CoTec Holdings Enters Into Non-Binding Framework Agreement With Battery Mineral Resources

12:18 PM EDT, 10/15/2026 (MT Newswires) -- CoTec Holdings (CTH.V) entered into a non-binding framework agreement with Battery Mineral Resources (BMR.V) to evaluate and develop opportunities to increase copper production and "unlock value" from lower-grade sulphide mineralization and tailings at Battery Mineral Resources' Punitaqui mining district in Chile, the companies said on Thursday. The companies plan to evaluate the potential application of CoTec technologies to Punitaqui's existing resource base, lower-grade sulphide mineralization and tailings to identify additional growth potential and development opportunities. "The agreement establishes a structured pathway toward the potential formation of a Strategic Economic Joint Venture, subject to the completion of technical and economic evaluations and the negotiation of definitive agreements," said the statement. Under the proposed Strategic Economic Joint Venture, Battery Mineral Resources would retain 100% ownership and economic benefit of its existing Punitaqui operation, while CoTec and Battery Mineral Resources would each have a 50% economic participation in the incremental production and value generated through the application of CoTec technologies and any qualifying new development opportunities, said the statement. CoTec is expected to cover the third-party costs of the initial assessment and testing activities it approves, added the statement. "By leveraging Punitaqui's existing infrastructure and operating base, we believe there is potential to unlock meaningful incremental value with a lower risk profile than greenfield development," said CoTec Chief Executive Officer Julian Treger. "The framework is straightforward and aligned: BMR retains the value of its existing business while both parties share equally in the value created through future development opportunities." CoTec shares were last seen down CA$0.05. or 4%, to CA$1.18, while Battery Mineral Resources shares last traded Oct. 14, closing at CA$0.17 on the TSX Venture Exchange. Price: 1.18, Change: -0.05, Percent Change: -4.07