Cove Kaz Capital Group Announces Termination of Business Combination Agreement With Skyline Builders Group Holding Limited and New Equity Funding Commitment

Pini Althaus, Executive Chairman of Cove Kaz

“We appreciate the collaborative work with the Skyline team throughout this process. We believe terminating the business combination agreement was in the best interests of both companies. The new capital commitment represents a 76% uplift in our valuation compared with the prior agreement with Skyline, demonstrating investor recognition of the progress we are making towards developing this generational tungsten project in Kazakhstan and the structural need for new primary tungsten production to the global economy. The additional capital will fund engineering and construction-related work to shorten our time to production.”

Pini Althaus, Executive Chairman of Cove Kaz

“Increasing demand from defense, technology, and advanced manufacturing, coupled with Chinese export controls and constrained Ex-China supply, drove benchmark tungsten (APT) prices to record highs earlier this year. According to AsiaMetals, the APT price in warehouse in Rotterdam remains around $280,000 per metric tonne, compared with $33,500/t in 2024 and $50,000/mt in 2025.”

Pini Althaus, Executive Chairman of Cove Kaz

“The tungsten market commands the development of Northern Katpar and Upper Kairakty, a tier-one generational tungsten project with an anticipated mine life exceeding fifty years. In the last decade, the United States has no domestic tungsten mine production and new Pentagon procurement restrictions on Chinese-origin tungsten take effect in January 2027.”