Mr. Julian Treger reports

COTEC HOLDINGS CORP. INVESTMENT MAGIRON DEMONSTRATES EXCELLENT REDUCTION PELLET QUALITY IN LATEST TEST PROGRAM

MagIron LLC, a United States-based company in which Cotec Holdings Corp. owns an approximately 17-per-cent fully diluted equity interest, has released excellent results from its first independent full pot-grate pellet test program, further demonstrating the ability of MagIron's Minnesota iron resources to produce high-quality direct reduction (DR) grade pellets.

The pellets were produced from concentrate generated during MagIron's 2025 pilot plant program. The testwork was performed under MagIron's direction by independent experts at the Natural Resources Research Institute (NRRI) of the University of Minnesota and are representative of the high-grade concentrate that MagIron is targeting from commercial operations with the proven capability to produce lower silica product depending on customer requirements.

MagIron's fired pellets have demonstrated excellent strength and durability, supporting their suitability for high performance DR furnace operation. Furthermore, metallurgical testing also demonstrated excellent performance under direct reduction conditions, a critical requirement for direct reduction iron (DRI) producers. These repeatable results position MagIron's pellets as a premium, high-stability feedstock for modern DRI plants.

Since completing the pilot program, MagIron has continued to optimize its process flowsheet, including evaluating a coarser grind and reduced reagent consumption. These initiatives are expected to further enhance the project economics relative to those reflected in the Behre Dolbear feasibility study publisher earlier this year whilst maintaining the high quality of the concentrate.

Julian Treger, Cotec chief executive officer, commented: "These excellent results provide further validation of the quality and versatility of MagIron's concentrate feed. Together with the recently completed studies by Behre Dolbear and Primetals, they demonstrate MagIron's potential to address three critical challenges facing the U.S. steel industry: limited domestic availability of DR-grade pellets, complete reliance on imported merchant pig iron and rising contaminant levels in scrap feedstock.

"MagIron's iron resource is of sufficient scale and mineralogy to support production of both DR-grade pellets and pig iron. While MagIron is currently advancing pig iron as our primary development strategy, these results further demonstrate that MagIron retains the ability to produce a high-quality DR-grade pellet product should a compelling commercial opportunity emerge."

The information in this press release concerning MagIron and the Pellet test program has been obtained from MagIron's public disclosure, has not been independently verified by Cotec, and Cotec assumes no responsibility for its accuracy or completeness.

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 United States 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 differentiated platform at the intersection of technology, sustainability and strategic materials.

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