The Albany Gazette - Pure Tungsten Completes Merger with GB Innovation Co., Ltd., Advancing Toward Near-Term Production and Planned Public Listing

CALGARY, AB / ACCESS Newswire / May 19, 2026 / Pure Tungsten Inc. ("Pure Tungsten" or the "Company") is pleased to announce the successful completion of its merger with GB Innovation Co., Ltd. ("GBI"), marking a significant milestone in the Company's transition toward near-term tungsten production and a planned public listing later this year.

The completion of the merger follows a period of strong momentum for the Company, including the recent completion of a significantly oversubscribed financing round which saw strong support from existing and new investors, including YG-1, a leading global tools manufacturer and major consumer of tungsten.

Pure Tungsten's Ssangjon tungsten mine in South Korea

With the merger now complete, Pure Tungsten is advancing toward first tungsten concentrate shipment from its flagship Ssangjon project in South Korea, targeted for July 2026.

Key Highlights

• Merger with GBI successfully completed

• First tungsten shipment targeted for July 2026

• Public listing planned later this year

• Financing round completed significantly above original target

• Positioned as a near-term non-Chinese tungsten supplier

• Expansion strategy underway including the Maykhura project in Tajikistan

Positioned for a Key Growth Phase

The completion of the merger represents an important corporate milestone as Pure Tungsten moves into the next phase of development.

The Company is currently advancing restart activities at the historic Ssangjon tungsten mine in South Korea, leveraging existing infrastructure and prior production history. Initial production is targeted at approximately 1,000 tonnes per annum of tungsten trioxide (WO₃) on an annualised basis, with longer-term plans to scale production to approximately 4,000 tonnes per annum across the Company's asset base over the next several years.

Beyond South Korea, Pure Tungsten continues to advance the Maykhura tungsten project in Tajikistan as part of its broader multi-asset growth strategy.

Strong Tungsten Market Fundamentals

Tungsten prices have strengthened significantly in recent years, driven by growing demand from defence, industrial, and advanced manufacturing sectors, alongside increasing geopolitical focus on securing non-Chinese supply chains.

With China continuing to dominate global tungsten supply, Pure Tungsten believes Western markets will increasingly seek reliable alternative producers capable of supplying strategic metals into global markets.

Located within one of the world's most established tungsten districts, less than 40km from Almonty Industries' Sangdong operation, the Company believes Ssangjon is well positioned to benefit from rising investor and strategic interest in the sector.

Entering a Transformational Period

With the merger now complete, financing secured, near-term production targeted, and a public listing planned later this year, Pure Tungsten believes it is entering a transformational stage of growth.

Pure Tungsten Background and Founders

Pure Tungsten was founded by the same team behind a number of successfully financed mining ventures over the past five years, including Laiva Gold, Tucano Gold and Gold Road. The Group's current focus includes the financing and development of two pre-IPO opportunities - Chancery Royalty, a rapidly growing gold and silver royalty group, and Pilar Gold, an advanced, shovel-ready gold mine restart opportunity in Brazil.

For further details, please contact:

Edward Balme
Investor Relations
Pure Tungsten Inc.
[email protected]
+44 7514 584 610

SOURCE: Pure Tungsten Inc

View the original press release on ACCESS Newswire

(W.Walker--TAG)