Kaz Resources Inc. (KAZR) targets 12,000t annual tungsten output in Kazakhstan

Rhea-AI Filing Summary

Kaz Resources Group plans to combine with Skyline Builders Group to create Kaz Resources Inc., a tungsten and critical minerals company expected to trade on NASDAQ under the ticker KAZR. The group holds a 70% interest in Severniy Katpar LLP, which controls two near-surface tungsten deposits in Central Kazakhstan with a combined 1.4 million tonnes of WO₃, positioned as one of the largest tungsten resources outside China.

The operation targets annual tungsten production of 12,000 metric tonnes, about 15% of current global mine output, over an estimated 50+ year mine life, with anticipated cash costs of roughly $100/mtu. Indicative government-backed funding totals up to USD $1.6B via EXIM and DFC letters of interest. At closing, the combined company is expected to have about 421 million shares outstanding and roughly 490 million fully diluted including earnouts and Skyline warrants, with Cove Kaz/Kaz Resources Group owning 72.5% and Skyline public shareholders 27.5% post earnout. A Definitive Feasibility Study on Northern Katpar is underway, with initial APT production targeted for 2031.

Filing Explained

The project remains before final investment decision; its reported 1.4 million-tonne resource is not yet verified under S-K 1300.

This Form 425 communication places the proposed Skyline combination before completion and the Northern Katpar project before a final investment decision: the definitive feasibility study is underway and targeted for completion by the end of 2027.

The disclosed 1.4 million tonnes of WO3 is presented as a JORC geological resource that is not yet verified under S-K 1300, pending that study.

Commercial offtake is also not yet definitive: the company says conditional agreements are targeted for 2026, with definitive agreements targeted for 2027.

Key Figures

Planned Tungsten Production: 12,000 metric tonnes per annum Share of Global Output: 15% of current global mine output (2025) Anticipated Cash Costs: $100 per mtu +5 more

8 metrics

Planned Tungsten Production 12,000 metric tonnes per annum Planned annual tungsten production from Severniy Katpar deposits

Share of Global Output 15% of current global mine output (2025) Planned Severniy Katpar production as a share of global tungsten output

Anticipated Cash Costs $100 per mtu Estimated cash costs for Northern Katpar tungsten production

Indicative Funding USD $1.6B EXIM and DFC letters of interest for project financing and support

WO₃ Resource 1.4 million tonnes WO₃ Combined tungsten trioxide resource at the two Severniy Katpar deposits

Estimated Mine Life 50+ years Estimated mine life for Severniy Katpar tungsten operations

Shares Outstanding at Completion 421 million shares Anticipated basic shares at merger completion

Post-Earnout Ownership 72.5% / 27.5% Cove Kaz/Kaz Resources Group vs. Skyline public shareholders post earnout

Key Terms

Definitive Feasibility Study, JORC Compliant, ammonium paratungstate, Letters of Interest, +2 more

6 terms

Definitive Feasibility Study technical

"Production targets and operating costs are based upon preliminary engineering studies and are subject to completion of the Definitive Feasibility Study."

A definitive feasibility study is a detailed, near-final assessment that shows whether a proposed project—often a mine, infrastructure or major industrial venture—can be built and operated profitably. It combines precise engineering plans, realistic cost estimates, production schedules and risk analysis to give lenders and investors a clear picture of expected returns and potential pitfalls, like a full blueprint and budget that helps decide whether to greenlight financing and construction.

JORC Compliant technical

"estimated mine life and JORC Compliant 1.4 million tonnes of WO₃, equal to 60% of China's current known reserve base."

ammonium paratungstate technical

"designed to produce the benchmark tungsten product known as ammonium paratungstate ("APT")."

Ammonium paratungstate (APT) is a dense, white powder that serves as the concentrated chemical feedstock used to produce tungsten metal and tungsten-based products. Think of it as a syrup concentrate that manufacturers refine into final goods like heavy-duty metal parts, lightbulb filaments, and specialty coatings. Investors watch APT because its production volumes, quality and price act as an early signal of tungsten supply, manufacturing costs and margin pressure across mining, industrial and defense-related companies.

Letters of Interest financial

"the company received Letters of Interest (LOIs) from EXIM for up to $900 million in financing and up to $700 million from the DFC"

Letters of interest are informal written statements from potential buyers, investors or partners that express preliminary interest in a deal, investment or financing and often outline basic terms without creating a binding contract. They matter to investors because they signal market demand and can accelerate negotiations—like a reservation suggesting customer interest—but they do not guarantee a completed transaction and should be confirmed by formal agreements and due diligence.

Front End Engineering and Design technical

"DFS will build into Front End Engineering and Design, which will then flow into detailed engineering and design"

Front end engineering and design is the work that creates what users see and interact with on websites and apps — the layout, visuals, buttons, and how quickly and smoothly pages respond. Think of it as the storefront and the friendly salesperson for a company’s digital presence: good front end design makes products easier to use, boosts customer engagement and conversion, and can directly influence sales, retention, and development costs, which matters to investors evaluating growth and risk.

Tailings Storage Facilities technical

"holds licenses covering three Tailings Storage Facilities, a joint venture for the Akbulak Rare Earth Element Project"

FAQ

What business combination is KAZR involved in under this Form 425?

Kaz Resources Group plans to combine with Skyline Builders Group to form Kaz Resources Inc., a tungsten-focused critical minerals company expected to trade on NASDAQ under the ticker KAZR after the SEC registration becomes effective.

How large is Kaz Resources Inc.'s planned tungsten production (KAZR)?

Kaz Resources targets 12,000 metric tonnes of tungsten production per year, representing about 15% of current global mine output in 2025. This output is planned from two deposits in Central Kazakhstan over an estimated 50+ year mine life.

What are the expected costs for Kaz Resources' tungsten project (KAZR)?

The Severniy Katpar project anticipates cash costs of about $100 per mtu (metric tonne unit), which the company states would place it among the lowest-cost tungsten producers globally. Both deposits are near-surface scheelite systems intended to support low-cost mining.

What government-backed financing interest supports Kaz Resources (KAZR)?

The company reports letters of interest for up to $900M from EXIM and up to $700M from DFC, totaling as much as $1.6B in potential project financing, development support, construction finance, and political risk insurance for its Kazakhstan tungsten project.

What is the anticipated ownership split of Kaz Resources Inc. (KAZR)?

Post earnout, Cove Kaz/Kaz Resources Group is expected to own about 72.5% of Kaz Resources Inc., while Skyline (KAZR) public shareholders are projected to hold roughly 27.5% in aggregate, based on the anticipated capital structure at transaction completion.

How many shares will Kaz Resources Inc. have after the merger (KAZR)?

At completion, Kaz Resources Inc. is expected to have approximately 421 million shares outstanding and about 67 million warrants, with around 490 million shares on a fully diluted basis including earnout shares and Skyline warrant exercise.

When does Kaz Resources (KAZR) aim to start producing APT tungsten?

The company expects to complete the Northern Katpar Definitive Feasibility Study by the end of 2027, commence commissioning in 2030, and begin producing ammonium paratungstate (APT) in 2031, supplying the benchmark tungsten product to the United States.

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Available on EDGAR 08/11/2026 - 05:03 PM Accepted by SEC EDGAR 08/11/2026 - 05:00 PM Learn about SEC filing dates

Filed by Skyline Builders Group Holding Ltd.

pursuant to Rule 425 under the Securities Act of 1933,

as amended, and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934, as amended

Subject Company: Skyline Builders Group Holding Ltd.

(File No. 001-42461)

Generational Tungsten Supply INVESTOR PRESENTATION AUGUST 2026 kazresources.com 1

Important Note and Disclaimer KAZ Resources Group is the combination Cove Kaz Capital Group LLC and Kaz Resources LLC – Cove Capital portfolio companies – formed to develop critical mineral opportunities in Kazakhstan – hereinafter called KAZ Resources Group. • This presentation has been prepared for informational purposes only by KAZ Resources Group (the "Company"). It does not constitute an offer to sell, nor a solicitation of an offer to purchase, any securities, interests, or assets of the Companies or any of their affiliates. Nothing in this document should be regarded as investment, legal, tax, accounting, or other professional advice. • The information contained herein is based on sources, data, and assumptions believed to be reliable at the time of preparatio n; however, no representation or warranty, express or implied, is made as to its accuracy, completeness, or reliability. All information, estimates, projections, and forward-looking statements presented in this document are preliminary and are subject to change, amendment, or withdrawal at any time without notice. The Company undertakes no obligation to update or revise any part of this material, whether due to new information, future developments, or any other reason, and no reliance should be placed on the continued accuracy of the content. • This presentation may include forward-looking statements that reflect current expectations and assumptions. Such statements involve risks and uncertainties that are inherently difficult to predict. Actual results and outcomes may differ materially from those expressed or implied. No liability is accepted by the Company or any of its officers, employees, or affiliates for any loss or damage arising from the use of, or reliance on, the information contained herein. • Recipients of this presentation are encouraged to conduct their own independent analysis and consult with their professional advisers before making any decisions related to the matters discussed in this document. • Units are metric tonnes or metric tonne units (mtu = 10kg) unless otherwise specified. Production targets and operating costs are based upon preliminary engineering studies and are subject to completion of the Definitive Feasibility Study. 2

INVESTMENT SUMMARY Key Highlights Kaz Resources is developing a low-cost, generational tungsten resource positioned to meet critical demand, backed by U.S. and Kazakhstan government support and significant commercial interest. Reliable Ex-China Supply China, Russia, and North Korea control ~87% of global tungsten supply and the U.S. has had no domestic production since 2015. Kaz Resources is developing the largest Western-aligned tungsten resource outside of China as global supply remains constrained and demand rises. Low-Cost, Generational Tungsten Asset Severniy Katpar plans to produce ~15% of global tungsten supply at an anticipated cash cost of ~$100/mtu, among the lowest-cost producers globally, with a 50+ year mine life. Strong Government Support Industrial & Commercial Interest Backed by up to $1.6B in potential EXIM and DFC financing and an active U.S.–Kazakhstan critical minerals MOU, with significant indicated offtake interest from defense, aerospace, and industrial buyers, including Fortune 500 companies, exceeding planned capacity. 3

Developing a Generational Tungsten Resource Positioned to become a global leader in the mining and processing of tungsten and other critical minerals, addressing urgent national defense and commercial requirements KEY MINE STATISTICS Kaz Resources Group holds a 70% interest in Severniy Katpar LLP, two distinct proximate tungsten deposits in Kazakhstan representing one of the largest known tungsten resources outside of China. With China's export restrictions tightening global supply and no current U.S. primary tungsten production, Kaz Resources is positioned to become a key Ex-China supplier. 12,000 metric tonnes Planned Tungsten Production Per Annum 15%* Of Current Global Mine Output (2025) 50+ years Estimated Mine Life ~$100 mtu** Anticipated Cash Costs, Among Lowest Globally USD$1.6B Indicative Funding – EXIM & DFC Letters of Interest LISTING TIMELINE Apr 30, 2026 — Business Combination Announced Definitive agreement between the Company and Skyline Builders Group Q4 2026 / Early 2027 — Shareholder & Regulatory Approval Timing TBD — subject to SEC review, shareholder vote and Kazakhstan Regulatory Approval Q4 2026 / Early 2027 — Merger Close Completion will be the day after the SEC registration is effective. Kaz Resources Inc. to begin trading under ticker "KAZR" ANTICIPATED CAPITAL STRUCTURE ~421M Shares at Completion ~67M Warrants O/S +45M earnout shares to Cove Kaz/Kaz Resources Group and 22M Skyline warrants ~490M FD including earnout and Skyline warrant exercise ANTICIPATED OWNERSHIP COMPOSITION Cove Kaz / Kaz Resources Group — 72.5% post earnout Skyline (KAZR) Public Shareholders — 27.5% in aggregate, post earnout Kaz Resources Group is combining with Skyline Builders Group (NASDAQ: KAZR) to form Kaz Resources Inc., a future NASDAQ-listed global leader in tungsten and critical minerals. KAZ RESOURCES AT A GLANCE 4 *Based on 100% basis of Severniy Katpar LLP not company's 70% interest **Northern Katpar cash costs, metric tonne units (mtu = 10kg)

KAZ RESOURCES AT A GLANCE Kazakhstan: Resource-Rich Country, Strategic U.S. Partner 20.5M Population $344.3B GDP (USD) 9th Largest Country by Land Mass Established Mining Sector Kazakhstan has an established mining economy, ranking 13th globally among 70 mining countries by total solid mineral extraction volume. Mining contributes about 23% of GDP. OECD investment-grade sovereign with established legal framework for foreign investment Diversified Commodity Base Kazakhstan is the world's leading uranium producer, a top 10 copper producer and holds extensive reserves of tungsten, iron, and manganese. The country ranks 3rd globally in titanium production, 7th in zinc, 8th in lead, and 11th in gold. Energy Sector Strategic Partnership with U.S. Kazakhstan is a leading Central Asia partner to the Government of the United States through the regional diplomatic platform C5+1, with cooperation spanning critical minerals, energy, and security. Kazakhstan is one of Eurasia's leading energy producers, with proven crude oil reserves of 30 billion barrels (12th largest globally). Chevron, ExxonMobil, KazMunayGas, Lukoil. 5

INVESTMENT HIGHLIGHTS Kaz Resources: Unique Critical Minerals Opportunity 1 2 Severniy Katpar – Low-Cost, Generational Tungsten Asset Comprises two (2) distinct tungsten deposits with a combined 50+ year estimated mine life and JORC Compliant 1.4 million tonnes of WO₃, equal to 60% of China's current known reserve base. Planned output represents 15% of global production, and the mine is anticipated to be one of the lowest cost tungsten producers globally. 3 Tungsten – Unprecedented Demand, Structural Supply Constraints Rising demand from the defense, technology, and advanced manufacturing sectors, coupled with Chinese export bans and the depletion of global tungsten reserves, has driven benchmark tungsten (APT) prices up 900% over the past 13 months, with minimal U.S. stockpile. 4 Strong Government Support, Significant Commercial Offtake Interest Up to $1.6B in potential project financing LOIs from EXIM and DFC, an active U.S.–Kazakhstan critical minerals MOU, and ongoing G2G engagement between U.S. and Kazakhstan. Significant offtake interest from defense, aerospace, nuclear, and industrial buyers, including several Fortune 500 companies. 5 Additional Near-Term Critical Minerals Opportunities Kaz Resources holds licenses covering three Tailings Storage Facilities, a joint venture for the Akbulak Rare Earth Element Project, and 14 historical exploration concessions awarded by the Government of Kazakhstan. Experienced Management Team with Extensive Experience Kaz Resources is led by experts in mining, project development, finance, and global partnerships, with proven expertise in bringing world-class mining projects from development into operation. Several Kaz executives helped build and operate the Nui Phao mine in Vietnam, one of the most successful commercial tungsten mine and refining complexes outside China. 6

INVESTMENT HIGHLIGHTS Kaz Resources Portfolio Northern Katpar & Upper Kairakty (Central Kazakhstan) 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 holds licenses to two tungsten deposits – Northern Katpar and Upper Kairakty – located near the established Karaganda mining district in Central Kazakhstan. The two deposits contain approximately 1.4 million tonnes of tungsten trioxide (WO₃), representing ~20% of global reserves, with planned production of approximately 12,000 tonnes per annum over a 50- plus-year mine life. Akbulak Joint Venture (North Kazakhstan) The company is in a 75/25 joint venture with JSC Qazgeology to develop the Akbulak Rare Earth Project in Kazakhstan's Kostanay Region, a historical resource of 380,000 tons of rare earth oxides, including neodymium and praseodymium—key elements in permanent (NdFeB) magnets, and yttrium which is utilized in electronics, medicine, and materials science applications. Historical Exploration Licenses (East Kazakhstan) In 2023, the company was the first U.S. company to be awarded geological land concessions for critical minerals by the Government of Kazakhstan. These concessions include fourteen (14) minerals such as rare earth elements, lithium, tantalum, beryllium, niobium, cesium and tin. 7

TUNGSTEN – UNPRECEDENTED DEMAND, SIGNIFICANT SUPPLY CONSTRAINTS Why Tungsten Matters A rare, dense metal with the highest melting point of all metals and exceptional strength at high temperatures, properties that make it irreplaceable across critical use cases Concentrated Supply China accounts for approximately 83% of global tungsten production and has restricted exports of tungsten and other critical materials. The U.S. ceased primary production in 2015 and has minimal commercial domestic tungsten stockpile. Broad Reach Across Critical Industries From defense systems, aerospace, and nuclear applications to semiconductors, cutting tools, and industrial machinery, tungsten connects the manufacturing, technology, and defense sectors. Tungsten has no substitute in many of its applications. Tungsten ranks among top 10 of 60 mineral commodities the U.S. government deems critically essential to national security. Structural Demand Growth Rising global defense spending and depleting tungsten reserves are driving demand for tungsten. Demand is also growing across the technology and advanced manufacturing sectors, supported by long-term secular trends such as AI infrastructure, semiconductors, and advanced manufacturing. 8

TUNGSTEN – UNPRECEDENTED DEMAND, SIGNIFICANT SUPPLY CONSTRAINTS Tungsten Market: U.S. Dependence on China On January 1, 2027, U.S. defense acquisition rules restrict tungsten powders and alloys from China, Russia, Iran, North Korea . • According to the U.S. Geological Survey, China controls 83% of global tungsten production. • The U.S. has had zero primary tungsten production since 2015 and depends entirely on imports. • Severniy Katpar reserves contain 1,400,00 metric tons of tungsten compared to 2,300,000 total estimated China reserves. • During 2023 – 2025, China enacted export controls on tungsten, rare earth elements, and other critical minerals. Chinese APT export volumes have since declined significantly. • In 2026, China narrowed tungsten export approval to select companies for 2026 – 2027 and has restricted shipments by destination. China Export Controls 9

SEVERNIY KATPAR – LOW-COST, GENERATIONAL TUNGSTEN ASSET Severniy Katpar LLP Two adjacent tungsten deposits in Central Kazakhstan, comprising one of the largest known tungsten reserves outside of China Severniy Katpar LLP 70% Kaz Resources Group 30% Tau-Ken Samruk Kazakhstan's National Mining Co. Deposit Type Both deposits are near-surface, bulk-tonnage scheelite systems, enabling low-cost mining. Anticipated cash costs of <$100 per MTU would make KAZ Resources one of the lowest cost Tungsten producers globally.* Location, Infrastructure The two deposits are located 20 miles apart near the Karaganda mining district in Central Kazakhstan, an established mining region with existing power, transportation, and skilled labor. CapEx Estimated total mine construction finance costs are USD $1.1B as of two preliminary feasibility studies. Company controls all commercial offtake agreements.** * 1.4 million tonnes WO₃ is a geological resource under JORC, not yet verified under S-K 1300, pending a Definitive Feasibility Study (H2 2027) **Company controls 100% of the offtake, Tau-Ken Sarmruk is required to contribute 30% of the project's development costs. Planned Refinery Severniy Katpar plans to build a refinery in Kazakhstan to convert concentrate into APT and tungsten oxides aimed at the U.S. supply chain. Resources The two deposits contain a combined 1.4 million tonnes of tungsten trioxide (WO₃). USGS estimates China tungsten reserves at 2.3 million tonnes. Planned annual production of 12,000 mtu represents approximately 15% of global production as of 2025.* 10

STRONG GOVERNMENT SUPPORT, SIGNIFICANT COMMERCIAL OFFTAKE INTEREST Tungsten Offtake Discussions Increasing U.S. demand likely to exceed planned production capacity U.S. Tungsten Demand (2025) 12,000 tonnes per annum Fortune 500 Buyers Discussions underway with U.S. government and leading defense, nuclear, aerospace, and industrial groups, including Fortune 500 companies. Strategic Partnerships Prospective partners have expressed willingness to provide strategic support alongside commercial agreements, underscoring the critical nature of supply security. Path to Definitive Agreements Company has secured letters of support from prospective U.S. commercial offtakers serving space, defense, and oil/gas sectors. Conditional offtake agreements targeted for 2026, converting to definitive agreements in 2027. 100% 10,000 tonnes per annum* Kaz Resources Planned Maximum Production 11 *U.S. Geological Survey, Mineral Commodity Summaries 2026 Imports of Tungsten for U.S. Consumption (2025)

GOVERNMENT SUPPORT U.S., Kazakhstan Government Support In November 2025, Commerce Secretary Lutnick and Kazakhstan's Minister of Industry and Construction Yersayin Nagaspayev signed a Memorandum of Understanding on critical minerals cooperation in the presence of Kazakhstan President Tokayev. This agreement deepens collaboration on exploration, processing, and development, ultimately helping to secure resilient, transparent supply chains for the minerals that power innovation (pictured right). In 2025 and 2026, the company received Letters of Interest (LOIs) from EXIM for up to $900 million in financing and up to $700 million from the DFC for debt financing, project development support, construction finance, and political risk insurance. Trade Advocacy Since 2023, the company has received formal U.S. commercial trade advocacy for its Kazakhstan mining business efforts. In January 2025, the outgoing Commerce Secretary for the Biden Administration announced a new, expanded trade advocacy program for U.S. companies competing on high-impact foreign concessions. In March 2025, company was approved for trade advocacy under the Department of Commerce Strategic Transactions Advocacy Trial (STAT) Program, specifically for the tungsten project. Memorandum of Understanding 12

2026 2027 2028 2029 • Northern Katpar DFS Funded • Commenced Northern Katpar DFS • Started Final Drilling • Offtake Discussions • Complete Northern Katpar DFS • Order Long Lead Equipment • Private Sector Finance • EXIM/DFC Financing Commitment • Financial Investment Decision • Commence Upper Kairakty Metallurgical Testwork • Break Ground and Construct Northern Katpar Mine • Break Ground Tungsten Refinery • Break Ground Upper Kairkaty Mine • Construct Tungsten Refinery ANTICIPATED TIMELINE Tungsten Development Timeline: 2026–2031 13 2030 • Commence Commissioning Northern Katpar Mine • Initial Tungsten Production Company aims to be a leading long-term supplier of tungsten APT to the United States beginning in 2031. 2031 • Produce First APT

EXPERIENCED MANAGEMENT TEAM Proven Track Record, Critical Mineral Project Development Mining executive in gold, copper, lithium, and rare earths, built and advanced significant mineral projects across multiple continents. Founder and former CEO of USA Rare Earth (NASDAQ: USAR), grew company from $7M market cap to $1B valuation. Dominic Heaton Chief Executive Officer As former CEO of Masan Resources, led the development from greenfield to one of world's largest tungsten producers. Nui Phao is the largest tungsten mine and refinery operation outside of China, one of the most complex polymetallic projects successfully brought into production in past two decades. Former CEO of Masan High-Tech Materials, operating the Nui Phao tungsten mine and refinery in Vietnam, overseeing a workforce of ~2,200. Over 24 years leading major mining operational and corporate integration activities across multiple jurisdictions. Douglas Newby Chief Financial Officer Former CFO of USA Rare Earth and PolyMet Mining. 45-year career in mining project finance; co-founded Western Goldfields and led the Mesquite gold mine acquisition from Newmont Mining. Chris Zahovskis Senior Technical Advisor Drove development of the Sisson tungsten project, securing key regulatory approvals and financing through resource definition and feasibility. Pini Althaus Executive Chairman Ashley McAleese Chief Operating Officer 14

2 Appendix 1 5

ENGINEERING STUDIES Definitive Feasibility Study In August 2026, the Company announced it engaged recognized global engineering firms (DRA Global, ERM, and Knight Piésold) to undertake the DFS on the Northern Katpar tungsten project in Kazakhstan held by Severniy Katpar LLP, in which Cove Kaz Capital Group LLC holds a 70% controlling interest. 16 Purpose of DFS is to support a Final Investment Decision and facilitate standard detailed due diligence requirements of prospective financing partners, U.S. institutional finance entities, and commercial partners. DFS will build into Front End Engineering and Design, which will then flow into detailed engineering and design, project construction, commissioning, and commercial operations. DFS to develop overall mine plan for Northern Katpar and inform the construction and operations of its accompanying refinery to be located in Kazakhstan, designed to produce the benchmark tungsten product known as ammonium paratungstate ("APT"). Anticipate completion by end of CY2027.

TUNGSTEN PRODUCT Ammonium Paratungstate (APT) APT stands for ammonium paratungstate, a white crystalline salt and the most important chemical intermediate used to make nearly all tungsten products. It acts as the primary bridge between raw mined tungsten ores and refined industrial metal powders. 17 Kaz Resources will produce the benchmark tungsten commodity known as APT. The company will mine and refine tungsten in Kazakhstan with export to the United States by rail and sea transport through the Middle Corridor. The United States currently receives safe passage of uranium and zinc from Kazakhstan at regular intervals. Both tungsten deposits are located near existing rail, with established electricity and water resources.

18 Investor Contacts Lynn Morgen lynn.morgen@advisiry.com Eric Prouty eric.prouty@advisiry.com