Former CEO of Masan High-Tech Materials Brings Global Expertise to US-Backed Tungsten Mining Project in Kazakhstan

Cove Kaz Capital Group (“Cove Kaz” or “the Company”) is pleased to announce the appointment of Ashley McAleese as Chief Operating Officer (COO), with immediate effect.

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Cove Kaz Capital Appoints Ashley McAleese as Chief Operating Officer; Former CEO of Masan High-Tech Materials Brings Global Expertise to US-Backed Tungsten Mining Project in Kazakhstan

This key leadership appointment comes at a pivotal moment in the development of the Severniy Katpar Tungsten Project (Northern Katpar and Upper Kairakty), the world’s largest known undeveloped tungsten resource. As Cove Kaz advances into bankable feasibility, construction planning, construction execution and ultimately production ramp-up, Mr. McAleese’s appointment underscores the Company’s commitment to recruiting an experienced team to build out a robust, reliable, and sustainable supply-chain for critical minerals – particularly tungsten – to support U.S. and allied industrial and defense needs.

As COO, Mr. McAleese will drive the operational and technical workstreams for Cove Kaz, including: final feasibility study coordination, construction readiness, downstream processing and refining planning, and early operations for Severniy Katpar and Upper Kairakty. He will help coordinate cross-functional teams covering engineering, processing, environmental, social and governance (ESG), community/stakeholder engagement, and supply-chain logistics.

Ashley McAleese brings over 24 years of international mining and metals industry experience. Most recently, he served as Chief Executive Officer of Masan High‑Tech Materials (MHT), where he led operations at the Nui Phao Mine and Refinery – the world’s most modern major integrated tungsten mine and refinery – overseeing a workforce of approximately 1,500 employees and 700 contractors.

Under his leadership at MHT, McAleese advanced ESG, safety and community-engagement initiatives alongside operational and production excellence. His technical background, holding a bachelor’s degree in Minerals Processing from the University of Queensland (Australia) combined with his track record in the tungsten industry, positions him uniquely to lead Cove Kaz’s operational ambitions in Kazakhstan.

“We are delighted to welcome Ashley into the senior leadership team at Cove Kaz,” said Dominic Heaton, CEO of Cove Kaz. “His proven expertise in operating world-class tungsten mining and processing through Nui Phao, combined with his commitment to ESG and sustainable operations, will be instrumental as we transition Severniy Katpar from feasibility into construction and production. Ashley’s appointment signals our readiness to build the right team to deliver a secure and diversified tungsten supply chain for the United States and global markets.”

“I am honored to join Cove Kaz at this critical juncture,” said McAleese. “Severniy Katpar represents more than a single project, it is an opportunity to build a responsible, world-class tungsten operation that meets global critical-minerals demand while delivering real economic and social value in Kazakhstan. I look forward to working closely with the Cove Kaz and Tau-Ken Samruk teams to advance feasibility, fast-track construction readiness, and embed ESG, safety and community standards across all facets of operations.”

“Ashley’s appointment is a major milestone for Cove Kaz and the Severniy Katpar project,” said Pini Althaus, Executive Chairman of Cove Kaz. “With Dominic and Ashley leading project development and execution, we have assembled a world-class team capable of advancing the world’s largest undeveloped tungsten resource. Our mission is clear: to build a globally significant, responsibly operated tungsten supply base that strengthens U.S. and allied industrial resilience and supports critical defense and manufacturing needs for decades to come. Just as importantly, this project is designed to deliver long-term, measurable benefits for Kazakhstan, including high-quality jobs, local workforce development, investment in infrastructure, technology transfer, and sustained economic value creation for the Karaganda region and the country as a whole.”

Cove Kaz remains committed not only to delivering high-quality tungsten production but also to upholding rigorous environmental, social and governance standards, drawing on best practices at Nui Phao under McAleese’s leadership. The Company aims to contribute to local workforce development, sustainable community outcomes, and long-term economic benefits for the Karaganda region and Kazakhstan as a whole.

At a time when tungsten is designated a critical mineral by the U.S. and other allied nations, the Severniy Katpar project offers a rare opportunity to re-establish a stable, non-Chinese supply base for tungsten, essential for defense, aerospace, manufacturing and advanced industrial applications.

About Cove Kaz Capital Group

Cove Kaz Capital Group is a portfolio company of Cove Capital LLC, a mining focused investment and development firm founded in 2015 with headquarters in New York. Since 2018, Cove Capital has focused on critical minerals, identifying, investing in, and advancing projects that strengthen United States and allied supply chains. Led by Pini Althaus, the firm brings deep sector expertise and hands-on experience spanning exploration, mine development, processing, and long-term offtake strategy.

Through Cove Kaz, this experience is applied in Kazakhstan, where the company holds a 70% interest in Severniy Katpar LLP, a joint venture with Kazakhstan’s national mining company Tau Ken Samruk, which holds the remaining 30%. The partnership is advancing the Northern Katpar and Upper Kairakty tungsten deposits, among the most significant undeveloped tungsten resources globally, through feasibility, permitting, construction, and planned commercial production. Together, Cove Kaz and its partners are building a long term, reliable supply of tungsten to support strategic industrial and defense needs in the United States.

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With Dominic and Ashley leading project development and execution, Cove Kaz has assembled a world-class team capable of advancing the world’s largest undeveloped tungsten resource.