MagIron Secures Iron Ore Leases in Minnesota

CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) announced that MagIron LLC, in which CoTec holds a 16.5% equity stake, has secured five new iron ore mining leases in Minnesota. Approved by the State of Minnesota Executive Council, these leases are effective from January 1, 2026, for 20 years and cover 760 acres in Itasca County.

These leases enable MagIron to explore, mine, and process hematite iron, crucial for producing high-grade Direct Reduction ("DR") iron ore concentrate. This is significant for the U.S. Electric Arc Furnace steel sector.

The new leases, alongside MagIron's existing stockpiles and resources, support the company's plan to restart Plant 4, a modern concentrator aimed at supplying low-carbon iron units to the U.S. steel industry.

Julian Treger, CEO of CoTec, highlighted the strategic importance of these developments in securing MagIron's position as a major supplier of DR-grade pellets to the expanding U.S. EAF steel industry.