In short: His development story, and "one could become a producer faster than people think". The operating asset is Cass Resources, ~70% owned by a Nasdaq-listed shell, Skyline Builders Group, that trades as KAZR; he had just spoken to the chairman for the first time (five years at George Soros, Cambridge, CFA, a chemical engineer by trade). The economics are the pitch: cash cost of $100–150 a ton against tungsten over $2,800 a ton, a 50-year mine life, and $1.6bn committed by US EXIM Bank and the DRC against expected capex of $1.1bn — "show me a gold stock that has $1.6 billion lined up right now." Named with WSRIF as the way to own tungsten at all.
This one needs unpicking, because the tradeable share and the mining asset are not the same company. The tungsten project is Cass Resources; it is about 70% owned by Skyline Builders Group, a Nasdaq-listed shell company whose ticker is KAZR. Buying KAZR is how you get exposure to the mine.
Feneck had just spoken to the chairman for the first time — a chemical engineer by training with five years at George Soros' firm, a Cambridge degree and a CFA — and puts this in the "development story" bucket: not producing yet, but potentially producing sooner than the market expects.
The economics are the pitch. It costs them $100–150 to produce a ton of tungsten; tungsten currently sells for over $2,800 a ton, and the price is not giving that gain back. The mine life is around 50 years. And unlike almost any junior mining company, funding is not the risk: US EXIM Bank and the Democratic Republic of Congo have between them committed $1.6bn against expected construction costs of $1.1bn — so the company has more money than it needs. That inversion is his whole critical-minerals argument in one line: "show me a gold stock that has $1.6 billion lined up right now."
27:17So it's a development story. That one is Cass Resources, which is basically 70% owned by a shell company on the NASDAQ called Skyline Builders Group, which is symbol KAZR. I know that's a mouthful, but KAZR — I just talked to their chairman for the first time. This guy worked for George Soros for 5 years. He went to Cambridge.
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