Cotec hires BBA for Lac Jeannine feasibility study

Mr. Julian Treger reports COTEC COMMISSIONS BBA TO LEAD FEASIBILITY STUDY FOR THE LAC JEANNINE IRON TAILINGS RECOVERY PROJECT Cotec Holdings Corp. has engaged Quebec-based BBA Inc. to complete the Lac Jeannine iron tailings project bankable feasibility study (FS) to engineer and design its iron tailings reclamation project in Quebec, Canada. Julian Treger, chief executive officer of Cotec, commented: "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. Furthermore, the inclusion of adjacent tailings in the project has the potential to almost double the life of mine with limited additional capex, unlocking substantial upside potential. "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. The results from the 2025 drilling and bulk sample, which are expected in Q1 2026, could also allow Cotec to increase its current resource estimate for Lac Jeannine." Lac Jeannine represents Cotec's first stand-alone tailings reprocessing investment, complementing the company's strategy to apply advanced technologies to unlock value from underutilized resource assets. The study will build on the positive results of the 2024 preliminary economic assessment (PEA) announced on June 27, 2024, which was based on only part of the total tailings and outlined a pretax net present value (NPV) of $93.6-million (U.S.) and an internal rate of return (IRR) of 38 per cent, based on an initial capital investment of $64.6-million (U.S.). The feasibility study will include the application of the Salter Cyclones multigravity separator (MGS) technology for the recovery of additional iron ore from the project. The feasibility study is expected to be completed through a staged approach by the second half of 2026. Lac Jeannine has the potential to produce high-grade critical mineral, iron ore concentrate at competitive cost structures, which can deliver high-purity iron concentrates for the green steel industry. The Lac Jeannine project offers great potential for the resource industry to recover the economic benefit of large iron tailings sites. In September, 2025, Cotec completed an infill and extension drilling campaign with the goal of upgrading to indicated the existing inferred mineral resource of 73 million tonnes at 6.7 per cent total iron for 4.9 million tonnes of contained total iron and extending the project to include a large part of the adjacent tailings not included in the PEA. The inclusion of the adjacent tailings has the potential to almost double the life of mine with limited additional capex (capital expenditures), unlocking substantial upside potential. The feasibility study metallurgy testing will target the production of direct-reduction-grade concentrate by the project. About Lac Jeannine The Lac Jeannine property comprises 31 mineral claims (exclusive exploration rights) covering 1,649 hectares in Quebec's Cote-Nord region, approximately eight kilometres southeast of Gagnon and 290 kilometres north of Baie-Comeau. The project encompasses the historic Lac Jeannine open-pit iron mine, which produced approximately 260 million long tons of ore averaging 33 per cent iron between 1961 and 1976. The site includes a large tailings storage facility (TSF), where concentrator tailings were deposited prior to mine closure and reclamation in 1984. Cotec's focus is on reprocessing these tailings for residual iron recovery while rehabilitating the TSF. The independent qualified person as defined by National Instrument 43-101 for the Lac Jeannine mineral resource, Christian Beaulieu, PGeo, is a member of l'Ordre des geologues du Quebec (No. 1072). The qualified person has reviewed and approved the scientific and technical content of this announcement relating to the Lac Jeannine mineral resource. 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. Cotec's mission is clear: accelerate the energy transition while strengthening strategic critical mineral supply chains for the countries the company operates in. 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.