Don Dorette

Skyline Builders Group ($KAZR): Developing a Large-Scale Tungsten Project in Kazakhstan

Skyline Builders Group (KAZR) plans a 50+ year tungsten mine in Kazakhstan targeting 2030 production, with backing from US EXIM and DFC. The project targets 12,000 metric tons of tungsten annually — roughly 15% of current global supply — at cash costs under $100 per MTU. China, Russia, and North Korea control about 87% of global tungsten, creating structural demand for non-Chinese sources used in defense and semiconductors. Management expects US offtake agreements and debt to cover the ~$1.1 billion capex without shareholder dilution, with an MOU already in place. Rotterdam tungsten prices trade at a premium to Chinese prices, signaling Chinese export restrictions rather than a balanced soft market.

Power Metallic Mines ($PNPN | $PNPNF): Maiden MRE & Exploration Updates

• Top takeaway Frames Power Metallic as a precious-metals play ahead of a copper play, saying gold and PGMs are already ~55% of the deposit and arguing precious-metals prices will outstrip copper over the next couple of years.
• Highlights the muon tomography program drilled to ~800m as a near-term catalyst and points to 17 billionaires in the cap table, the cashed-up balance sheet and the August MRE as reasons the timing now works in the company's favor.

Power Metallic's maiden MRE for Lion and Nisk slipped to end of August; management argues it implies $1B+ NPV against a ~$200M market cap. Lion's roughly 5% Cu grade is an order of magnitude above the average operating copper mine, framing the project's unusual economics. Management plans to skip PFS and move Lion straight from maiden MRE to feasibility, with a PEA follow-up targeted by mid-November 2026. Muon-based geophysics is being deployed across the 5.5 km gap between Lion and Nisk to vector deeper drilling more cost-effectively.