The deposits are 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). Open pit mine location of the Northern Katpar and Upper Kairakty tungsten deposits in Kazakhstan, collectively known as Severniy Katpar. Provided courtesy of Cove Kaz Capital Group
Open pit mine location of the Northern Katpar and Upper Kairakty tungsten deposits in Kazakhstan, collectively known as Severniy Katpar. Provided courtesy of Cove Kaz Capital Group

"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 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.