The MBK Partners-Young Poong Consortium (the “Consortium”), Korea Zinc’s largest shareholder group, today urged shareholders of Korea Zinc (the “Company”) to support stronger independent oversight at the Extraordinary General Meeting (“EGM”) on September 9, 2026, by voting:
- FOR Park Yoo-Kyung for the Audit Committee, and
- FOR Lee Joon-Bong and Shim Hye-Seop as independent directors.
The EGM presents shareholders with a straightforward choice: Strengthen the Audit Committee and Board with directors who are demonstrably independent, qualified and prepared to hold management accountable when necessary, or maintain a governance structure that has overseen regulatory sanctions, infringement of shareholder rights and capital allocation concerns.
Park Yoo-Kyung was selected through an independent nomination process designed to identify the most qualified candidate to hold management and the Board accountable.
- Park brings more than three decades of global capital markets experience spanning financial analysis, investment, capital allocation, risk oversight, corporate governance and shareholder engagement, including 17 years as a senior executive at APG Asset Management and approximately 10 years as an equity research analyst at ING Baring Securities, Salomon Smith Barney, Good Morning Securities and Citi Global Markets. She has also served as Head of the Asia Corporate Governance Association’s Korea Working Group and as an Independent Director and Audit Committee Chair at the Tara Climate Foundation.
- Park has been unequivocal in her intent to exercise independent oversight. In an August 2026 interview with The Korea Times, she said that, if acting in the interests of all shareholders required her to disagree with those supporting her candidacy, she is “prepared to oppose them, whoever they are.”
- The separately elected Audit Committee seat, created under Korea’s Commercial Act, exists to provide genuinely independent oversight of management, not simply technical accounting expertise. Park was identified through a structurally independent process that solicited investor views and was designed to produce a candidate capable of achieving such supervision.
Lee Joon-Bong and Shim Hye-Seop will bring relevant skills and independent judgment to the Board.
- Lee is a legal and accounting scholar with doctorates in tax law and accounting and nearly 20 years of experience as a Professor at Sungkyunkwan University Law School. He has served as a Non-Standing Judge of the Tax Tribunal, President of the Korean Tax Law Association, and Chairman of International Fiscal Association Korea, and brings listed-company experience as an independent director and Audit Committee member.
- Shim is a corporate lawyer with more than 15 years of experience in corporate law and governance. As Standing Statutory Auditor of Namyang Dairy Products, he exercised independent audit authority and pursued claims against the company’s former controlling shareholder.
Project Crucible raises the stakes for rigorous, independent oversight and constructive engagement.
- The Consortium strongly supports Project Crucible, Korea Zinc’s approximately $7.4 billion integrated critical minerals smelter project in Clarksville, Tennessee, being developed in partnership with the U.S. Government.
- A project of this scale and strategic importance demands rigorous Board oversight, disciplined capital allocation, effective internal controls and transparent decision-making. Stronger governance should support Korea Zinc’s ability to execute Project Crucible successfully and create sustainable long-term value for all shareholders.
- The Consortium has repeatedly demonstrated its support for Project Crucible, including by engaging with local stakeholders to discuss the project’s successful development and potential contributions from Young Poong’s smelting expertise.
The need for effective Board and Audit Committee oversight has become increasingly clear. In recent months:
- Korea’s Securities and Futures Commission imposed sanctions related to Korea Zinc’s accounting and disclosure practices, including corrective measures and a mandatory external auditor designation. Separate scrutiny by Korean tax and competition authorities remains ongoing.
- In July 2026, the Seoul Central District Court ruled at first instance that the restriction of Young Poong’s voting rights at the January 2025 EGM was unlawful and held CEO Park Ki-Deok liable for damages. The ruling is subject to appeal. Four directors elected at that meeting were suspended from performing their duties on the same basis and later resigned, creating the four vacancies being filled at the upcoming EGM.
New One Asia Partners evidence further underscores the need for an independent Audit Committee.
- According to criminal case records, regulatory filings and Securities and Futures Commission materials reviewed by the Consortium, Korea Zinc committed approximately US$415 million to OneAsia Partners, and at least US$50 million was subsequently invested in unlisted entertainment and content companies in which Choi Yun-Birm and members of his family had previously invested.
- The Consortium believes these transactions raise serious questions as to whether Korea Zinc capital may have supported Choi Yun-Birm’s personal investments. Despite repeated requests from the Consortium, the current Audit Committee has declined to conduct its own investigation, instead stating that it would await the conclusions of external authorities and legal proceedings.
The Consortium urges shareholders to vote FOR Park Yoo-Kyung (Item 3.2), FOR Lee Joon-Bong (Item 2.3) and FOR Shim Hye-Seop (Item 2.4), and AGAINST Korea Zinc’s competing nominees under Items 3.1, 2.1 and 2.2. The Consortium also supports Item 1, which would amend Korea Zinc’s Articles of Incorporation to increase the number of separately elected Audit Committee members in accordance with Korea’s amended Commercial Act.
Shareholders can review the Consortium’s EGM materials and additional information at KoreaZincValueUp.com.
About the MBK Partners-Young Poong Consortium
The MBK Partners-Young Poong Consortium is Korea Zinc’s largest shareholder group, holding approximately 42.1% of voting shares as of August 5, 2026, the record date for the EGM on September 9, 2026.
Disclaimer
This press release and related materials, including content available through KoreaZincValueUp.com, are provided by the MBK Partners-Young Poong Consortium, Korea Zinc’s largest shareholder group. Except as otherwise attributed, copyright and other intellectual property rights in these materials belong to the Consortium or its applicable members. No recipient is granted any license or other rights beyond reviewing these materials for informational purposes, and any reproduction, distribution, transmission or modification without prior consent is prohibited except as permitted by applicable law.
These materials draw on publicly available information, regulatory filings, court and criminal case records, and Securities and Futures Commission materials the Consortium believes reliable but has not independently verified. The Consortium makes no representation or warranty as to their accuracy, completeness or fairness, and assumes no responsibility for any errors, omissions or resulting consequences. Recipients should not rely on these materials as the sole basis for any investment, voting or other decision.
These materials may include forward-looking statements, estimates or opinions regarding future events or developments concerning Korea Zinc, including its governance, regulatory and litigation matters, capital allocation, Project Crucible and the upcoming Extraordinary General Meeting. Such statements reflect assumptions and information available when prepared, are subject to risks and uncertainties beyond the Consortium’s control, and actual results may differ materially. The Consortium undertakes no obligation to update or revise them except as required by applicable law.
Nothing herein constitutes an offer to sell, purchase, subscribe for or underwrite any securities, or investment advice or a recommendation to transact in securities, under the Korean Financial Investment Services and Capital Markets Act or the laws of any other jurisdiction, and none of it should be relied upon as a basis for any contract, commitment or investment decision.
These materials reflect the Consortium’s views on Korea Zinc’s upcoming Extraordinary General Meeting and are provided to inform shareholders on the matters to be considered there. Any solicitation or recommendation regarding the exercise of voting rights is made only in compliance with applicable law, and these materials do not solicit the joint exercise of voting rights, proxy voting arrangements or other collective shareholder action except as expressly permitted under applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260830387785/en/
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