CoTec Holdings reported a net loss of $7.6 million for the three months ended June 30, 2026, driven largely by non-cash accounting provisions, finance expenses and equity-method joint venture losses. For the six-month period ended June 30, 2026, the net loss reached $10.3 million.

The quarterly financial filing details ongoing operational progress across CoTec’s portfolio. At the HyProMag USA joint venture, where CoTec holds a 60.3% interest, the company has taken occupation of the approximately 125,000-square-foot Texas Hub facility at Ironhead Commerce Center in Denton County, Texas. Procurement has started for critical-path long-lead equipment, including HPMS vessels and finishing machinery, supporting a target for commercial production in the second half of 2027.

“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.”

— Julian Treger, CoTec CEO

For its iron ore assets, CoTec is advancing the Lac Jeannine tailings project in Quebec, Canada, under a 100% option. A Preliminary Economic Assessment completed in May 2026 indicated an after-tax NPV of US$92 million and an after-tax IRR of 29.6%, supported by a Mineral Resource Estimate that represented a 41% increase over the resource underlying the 2024 PEA. Life of mine was extended to 15 years with total life-of-mine concentrate production of 5.4 million tonnes. The company released a mid-project update on the Lac Jeannine feasibility study in June 2026, with final completion expected during Q2 2027.

During the quarter, CoTec strengthened its financial position by raising gross proceeds of $19.1 million through the exercise of 16,062,749 warrants. The company also settled $2.6 million of principal under a convertible loan agreement through the issuance of common shares and executed subsequent loan conversions.

Read the full announcement: CoTec Holdings Corp. Files Second Quarter Financial Statements and MD&A