Preparatory work for project execution phase to commence at HyProMag USA's Dallas-Fort Worth site, with the lease now fully in effect
Parallel advancement of detailed engineering, procurement, feedstock sourcing and customer engagement efforts
DALLAS-FORTH WORTH, TX / ACCESS Newswire / June 3, 2026 / HyProMag USA, LLC ("HyProMag USA" or the "Company"), a U.S.-based rare earth magnet recycling and manufacturing company, today announced that it has taken occupation of its approximately 125,000-square-foot Dallas-Fort Worth facility for what is expected to become the Company's first integrated rare earth magnet recycling and manufacturing hub in the United States.
The facility, located at Ironhead Commerce Center in Denton County, Texas, will serve as the central hub of HyProMag USA's domestic rare earth magnet recycling platform and support the Company's broader hub-and-spoke strategy, which includes established feedstock pre-processing operations in South Carolina and Nevada at Intelligent Lifecycle Solutions ("ILS") sites.
With the lease now in effect, HyProMag USA will begin establishing an operational presence at the site, including installation of communications infrastructure, security systems and other foundational requirements to support project execution activities.
Julian Treger, CEO of CoTec Holdings Corp (supporting HyProMag USA), commented: "Taking occupation of the Texas Hub is transformational for HyProMag USA. With the facility now under our control, our focus is on advancing detailed engineering, securing long-lead equipment, expanding feedstock and offtake partnerships of what we believe will become a cornerstone of the domestic rare earth magnet supply chain. The facility is strategically located in the heart of the Dallas-Fort Worth innovation corridor with excellent access to transportation, logistics and critical infrastructure. We are excited to begin establishing our presence at the site and advancing the project toward construction and commissioning."
Will Dawes, CEO of Mkango Resources and Director of HyProMag USA, commented "We are excited to announce this further milestone as we advance towards project development in USA. HyProMag USA is well positioned as a future magnet producer with significant competitive advantages, underpinned by domestic feedstock derived via its proprietary HPMS and Inserma technologies in conjunction with ILS, as well as the opportunity to leverage off existing HyProMag recycling and magnet manufacturing operations in UK and Germany."
The Dallas-Fort Worth facility is expected to utilize HyProMag's patented Hydrogen Processing of Magnet Scrap ("HPMS") technology to recover and manufacture neodymium-iron-boron ("NdFeB") rare earth magnets from end-of-life products and manufacturing scrap.
Once fully operational, the facility is expected to manufacture approximately 941 metric tons per annum of recycled sintered neodymium-iron-boron ("NdFeB") magnets and 611 metric tons per annum of associated NdFeB co-products (total payable capacity - 1,552 metric tons NdFeB) over a 40-year operating life supporting growing demand from sectors including artificial intelligence infrastructure, robotics, electric vehicles and advanced manufacturing.
The U.S. buildout is expected to create approximately 90 to 100 skilled jobs and play an important role in strengthening domestic supply chains for rare earth magnets and critical materials in the United States.
A flyover of the facility location and recent 3D Plant model can be viewed here: https://www.youtube.com/watch?v=xNmJF3Hh1Mk
About HyProMag USA
HyProMag USA is developing advanced rare earth magnet recycling and manufacturing operations to establish a secure domestic U.S. supply chain for NdFeB magnets, essential components for AI infrastructure, defense systems, robotics, electric vehicles, and advanced electronics. Leveraging the revolutionary HPMS technology, developed over 15 years by the Magnetic Materials Group at the University of Birmingham with more than $100 million in R&D investment, the company delivers faster magnet-to-magnet short-loop recycling that uses 88% less energy and reduces carbon emissions by 85% compared to conventional methods. HPMS accepts a wide range of magnet-bearing feedstocks - including end-of-life EV motors, data-center, and industrial equipment, consumer electronics, and manufacturing scrap - enabling recovery of magnet-grade material without chemical processing. Selected by the U.S. Department of State as a Minerals Security Partnership project, HyProMag USA is targeting 10% of U.S. domestic magnet supply within five years, ensuring supply chain security and resilience for technologies critical to national defense and economic competitiveness.
Ownership
HyProMag USA LLC is owned 50:50 by CoTec Holdings Corp. (TSXV: CTH; OTCQX: CTHCF) ("CoTec") and HyProMag Limited. HyProMag Limited is 100% owned by Maginito Limited which is owned on a 79.4%/20.6% basis by Mkango Resources Ltd. (AIM/TSX-V: MKA) and CoTec.
For more information, please visit www.hypromagusa.com
For further information, please contact:
John Singleton - Director - john.singleton@hypromagusa.com
Will Dawes - Director - will.dawes@hypromagusa.com
Eugene Hercun - Company Communications - +1 604 537 2413
Media Enquiries - hypromag@icrinc.com
Forward-Looking Information Cautionary Statement
Statements in this press release regarding the Company and its investments which are not historical facts are "forward-looking statements," which involve risks and uncertainties, including statements relating to the Texas Hub, the Feasibility Study, potential future employment and production, the entering of the lease agreement for the Texas Facility, the revised Project valuation, revised capex estimates, revised production numbers, and the benefits to the Company, which may be implied from such statements.
Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to known and unknown risks and uncertainties affecting the Company, including but not limited to: resource and reserve risks; environmental risks and costs; permitting and regulatory risks; labor costs and shortages; uncertain supply and price fluctuations in materials; increases in energy costs; labor disputes and work stoppages; equipment leasing and availability; heavy equipment demand and availability; contractor and subcontractor performance; worksite safety issues; project delays and cost overruns; extreme weather events; and social, transport, or geopolitical disruptions.
The Company assumes no obligation to update forward-looking statements in this press release except as required by law. Readers should not place undue reliance on the forward-looking statements and information contained in this news release.
SOURCE: HyProMag USA
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/metals-and-mining/hypromag-usa-to-commence-preparatory-work-for-project-execution-phase-at-dallas-f-1172939
