I dunno. If it had truly vented, voltage (and definitely IR) should indicate that something’s wrong. That’s also relatively thick material there vs. the diaphragm.

To me that looks like welding spatter from bad contact and what looks like a pinhole (and they probably welded the terminal with the shrink-wrap and isolator ring in place).

My guess is: bad welding caused that pinhole, and with the cell warmed up, some gases escaped. I don’t know how bad the internals react to outside atmosphere long-term, and the escaped contents probably aren’t too nice to have inside your flashlight.