ASTANA, Kazakhstan, July 10, 2026 (GLOBE NEWSWIRE) -- Cove Kaz Capital Group LLC ("Cove Kaz" or "the Company") announced today that site preparation will commence in July at the open pit mine location of the Northern Katpar and Upper Kairakty tungsten deposits in Kazakhstan, collectively known as Severniy Katpar. The work activities include the initial land survey, site road establishment, initial drill pad preparation, and the opening of a site office to support the commencement of the Definitive Feasibility Study (DFS).
"This is a demonstrable moment of establishing a base camp at Northern Katpar, the first major commercial activity on-site since its initial exploration during the Soviet Era. These activities will support the drilling and engineering teams as we proceed with the final engineering studies to develop the tungsten project. Through mutual cooperation with our partner Tau-Ken Samruk, Cove Kaz is pleased to advance the project to this final phase prior to production," said Dominic Heaton, Chief Executive Officer of Cove Kaz Capital Group LLC.
The Company will perform core drilling samples in August and will begin upgrading existing access roads to the site. Perimeter fencing and weather monitoring stations will also be installed. The presence of heavy industrial equipment will support the preparation of drilling sites. Road activity will increase with regularity between July and November.
Severniy Katpar LLP owns the largest known undeveloped tungsten resource globally. Feasibility studies completed in April 2023 reported total JORC-compliant mineral resources containing 1.4 million tonnes of tungsten trioxide (WO3) and support anticipated production of approximately 5,000 metric tonnes per annum (mtpa) at Northern Katpar, and 7,000 mtpa from Upper Kairakty, for a total of 12,000 mtpa, representing approximately 15% of current global tungsten mine production.
In support of the DFS, the Company continues to hire senior executives in Kazakhstan. Adil Amerkhanov has been appointed Chief Financial Officer of Kazakhstan Operations. Mr. Amerkhanov has more than 20 years of professional experience in finance, reporting, and transformation experience across mining, metals, oil and gas, energy and infrastructure. Prior to joining Cove Kaz, he spent over two decades with PwC, where his work included international assignments and the leadership of complex finance, accounting and capital markets readiness engagements across Eurasia. He has worked with major natural resources and industrial companies on reporting, cost accounting, finance function design and transformation programs.
"As a Kazakhstan citizen, I take great pride in supporting our American partners on this worthy endeavor to bring Northern Katpar and Upper Kairakty into production. My deep experience in mining, metals and energy will support Cove Kaz as it progresses towards key development milestones," said Adil Amerkhanov, Chief Financial Officer of Kazakhstan Operations, Cove Kaz Capital Group LLC.
About Cove Kaz Capital Group LLC
Cove Kaz Capital Group LLC is a U.S.-backed 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.
On April 30, 2026, Cove Kaz Capital Group LLC and Skyline Builders Group Holding Limited ("Skyline" or "KAZR") (Nasdaq: KAZR) announced the companies entered into a Transaction Agreement to effect a business combination. Upon completion of the business combination, the combined company plans to operate under the name "Kaz Resources Inc." and trade on Nasdaq under the ticker symbol "KAZR." For more information, please visit: https://www.kazresources.com
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
