Investment Highlights
- Strategic Merger: Merger of Pure Tungsten Inc. and GB Innovation Co. Ltd. (GBI) to form a multinational tungsten producer with projects in South Korea, Tajikistan, and Brazil.
- Near-term Production: Recommissioning of the Ssangjon Mine (South Korea) in 2026; Target: 900–1,000 tonnes of WO₃ concentrates annually.
- High-Grade Projects: Tungsten grades well above the global average (0.18–0.19% WO₃); historical values of up to 1.4% WO₃.
- Global Diversification: Three continents – Asia, South America, and future expansions – reduce geopolitical risks.
- Cost Efficiency & ESG: Chemical-free processing, water recycling, low operating costs (OPEX from US$60/MTU) and CAPEX efficiency (US$15,800/t annual production).
- Experienced Management: Leadership team with international experience in mine development, finance, and capital markets (incl. Sangdong, Morgan Stanley, UBS).
Company & Strategy
Pure Tungsten aims to establish itself as a leading Western producer of tungsten outside of China. The planned merger with GB Innovation Co. Ltd. will create an integrated raw materials company with a diversified portfolio of historically productive, high-grade tungsten mines in South Korea, Tajikistan and Brazil.
The company is pursuing a phased production strategy, reactivating cash-flow-generating mines in the short term and developing strategic large-scale projects in the medium term. In combination with a strong network of governmental and industrial partners, Pure Tungsten aims to control up to 40–50% of non-Chinese global production.
A central element is the planned vertical integration: from extraction and processing to partnership with one of the world’s largest tungsten consumers. This aims to create an independent supply chain for critical metals, especially for the Western semiconductor, defense, and high-tech industries.
The operational philosophy is based on low capital intensity, rapid scalability, and ESG-compliant practices. Environmentally friendly technologies such as chemical-free processing and closed-loop water systems are consistently implemented.
Market Environment
Tungsten – a Critical Metal of Strategic Importance
Tungsten is one of the most important strategic metals in modern industry. Due to its
As a result of increasing export restrictions and declining production volumes in China (–18% between 2019 and 2023), growing supply gaps are emerging, making alternative sources urgently necessary. In parallel, the demand from Western industries is rising, particularly in defense and energy technologies.
Geopolitical and Economic Trends
The strategic re-evaluation of critical raw materials by governments in North America, Europe, and Asia is leading to increased promotion of projects in secure jurisdictions. Countries like South Korea and Brazil actively encourage investments in mining projects to diversify supply chains. Tajikistan, in turn, is increasingly opening up to foreign investors and offers attractive conditions with 100% foreign ownership and zero royalties.
Pure Tungsten thus positions itself as a reliable supplier in geopolitically stable regions to provide Western industries with a secure, sustainable tungsten supply.
Project Portfolio
South Korea – Ssangjon Mine
The Ssangjon Mine, approximately three hours from Seoul, is one of the country’s most significant tungsten projects. The deposit was operated until 1983 and recommissioned by Pure Tungsten in 2023/2024.
It possesses a
Pure Tungsten acquired the Hupo Processing Plant in 2023 – a processing facility with a capacity of 1,000 tonnes per day for producing 65% concentrates. Upon full commissioning, Ssangjon is expected to produce up to 2,700 tonnes of tungsten concentrate annually, covering approximately 90% of South Korea’s domestic demand.
The economic indicators highlight its attractiveness:
- OPEX: approx. US$127/MTU – about half of the global average
- CAPEX: US$15,800 per annual tonne
- IRR: 41%
Furthermore, Ssangjon boasts an exemplary ESG record: no wastewater discharge, chemical-free processing, strong local support, and government involvement through the Korean Critical Minerals Program.
Fig. 1: Location of the Ssangjon Mine in South Korea
Fig. 2: Visit to the Ssangjon Mine in South Korea
Tajikistan – Maykhura Project in the Tien Shan Belt
Tajikistan forms the second pillar of Pure Tungsten’s international growth strategy. The country possesses over
The Maykhura Mine, discovered in 1938, was one of the main suppliers of tungsten during the Soviet era and played a central role in the war economy.
According to historical data (USSR SRC 1976), the deposit contains:
- 1.8 million tonnes at 0.93% WO₃ (indicated)
- 211,000 tonnes at 0.82% WO₃ (inferred)
- Potential for two to four times these resource sizes in additional ore blocks.
The planned production scenario envisages a throughput of 200,000 tonnes of ore per year, with an initial production of 1,900 tonnes of concentrate, which is expected to increase to 3,700 tonnes annually through expansions.
With an OPEX of only US$60/MTU, Maykhura is among the most cost-efficient projects worldwide. The IRR is 33–35%, based on a 70/30 partnership between GBI and the Tajik government.
The project is located in the Tien Shan Metallogenic Belt, one of the world’s largest tungsten deposits, with over 50 as-yet undeveloped ore bodies. A strategic three-party alliance between GBI, KOMIR (Korea Mine Rehabilitation & Mineral Resources Corp), and TALCO (Tajik Aluminum Company) strengthens bilateral raw material cooperation between Korea and Tajikistan.
Fig. 3: Tien Shan Tungsten Belt
Brazil – Bodó Mineração
The Bodó Project in Rio Grande do Norte, approximately 150 km west of Natal, is a historical, fully equipped mine with immediate restart potential. The facility includes a 150 tpd gravity processing plant, power connection, water supply, and road access to the port of Natal.
Over US$20 million has already been invested in infrastructure and exploration.
The mine hosts ore grades of 1.0–1.4% WO₃ – among the highest worldwide – and features a 1,335 ha largely unexplored concession area. An NI 43-101 estimate (2015) indicates 1–2 million tonnes of potential ore.
Additionally, high-grade tailings valued at approximately US$12 million exist, confirmed by drilling and analysis according to Coffey Mining (2012). These offer short-term cash flow opportunities while underground exploration continues.
Pure Tungsten plans to develop Bodó into its Latin American hub to supply concentrates to South Korea for further processing in the medium term. The combination of infrastructure, quality, and low operating costs creates a solid foundation for profitable growth.
Fig. 4: Location of Bodó Mineração, Brazil
Outlook
With the completion of the merger between Pure Tungsten and GBI, a diversified, fast-growing tungsten company with a clear roadmap will be created:
- Short-term (0–12 months): Completion of financing (C$3 million at C$0.20/share), restart of Ssangjon Mine, commencement of cash flow phase.
- Medium-term (1–3 years): Development of the Maykhura Project, scaling total capacity to up to 4,000 tonnes of WO₃ per year.
- Long-term (3+ years): Expansion of the global portfolio, potential growth through additional acquisitions and vertical integration into further processing.
The company also plans a stock exchange listing via an RTO on the TSX-V or ASX to gain access to institutional capital and international investors.
Pure Tungsten sees itself in a position to play a central role in the emerging Western tungsten market – at a time when supply security has become a key geopolitical factor.
Management
Pure Tungsten’s management team combines technical expertise, financial acumen, and international experience:
- Tiger Kim – Chief Executive Officer
Over 15 years of experience in the tungsten industry, formerly at the Sangdong Mine (2010–2015). Previously an investment banker at Morgan Stanley, Salomon, and Citicorp, specializing in commodity finance. - Paul Ensor – Chairman
More than 20 years of leadership experience in the raw materials sector; roles in Corporate Strategy and Equity Restructuring. Previous positions: Baring Securities, CLSA, UBS (Asia). - Charles Chebry, BSc, CPA – Board Member
Over 30 years of experience in senior positions in the global raw materials sector; founder of several TSXV companies (Tucano Gold, Gold Road, Pilar Gold). - Max Beck – Head of Investor Relations
Three decades of business development, including 15 years in corporate finance and IR at Gold Road, Tucano Gold, and Pilar Gold. Extensive project experience across four continents. - Edward Balme – Investor Relations Manager
Geologist with ten years of field experience in Australia and Brazil. Bilingual (Portuguese, Spanish) and specialized in exploration and capital market communication.
This team possesses profound operational experience across the entire value chain – from exploration to capital market structuring – and pursues a clear strategy: building a vertically integrated, Western tungsten producer that contributes to securing global supply chains.
Conclusion
Pure Tungsten stands at a crucial turning point: The merger with GB Innovation will create a multinational raw materials company with three high-grade tungsten projects, located in geopolitically stable regions and capable of entering production in the short term.
The combination of low costs, high resource quality, ESG focus, and experienced management optimally positions Pure Tungsten to benefit from global supply shortages and the strategic importance of tungsten. With the recommissioning of the Ssangjon Mine, the development of Maykhura, and the planned expansion in Brazil, Pure Tungsten could become a leading Western producer within a few years – and thus a central player in a market characterized by geopolitical realignment and growing demand for critical metals.
