Cove Kaz And Skyline Mutually Terminate Previously Announced Business Combination Agreement

• Cove Kaz and Skyline Mutually Terminate Previously Announced Business Combination Agreement
• New Equity Funding Commitment of $32 Million at Valuation of Approximately $2 Billion

Cove Kaz Capital Group LLC ("Cove Kaz" or "the Company"), a U.S.-based company engaged in the development of tungsten and other critical mineral resources in Kazakhstan, today announced that it and Skyline Builders Group Holding Limited (NASDAQ:KAZR) ("Skyline") have mutually agreed to terminate their previously announced business combination agreement, originally announced on April 30, 2026, under which Skyline and Cove Kaz had proposed to combine. Under the terms of the termination agreement, Skyline has agreed to change its ticker symbol and release the "KAZR" symbol within fifteen days.

The Company has also secured a new capital commitment from American Ventures, LLC of $32.0 million for four million shares, at $8.00 per share, implying an equity value for the Company of $1.97 billion and representing approximately 1.62% of the Company’s shares outstanding post-transaction. The closing of this equity funding commitment is subject to customary closing conditions, and there can be no assurance that it will be completed on the anticipated terms or at all. Following this round of funding, approximately 70% of the Company’s shares will be held by the Company’s existing members and Kaz Resources, LLC, and approximately 26% will be held by Skyline.