasca county, Minnesota. The leases are effective Jan. 1, 2026, for a 20-year term and cover an area of 760 acres. These new leases represent the first state-issued hematite mining leases specifically aligned with MagIron's proprietary process for targeting and upgrading oxidized iron formation into high-grade direct reduction (DR) grade iron ore concentrate, a critical input for ore-based metallics needed for the growing United States electric arc furnace (EAF) steel sector. Combined with MagIron's existing stockpiles, tailings, private mineral agreements, other state mineral leases and the mineral rights it owns, these new leases further strengthen the company's restart plans for Plant 4, a modern past-producing concentrator designed to supply the U.S. steel industry with low-carbon, domestically sourced iron units. Julian Treger, Cotec chief executive officer, commented: "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." About Cotec Holdings Corp. Cotec Holdings is redefining the future of resource extraction and recycling. Focused on rare-earth magnets and strategic materials, Cotec integrates breakthrough technologies with strategic assets to unlock secure, sustainable and low-cost supply chains for the United States and its allies. Cotec's mission is clear: accelerate the energy transition while strengthening U.S. economic and national security. By investing in and deploying disruptive technologies, the company delivers capital-efficient, scalable solutions that transform marginal assets, tailings, waste streams and recycled products into high-value critical minerals. From its HyProMag USA magnet recycling joint venture in Texas, to iron tailings reprocessing in Quebec, to next-generation copper and iron solutions backed by global majors, Cotec is building a diversified portfolio with long-term growth, rapid cash flow potential and high barriers to entry. The result is a game-changing platform at the intersection of technology, sustainability and strategic materials. We seek Safe Harbor.