Almonty Industries Inc. (” Almonty “or the” Company “) (NASDAQ: ALM) (TSX: AII,OTC:ALMTD) (ASX: AII) (OTCQX: ALMTF) (Frankfurt: ALI1), a leading global manufacturer of tungsten concentrate, today announced that it has filed a Notice of Application with the Ontario Superior Court of Justice (Commercial List) (the ” Court “) v. Pure Tungsten Inc. (” Pure tungsten “). The filing seeks injunctive relief to address materially false and misleading statements disseminated by Pure Tungsten regarding Almonty, its flagship Sangdong mine, and Mr. Tiger Kim’s prior involvement with Almonty.
Although Pure Tungsten appears to have removed certain multimedia messages containing false or unsupported information after receiving cease-and-desist letters from Almonty and his legal counsel, Pure Tungsten has failed to correct a number of inaccurate statements or issue a retraction. Instead, Pure Tungsten escalated matters by issuing a letter threatening criminal charges against Almonty’s Chairman, President and CEO, Mr. Lewis Black, in Korea, regarding Almonty’s request that Pure Tungsten retract false statements about Almonty. Accordingly, Almonty’s motion, in addition to other remedies, asks that the Court: (a) restrain Pure Tungsten and its representatives from publishing or disseminating false or unsupported statements about Almonty, its officers and its mineral properties; (b) compel corrective disclosure to the recipients of correspondence from Pure Tungsten falsely stating that Mr. Kim had served as representative director of the Sangdong Mine from 2010 to 2020; and (c) require retraction of other materially misleading statements comparing Pure Tungsten’s mineral properties to those of Almonty in a manner intended to deceive investors.
Almonty underlines that Mr. Kim has never held an executive, officer or director position at the company. His limited role as an independent contractor ended on December 31, 2015, and any suggestion otherwise is false and misleading.
“Pure Tungsten’s disinformation campaign about Almonty is a direct threat to market integrity and to the interests of our shareholders,” said Lewis Black. “We will vigorously pursue all available legal remedies to ensure that the public data 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 communications are essential to protecting investors, maintaining regulatory compliance and maintaining confidence in the global tungsten industry.
About Almonty
Almonty (NASDAQ: ALM) (TSX: AII,OTC:ALMTD) (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 rise, tungsten has become essential for the production of armor, ammunition and electronics. Almonty’s Sangdong mine in South Korea, historically one of the world’s largest and high-quality tungsten deposits, is expected to supply more than 80% of global non-Chinese tungsten production once it reaches full capacity. This directly addresses the critical supply vulnerability highlighted by recent US defense purchase bans and export restrictions by China. With established operations in Portugal and additional projects in Spain, Almonty is strategically aligned to meet rapidly increasing demand from Western allies committed to supply chain security and defense preparedness. For more information, visit https://almonty.com.
Legal notice
The release, publication or distribution of this announcement in certain jurisdictions may be subject to legal restrictions and therefore persons in any such jurisdictions in which this announcement is released, published or distributed should inform themselves about and observe any such restrictions.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws.
All statements, other than statements of current or historical fact, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and, accordingly, actual results may differ materially from those expressed or implied by such statements. You are therefore cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are generally identified by words such as ‘plan’, ‘development’, ‘growth’, ‘next’, ‘intentions’, ‘expectations’, ’emerging’, ‘evolving’, ‘strategy’, ‘opportunities’, ‘expected’, ‘trends’, ‘potential’, ‘outlook’, ‘ability’, ‘additional’, ‘on track’, ‘outlook’, ‘viability’, “estimated,” “achieved,” “amplify,” “enhance,” “target,” “believes,” “next steps” or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “could,” “might” or “will” be taken, occur or be achieved. Forward-looking statements in this press release include, but are not limited to, statements regarding the successful resolution of legal matters involving Pure Tungsten and Mr. Tiger Kim.
Forward-looking statements are based on certain assumptions and other important factors which, if untrue, could cause actual results to differ materially from any future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions on which the Company’s forward-looking information is based include, without limitation, the successful resolution of legal matters involving Pure Tungsten and Mr. Tiger Kim.
Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, including but not limited to those identified in the Company’s annual information form dated March 20, 2025 and the Management Discussion and Analysis for the three and six months ended June 30, 2025.
Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those in forward-looking statements, there may be other factors that could cause the results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, and even if events or results described in the forward-looking statements materialize or materialize substantially, there can be no assurance that they will have the expected consequences or effects on Almonty. No guarantees can be made as to whether or when the legal matters involving Pure Tungsten or Mr. Tiger Kim will be resolved and what the outcome will be for Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary.
Investors are cautioned not to place undue emphasis on forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Almonty also believes that material factors will not cause forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change. There can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS ALMONTY’S EXPECTATIONS AS OF THE DATE OF THIS PRESS RELEASE AND ACCORDINGLY SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT HAVE ANY UNINTENDED INTEREST IN FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY ON THIS INFORMATION AS OF ANY OTHER DATE. ALTHOUGH ALMONTY MAY ELECT, IT MAKES NO COMMITMENT TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY APPLICABLE LAW.
View the source version on businesswire.com: https://www.businesswire.com/news/home/20251010089038/en/
Company contact person
Lewis Black
Chairman, President and CEO
(647) 438-9766
info@almonty.com
Contact person for Investor Relations
Lucas A. Zimmerman
Managing Director MZ Group – MZ North America
(949) 259-4987
ALMTF@mzgroup.us
www.mzgroup.us
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