Latest news with #HPMS
Miami Herald
08-07-2025
- Business
- Miami Herald
CoTec Investment Mkango and Hypromag Announces First Production from Commercial-Scale Recycled Rare Earth Alloy Production in the UK
VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / July 8, 2025 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec" or the "Company") is pleased to note that Mkango Resources Ltd. (AIM/TSX-V:MKA) ("Mkango") and HyProMag Limited ("HyProMag") have announced first production runs of recycled rare earth alloy from the commercial-scale Hydrogen Processing of Magnet Scrap ("HPMS") vessel at Tyseley Energy Park ("TEP") in Birmingham, UK. This marks the first commercial-scale production of recycled neodymium-iron-boron (NdFeB) alloy using HPMS technology and represents a significant milestone for all stakeholders involved. The TEP plant is the UK's only sintered rare earth magnet manufacturing facility and is a major step forward for both domestic and global rare earth supply chains. Julian Treger, Chief Executive Officer of CoTec, commented: "We are delighted to see Mkango and HyProMag achieving this significant milestone, and we extend our congratulations to all involved, including the teams at the University of Birmingham and Tyseley Energy Park. This first production of recycled rare earth alloy is a critical step in validating HPMS technology at scale and sends a powerful signal for what is to come in the United States. The successful start-up at Tyseley bodes very well for our HyProMag USA joint venture, as we continue advancing detailed engineering and move toward building a secure, domestic rare earth magnet supply chain in North America." HyProMag USA is a 50:50 joint venture between CoTec and HyProMag (a 100% subsidiary of Maginito Limited, which is 79.4% owned by Mkango and 20.6% by CoTec). The joint venture is currently developing its first integrated rare earth magnet recycling and manufacturing facility in the Dallas-Fort Worth region, targeting commissioning in 2027. About CoTec CoTec Holdings Corp. is a publicly traded investment issuer listed on the TSX Venture Exchange and OTCQB under the symbols CTH and CTHCF, respectively. CoTec is a forward-thinking resource extraction company committed to transforming the global metals and minerals industry through environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employs a dual approach: Investing in disruptive mineral extraction technologies that enhance efficiency and sustainability, andApplying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining, and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's model enables low capital requirements, rapid revenue generation, and high barriers to entry - positioning it as a leading mid-tier disruptor in the commodities sector. Please visit For further information, please contact: Braam Jonker - (604) 992-5600 Forward-Looking Information Cautionary Statement Statements in this press release regarding the Company and its investments that are not historical facts are "forward-looking statements" that involve risks and uncertainties, including statements relating to the expected development and outcomes of first production runs by HyProMag Limited and its potential impact on the HyProMag USA project and other current or potential investments. Since forward-looking statements address future events and conditions, by their nature they involve inherent risks and uncertainties. Actual results could differ materially due to known and unknown risks and uncertainties affecting the Company, including but not limited to: resource and reserve risks; environmental risks and costs; labor costs and shortages; supply and price fluctuations in materials; increases in energy costs; contractor and subcontractor performance; project delays and cost overruns; extreme weather; and geopolitical or social disruptions. For further details, refer to "Risk Factors" in the Company's filing statement dated April 6, 2022, available under the Company's profile at The Company assumes no responsibility to update forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements and are encouraged to consult the Company's continuous disclosure documents. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. SOURCE: CoTec Holdings Corp.
Associated Press
16-06-2025
- Business
- Associated Press
Hypromag Achieves Further Technical Milestones as Piloting Ramps Up in Advance of Commercial Rare Earth Magnet Production in The Uk, Germany and USA
LONDON, UK AND VANCOUVER, BC / ACCESS Newswire / June 16, 2025 / Mkango Resources Ltd. (AIM:MKA)(TSX-V:MKA) ('Mkango') and CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ('CoTec') are pleased to provide a technical update for HyProMag Limited ('HyProMag') and its ongoing advanced pilot programme for the scale-up and roll out of Hydrogen Processing of Magnet Scrap ('HPMS') technology to produce domestically sourced and short-loop recycled rare earth magnets with a minimal carbon footprint in the UK (2025), Germany (2025) and United States (2027). The ongoing advanced pilot programme at the University of Birmingham is proceeding in parallel with development of the commercial scale plant at Tyseley Energy Park in Birmingham, UK. HPMS technology was developed by the Magnetic Materials Group at the University of Birmingham ('UoB'), underpinned by approximately US$100 million of research and development funding. HPMS has major competitive advantages over other rare earth magnet recycling technologies, which are largely focused on chemical processes but do not solve the challenges of extracting magnets from end-of-life scrap streams and only produce rare earth oxides or mixed rare earth carbonates, which require further processing. HyProMag provides the solution, producing a value-added, magnet product for direct sale to domestic customers across multiple jurisdictions. Over the course of the previous 12 months, HyProMag has made significant technical progress to support its efforts in optimising design criteria, processing different NdFeB scrap feed materials and producing recycled, low carbon, commercial, magnets of different technical grades. To date, the University of Birmingham Pilot plant has produced over 3,500 magnets of commercial grade from various waste streams. Sample magnets have been provided to commercial partners for extensive testing and product verification and will support continued off taker due diligence over the coming 12 months for the UK, Germany and U.S. businesses. Recent progress and technical milestones for HyProMag include the following: Through the abovementioned workstreams, together with further optimisation and development of blending and grain boundary technologies, HyProMag expects to significantly expand the range of commercial grades produced as illustrated below: Will Dawes, Mkango CEO commented: 'HyProMag is going from strength to strength with the support of its excellent and growing team, as well as from the University of Birmingham and its other partners. The company is well placed to capitalise on the increasing demand for more robust supply chains and sustainably sourced magnetic materials - technologies being commercialised by HyProMag will be transformational for the sector, and we look forward to first sales in UK and Germany in the coming months, as well as completion of detailed engineering in the USA in advance of large-scale project development.' Julian Treger, CoTec CEO commented: " We are very pleased with the continued progress of HyProMag in advance of the commissioning of the UK and German plants. The learnings from these plants and the University of Birmingham's pilot plant programme represent a significant opportunity for HyProMag USA to optimise and refine the detailed design phase. Furthermore, the production of a wide range of magnet grades for U.S. customers from multiple scrap feedstocks will support our financing and off take activities.' Nick Mann, HyProMag Limited MD commented: 'The improvements on magnetic properties made are down to the increased understanding gained by the metallurgical team on how to process, blend and sinter differing input feed stocks to achieve a consistent grade of magnet. As we begin production at Tyseley we are testing, collaborating and supplying our commercial partners with our magnets against specifications and are demonstrating good alignment with their products.' Sean Worrall, GKN Automotive Chief Engineer Product Sustainability commented: 'As the key physical testing and simulation partner, we are pleased to confirm that the recycled magnets replicated expected performance exceptionally closely during testing. This means HyProMag's short-cycled magnets can be reliably used in motor design simulation to deliver real world performance. The HPMS process enables a supply chain of sustainable, competitive, rare-earth magnets, decoupled from the problems of the virgin material supply chain' 2025 University of Birmingham (UoB) Accelerated Pilot Programme In parallel with commissioning of the commercial plants in UK and Germany, and to support ongoing HyProMag USA LLC ('HyProMag USA') detailed design [ii] , HyProMag has further invested in piloting utilising the UoB infrastructure, onboarded new production engineers and tripled the throughput capacity of the UoB pilot vessel and associated processes. During a six-month period, multiple sources of scrap feeds will be processed with a target of two tonnes of HPMS power produced and converted into commercial grade magnets. HyProMag will provide these samples to potential customers, as well as targeting further improvements in the engineering design criteria, recoveries and magnet making capability to support commercial developments in the UK, Germany and U.S. The main objectives of the 2025 UoB Accelerated Pilot Programme are to: The Accelerated Piloting Programme targets over 50 additional HPMS runs over a six-month period covering principal scrap feeds containing: separated magnet scrap, VCMs from different sources, pre-processed HDD feed, surface mounted and embedded rotors from electric motors, MRI, wind turbine feed, speaker assemblies and other forms of NdFeB scrap material provided by strategic partners. About Mkango Resources Ltd. Mkango is listed on the AIM and the TSX-V. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited ('Maginito'), which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec, and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies. Maginito holds a 100 per cent interest in HyProMag and a 90 per cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling in the UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd ('Mkango UK'), focused on long loop rare earth magnet recycling in the UK via a chemical route. Maginito and CoTec are also rolling out HPMS recycling technology into the United States via the 50/50 owned HyProMag USA LLC joint venture company. Mkango also owns the advanced stage Songwe Hill rare earths project in Malawi ('Songwe') and the Pulawy rare earths separation project in Poland ('Pulawy'). Both the Songwe and Pulawy projects have been selected as Strategic Projects under the European Union Critical Raw Materials Act. Mkango has signed a letter of Intent with Crown PropTech Acquisitions to list the Songwe Hill and Pulawy rare earths projects on NASDAQ via a SPAC Merger. For more information, please visit About CoTec Holdings Corp. CoTec is a publicly traded investment issuer listed on the Toronto Venture Stock Exchange ('TSX- V') and the OTCQB and trades under the symbols CTH and CTHCF respectively. CoTec Holdings Corp. is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employs a dual approach: investing in disruptive mineral extraction technologies that enhance efficiency and sustainability while applying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining, and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector. For more information, please visit About HyProMag USA LLC. HyProMag USA is owned 50:50 by CoTec and HyProMag Limited. HyProMag Limited is 100 per cent owned by Maginito, which is owned on a 79.4/20.6 per cent basis by Mkango and CoTec. For more information, please visit Market Abuse Regulation (MAR) Disclosure The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango and CoTec. Generally, forward looking statements can be identified by the use of words such as 'plans', 'expects' or 'is expected to', 'scheduled', 'estimates' 'intends', 'anticipates', 'believes', or variations of such words and phrases, or statements that certain actions, events or results 'can', 'may', 'could', 'would', 'should', 'might' or 'will', occur or be achieved, or the negative connotations thereof. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, the delivery and effectiveness of the HDD magnet separation system built by Inserma, the results of the Accelerated Pilot Programme at UoB, the availability of (or delays in obtaining) financing to develop Songwe Hill, the Recycling Plants being developed by Maginito in the UK, Germany and the US (the 'Maginito Recycling Plants'), governmental action and other market effects on global demand and pricing for the metals and associated downstream products for which Mkango is exploring, researching and developing, geological, technical and regulatory matters relating to the development of Songwe Hill, the ability to scale the HPMS and chemical recycling technologies to commercial scale, competitors having greater financial capability and effective competing technologies in the recycling and separation business of Maginito and Mkango, availability of scrap supplies for Maginito's recycling activities, government regulation (including the impact of environmental and other regulations) on and the economics in relation to recycling and the development of the Maginito Recycling Plants, and Pulawy and future investments in the United States pursuant to the proposed cooperation agreement between Maginito and CoTec, cost overruns, complexities in building and operating the plants, and the positive results of feasibility studies on the various proposed aspects of Mkango's, Maginito's and CoTec's activities. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company and CoTec disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. Additionally, the Company and CoTec undertake no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. For further information on Mkango, please contact: Mkango Resources Limited William Dawes Alexander Lemon Chief Executive Officer President [email protected]@ Canada: +1 403 444 5979 @MkangoResources SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Jeff Keating, Jen Clarke, Devik Mehta UK: +44 20 3470 0470 Alternative Resource Capital Joint Broker Alex Wood, Keith Dowsing UK: +44 20 7186 9004/5 For further information on CoTec, please contract: CoTec Holdings Corp. Braam Jonker Chief Financial Officer [email protected] Canada: +1 604 992-5600 The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. [i] [ii] SOURCE: CoTec Holdings Corp. press release
Yahoo
13-06-2025
- Business
- Yahoo
HyProMag receives $92m LOI from EXIM for rare earth recycling facility
HyProMag USA has received a letter of intent (LOI) from the US Export-Import Bank (EXIM) to provide financing of up to $92m for a new rare earth recycling and magnet production facility in Dallas-Fort Worth, Texas, US. This development aligns with the US Government's efforts to boost domestic mineral production. HyProMag USA is a joint venture between CoTec and HyProMag, the latter being fully owned by Maginito, which is in turn majority-owned by Mkango Resources. The company is leveraging hydrogen processing of magnet scrap (HPMS) recycling technology to establish its integrated facility. This technology, developed at the University of Birmingham's Magnetic Materials Group, represents a significant advance over existing rare earth magnet recycling methods. CoTec CEO Julian Treger said: 'We are very pleased with EXIM's interest in the project. The project is strongly aligned with EXIM's 'Make More in America' initiative, which provides beneficial financing terms for US companies facing oversees competition to ensure the US reshores certain critical export areas, including the domestic manufacturing of permanent NdFeB [neodymium] magnets. 'We believe that the project could be a major contributor to the United States' targeted permanent magnet independence and the speed at which HyProMag USA's capabilities could be deployed distinguishes the project from potential competitors.' The LOI from EXIM Bank is a response to Executive Order 2421, which mandates immediate action to enhance US mineral production. These actions include accelerating permit processes, mobilising capital for producers and creating strategic mineral stockpiles. In November 2024, HyProMag USA revealed plans for a feasibility study that includes the Texas hub and two pre-processing sites in South Carolina and Nevada. By March 2025, the company announced the expansion of its engineering phase to incorporate additional HPMS vessels and is exploring options for further growth. The Dallas Fort Worth Hub is projected to produce 750 tonnes per annum (tpa) of recycled sintered NdFeB magnets and 807tpa of NdFeB co-products, with a total capacity of 1,557t within five years of operation. The facility is expected to operate for 40 years, creating 90–100 skilled jobs and supplying the US market with NdFeB alloy powder. An independent study in March 2025 confirmed the low carbon footprint of HyProMag USA's products, with just 2.35kg of carbon dioxide equivalent per kilogram of NdFeB cut sintered block product. Mkango CEO Will Dawes said: 'The HyProMag USA development will be transformational for rare earth supply chains in the US, and we are very pleased to see this reflected in the interest from EXIM. 'With the detailed engineering phase for the project well under way, HyProMag USA is well positioned to create a major new domestic hub for recycling and magnet manufacturing, and a platform for further growth in North America.' "HyProMag receives $92m LOI from EXIM for rare earth recycling facility" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
12-06-2025
- Business
- Miami Herald
HyProMag USA Receives 'Make More in America' Domestic Finance Letter of Interest for up to US$92 Million From US EXIM Bank
LONDON, UK AND VANCOUVER, BC / ACCESS Newswire / June 12, 2025 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec") and Mkango Resources Ltd. (AIM:MKA)(TSXV:MKA) ("Mkango") are pleased to announce HyProMag USA, LLC, a Delaware corporation ("HyProMag USA" or the "Project") has received a Make More in America (MMIA) domestic finance letter of interest ("LOI") from the U.S. Export-Import ("EXIM") Bank for its first integrated rare earth recycling and magnet making facility in Dallas-Fort Worth, Texas. In terms of the letter, EXIM may be able to consider potential financing of up to $92 million of the project's costs with a repayment tenor of 10 years. Julian Treger, CoTec CEO commented: "We are very pleased with EXIM's interest in the Project. The Project is strongly aligned with EXIM's "Make More in America" initiative, which provides beneficial financing terms for U.S. companies facing oversees competition to ensure the United States reshores certain critical export areas, including the domestic manufacturing of permanent NdFeB magnets. We believe that the Project could be a major contributor to the United States' targeted permanent magnet independence and the speed at which HyProMag USA's capabilities could be deployed distinguishes the Project from potential competitors." Will Dawes, Mkango CEO commented: "The HyProMag USA development will be transformational for rare earth supply chains in the United States, and we are very pleased to see this reflected in the interest from EXIM. With the detailed engineering phase for the project well underway, HyProMag USA is well positioned to create a major new domestic hub for recycling and magnet manufacturing, and a platform for further growth in North America." The issuance of this LOI is aligned with Executive Order 2421 of March 20, 2025 "Immediate Measures to Increase American Mineral Production" which includes near-term actions to be determined and implemented by the agencies to fast-track permits, mobilize capital for mineral producers, and create offtake agreements for strategic stockpiling for minerals critical to the United States' defense, technology, and energy. HyProMag is commercializing Hydrogen Processing of Magnet Scrap (HPMS) recycling technology in the UK, Germany and the United States. HPMS technology was developed at the Magnetic Materials Group (MMG) at the University of Birmingham, underpinned by approximately US$100 million of research and development funding, and has major competitive advantages versus other rare earth magnet recycling technologies, which are largely focused on chemical processes but do not solve the challenges of liberating magnets from end-of-life scrap streams. In November 2024, HyProMag announced an independent Feasibility Study which includes a Dallas Fort Worth recycling and magnet Hub, and two pre-processing facilities located in South Carolina and Nevada respectively[i]. In March 2025, HyProMag USA announced the expansion of the detailed engineering phase to include three HPMS vessels[ii] and that it was initiating concept studies for further expansion and complementary "Long Loop" recycling[iii]. The DFW Hub's annual production is expected to be 750 metric tons per annum of recycled sintered NdFeB magnets and 807 metric tons per annum of associated NdFeB co-products (total payable capacity - 1,557 metric tons NdFeB within five years of commissioning) over a 40-year operating life. It is expected the production facility will provide significant optionality to supply the U.S. market with additional NdFeB alloy powder while assisting in revitalising the U.S. magnet sector with the creation of 90-100 skilled magnet manufacturing jobs. In March 2025, HyProMag USA announced the results of an independent ISO-Compliant product carbon footprint study which confirmed an exceptionally low CO2 footprint of 2.35 kg CO2 eq. per kg of NdFeB cut sintered block product.[iv] OwnershipHyProMag USA is owned 50:50 by CoTec and HyProMag Limited ("HyProMag"). HyProMag is 100 per cent owned by Maginito Limited ("Maginito"), which is owned on a 79.4/20.6 per cent basis by Mkango and CoTec. About CoTec Holdings is a publicly traded investment issuer listed on the Toronto Venture Stock Exchange ("TSX-V") and the OTCQB and trades under the symbols CTH and CTHCF respectively. CoTec Holdings Corp. is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employs a dual approach: investing in disruptive mineral extraction technologies that enhance efficiency and sustainability while applying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining, and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector. For more information, please visit About Mkango Resources is listed on the AIM and the TSX-V. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited, which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec, and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies. Maginito holds a 100 per cent interest in HyProMag and a 90 per cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling in the UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd ("Mkango UK"), focused on long loop rare earth magnet recycling in the UK via a chemical route. Maginito and CoTec are rolling out HPMS recycling technology into the United States via the 50/50 owned HyProMag USA joint venture company. Mkango also owns the advanced stage Songwe Hill rare earths project in Malawi ("Songwe") and the Pulawy rare earths separation project in Poland ("Pulawy"). Both the Songwe and Pulawy projects have been selected as Strategic Projects under the European Union Critical Raw Materials Act. Mkango has signed a letter of Intent with Crown PropTech Acquisitions to list the Songwe and Pulawy projects on NASDAQ via a SPAC Merger. For more information, please visit Market Abuse Regulation (MAR) DisclosureThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'), which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. Cautionary Note Regarding Forward-Looking StatementsThis news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango and CoTec. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "is expected to", "scheduled", "estimates" "intends", "anticipates", "believes", or variations of such words and phrases, or statements that certain actions, events or results "can", "may", "could", "would", "should", "might" or "will", occur or be achieved, or the negative connotations thereof. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, the availability of the potential financing from EXIM, the expected annual production from HyProMag USA, the availability of (or delays in obtaining) financing to develop Songwe Hill, the Recycling Plants being developed by Maginito in the UK, Germany and the United States (the "Maginito Recycling Plants"), governmental action and other market effects on global demand and pricing for the metals and associated downstream products for which Mkango is exploring, researching and developing, geological, technical and regulatory matters relating to the development of Songwe Hill, the ability to scale the HPMS and chemical recycling technologies to commercial scale, competitors having greater financial capability and effective competing technologies in the recycling and separation business of Maginito and Mkango, availability of scrap supplies for Maginito's recycling activities, government regulation (including the impact of environmental and other regulations) on and the economics in relation to recycling and the development of the Maginito Recycling Plants, and the Pulawy separation plant and future investments in the United States pursuant to the proposed cooperation agreement between Maginito and CoTec, the outcome and timing of the completion of the Feasibility Studies, cost overruns, complexities in building and operating the plants, and the positive results of Feasibility Studies on the various proposed aspects of Mkango's, Maginito's and CoTec's activities. The forward-looking statements contained in this press release are made as of the date of this news release. Except as required by law, the Company and CoTec disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. Additionally, the Company and CoTec undertake no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. For further information on CoTec, please contact:CoTec Holdings JonkerChief Financial 604 992-5600 For further information on Mkango, please contact:Mkango Resources LimitedWilliam Dawes Chief Executive Officer will@ 403 444 5979 Alexander LemonPresidentalex@ SP Angel Corporate Finance LLPNominated Adviser and Joint BrokerJeff Keating, Jen Clarke, Devik MehtaUK: +44 20 3470 0470 Alternative Resource CapitalJoint BrokerAlex Wood, Keith DowsingUK: +44 20 7186 9004/5 The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. [i] [ii] [iii] Conventional leach, extraction purification and precipitation process [iv] SOURCE: CoTec Holdings Corp.
Indianapolis Star
12-06-2025
- Business
- Indianapolis Star
HyProMag USA Receives "Make More in America" Domestic Finance Letter of Interest for up to US$92 Million From US EXIM Bank
CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ('CoTec') and Mkango Resources Ltd. (AIM:MKA)(TSXV:MKA) ('Mkango') are pleased to announce HyProMag USA, LLC, a Delaware corporation ('HyProMag USA' or the 'Project') has received a Make More in America (MMIA) domestic finance letter of interest ('LOI') from the U.S. Export-Import ('EXIM') Bank for its first integrated rare earth recycling and magnet making facility in Dallas-Fort Worth, Texas. In terms of the letter, EXIM may be able to consider potential financing of up to $92 million of the project's costs with a repayment tenor of 10 years. Julian Treger, CoTec CEO commented: ' We are very pleased with EXIM's interest in the Project. The Project is strongly aligned with EXIM's 'Make More in America' initiative, which provides beneficial financing terms for U.S. companies facing oversees competition to ensure the United States reshores certain critical export areas, including the domestic manufacturing of permanent NdFeB magnets. We believe that the Project could be a major contributor to the United States' targeted permanent magnet independence and the speed at which HyProMag USA's capabilities could be deployed distinguishes the Project from potential competitors. ' Will Dawes, Mkango CEO commented: 'The HyProMag USA development will be transformational for rare earth supply chains in the United States, and we are very pleased to see this reflected in the interest from EXIM. With the detailed engineering phase for the project well underway, HyProMag USA is well positioned to create a major new domestic hub for recycling and magnet manufacturing, and a platform for further growth in North America.' The issuance of this LOI is aligned with Executive Order 2421 of March 20, 2025 'Immediate Measures to Increase American Mineral Production' which includes near-term actions to be determined and implemented by the agencies to fast-track permits, mobilize capital for mineral producers, and create offtake agreements for strategic stockpiling for minerals critical to the United States' defense, technology, and energy. HyProMag is commercializing Hydrogen Processing of Magnet Scrap (HPMS) recycling technology in the UK, Germany and the United States. HPMS technology was developed at the Magnetic Materials Group (MMG) at the University of Birmingham, underpinned by approximately US$100 million of research and development funding, and has major competitive advantages versus other rare earth magnet recycling technologies, which are largely focused on chemical processes but do not solve the challenges of liberating magnets from end-of-life scrap streams. In November 2024, HyProMag announced an independent Feasibility Study which includes a Dallas Fort Worth recycling and magnet Hub, and two pre-processing facilities located in South Carolina and Nevada respectively [i]. In March 2025, HyProMag USA announced the expansion of the detailed engineering phase to include three HPMS vessels [ii] and that it was initiating concept studies for further expansion and complementary 'Long Loop' recycling [iii]. The DFW Hub's annual production is expected to be 750 metric tons per annum of recycled sintered NdFeB magnets and 807 metric tons per annum of associated NdFeB co-products (total payable capacity – 1,557 metric tons NdFeB within five years of commissioning) over a 40-year operating life. It is expected the production facility will provide significant optionality to supply the U.S. market with additional NdFeB alloy powder while assisting in revitalising the U.S. magnet sector with the creation of 90-100 skilled magnet manufacturing jobs. In March 2025, HyProMag USA announced the results of an independent ISO-Compliant product carbon footprint study which confirmed an exceptionally low CO 2 footprint of 2.35 kg CO 2 eq. per kg of NdFeB cut sintered block product.[iv] Ownership HyProMag USA is owned 50:50 by CoTec and HyProMag Limited ('HyProMag'). HyProMag is 100 per cent owned by Maginito Limited ('Maginito'), which is owned on a 79.4/20.6 per cent basis by Mkango and CoTec. About CoTec Holdings Corp. CoTec is a publicly traded investment issuer listed on the Toronto Venture Stock Exchange ('TSX-V') and the OTCQB and trades under the symbols CTH and CTHCF respectively. CoTec Holdings Corp. is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employs a dual approach: investing in disruptive mineral extraction technologies that enhance efficiency and sustainability while applying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining, and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector. For more information, please visit About Mkango Resources Ltd. Mkango is listed on the AIM and the TSX-V. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited, which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec, and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies. Maginito holds a 100 per cent interest in HyProMag and a 90 per cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling in the UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd ('Mkango UK'), focused on long loop rare earth magnet recycling in the UK via a chemical route. Maginito and CoTec are rolling out HPMS recycling technology into the United States via the 50/50 owned HyProMag USA joint venture company. Mkango also owns the advanced stage Songwe Hill rare earths project in Malawi ('Songwe') and the Pulawy rare earths separation project in Poland ('Pulawy'). Both the Songwe and Pulawy projects have been selected as Strategic Projects under the European Union Critical Raw Materials Act. Mkango has signed a letter of Intent with Crown PropTech Acquisitions to list the Songwe and Pulawy projects on NASDAQ via a SPAC Merger. For more information, please visit Market Abuse Regulation (MAR) Disclosure The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'), which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango and CoTec. Generally, forward-looking statements can be identified by the use of words such as 'plans', 'expects' or 'is expected to', 'scheduled', 'estimates' 'intends', 'anticipates', 'believes', or variations of such words and phrases, or statements that certain actions, events or results 'can', 'may', 'could', 'would', 'should', 'might' or 'will', occur or be achieved, or the negative connotations thereof. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, the availability of the potential financing from EXIM, the expected annual production from HyProMag USA, the availability of (or delays in obtaining) financing to develop Songwe Hill, the Recycling Plants being developed by Maginito in the UK, Germany and the United States (the 'Maginito Recycling Plants'), governmental action and other market effects on global demand and pricing for the metals and associated downstream products for which Mkango is exploring, researching and developing, geological, technical and regulatory matters relating to the development of Songwe Hill, the ability to scale the HPMS and chemical recycling technologies to commercial scale, competitors having greater financial capability and effective competing technologies in the recycling and separation business of Maginito and Mkango, availability of scrap supplies for Maginito's recycling activities, government regulation (including the impact of environmental and other regulations) on and the economics in relation to recycling and the development of the Maginito Recycling Plants, and the Pulawy separation plant and future investments in the United States pursuant to the proposed cooperation agreement between Maginito and CoTec, the outcome and timing of the completion of the Feasibility Studies, cost overruns, complexities in building and operating the plants, and the positive results of Feasibility Studies on the various proposed aspects of Mkango's, Maginito's and CoTec's activities. The forward-looking statements contained in this press release are made as of the date of this news release. Except as required by law, the Company and CoTec disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. Additionally, the Company and CoTec undertake no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. For further information on CoTec, please contact: CoTec Holdings Corp. Braam Jonker Chief Financial Officer +1 604 992-5600 For further information on Mkango, please contact: Mkango Resources Limited William Dawes Chief Executive Officer will@ +1 403 444 5979 Alexander Lemon President alex@ @MkangoResources SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Jeff Keating, Jen Clarke, Devik Mehta UK: +44 20 3470 0470 Alternative Resource Capital Joint Broker Alex Wood, Keith Dowsing UK: +44 20 7186 9004/5 The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. [i] [ii] [iii] Conventional leach, extraction purification and precipitation process [iv] SOURCE: CoTec Holdings Corp.
