Cove Kaz Capital Group Announces Termination of Business Combination Agreement With Skyline Builders Group Holding Limited and New Equity Funding Commitment
Following the funding round, existing members and Kaz Resources would hold approximately 70% of Cove Kaz, and Skyline approximately 26%.
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- Cove Kaz and Skyline Mutually Terminate Previously Announced Business Combination Agreement
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New Equity Funding Commitment of
$32 Million $2 Billion
The Company has also secured a new capital commitment from American Ventures, LLC of
Commenting on these developments, Executive Chairman of Cove Kaz Pini Althaus said: “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
Mr. Althaus continued, “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
“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 Company also plans to convert to a
No Offer or Solicitation
This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities to be issued in connection with the equity funding described in this press release have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in
About Cove Kaz Capital Group LLC
Cove Kaz Capital Group LLC is a U.S.-based critical minerals development company focused on advancing strategic critical minerals resource projects in Kazakhstan. On April 29, 2026, the company acquired a 70 percent controlling interest in Severniy Katpar LLP, a joint venture with Kazakhstan’s national mining company Tau-Ken Samruk, which retains the remaining 30 percent.
Through this partnership, Cove Kaz will be developing the Northern Katpar and Upper Kairakty tungsten deposits, among the largest undeveloped tungsten resources globally. Project development is guided by Kazakhstan’s regulatory framework and international standards for environmental protection, health and safety, and responsible mining practices. The project is advancing through feasibility, permitting, and development toward commercial production, with the objective of establishing a long-term, secure supply of tungsten to support critical industrial and high-technology applications in the United States and global markets.
The project is also expected to contribute to Kazakhstan’s economic development through infrastructure upgrades, job creation, development of local expertise, technology transfer, tax revenues, and broader integration of Kazakhstan into global critical minerals value chains. For more information, please visit: https://www.kazresources.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “think,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “seeks,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, but are not limited to: the anticipated timing of Skyline’s release of the “KAZR” ticker symbol; the anticipated completion, timing, and amount of the equity funding commitment described above and its anticipated use of proceeds; the resulting implied valuation and post-transaction share count; the proposed conversion to a Delaware corporation and combination with certain Cove Capital LLC assets and related regulatory approvals; anticipated demand for tungsten and related pricing trends; the anticipated mine life, development timeline, and production plans for the Northern Katpar and Upper Kairakty projects; anticipated regulatory, defense-procurement, and index-eligibility developments; and the anticipated economic impact of the project in Kazakhstan. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, many of which are beyond the Company’s control, and actual results may differ materially from those expressed or implied by such statements. These risks and uncertainties include, among others: that the equity funding commitment described in this release is subject to the satisfaction of customary closing conditions and may not be completed on the anticipated terms or at all; that tungsten prices and demand may fluctuate or decline; that development, feasibility, permitting, and production timelines for the Northern Katpar and Upper Kairakty projects may be delayed or not achieved; and that anticipated regulatory approvals, defense-procurement developments, or index eligibility may not occur as anticipated or at all. Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261102171170/en/
Media Contact:
For further information, please contact:
Jack Kelleher
covekaz-cs@collectedstrategies.com
Investor Contacts:
Lynn Morgen
lynn.morgen@advisiry.com
Eric Prouty
eric.prouty@advisiry.com
Source: Cove Kaz Capital Group LLC