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

Investor TV Sep 8, 2026 48:00

Summary

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.

Key points on Agnico Eagle Mines

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Key points on Denarius Metals

  • Don flags that Denarius is building a 1,000-ton-per-day mill, having previously been toll milling, and that the mill is expected to be done before Q4 (2026) begins — a milestone he calls a 'big game changer'.
  • John argues Denarius's new Colombian president has a personal relationship with management, which he views as a meaningfully positive signal for permitting given Colombia's rising status as a mining jurisdiction.
  • Don notes Denarius has a joint venture with the Saudis, and reports that when chairman Serafino met with a Saudi royal family about gold and copper, the first question they asked was what he had in tungsten — a story he uses to illustrate surging Gulf-state interest in critical minerals.

Key points on Silver X Mining

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Key points on 1911 Gold

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  • John applies his Canada free-cashflow-multiple rule (an 8X FCF/market-cap floor) to 1911 and concludes the floor is roughly $1/share — calling the current price 'kind of ridiculous' versus anticipated FCF.
  • Don confirms 1911 is on his list and sizes it as a core holding, agreeing with John that the market is not pricing the imminent production restart.

Key points on Silver Mountain Resources

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  • Don says he does not personally know the Silver Mountain team but has mentioned the name several times this summer and asks listeners with a contact to reach out.

Key points on Silver Tiger Metals

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Key points on Skeena Resources

  • John says Skeena is expected to enter construction this year (2026) or in early 2027, placing it on his near-term-producer list.

Paul Mann's takeaways

  • Top takeaway Paul positions Skyline Builders Group (NASDAQ: KAZR) as the developer of a generational tungsten asset in Kazakhstan — 1.4 million tons of contained tungsten, roughly 20% of global reserves, with 50+ years of mine life and an expected 12,000 metric tons/year run rate (~15% of current global output).
  • Paul lays out the funding plan: an estimated $1.1B capex for a two-year build starting in 2028 targeting 2029–2030 production, with $1.6B of US EXIM and DFC interest-of-funding in place and management claiming full financing with no equity dilution.
  • Paul emphasizes demand drivers: defense and semiconductor uses — in his telling, tungsten hexafluoride is 100% China-controlled and Intel/TSMC are struggling to source it — and cites a published projection of a 35% tungsten shortfall by 2030 given the global arms build-up.
  • Paul explains the corporate structure: Skyline took over a NASDAQ shell, put in $100M of capital, and is merging with CAS (announced May last year) to rename the entity CAS Resources Group, expected to close Q4 2026 or Q1 2027, with Skyline holding 70% of the Kazakh asset and the National Mining Company of Kazakhstan holding the remaining 30%.
  • Paul argues the Kazakhstan jurisdiction is a positive, citing the Kazakh government's US visit in the second half of 2025 to sign support agreements and its stated desire to pivot west away from Russia and China, while acknowledging election-cycle risk.