Key Asset Parameters & Geological Quality

Permitting & Readiness Status

• State Balance Approval: Accepted onto the state balance by the Committee of Geology as of February 6, 2026, supported by a KAZRC-compliant report and CIG expert review.
• Mining License: Imminent (~1 month), with the holder currently exercising its statutory priority right via public hearings.
• Beneficiation: Fresh bedrock sampling demonstrates uniform grade across the strike with minimal dilution risk, requiring no complex beneficiation.

Market Strategy & Financial Highlights

• Target Markets: Domestic metallurgical flux supply to the Kazakh steel cluster (including Qarmet), direct rail export to China via Dostyk/Alashankou, lime production, refractory manufacturing, and industrial fillers.
• Pricing Dynamics: Domestic China spot benchmarks at $27/tonne, Indian markets at $35/tonne, and long-term supply contracts targeting $35–$45/tonne based on low-impurity metallurgical premiums.
• Revenue & Cash Generation: At full 200,000 t/year capacity, projected annual revenue ranges from $5.4M (at $27/t) to $9.0M (at $45/t). Target annual EBITDA is $4.5–$5.5 million, delivering an estimated payback period of 4 to 5 years.

Transaction Flexibility

1. 100% Project Sale: Complete transfer of the asset, subsoil-use rights, and state-balance reserves.
2. Joint Venture / Strategic Equity: Strategic co-investment to fund operational commissioning and scale quarry capacity.
3. Long-Term Offtake / Structured Supply: Multi-year dolomite offtake agreements with volume and price-formula mechanisms linked to industrial buyers.