Cotec hires BBA for Lac Jeannine feasibility study

Executive Summary

• Cotec Holdings Corp. has engaged Quebec-based BBA Inc. to lead the bankable feasibility study (FS) for the Lac Jeannine iron tailings recovery project in Quebec, Canada.
• The project aims to reprocess historic iron tailings using Salter Cyclones multigravity separator (MGS) technology to produce high-purity iron concentrate for the green steel industry.
• The feasibility study is expected to be completed in stages by the second half of 2026, building on a 2024 Preliminary Economic Assessment (PEA) that indicated a pretax NPV of $93.6 million and an IRR of 38%.

Key Details

• Feasibility Study Scope: BBA Inc. will engineer and design the iron tailings reclamation project, including the application of Salter Cyclones MGS technology for additional iron ore recovery.
• Previous Economic Assessment: The FS builds on the June 27, 2024, PEA results, which were based on only part of the total tailings and outlined:
  • Pretax Net Present Value (NPV): $93.6 million (U.S.)
  • Internal Rate of Return (IRR): 38%
  • Initial Capital Investment: $64.6 million (U.S.)
• Resource Upgrade and Expansion:
  • In September 2025, Cotec completed an infill and extension drilling campaign.
  • Current inferred mineral resource: 73 million tonnes at 6.7% total iron, containing 4.9 million tonnes of contained total iron.
  • The project scope includes adjacent tailings not included in the PEA, which has the potential to almost double the life of mine with limited additional capital expenditures (capex).
• Future Drilling and Sampling: Results from 2025 drilling and bulk sampling are expected in Q1 2026, which could allow Cotec to increase its current resource estimate.
• Production Goals: The metallurgy testing within the feasibility study targets the production of direct-reduction-grade concentrate.
• Project Location: Lac Jeannine property comprises 31 mineral claims covering 1,649 hectares in Quebec's Cote-Nord region, approximately 8 km southeast of Gagnon.
• Historical Context: The site encompasses the historic Lac Jeannine open-pit iron mine, which produced ~260 million long tons of ore averaging 33% iron between 1961 and 1976. The tailings storage facility (TSF) was deposited prior to mine closure and reclamation in 1984.

Notable Quotes

• Julian Treger, CEO: "Lac Jeannine exemplifies Cotec's strategy to deploy innovative, environmentally responsible technologies which transform legacy waste sites into valuable resources. The project has the potential to deliver strong economic returns while simultaneously addressing historical environmental liabilities."
• Julian Treger, CEO: "We are very excited to be working with BBA to complete the feasibility study and to position Lac Jeannine as a model for sustainable tailings redevelopment in Quebec. During the feasibility study, discussions with strategic partners will be accelerated so the project has the full support of all stakeholders, including the government of Quebec, first nations and other interested parties."