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Issue 04 · Tungsten Special · April 2026
NASDAQ: SKBL KAZR

Kaz Resources just secured the largest undeveloped tungsten deposit on Earth.

A U.S.-backed NASDAQ company. 1.4M tonnes of tungsten. $1.6B in indicative U.S. government financing.

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NASDAQ: SKBL · Live Investor Page

Three things you need to know before you look at the chart.

  1. i. China controls 80% of the world's tungsten — the metal in every armor-piercing round, guided missile, and aerospace turbine. In February 2025, Beijing weaponized that grip with export controls. Tungsten prices are up 557% since.
  2. ii. The U.S. hasn't mined tungsten commercially since 2015. The national defense stockpile sits under 50 tonnes — a fraction of one year's consumption. There is no domestic alternative anywhere near production.
  3. iii. Kaz Resources just closed the answer. A 70% controlling stake in the Severniy Katpar deposit in Kazakhstan — 1.4 million tonnes of tungsten, the single largest undeveloped resource outside China. U.S. EXIM Bank: $900M Letter of Interest. U.S. DFC: $700M.

The numbers, in one frame.

80%
China's Global Tungsten Share
+557%
APT Price Since Feb 2025
1.4M
Tonnes WO₃ — Severniy Katpar
$1.6B
Indicative U.S. Gov't Financing
2015
Last U.S. Commercial Tungsten Mine
0
Active U.S. Tungsten Mines Today
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