Author: TSX Stocks

MEDELLIN, Colombia–(BUSINESS WIRE)–Jul 24, 2025–

Mineros S.A. (TSX:MSA, MINEROS:CB) (“ Mineros ” or the “ Company” ) is pleased to report an initial Mineral Resource estimate on Guillermina, a polymetallic vein system associated with hydrothermal breccias located three kilometers north of the Porvenir Project, forming part of its Hemco Property in Nicaragua (Figure 1).

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Figure 1. Guillermina location map

“We are pleased to have reached this milestone at Guillermina, one of several key targets in our portfolio of organic growth projects,” stated David Londoño, President and CEO of Mineros. “We are advancing Guillermina and other early- to advanced-stage targets across our highly prospective Hemco Property landholdings. This deposit represents an exciting opportunity that could play an important role in the Porvenir Project’s future development. As we move forward, we will continue to explore Guillermina with the aim of expanding and upgrading this initial Mineral Resource,” Mr. Londoño added.

Guillermina is located on the Hemco Property in the Mining Triangle district centered around the towns of Bonanza, Rosita and Siuna in northeastern Nicaragua and is situated approximately four kilometres west of the Pioneer Mine. It consists of a 1.8 km vein system oriented at an azimuth of 245° with notable anomalies in gold, silver, and zinc. The mineralization system includes an assemblage of hydrothermal breccias, stockwork, and veinlets up to 20 m in thickness, with a crustiform to colloform-banded quartz chalcedony-adularia matrix. The breccia matrix contains galena, sphalerite, and hematite occurring in patches and bands throughout.

Table 1. Guillermina Deposit Mineral Resource Statement (effective March 31, 2025).

Building on drilling results from the Neptuno Company in the 1970s, Hemco carried out a drilling campaign at Guillermina in 2011 and 2012, aiming to identify new gold deposits. The campaign consisted of 1,070 m across seven drill holes, revealing significant zinc anomalies as well as low-grade gold and silver anomalies.

Recognizing the potential for polymetallic mineral production at the Porvenir Project, the Company initiated a reconnaissance diamond drilling campaign in 2022, completing 887 m across seven drill holes. This initial campaign confirmed the depth and continuity of the deposit. The drilling delineated a central extension of a mineralized structure hosting galena, sphalerite, and chalcopyrite, with thicknesses ranging from two metres to 15 m.

Following positive results from the previous campaign, drilling efforts in 2023 focused on confirming the extensions of the mineralization, with 11 holes drilled for a total of 1,898 m. By 2024, the campaign advanced to infill drilling to improve the definition of mineralization, with 6,498 m drilled across 40 holes. The core of the mineralized vein was drilled at approximately 50 m spacing.

The initial Mineral Resource estimate on Guillermina includes the results of 9,798 m in 61 diamond drill holes completed between 2011 and August 2024 (Figure 2). Grades were constrained with three-dimensional (3D) wireframes of the principal mineralized vein and interpolated by the inverse distance cubed (ID 3 ) method into a block model with parent blocks of 2 m by 2 m by 2 m and sub-blocks of 1 m by 1 m by 1 m. The classification of solids was based on drill hole spacing, with distances less than 50 m classified as Indicated Mineral Resources and distances less than 100 m classified as Inferred Mineral Resources.

An NSR value was assigned to blocks to validate the geological interpretation and for resource reporting. NSR represents the estimated dollar value per tonne of mineralized material after accounting for smelter terms, including revenues, treatment and refining charges, penalties, smelter losses, transportation, and sales charges. The NSR calculation is based on metallurgical testing at the Porvenir Project, using comparable smelter terms and data collected by the Company. These assumptions depend on the processing scenario and may vary with further metallurgical testwork. Key assumptions, including preliminary metallurgical recoveries, are detailed in Table 2.

Table 2. Recovery Curves Used for Guillermina.

Standard smelting and refining charges were applied to the various concentrates. It was assumed that the concentrates would be marketed internationally. NSR factors are summarized in Table 3.

Table 3. Mineral Resource NSR Factors

The NSR value is assigned to blocks using the following equation:

NSR TOTAL = Grade Au (g/t) * Rec Au (%) * 53.12 (US$/g) +  Grade Ag (g/t) * Rec Ag (%)0.41 (US$/g) + Grade Zn (%) * Rec Zn (%) 1,755.54 (US$/t)

A bench and fill mining method was evaluated for Guillermina, applying the parameters that were used for the Porvenir Project (Table 4). An NSR cut-off value was established by estimating the total unit operating cost, which included mining, processing, power, and general and administrative expenses, resulting in total operating cost of approximately $82.50 per tonne of mineralized material.

Table 4. Operating Cost Assumptions for Cut-Off Value Calculation Mineros

Notes:

1. All costs include G&A.
2. Numbers may not add due to rounding.

For the purposes of demonstrating reasonable prospects for eventual economic extraction, Mineral Resources are constrained within underground reporting shapes generated in Deswik Stope Optimizer (DSO) using a minimum mining width of one metre and an NSR cut-off value of $82.50/t (Figure 3).

There are no known legal, political, environmental, or other risks that could materially affect the potential development of Mineral Resources at Guillermina.

QUALITY ASSURANCE, QUALITY CONTROL, AND DATA VERIFICATION

Mineros has implemented a quality assurance/quality control (QA/QC) program aligned with industry best practices, in which certified reference materials (standards), duplicates, and blanks are routinely inserted into the sample stream to assess precision, accuracy, contamination and bias. All standards, duplicates and blanks are validated and any batches that fail QA/QC are reanalyzed.

Diamond drill core samples are selected by geologists on site; sample intervals are typically one metre in length, ranging from a minimum of 0.2 metres to a maximum of two metres. HTW-diameter diamond drill core to be sampled is cut in half lengthwise, with one half of the core stored on-site in wooden core boxes and the other half packed by Mineros geologists in plastic bags with tamper-proof seals, with a chain of custody procedure for delivery to the ALS Peru S.A. (“ALS Global Peru”) at its Managua, Nicaragua laboratory for sample preparation.

Until March 2023, Mineros used Bureau Veritas in Canada as its primary laboratory, and ALS Global Peru, in Lima, Peru thereafter.

Initially, the samples were sent for sample preparation with a chain of custody procedures for delivery to Bureau Veritas. Sample preparation was carried out following the PREP70-250 package (crushing of the entire sample to ≥70% passing 2-mm mesh, pulverization of 250 g ≥ 85% 75 µm. Samples were shipped to Bureau Veritas laboratory in Vancouver, Canada for geochemical analysis. Bureau Veritas is independent of Mineros.

Bureau Veritas is accredited to ISO/IEC 17025:2017 by the Standards Council of Canada (“ SCC ”). Samples, standards, duplicates and blanks are analyzed for gold using a standard fire assay method (30 g aliquot) and atomic absorption finish (AAS). Those over 10 ppm are reanalyzed by 30 g fire assay with gravimetric finish. All samples are analyzed for a 45-element suite, run with an aqua regia digestion and an ICP-ES/MS finish.

As of April 2023, the samples were sent for sample preparation with a chain of custody procedure for delivery to ALS Global Peru, at its Managua, Nicaragua laboratory for sample preparation, and subsequently to ALS Global Peru in Lima, Peru for geochemical analysis. Sample preparation is carried out following the PREP31 package (crushing of the entire sample to ≥70% passing 2-mm mesh, pulverization of 250 g ≥85% 75 µm). ALS Global Peru is accredited to ISO/IEC 17025:2017 by the SCC with validation date until 2029-03-01 and is independent of Mineros.

Samples, standards, duplicates, and blanks are analyzed for gold using a standard fire assay method (30 g aliquot) and AAS. Assays over 10 ppm are reanalyzed by 30 g fire assay with gravimetric finish. All samples are analyzed for a 51-element suite, using aqua regia digestion and an ICP-ES/MS finish.

All coarse rejects and pulps from both labs were returned and stored by the Company in a secure warehouse at the Hemco Property facility. Five percent of pulps are sent to secondary laboratory and analyzed using methods analogous to those at the primary laboratory.

NEXT STEPS

The 2025 drilling campaign at Guillermina commenced in July 2025 and is in progress with 2,000 meters planned. This program is designed to collect representative samples for metallurgical testing, consistent with the parameters established for the Porvenir Project, and will also serve as infill drilling to upgrade Inferred Mineral Resources to Indicated Mineral Resources. In parallel, Mineros has commenced evaluating potential mining methods and is actively exploring synergies with the Porvenir Project to support the potential expansion of the overall Mineral Resource inventory.

ABOUT MINEROS S.A.

Mineros is a Latin American gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with mines in Colombia and Nicaragua and a pipeline of development and exploration projects throughout the region.

The board of directors and management of Mineros have extensive experience in mining, corporate development, finance and sustainability. Mineros has a long track record of maximizing shareholder value and delivering solid annual dividends. For almost 50 years Mineros has operated with a focus on safety and sustainability at all its operations.

Mineros’ common shares are listed on the Toronto Stock Exchange under the symbol “MSA”, and on the Colombia Stock Exchange under the symbol “MINEROS”.

Election of Directors – Electoral Quotient System

The Company has been granted an exemption from the individual voting and majority voting requirements applicable to listed issuers under Toronto Stock Exchange policies, on grounds that compliance with such requirements would constitute a breach of Colombian laws and regulations which require the directors to be elected on the basis of a slate of nominees proposed for election pursuant to an electoral quotient system. For further information, please see the Company’s most recent annual information form, available on the Company’s website at https://www.mineros.com.co/ and from SEDAR+ at www.sedarplus.com.

QUALIFIED PERSON

Luis Fernando Ferreira de Oliveira, MAusIMM CP (Geo), Mineral Resources and Reserves Manager for Mineros S.A., who is qualified person within the meaning of NI 43-101 supervised the preparation of the information that forms the basis for this news release. Mr. Ferreira has verified the scientific and technical information in this release, including sampling, analytical and test data underlying the initial Mineral Resource estimate on Guillermina, and the opinions expressed herein.

CAUTIONARY NOTE REGARDING MINERAL RESOURCE ESTIMATES

In accordance with applicable Canadian securities regulatory requirements, all Mineral Resource estimates disclosed in this news release have been prepared in accordance with NI 43-101 and are classified in accordance with the CIM Standards.

Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. Pursuant to the CIM Standards, Mineral Resources have a higher degree of uncertainty than Mineral Reserves as to their existence as well as their economic and legal feasibility. Inferred Mineral Resources, when compared with Measured or Indicated Mineral Resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Pursuant to NI 43-101, Inferred Mineral Resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a Mineral Resource exists, will ever be converted into a Mineral Reserve, or is or will ever be economically or legally mineable or recovered.

FORWARD-LOOKING STATEMENTS

This news release contains “forward looking information” within the meaning of applicable Canadian securities laws. Forward looking information includes statements that use forward looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Such forward looking information includes, without limitation, statements with respect to the estimate of Mineral Resources, the results of metallurgical studies being conducted; exploration and testing plans; future expansion and upgrading of Mineral Resources; the economic viability of the Porvenir Project and Guillermina; and future development to the Porvenir Project.

Forward looking information is based upon estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this news release. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

For further information of these and other risk factors, please see the “Risk Factors” section of the Company’s annual information form dated March 25, 2024, available on SEDAR+ at www.sedarplus.com.

The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained herein. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

Forward-looking information contained herein is made as of the date of this news release and the Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.

View source version on businesswire.com:https://www.businesswire.com/news/home/20250724620243/en/

CONTACT: Ann Wilkinson

Vice President, Investor Relations

+1 (647) 496-3011

Ann.Wilkinson@Mineros.com.coJuan Obando

Director, Investor Relations

(+57) 574 266 5757

Juan.Obando@Mineros.com.co

KEYWORD: LATIN AMERICA NICARAGUA SOUTH AMERICA COLOMBIA CENTRAL AMERICA

INDUSTRY KEYWORD: MINING/MINERALS NATURAL RESOURCES

SOURCE: Mineros S.A.

Copyright Business Wire 2025.

PUB: 07/24/2025 08:31 AM/DISC: 07/24/2025 08:31 AM

http://www.businesswire.com/news/home/20250724620243/en

LONDON, UK AND VANCOUVER, BC / ACCESS Newswire / July 24, 2025 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) (“CoTec”) and Mkango Resources Ltd. (AIM:MKA)(TSXV:MKA) (“Mkango”) are pleased to announce a feedstock supply and pre-processing site share agreement between global electronics recycling company, Intelligent Lifecycle Solutions, LLC (“ILS”), and HyProMag USA, LLC (“HyProMag USA” or the “Project”) (the “Supply Agreement”).

• ILS will secure and store neodymium iron boron (“NdFeB”) feedstock from hard disk drives (“HDDs”) and other sources for HyProMag USA at the ILS pre-processing sites in Williston, South Carolina and Reno, Nevada (the “ILS pre-processing sites”) in advance of the commissioning of HyProMag USA’s advanced stage rare earth magnet recycling and manufacturing plant to be located in Dallas-Fort Worth, Texas (the “DFW Hub”)

• ILS will utilise the INSERMA ANOIA SL (“Inserma”) “3rd generation” HDD magnet separation system at its pre-processing sites. An exclusive agreement was signed between the HyProMag Group and Inserma in September 2024[i], and the Inserma technology is being rolled out across multiple jurisdictions

• The improved Inserma units provide fast, efficient magnet separation from HDDs for Hydrogen Processing of Magnet Scrap (“HPMS”) processing together with clean separation of the printed circuit board for immediate resale to 3rd parties

• HyProMag USA is, inter alia, targeting HDD recycling geared to the growth of hyperscale data centers, which is expected to accelerate significantly in coming years

• HyProMag USA will include the ILS pre-processing sites in its detailed design and engineering. The ILS pre-processing sites will be able to source multiple feed types to provide supply feed to the Project’s magnet recycling and manufacturing hub in Dallas-Fort Worth. Other NdFeB feedstock sources being successfully processed to date by HyProMag include rotors from electric motors, wind turbine magnets, speaker assemblies and MRIs

• The Supply Agreement is expected to be the first in several supply agreements to be entered into by HyProMag USA as the Project advances to construction and commissioning

ILS is a global electronics recycling company processing electronic waste. It is a full-service IT asset disposition, electronics recycling and scrap purchasing company and is fully compliant in ISO 14001:2015, ISO 45001:2018 and “Responsible Recycling R2v3 Recycler” at its USA locations. Through ILS, HyProMag USA will provide full traceability on its products to support the “closed loop” circular economy and critical mineral supply chains within the United States.

The collaboration builds on the relationship established between ILS, HyProMag Limited (“HyProMag”) and the Magnetic Materials Group (“MMG”) at the University of Birmingham (“UoB”) through a number of European projects, including the 2020 Innovate UK[ii] grant funded project, “Rare-Earth Recycling for E-Machines” (“RaRE”) project with Hydrogen Processing of Magnet Scrap (“HPMS”) in which HyProMag produced sintered NdFeB magnets from ILS feedstock, and HyProMag continues to work closely with ILS across multiple jurisdictions.

Julian Treger, CoTec CEO commented: “We are very excited to partner with ILS to grow the feed supply market in the United States and this collaboration is a first step in securing reliable long-term feed supply for HyProMag USA to sustain the Project as we advance towards construction. We believe that over time we will be able to build sufficient feedstock to sustain several magnet recycling and manufacturing hubs as the Company establishes itself as a key player in the US REE magnet industry.”

“HyProMag USA is progressing with its financing and detailed design and has the potential to supply the U.S. market with a sustainable, long term domestic supply of NdFeB permanent magnets, enabling the creation of secure, low carbon and traceable rare-earth supply chains.”

Will Dawes, Mkango CEO commented: “The agreement with ILS, coupled with the Inserma and HPMS technologies, creates a highly competitive and integrated circular solution for recycling of NdFeB from HDDs, encompassing procurement of HDDs via ILS, pre-processing using Inserma technologies, magnet liberation using HPMS and short-loop magnet manufacturing to produce a high value rare earth NdFeB magnet with a very low carbon footprint. Furthermore, the agreement kick-starts operations on the ground, securing NdFeB inventory in advance of commissioning of the DFW hub, and will facilitate increased engagement in USA markets as we move towards project development.”

Graham Davy, ILS CEO, commented: “We are delighted to be formalising our longstanding partnership with HyProMag. Lifecycle Solutions will be using our infrastructure to procure nationally rare earth material from government, manufacturing, and businesses as well as other recycling sources. Our clients value HyProMag’s short-loop, low carbon solution whist retaining critical materials within the USA. Lifecycle Solutions will use its R2 accredited facilities in South Carolina, Nevada, to acquire and preprocess Rare Earth material for HyProMag USA. Magnets recovered from its subsidiary hard disk drive business will also be supplied.”

HyProMag USA Feasibility Study

The Feasibility Study includes the DFW Hub, and two pre-processing facilities located in South Carolina and Nevada respectively[iii]. In March 2025, HyProMag USA announced the expansion of the detailed engineering phase to include three HPMS vessels[iv] and that it was initiating concept studies for further expansion and complementary “Long Loop” recycling[v]. 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.[vi]

Ownership

HyProMag USA is owned 50:50 by CoTec and HyProMag Limited. HyProMag Limited 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 HyProMag

HyProMag is commercializing HPMS recycling technology in the UK, Germany and the United States. HPMS technology was developed at the Magnetic Materials Group (MMG) at 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 – HPMS provides this solution.

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 www.cotec.ca.

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, 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 Business Combination Agreement 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 www.mkango.ca

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 (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, 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

braam.jonker@cotec.ca

+1 604 992-5600

For further information on Mkango, please contact:

Mkango Resources Limited

William Dawes

Chief Executive Officer

will@mkango.ca

+1 403 444 5979

Alexander Lemon

President

alex@mkango.ca

www.mkango.ca

@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]

[iv]

[v] Conventional leach, extraction purification and precipitation process

[vi]

SOURCE: CoTec Holdings Corp.

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THUNDER BAY, ON / ACCESS Newswire / July 22, 2025 / Clean Air Metals Inc. (“Clean Air Metals” or the “Company“) (TSXV:AIR)(FRA:CKU)(OTCQB:CLRMF) is pleased to announce its upcoming 2025 summer drilling program aimed at testing the interpreted down-plunge extension of the Escape Deposit at its 100%-owned Thunder Bay North Critical Minerals Project (“TBN”). An initial 900-m hole, targeting one of three newly identified ‘ballroom-type’ coincident magnetic and conductivity anomalies, will commence this week. The program is designed to be scalable depending on results.

Escape Deposit Down-Plunge Extension Target

The Escape Deposit (“Escape”) is a key contributor to the Thunder Bay North (“TBN”) Project, representing approximately 40% of the total metal content of the estimated 14 million tonnes of indicated resources (NI 43-101 technical report on the Thunder Bay North Project, Ontario, Canada, SLR Consulting Canada Ltd, June 19, 2023) containing 2.4 million equivalent ounces of platinum.

The Escape down-plunge extension target (Figure 1) is believed to have the best potential for a major resource expansion within the Thunder Bay North project. The Company has been working on improving the target definition in this area since 2023, starting with the identification of a large untested magnetic anomaly that extends from the known Escape high-grade zone to a distance of 2.5 km (see August 29, 2023, News Release).

Figure 1. Airborne total magnetic intensity map with wireframes of Escape and Current conduits as determined from drilling. The Escape grid with seismic sensors is shown in white.

In the spring of 2025, the Company engaged an expert in Magnetotelluric (MT) geophysical surveys to reassess historical MT data for the extension target. The assessment identified three coincident magnetic and EM anomalies (Figure 2) that have strongly similar characteristics to the recently drill-confirmed high-grade ‘ballroom’ mineralization at the Current Deposit (see October 3, 2024 and April 15, 2025 News Releases). It also clearly identified the known mineralization at the Escape High-Grade zone, which provides additional confidence in these three targets.

Figure 2. Location of newly identified ‘ballroom-type’ coincident magnetic and conductivity anomalies within the modelled down-plunge extension of the Escape Deposit.

The initial drill hole and borehole EM survey is planned to test target BH 25-01 (Figure 3). This target coincides with the borehole EM anomalies identified from historical drill holes in this area. In addition, it lies ~300 metres to the east of the easternmost, drill-defined extent of the Escape Deposit that hosts the Escape High-Grade Zone. Highlights of the high-grade results disclosed in the October 29, 2020, News Release include:

• 96.0 m grading 1.63 g/t Pd, 1.22g/t Pt, 0.61% Cu and 0.34% Ni from 326.8 m downhole in hole ELR20-008, including 18.0 m of 3.20g/t Pd, 2.29g/t Pt, 1.17% Cu and 0.76% Ni from 391.8 m.

Figure 3. Traversal MT 2D sectionoutlining Target BH 25-01.

Clean Air Metals’ Vice President of Exploration, Lionnel Djon, commented. “The new geophysical assessments have delivered very appealing ‘ballroom-type’ drill targets in the Escape down-plunge extension area. We are excited to begin drill testing these targets that collectively represent the best opportunity for a significant expansion of the high-grade Thunder Bay North Pt-Pd-Cu-Ni sulphide mineralization.”

Update on Advancing the Thunder Bay North Project

The Company continues to work on a Preliminary Economic Assessment on the Thunder Bay North Project. This study is driven in part by the successful drilling programs in 2024 and early 2025, which expanded high-grade ballrooms at the Current Deposit, and provides confidence in the development of a robust, higher-grade production model that improves toll milling potential. The company has also increased activity on baseline environmental monitoring at the site, which will be critical to obtaining a permit for advanced exploration.

Mike Garbutt, CEO of Clean Air Metals, remarked, “The identification of geophysically-constrained drill-ready targets in the Escape down-plunge extension is an important breakthrough for the Company and gives us a tangible path forward to expanding the highest-grade components of the existing TBN global mineral resource. At a time that the broader market has realized the investment appeal of the PGEs, reflected in the recent appreciation in both platinum and palladium prices, we are excited to continue exploration for high-grade mineralization at Escape and to commence work on a new PEA study focusing on the higher-grade parts of both the Escape and Current deposits.”

Upcoming 2025 AGM

Clean Air Metals will hold its 2025 Annual General Meeting on July 29, 2025, at 1:30 p.m. EDT virtually at http://momentum.adobeconnect.com/cleanairagm2025/. Shareholders are encouraged to register their vote by Friday, July 25, 2025, at 1:30 p.m. EDT. The information circular, proxy forms and voting instructions can be found on the Company’s website at Annual General Meeting | Clean Air Metals Inc.

Qualified Person

Dr. Lionnel Djon, Ph.D., P.Geo., a Qualified Person under National Instrument 43-101 and Vice President of Exploration for the Company, has reviewed and approved all technical information in this press release.

About Clean Air Metals

Clean Air Metals is a development and exploration company advancing its flagship, 100% owned Thunder Bay North Critical Minerals (“TBN”) project, 40 km northeast of Thunder Bay, Ontario. The TBN project, accessible by road and next to established infrastructure, hosts two (2) deposits – the Current and Escape deposits, only 2.5 km apart. Together, the deposits host a 13.8 Mt indicated mineral resource containing 2.4M Pt eq. oz (Technical Report on the Thunder Bay North Project, Ontario, Canada, NI43-101, SLR Consulting Canada Ltd, June 19, 2023) with significant potential for expansion down-plunge.

One of the rare primary platinum resources outside of South Africa, the TBN project is in a stable and mining-friendly jurisdiction and benefits from longstanding relationships with local First Nations. With its proven technical team, Clean Air Metals is committed to growing the resources at the TBN project and creating long-term value for shareholders.

Social Engagement

Clean Air Metals Inc. acknowledges that the Thunder Bay North Critical Minerals Project is located within the area encompassed by the Robinson-Superior Treaty of 1850 and includes the territories of the Fort William First Nation, Red Rock Indian Band, Biinjitiwabik Zaaging Anishinabek and Kiashke Zaaging Anishinaabek. Clean Air Metals also acknowledges the contributions of the Métis Nation of Ontario, Region 2 and the Red Sky Métis Independent Nation to the rich history of our area. 

The Company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived, travelled, and gathered on the lands since time immemorial. Clean Air Metals is committed to stewarding Indigenous heritage and remains committed to building, fostering and encouraging a respectful relationship with First Nations, Métis and Inuit peoples based upon principles of mutual trust, respect, reciprocity and collaboration in the spirit of reconciliation.

ON BEHALF OF THE BOARD OF DIRECTORS

“Mike Garbutt“

Mike Garbutt, CEO of Clean Air Metals Inc.

Connect with us on X/ Facebook/ Instagram.

Visit www.cleanairmetals.ca for more information or contact:

Mia Boiridy
Director of Communications and Investor Relations
250-575-3305
[email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note

The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or, future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof, and the Company does not assume any obligation to update or revise them to reflect new events or circumstances except in accordance with applicable securities laws. Actual events or results could differ materially from the Company’s expectations or projections.

SOURCE: Clean Air Metals, Inc.

View the original press release on ACCESS Newswire

LAVAL – Alimentation Couche-Tard Inc. says it’s restarting its share buyback program after it announced last week that it had ended its efforts to acquire the owner of the 7-Eleven chain.

Laval, Que.-based Couche-Tard says the Toronto Stock Exchange had approved its program to buy back up to 10 per cent of outstanding shares that, based on its current price, represents about $5.8 billion in shares.

The company says the potential repurchasing of about 77.1 million shares is an appropriate use of its cash and an efficient way to create long-term shareholder value.

Couche-Tard had been keeping funds on-hand as it tried for more than a year to land a friendly takeover of Japan-based Seven & i Holdings Co. Ltd. in a deal that could have been worth more than $60 billion.

The company said last Wednesday it had withdrawn its proposal, citing a lack of constructive engagement from Seven & i.

Seven & i said it had engaged in good-faith discussions, but had also expressed concerns about antitrust hurdles and the broad shifts in the global economy that would challenge the prospects of any deal. 

This report by The Canadian Press was first published July 21, 2025.

Companies in this story: (TSX:ATD)

Dan Oberste is the CEO of BSR Real Estate Investment Trust, which is headquartered in Little Rock and trades on the Toronto Stock Exchange. (Steve Lewis)

In May 2024, the CEO of a Virginia company that owns more apartments than almost anyone in the United States made a cold call to the front desk of BSR Real Estate Investment Trust, a similar business headquartered in Little Rock’s Union Station.

About a year later, that phone call led to a whopping $618 million real estate deal that moved nine high-end apartment complexes in Texas from BSR’s portfolio into the hands of AvalonBay Communities. Maybe more importantly, the deal sent some of BSR’s early investors — and those investors’ rights to block some of BSR’s moves — to AvalonBay Communities.

BSR walked away from the transaction with a hefty pile of cash — some of which has already been spent to buy up more properties in Texas — as well as the freedom to send the company in a new direction, whatever that might be.

The ingredients are in place for other investors to take an interest in BSR, a company that trades publicly in Canada and owns thousands of high-end apartments in the desirable Texas market.

But BSR CEO Dan Oberste is careful when discussing BSR’s future, saying that selling off the company’s assets or going private are possible but so are boosting the stock price and increasing distributions to shareholders.

“BSR is for sale every day,” Oberste said, noting that any amount from one share in a company to the entire enterprise of a publicly traded company can be purchased at any time.

A Little Rock native, Oberste recalls working for BSR as a kid when it was a private company and painting the office walls for $6 an hour.

Today, Oberste is the CEO with total compensation of $1.7 million last year. While Oberste holds one of seven positions on the board, he describes himself as a professional manager whose objective is to drive shareholder return.

“You see this transition from, historically, a family business that is well-known in Little Rock to an institution run by professional managers,” Oberste said, comparing himself to a bus driver rather than an owner of the bus.

Oberste and the company’s management and board own around 6%-7% of the company. That’s a small amount of the overall pie but an “astronomically high number” compared with the typical percentage, which is less than 1%, BSR CFO Thomas Cirbus said.

BSR is a real estate investment trust, a type of company that owns income-producing real estate — like residential or commercial rental units — and pays dividends to shareholders from the income on those properties. REITS, as they are known, were created by Congress in 1960 as a way to allow retail investors to invest in large-scale real estate developments that might not otherwise be within reach.

Oberste said the management team can drive shareholder return by increasing distributions, which he said have risen by about 11% since the company went public in 2018, or by improving the value of the stock.

“If someone comes along and offers management the ability to maximize the shareholder return while mitigating the risk involved with time and execution, then it’s our job to assess that and advise the board and recommend what the company should do,” he said.

Project Cowboy

Part of BSR’s value in 2025 lies in the deal with AvalonBay Communities, because it gives the company more freedom, which had been limited due to its history as a private company.

In 1956, BSR was founded as a private company known as Bailey Corp., which went on to develop Little Rock neighborhoods such as Foxcroft and St. Charles as well as the Pavilion in the Park shopping center on Cantrell Road.

In the 1990s, John Bailey took over the company, renamed Bailey Properties in 1998, and focused on multifamily apartments with complexes in Little Rock and others in surrounding states.

In 2013, Bailey Properties merged with Summit Housing Partners LLC of Montgomery, Alabama, and changed its name to BSR Trust LLC. The company’s headquarters briefly moved to Montgomery before returning to Little Rock in the Union Station train station.

About seven years ago, BSR wanted to go public, but with about 7,000 units in its portfolio, the company is small by REIT standards. By comparison, AvalonBay Communities has more than 94,000 apartments and is the third-largest owner of apartments in the country.

BSR was too small for the New York Stock Exchange, so the company opted for the Toronto Stock Exchange and went public in May 2018. Oberste, who became the CEO about four years later, said the move made sense as BSR would take the place of another REIT that left the exchange, giving Canadians an opportunity to invest in real estate in the U.S. Sunbelt.

One issue for BSR was that the founding members of the company held certain rights, including the right to block certain major transactions. Known as the Bailey-Hughes affiliates, those investors controlled about 40% of the company when it went public and had the right to appoint up to three board members.

The sale this year, dubbed “Project Cowboy” by BSR, occurred in two transactions. The first sale included 857 units in the Austin area for $187 million. The second included 1,844 units in the Dallas area for $431.5 million.

The transaction also gave the Bailey-Hughes affiliates, as well as other investors who had been with the company since before it went public, an option to move to AvalonBay. After the deal, the Bailey-Hughes affiliates’ portion of BSR fell from 40% to 13%, eliminating their blocking rights. Their board-appointment rights were reduced from three board members to one.

“When you’ve got one hand tied behind your back, it makes it difficult to market that stock, because a lot of stock buyers want to buy a small REIT in hopes that it will privatize,” Oberste said.

The deal, which would have ranked No. 3 on Arkansas Business’ list of the biggest deals involving Arkansas companies in 2024, has also been good for the stock price. As of mid-July, BSR’s stock price had risen about 12.5% since the deal was announced in February.

One market analyst called the deal “transformational” and others have spoken favorably of the transaction. Several analysts noted BSR trades at a “discount” compared with its net asset value, suggesting the stock is more valuable than the company’s stock price suggests.

Lone Star Living

When BSR went public, it began to focus on Texas, a plan that has proved advantageous with the surge in Texas’ population in recent years. Last year, the U.S. Census Bureau estimated that Texas gained 562,941 residents, more than any other state.

As Texas has grown, so has the desirability of BSR’s real estate, putting the company in an enviable spot, Oberste says.

“We’ve got something that a lot of people want,” he said. “And that’s brand-new suburban Class A apartments in Texas — in Dallas, Austin and Houston.”

To understand BSR’s position, it’s important to understand some geographic trends across the Arkansas border. In simplest terms, people keep moving to Texas and BSR owns thousands of high-end apartments in the state’s fastest-growing cities.

The company also owns 649 similar apartments in Oklahoma City and 304 in Little Rock, although BSR’s three Arkansas properties aren’t indicative of its fancier holdings outside the state.

According to the Texas Demographic Center, the state’s population has grown from about 29 million in 2020 to 31.6 million this year. That’s about a 9% increase in five years, according to the state agency’s most conservative estimate. The population could be as high as 36 million in 10 years and 40.6 million in 20 years, the state estimated.

But most of the growth in Texas has come in the state’s major metropolitan areas, specifically concentrated in the triangle between Dallas, Austin and Houston.

After the sale to AvalonBay, BSR bought two properties in the Houston area. The acquisitions show what type of properties BSR is interested in. Forayna Vintage Park in Houston has 350 apartment suites, and the population in a 3-mile radius has an average household income of $109,262. The company also bought Botanic Luxury, located in the Houston suburb of Spring, which has 288 apartment suites with a surrounding household income of $95,518.

The company would like to buy another property in Dallas in the next three or four months.

In total, BSR owns 6,802 units across 25 properties in Arkansas, Oklahoma and Texas, but the Texas units are the real prize. The company has 2,874 units in the Houston area with an average monthly rent of $1,525, 1,658 units in the Dallas area with an average rent of $1,538 and 1,317 units in the Austin area with an average rent of $1,554. In Texas, BSR had an occupancy rate of 96.1% at the end of the first quarter this year.

The rental units are more valuable in the context of the high hurdles to home ownership. Oberste estimated buying a house in BSR’s core markets in Texas would require an $89,000 down payment and mortgage payments of $2,900 a month.

Apartments are more affordable by comparison, and a slowdown in home construction suggests that dynamic won’t change, Oberste said. A report from the National Association of Homebuilders in June showed housing permits have been down for several months this year both nationally and in Texas, including dips in the Houston, Dallas and Austin areas.

Oberste said the decision to trade publicly in Canada made sense for the company in 2018 and it still has some advantages,  noting “political instability” and “tribalism” in the United States. But Oberste added that Canada “doesn’t have to be the permanent domicile for our company.” He said it’s hard for him to see a long-term path for the company on the Toronto exchange.

If the management team thought they could make more money for the shareholders by being traded in the United States, they would consider doing it, he said.

Publicly traded Bitcoin ecosystem company Matador Technologies plans to acquire up to 6,000 Bitcoin by 2027 under a board-approved treasury strategy.

In a recent press release, Matador Technologies confirmed that its board has approved a long-term plan to scale its Bitcoin holdings significantly. As part of this strategy, the company has set an interim target of holding 1,000 BTC by the end of 2026. 

Matador currently holds 77.4 BTC, and its goal here is to accumulate 1% of Bitcoin’s total supply, thereby positioning itself among the top 20 corporate holders globally.

To support this strategy, Matador has filed a preliminary CAD $900 million base shelf prospectus with Canadian securities regulators. If fully utilised and market prices remain stable, this funding could allow the company to acquire close to 6,000 BTC.

However, the firm clarified that this target is illustrative and dependent on prevailing market conditions, regulatory approvals, and investor interest.

Funding for the accumulation will come from multiple sources. These include at-the-market equity offerings, convertible financings, the sale of non-core assets, Bitcoin-backed credit facilities, and potential acquisitions or partnerships. 

Matador will evaluate each Bitcoin purchase based on price, timing, and capital impact, with a focus on maximising Bitcoin per share, the release added.

“Our future plans to accumulate Bitcoin are designed to establish long-term stability on our balance sheet while reducing exposure to inflationary risk. Execution is subject to financing, market conditions, and regulatory approval,” Matador’s Chief Visionary Officer, Mark Moss, was quoted as saying.

The company’s broader Bitcoin strategy is structured around a self-reinforcing “compounding flywheel.” 

It involves four components: accumulating Bitcoin, generating treasury yields through volatility-based mechanisms and synthetic mining, launching Bitcoin-denominated financial products, and investing in ecosystem partners across infrastructure and DeFi sectors.

Matador’s leadership believes this approach can provide both long-term financial stability and exposure to Bitcoin’s upside.

Headquartered in Canada, Matador Technologies operates as a publicly traded Bitcoin-focused company across multiple markets. 

Its shares are listed on the TSX Venture Exchange under “MATA,” the OTCQB under “MATAF,” and since June 2025, on the Frankfurt Stock Exchange under the ticker “IU3.”

The Canadian blockchain and Bitcoin technology firm recently expanded into India through a minority investment in HODL Systems, one of the country’s first digital asset treasury companies. The firm secured up to a 24% ownership stake, marking a strategic entry into a region where corporate Bitcoin adoption is gaining traction.

With the new treasury roadmap in place, Matador joins a growing list of public companies embracing multi-year Bitcoin accumulation strategies. Every day, public firms all across the globe are turning to Bitcoin as a reserve asset in response to inflation concerns and monetary debasement.

Several other companies have laid out similar multi-year Bitcoin accumulation strategies. 

U.S.-based med tech company Semler Scientific, for instance, is planning to acquire roughly 105,000 BTC by the end of 2027. The firm has hired a director of Bitcoin strategy and plans to fund purchases through a mix of equity, debt, and operational cash flow.

Tokyo-listed Metaplanet has also moved aggressively. It has already surpassed its 2025 target of holding 10,000 BTC and is now progressing toward its goal of accumulating 210,000 BTC by the end of 2027.