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CoTec Holdings Corp. Files Second Quarter Financial Statements and MD&A
- CTHCF
- CTH
VANCOUVER, BC /ACCESS Newswire/ August 13, 2026 /CoTec Holdings Corp. (TSXV:CTH)(OTCQX:CTHCF) (“CoTec” or the “Company”) is pleased to announce that it has filed its unaudited interim condensed consolidated financial statements and the accompanying management discussion and analysis (“MD&A”) for the three and six months ended June 30, 2026. The financial statements and MD&A can be accessed under the Company’s SEDAR profile at www.sedarplus.ca.
Julian Treger, CoTec CEO, commented, “CoTec continues to make strong progress in the roll out of its operations. At HyProMag USA, we have taken occupation of the Texas-based leased property that will house Plant 1 and CoTec has commenced the ordering of the long lead equipment, a reflection of our confidence in the future success of the project. We are making continued progress in securing feedstock and offtake for HyProMag USA and will announce further details in due course.
“The execution of Lac Jeannine remains on track and following the announcement of our positive updated preliminary economic assessment, we are well underway in the completion of the groundwork required for the full feasible study, expected by mid-2027.
“We are very encouraged by the recent developments at MagIron, where we now have a pathway to both direct reduction pellet and pig iron production which we believe could add significant value to the value proposition of MagIron and our investment. MagIron is in the process of engaging with potential customers and possible financing partners for the re-start of its operations.”
The Company announced a net loss for the three months ended June 30, 2026 of $7.6 million including G&A expenses and professional fees totaling $1.5 million, and the remainder largely attributable to accounting provisions including a $1.4 million provision for proportionate share of loss of associate and joint venture accounted for using the equity method of accounting, finance expense of $4 million mostly representing non-cash accounting provision applied to the HyProMag USA receivable, a loss on settlement of convertible loans of $568k and stock based compensation of $1.1 million, partially offset by a $106k gain on equity investments and $333k finance income.
Net loss for the six months ended June 30, 2026 was $10.3 million, compared to cash used in operating activities prior to changes in non-cash working capital balance of $2.8 million with the difference largely due to accounting provisions similar in nature to the above.
