CoTec Holdings' Expansion and Drilling Program at Lac Jeannine

CoTec Holdings Corp. has announced its 2025 drilling program at the Lac Jeannine Property in Québec. The program aims to expand the previously announced mineral resource estimate and secure bulk samples for testing the incorporation of Multi-Gravity Separators Salter technology into the recovery process. The project will involve 12 to 13 holes, covering approximately 680 meters of sonic core samples. Four holes will focus on infill drilling linked to the 2023 program, while the rest will extend the search to adjacent tailings.

In August 2024, CoTec reported a pre-tax NPV7% of US$93.6 million and an IRR of 38%, with an after-tax NPV7% of US$59.5 million based on 73 million tonnes containing 4.9 million tonnes of Fe. The Québec government has approved CoTec’s closure plan for the 2025 drilling campaign.