CoTec, BMR Enter Non-Binding Framework for Potential Punitaqui Joint Venture
CoTec Holdings and Battery Mineral Resources will assess potential copper production and development opportunities at BMR’s Punitaqui mining district under a non-binding framework agreement.
CoTec Holdings Corp. and Battery Mineral Resources Corp. have entered into a non-binding framework agreement to assess additional copper production and development opportunities at the Punitaqui mining district in Chile. The proposed work would examine the use of technologies identified, sourced or made available by CoTec.
The framework creates a pathway toward a potential Strategic Economic Joint Venture. Its formation remains subject to technical and economic evaluations, followed by negotiations on definitive agreements.
The parties plan to evaluate BMR’s existing resources, lower-grade sulphide mineralisation, historical and active tailings, and other opportunities across the Punitaqui district. The assessment will consider copper recovery, recovery improvements, additional production opportunities and possible new development projects.
BMR would contribute its producing copper operation, infrastructure, permits, workforce and resource base. CoTec would provide capabilities in technology identification and sourcing, resource optimisation, project development and financing.
Under the proposed framework, BMR would retain 100% ownership and economic benefit from its existing Punitaqui operation. This would include current resources, production and mine plans, measured against a baseline that the parties have yet to agree.
CoTec and BMR would each receive 50% economic participation in incremental production and value generated through the application of CoTec technologies. The same proposed split would apply to qualifying new development opportunities identified through CoTec’s technology-related activities.
The initial programme is expected to include metallurgical testing and preliminary technical and economic evaluations. The work will examine whether additional copper can be recovered from tailings, assess lower-grade mineralisation, consider improvements in recoveries and evaluate potential new copper production streams.
CoTec is expected to cover third-party costs for initial assessment and testing activities that it approves. The framework agreement is non-binding apart from provisions covering exclusivity, confidentiality and other customary matters. Further terms apply to the proposed transaction.
After the technical, metallurgical and economic work is completed, the companies intend to negotiate definitive agreements for the proposed Strategic Economic Joint Venture and qualifying opportunities within the Punitaqui district. The potential joint venture remains subject to completion of those evaluations and the negotiation of those agreements.
CoTec Chief Executive Officer Julian Treger said the company sees opportunities to apply its resource optimisation and processing solutions to existing resources, lower-grade sulphides and tailings at Punitaqui.
Battery Mineral Resources Chief Executive Officer Lazaros Nikeas said the company intends to assess lower-grade sulphide mineralisation, tailings and other opportunities across the district alongside CoTec.
CoTec Holdings Corp. trades on the TSXV under CTH and on the OTCQX under CTHCF. Its stated focus includes rare earth magnets, strategic materials and technologies applied to marginal assets, tailings, waste streams and recycled products.
Battery Mineral Resources Corp. operates the Punitaqui Mining Complex in Chile’s Coquimbo region. Its portfolio also includes 100%-owned ESI Energy Services Inc. and North American mineral exploration assets. BMR trades on the TSXV under BMR and on the OTCQB under BTRMF.
The companies said the proposal involves forward-looking information and that actual results could differ materially from current expectations. Risks identified include technical and metallurgical issues, the possibility that definitive agreements may not be completed, and the possibility that the proposed technologies may not achieve anticipated results.
Other risks include resource and reserve uncertainty, environmental risks and costs, permitting requirements and delays, financing availability, changes in commodity prices and operating costs, labour costs and shortages, equipment availability, project delays, cost overruns and extreme weather conditions.
The companies also identified assumptions concerning continued cooperation, the availability and effectiveness of CoTec technologies, completion of the technical and economic evaluations, necessary financing, applicable commodity prices and operating costs, and required regulatory and permitting approvals.
CoTec and Battery Mineral Resources have entered a non-binding framework for a potential Strategic Economic Joint Venture at Punitaqui in Chile.
The parties will assess copper recovery, lower-grade sulphide mineralisation, tailings and possible new production or development opportunities.
BMR would retain 100% ownership and economic benefit of its existing Punitaqui operation under the proposed structure.
CoTec and BMR would each have 50% economic participation in qualifying incremental production and value created through CoTec technologies and related new opportunities.
The potential joint venture remains subject to technical and economic evaluations and the negotiation of definitive agreements.
CoTec Holdings Corp. and Battery Mineral Resources Corp. announced a non-binding framework agreement establishing a pathway towards a potential Strategic Economic Joint Venture at BMR's Punitaqui mining district in Chile. The proposed partnership would evaluate ways to increase copper production and unlock value from lower-grade sulphide mineralization and tailings using technologies identified, sourced or made available through CoTec.
CoTec Holdings Corp. and Battery Mineral Resources Corp. announced the framework agreement on 15 October 2026. It covers an initial assessment and testing programme, followed by the potential negotiation of definitive agreements for a Strategic Economic Joint Venture and qualifying opportunities within the Punitaqui district.
The framework agreement between CoTec Holdings Corp. and Battery Mineral Resources Corp. is non-binding, except for certain provisions relating to exclusivity, confidentiality and other customary matters. The proposed Strategic Economic Joint Venture remains subject to technical and economic evaluations and the negotiation of definitive agreements.
Battery Mineral Resources Corp. would retain 100% ownership and economic benefit of its existing Punitaqui operation, including current resources, production and mine plans, based on a baseline to be agreed by the parties. CoTec Holdings Corp. and BMR would each have a 50% economic participation in incremental production and value generated through CoTec technologies and qualifying new development opportunities identified through CoTec's technology-related activities.
The parties will assess opportunities to increase copper recovery, evaluate lower-grade mineralization, recover additional copper from historical and active tailings, improve recoveries and identify additional production or development opportunities. The programme is also intended to evaluate new copper production streams across the Punitaqui mining district.
The initial programme includes metallurgical testing and preliminary technical and economic evaluations. These activities will cover historical and active tailings, lower-grade mineralization, recovery improvements, additional growth potential and new development opportunities.
CoTec Holdings Corp. is expected to bear the third-party costs of initial assessment and testing activities approved by CoTec. The source does not state that CoTec will fund all future development or financing requirements.
CoTec Holdings Corp. is responsible for identifying and sourcing technologies and brings capabilities in resource optimisation, project development and financing. Its stated business focus includes rare earth magnets and strategic materials, with technologies applied to marginal assets, tailings, waste streams and recycled products.
Battery Mineral Resources Corp. contributes its producing Punitaqui copper operation, established infrastructure, permits, workforce and resource base. BMR operates the Punitaqui Mining Complex in Chile and also has 100%-owned ESI Energy Services Inc. and North American mineral exploration assets.
CoTec CEO Julian Treger said the parties believe there are opportunities to increase copper production and unlock value by applying CoTec's resource optimisation and processing solutions to existing resources, lower-grade sulphides and tailings. BMR CEO Lazaros Nikeas said the company believes there is potential to create additional value through evaluating lower-grade sulphide mineralization, tailings and other opportunities across the district.
CoTec Holdings Corp. is listed on the TSXV under CTH and on the OTCQX under CTHCF. Battery Mineral Resources Corp. is listed on the TSXV under BMR and on the OTCQB under BTRMF.
The companies identified risks including technical and metallurgical issues, the possibility that definitive agreements may not be entered into, technologies failing to achieve anticipated results, resource and reserve risks, environmental costs, permitting requirements and delays, financing availability, changes in commodity prices and operating costs, labour costs and shortages, equipment availability, project delays, cost overruns and extreme weather conditions. They also stated that the proposed evaluations, technology deployment, project development and financing involve forward-looking information and that actual results could differ materially from those anticipated.