HyProMag USA LLC

HyProMag USA LLC ('HyProMag USA') is a Delaware-based company that is jointly owned by CoTec Holdings Corp. (TSXV: CTH; OTCQB: CTHCF) (“CoTec”), and Maginito Limited ('Maginito'), which will roll out HyProMag Limited’s (“HyProMag”) Hydrogen Processing of Magnet Scrap (“HPMS”) recycling technology into the United States. HyProMag USA, plans to develop a low cost, low carbon, sustainable rare earth magnet recycling and production business underpinned by HPMS. HyProMag has sublicenced the HPMS technology to HyProMag USA.

HyProMag was founded in 2018 by the late Professor Emeritus Rex Harris, former Head of The Magnetic Materials Group (“MMG”) within the School of Metallurgy and Materials at the University of Birmingham; Professor Allan Walton, current Head of the MMG; and two Honorary Fellows, Dr John Speight and Mr David Kennedy, leading world experts in the field of rare earth magnetic materials, alloys and hydrogen technology, with significant industry experience.

The core technology being commercialised by HyProMag USA is the highly energy efficient, patented HPMS technology to extract and demagnetise NdFeB (neodymium iron boron) alloy powders from magnets embedded in scrap and redundant equipment.