NEW YORK, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Kaz Critical Minerals LLC (“KCM” or the “Company”), a wholly-owned subsidiary of Kaz Resources LLC and a portfolio company of Cove Capital LLC, is pleased to announce the successful completion of its drilling program on the Alday critical minerals concession, located in the mineral-rich region of East Kazakhstan. The drilling program which included of 15 holes totalling 4,700 meters, marks a significant step forward in the Company's efforts to develop its critical minerals concessions.
With the completion of the Alday drill program, Kaz Critical Minerals is now initiating further drilling activities and additional geological exploration and geophysics on three of its other concessions the region. These concessions are also an important step in furthering the Company’s strategic plan, with exploration activities planned to be expedited throughout the remainder of the 2024 field season.
"Based on what we observed, preliminary results on Alday look very promising, so we are excited to build on the progress made at Alday by expanding our exploration efforts across our other concessions in East Kazakhstan," said Pini Althaus, CEO of Kaz Resources LLC.
"The insights gained from the Alday program will be invaluable as we move forward with our exploration programs on these additional concessions, with the goal of unlocking further value for our stakeholders. The timely approvals from the Government of Kazakhstan for drilling work and sampling, have also ensured that our exploration program is on schedule, enabling us to capitalize on the available time remaining in the 2024 field season,” Mr. Althaus added.
Kaz Critical Minerals, backed by the expertise and resources of Cove Capital, remains committed to advancing its exploration activities in a sustainable and responsible manner, working closely with local communities and stakeholders to ensure mutual benefit to the Company and Kazakhstan.
Kaz Resources LLC & Cove Capital LLC in Kazakhstan
In 2023, Kaz Resources LLC (through its wholly-owned subsidiary Kaz Critical Minerals LLP), became the first U.S. company to receive critical minerals and rare earths land concessions in Kazakhstan. These concessions include minerals such as rare earth elements, lithium, tantalum, beryllium, niobium, cesium and tin.
In September 2023, Cove Capital LLC entered into an MoU with Kazakhstan’s Sovereign Wealth Fund, Samruk Kazyna, as part of the cooperation on critical raw materials, specifically rare earth metals.
On April 8, 2024, Cove Capital LLC, announced a landmark collaboration with Tau-Ken Samruk, Kazakhstan's national mining company, aimed at advancing the exploration and development of rare earth and critical metals within the Republic of Kazakhstan. This partnership demonstrates a significant milestone in Cove Capital's mission to drive innovation and sustainable development in the rare earth industry.
In the ground-breaking development, Tau-Ken Samruk (via “Kazgeology” JSC), entered into a binding joint venture agreement with Cove Capital for geological exploration on the Akbulak rare earth project in the Kostanay region of Kazakhstan. Historical reserves at the site include reserves of rare earth elements, including those used for permanent magnets.
To carry out geological exploration work, a joint venture was be created between “Kazgeology” JSC and Cove Capital with the parties' participation shares: Cove Capital – 75% and “Kazgeology” JSC – 25%. Cove Capital will fully finance exploration work until reserves are listed on the balance sheet.
This strategic alliance underscores Cove Capital's commitment to leveraging its expertise and financial resources to unlock the potential of Kazakhstan's rich mineral reserves.
About Kaz Critical Minerals LLP
Kaz Critical Minerals LLP is a wholly-owned subsidiary of Kaz Resources LLC, a Cove Capital portfolio company. Kaz Critical Minerals LLP is the holder of nine (9) critical minerals concessions in Kazakhstan. These concessions include minerals such as rare earth elements, lithium, tantalum, beryllium, niobium, cesium and tin.
About Cove Capital LLC
Cove Capital was founded in 2015. With offices in Melbourne and New York (head office), Cove Capital invests in mining, renewable energy, and clean technology. Since 2018, Cove Capital has been at the forefront of investment and development in critical minerals projects. Cove Capital, under the visionary leadership of Mr. Pini Althaus, brings unparalleled knowledge and extensive experience to the critical minerals industry.
