SKBL News & Events

Skyline Builders announced it will change its Nasdaq ticker symbol from (SKBL) to (KAZR), effective June 17, in anticipation of its pending business combination with Cove Kaz Capital, a U.S.-backed critical minerals development company focused on advancing strategic resource projects in Kazakhstan. Upon completion of the business combination, which is expected to close before the end of the year, subject to regulatory approvals and customary closing conditions, the combined company plans to operate under the name Kaz Resources.

Cove Kaz Capital Group, in partnership with JSC Qazgeology, Kazakhstan's national geological company, and a wholly-owned subsidiary of JSC Tau-Ken Samruk National Mining Company, announced continued progress in the 2026 exploration program of the Akbulak Rare Earth Project located in the Kostanay Region of the Republic of Kazakhstan. The Akbulak Rare Earth Project hosts a resource of 380,000 tons of rare earth oxides, including neodymium and praseodymium-key elements in permanent magnets, and yttrium which is utilized in electronics, medicine, and materials science applications. Exploration activities commenced in April 2026 and continue to advance on schedule. As of early June, the Company has completed 77 drill holes totaling approximately 3,700 meters of core drilling across priority target areas identified through historical geological data and modern geological modeling. On April 30, 2026, the Company announced a pending merger with Skyline Builders Group Holding.

Skyline Builders Group Holding and Cove Kaz Capital Group 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." The business combination, which will also include the acquisition of Kaz Critical Minerals LLP, the holder of 15 licenses in Kazakhstan, has received approval by the boards of directors of both companies and is expected to close in the fourth quarter of 2026 or early 2027, subject to certain closing conditions, including the approval by Skyline shareholders, receipt of regulatory approvals and the effectiveness of a registration statement to be filed with the U.S. Securities and Exchange Commission. The investment was led by American Ventures. Underlying the business combination is Cove Kaz's acquisition from Kazakhstan's National Mining Company, Tau-Ken Samruk, of a 70% ownership interest in Severniy Katpar LLP., which holds licenses to two key projects in Kazakhstan - Northern Katpar and Upper Kairakty - located less than 20 miles apart by road in the established Karaganda mining district in Central Kazakhstan, less than 100 miles south of the City of Karaganda. Tau-Ken Samruk will retain 30% ownership in Severniy Katpar LLP. Severniy Katpar LLP currently owns the largest known undeveloped tungsten resource globally. The most recent feasibility studies completed in April 2023 reported total JORC-compliant mineral resources containing 1.4 million tonnes of tungsten trioxide, representing approximately 70% of Kazakhstan's estimated 2 million tonnes of tungsten resources. For perspective, the U.S. Geological Survey estimates China's reserves at 2.4 million tonnes. The current feasibility studies support production of approximately 5,000 metric tonnes per annum at Northern Katpar, and 7,000 mtpa from Upper Kairakty, for a total of 12,000 mtpa, representing approximately 15% of current global production. The original joint venture announcement was made during the C5+1 Leaders' Summit in Washington, D.C. by President Donald J. Trump and President Kassym-Jomart Tokayev. The project has benefited from strong trade advocacy and interagency coordination. Since 2023, the U.S. Departments of Commerce and State have provided commercial diplomacy in support of the company's critical minerals business efforts in Kazakhstan. For the Projects, the Export-Import Bank of the United States has issued a Letter of Interest for up to $900 million in project financing, and the U.S. International Development Finance Corporation has issued a Letter of Interest for up to $700 million. Cove Kaz will be responsible for marketing 100% of project output and has entered into a Letter of Intent with the International Trade Administration at the U.S. Department of Commerce to prioritize U.S. Government and American commercial needs. Total development costs are estimated at approximately $1.1 billion. Cove Kaz announced the financial closing and successful acquisition of its 70% ownership interest in Severniy Katpar LLP on April 29, 2026. The joint venture with Tau-Ken Samruk National Mining Company will now advance towards the commencement of a Definitive Feasibility Study in the second half of 2026.

Skyline Builders announced that it has entered into a non-binding letter of intent for the acquisition of SuperCritical Technologies, a U.S. company focused on the production of uranium and other critical metals. Paul Mann, SKBL's incoming executive chairman said "The United States is in urgent need of domestic supplies of critical materials. SuperCritical's technology will allow it to be a cost-competitive supplier of uranium and other critical metals for the United States, thereby securing a domestic supply chain, and most importantly, promising a rapid scale-up of production, which land-based uranium mines have so far failed to do."