Almonty Industries Inc. (“Almonty” or the “Company”) (NASDAQ: ALM) (TSX: AII) (ASX: AII) (OTCQX: ALMTF) (Frankfurt: ALI1), a leading global producer of tungsten concentrate, today announced that it has filed a Notice of Application in the Ontario Superior Court of Justice (Commercial List) (the “Court”) against Pure Tungsten Inc. (“Pure Tungsten”). The filing seeks injunctive relief to address materially false and misleading statements circulated by Pure Tungsten regarding Almonty, its flagship Sangdong Mine, and the past involvement of Mr. Tiger Kim in Almonty.
Although it appears to have removed certain multi-media posts containing false or unsupported information following the receipt of cease-and-desist letters from Almonty and its legal counsel, Pure Tungsten has failed to correct a number of incorrect statements or issue a retraction. Instead, Pure Tungsten has escalated matters by issuing a letter threatening criminal proceedings against Almonty’s Chairman, President and CEO, Mr. Lewis Black, in Korea, in respect of Almonty’s request that Pure Tungsten retract false statements about Almonty. Accordingly, Almonty’s application requests, among other remedies, that the Court: (a) restrain Pure Tungsten and its representatives from publishing or disseminating false or unsupported statements concerning Almonty, its officers, and its mineral properties; (b) compel corrective disclosure to the recipients of correspondence from Pure Tungsten in which it incorrectly stated that Mr. Kim had served as a Representative Director of the Sangdong Mine from 2010 to 2020; and (c) require retraction of other materially misleading claims comparing Pure Tungsten’s mineral properties to Almonty’s in a manner designed to mislead investors.
Almonty underscores that Mr. Kim has never held any executive, officer, or director position with the Company. His limited role as an independent contractor ended December 31, 2015, and any suggestion otherwise is false and misleading.
“Pure Tungsten’s campaign of misinformation regarding Almonty is a direct threat to market integrity and to the interests of our shareholders,” said Lewis Black. “We will vigorously pursue all available remedies to ensure the public record is corrected and to protect investors from being misled.”
Almonty remains committed to lawful, transparent, and ethical business practices. The Company believes that accurate disclosure and fair market communication are essential to protecting investors, maintaining regulatory compliance, and upholding confidence in the global tungsten sector.
About Almonty
Almonty (NASDAQ: ALM) (TSX: AII) (ASX: AII) (OTCQX: ALMTF) (Frankfurt: ALI1) is a leading supplier of conflict free tungsten – a strategic metal critical to the defense and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions, and electronics manufacturing. Almonty’s flagship Sangdong Mine in South Korea, historically one of the world’s largest and highest-grade tungsten deposits, is expected to supply over 80% of global non-China tungsten production upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions by China. With established operations in Portugal and additional projects in Spain, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness. To learn more, please visit https://almonty.com.
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