CoTec Progresses Toward Feasibility Study at Lac Jeannine

CoTec Holdings Corp. is moving toward a definitive feasibility study for its Lac Jeannine Mine Tailings Reclamation and Restoration Project in Québec. The company recently released a mid-project update detailing engineering work conducted by BBA on the site.

The project aims to supply the market with a 67% total Fe iron concentrate. This grade qualifies as a critical and strategic mineral under both Québec and federal critical mineral initiatives. Recent updates to the Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA) have adjusted the project's economic profile, increasing the after tax NPV to US$91.9M and its IRR to 29.6%. These figures are based on a 15-year life of mine and do not include potential upside from an additional 28 million tonnes of exploration material or the use of Salter gravity separation technology.

The technical path forward focuses on de-risking the transition from PEA to the Feasibility Study (FS) and Environmental Impact Assessment (EIA) submission. A gap analysis on the 2024 PEA by BBA has provided this path. CoTec is also developing an environmental permitting roadmap to target an EIA submission by Q2 2027. The Feasibility Study itself is expected to be completed during Q2, 2027.

The project's value rests on its ability to produce direct reduction (DR) iron concentrates. Initial metallurgical tests at Corem have produced these concentrates, which would maintain the project's critical mineral status. Ongoing work includes verifying an updated beneficiation circuit and completing a site preliminary layout for tailings disposal within the historical pit.

CoTec is managing regulatory and social requirements through engagement with Federal and Provincial government agencies, as well as the Innus of Pessamit and Uashat mak Mani-Utenam (ITUM) First Nations Communities.

The shift from reclamation to a formal Feasibility Study indicates that CoTec is attempting to turn historical tailings into a structured industrial asset. The success of this project depends on meeting the Q2 2027 submission targets and maintaining the metallurgical integrity of the iron concentrate.

Can CoTec successfully bridge the gap between environmental baseline studies and a completed Feasibility Study by the 2027 deadline?