Pure Tungsten

What Pure Tungsten does

Pure Tungsten Inc. is a Canadian-domiciled, Calgary-headquartered critical minerals company (founded 2021) building a multi-asset, non-Chinese tungsten production platform. Its core technology is conventional underground mining and ore processing to produce tungsten concentrate (WO3), anchored by three assets: the Ssangjon Mine in South Korea, a fully integrated mine-and-mill facility targeting near-term restart of ~900-1,000 tonnes per annum of WO3 concentrate from an estimated 25.9 million tonnes of unmined resource; the Maykhura Mine in Tajikistan, a historic Soviet-era skarn deposit with ~1.55 million tonnes of ore grading ~1.0% WO3 being modernized for 2027 production; and Bodó Mineração in Brazil, a 150 tpd brownfield facility with historically high-grade tungsten mineralization (1-1.44% WO3) currently in acquisition discussions.

The company is pre-revenue and pre-IPO, with first concentrate production targeted for June 2026 and a planned Canadian public listing in H2 2026 at a stated target valuation of C$600+ million against a current ~C$125M pre-money valuation. It is currently raising C$15M aggregate in two pre-IPO tranches at C$0.50 per share. Its go-to-market is direct B2B sales of tungsten concentrate to defense contractors, aerospace manufacturers, industrial toolmakers, and government strategic stockpilers in NATO and allied Western markets seeking to diversify away from Chinese-dominated supply chains (~85% of global supply). The company holds formal support from the South Korean Government under its Critical Minerals Initiative and has merged with GB Innovation Co. Ltd. to consolidate South Korean tungsten capabilities.

The revenue model is straightforward commodity sales: tungsten concentrate (WO3) sold at market-based pricing into long-tail industrial and defense procurement channels. Tungsten pricing has surged ~500% to approximately $220,000 per tonne, driven by defense demand and supply chain security initiatives, materially improving the unit economics of the company's planned production. Long-term production is targeted at ~4,000 tonnes per annum of WO3 across the asset base, which would represent approximately one-third of current non-Chinese supply and underpin the IPO re-rating thesis.

Name

Pure Tungsten

Legal name

Pure Tungsten Inc.

Website

https://puretungsten.ca

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Pure Tungsten Inc. is a Canadian pre-IPO tungsten mining company developing three non-Chinese production assets in South Korea, Tajikistan, and Brazil, targeting ~4,000 tonnes per annum of WO3 concentrate for Western defense, aerospace, and industrial buyers seeking to diversify away from Chinese-dominated supply chains.

Ownership category

akta.pro rank

Product category

Tungsten Mining

NAICS

Secondary Smelting, Refining, and Alloying of Nonferrous Metal (except Copper and Aluminum) (331492), Secondary Smelting and Alloying of Aluminum (331314)

SIC

Miscellaneous Metal Ores (1090), Secondary Smelting & Refining Of Nonferrous Metals (3341)

akta.pro primary industry

Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG)

Keywords

• Tungsten mining
• Tungsten concentrate
• Critical minerals supply
• Non-Chinese tungsten
• Defense metals production

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Tungsten Concentrate Sales: Pre-revenue company planning to generate income from selling tungsten concentrate (WO₃) produced at its Ssangjon mine in South Korea and Maykhura mine in Tajikistan. Initial production targets approximately 1,000 tonnes per annum of concentrate from Ssangjon, ramping to 4,000 tonnes per annum combined with Tajikistan operations. Revenue will come from direct sales of tungsten concentrate to defense, aerospace, tooling, and high-tech manufacturing buyers seeking non-Chinese supply sources.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Pure Tungsten is a mining company that produces tungsten concentrate (WO3) from three assets: the Ssangjon Mine in South Korea (targeting 900–1,000 tonnes per annum, with an estimated 25.9 million tonnes of unmined resource), the Maykhura Mine in Tajikistan (historic Soviet-era deposit with ~1.0% WO3 grades), and the Bodó Mineração facility in Brazil (historically grading 1–1.44% WO3). The company sells tungsten concentrate to defense, aerospace, and industrial buyers seeking non-Chinese supply, targeting phased production of approximately 4,000 tonnes per annum of tungsten trioxide across its asset base.

Product overview

Pure Tungsten Inc. is a Canadian critical minerals company advancing toward tungsten production through its merger with GB Innovation Co. Ltd. The company operates three primary mining assets: the Ssangjon Mine in South Korea (targeting 900-1,000 tonnes per annum of tungsten concentrate production), the Maykhura Mine in Tajikistan (high-grade ore at ~1.0% WO3), and the Bodó Mineração facility in Brazil (historically high-grade at 1-1.44% WO3). The company's strategic focus is positioning itself as a non-Chinese tungsten supplier for Western markets, targeting phased production of approximately 4,000 tonnes per annum of tungsten trioxide across its asset base.

Differentiator

Problem solved

Functional benefit

Products and services

• Ssangjon Tungsten Mine (South Korea) Historic tungsten mine in South Korea targeting 900-1,000 tonnes per annum of tungsten concentrate (WO3) production, with an estimated 25.9 million tonnes of unmined resource. Fully integrated mine and mill located in a Tier 1 jurisdiction with government support from South Korea's Critical Minerals Initiative. Customers are defense, aerospace, and industrial buyers seeking non-Chinese tungsten supply.
• Maykhura Mine (Tajikistan) Historic Soviet-era tungsten mine dormant since the 1970s, now being redeveloped for modern operations. Estimated 1.55 million tonnes of ore with high WO3 grades (~1.0%), located in a world-class skarn tungsten belt. Production targeted for 2027. Customers are defense and industrial tungsten buyers.
• Bodó Mineração (Brazil) 150 tonnes per day production facility in Brazil with plans to expand. Historically one of the highest-grade tungsten operations in the industry, averaging 1-1.44% WO3. Features paved road access, grid power, and proximity to Natal port city. Currently in discussions. Customers are tungsten concentrate buyers in industrial and defense markets.

Quantifiable outcome

• Initial production of ~1,000 tonnes per annum representing ~8% of non-Chinese tungsten supply
• +3 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• GB Innovation Co. Ltd.coreStrategic or Co-development PartnerPure Tungsten is advancing toward becoming a major global supplier of tungsten through its merger with GB Innovation Co. Ltd. This merger positions the company to leverage combined capabilities and assets for global tungsten production expansion.
• South Korean GovernmentcoreOthersStrong relationship and support from South Korean Government as part of the strategic Critical Minerals Initiative. The government provides backing for the company's Ssangjon mine restart, positioning it as a strategic supplier within the country's critical minerals framework.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Kennametal Inc. U.S.-listed industrial tungsten and carbide tools manufacturer. Functions as both a competitor and a potential downstream off-taker for Western tungsten concentrate, but operates downstream of mining.
• Mitsubishi Materials Corporation: Japanese diversified materials group with significant tungsten and cemented carbide operations. A broad incumbent — competes in tungsten end-products but is not a pure-play tungsten miner.

Direct peers

• Northcliff Resources Ltd. Canadian-listed tungsten developer advancing the Sisson tungsten-molybdenum project in New Brunswick. Similar pre-production tungsten peer with comparable Canadian listing pathway and Western end-markets.
• Almonty Industries: Canadian-listed (TSX/ASX) tungsten developer and producer operating the Panasqueira mine (Portugal) and developing the Sangdong mine in South Korea — the closest direct peer to Pure Tungsten, with a 2,300 tpa target and ~C$3.5B market cap referenced in Pure Tungsten's own investor materials.
• Tungsten Mining NL: ASX-listed Australian tungsten developer advancing the Mt Carbine and Watershed projects. Comparable development-stage tungsten peer targeting Western markets, with similar pre-production risk profile.
• Masan High-Tech Materials: Vietnamese-listed tungsten and advanced materials producer (acquired HC Starck's tungsten business). One of the few scaled non-Chinese tungsten producers and a direct competitor for Western industrial and defense customers.
• Wolfram Bergbau und Hütten AG: Austrian integrated tungsten miner and processor (Mittersill mine). One of Europe's few primary tungsten producers, competing for the same non-Chinese, Western-aligned customer base.
• Korea Tungsten Co., Ltd. Long-established South Korean tungsten producer and processor. Operates in the same Tier-1 jurisdiction as Pure Tungsten's Ssangjon mine and would be a direct competitor for Korean defense and industrial customers.

Others

• Defense Metals Corp. Canadian-listed critical minerals company (focused on rare earths) pursuing Western defense supply chain diversification. Thematically adjacent — same strategic-minerals, Western-aligned investment narrative — but a different commodity.

Regional players

• Ormonde Mining plc: AIM-listed tungsten developer with the Barruecopardo project in Spain. Similar development-stage tungsten peer but serving primarily European rather than North American/Asian markets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/pure-tungsten

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pure Tungsten