Almonty Industries Inc., a tungsten producer listed on Nasdaq and the Frankfurt exchange, has secured a corrective disclosure from Pure Tungsten Inc. following a legal settlement over claims about a former contractor’s past involvement with the company.
According to Almonty, Pure Tungsten had incorrectly stated in correspondence that Tiger Kim served as a Representative Director of the Sangdong Mine from 2010 to 2020. Almonty disputed this characterization and filed proceedings in the Ontario Superior Court of Justice on October 10, 2025, seeking an order compelling Pure Tungsten to issue a correction to recipients of that correspondence and to publicly address the fact that the inaccurate statements had been circulated online.
Settlement and Clarification
The matter was resolved through a settlement agreement between the two parties, under which Pure Tungsten published a clarification on its website regarding Kim’s prior involvement with Almonty. Almonty said the corrective disclosure confirms its long-standing position that Kim never held an executive, officer, or director position at the company.
According to Almonty, Kim’s actual role was limited to that of an independent contractor, which ended on December 31, 2015. The company stated that any earlier suggestion that Kim held a leadership position was false and misleading.
Almonty’s Role in the Tungsten Supply Chain
Almonty describes itself as a leading supplier of conflict-free tungsten, a metal used in defense and advanced technology applications including armor, munitions, and electronics manufacturing. The company’s flagship asset is the Sangdong Tungsten Mine in South Korea, which it says is historically among the world’s largest and highest-grade tungsten deposits.
Almonty said the mine is expected to become a significant contributor to the non-China tungsten supply chain as it reaches full capacity, amid recent U.S. defense procurement restrictions and Chinese export controls affecting the metal. The company also has operations in Portugal and additional projects in Spain and the United States.
Almonty is incorporated and headquartered with operations tied to global defense and technology supply chains, and the company said it remains positioned to serve demand from Western allies focused on supply-chain security.
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