Elmet Group Receives $450 Million Investment to Expand Tungsten Supply Chain
The Elmet Group (NASDAQ:ELMT) announced on September 14, 2026, that the U.S. Department of War has committed a $450 million investment in the company to expand its tungsten supply chain. The funding will be used for domestic manufacturing and international mining operations, with an initial drawdown of $200 million followed by additional tranches. In exchange, the department will receive preferred equity and warrants representing up to 19.9% ownership and board representation rights. A significant portion of the investment—$165 million—is allocated for Elmet’s U.S.-based facilities in Maine, Michigan, and Ohio. An additional $150 million is earmarked for development at the Blue Moon Springer Tungsten Complex in Nevada through a joint venture with Blue Moon Metals and EQ Resources (Australia). The company also plans to establish a new refining and trading division. Separately, Elmet Technologies has secured an indefinite delivery/indefinite quantity contract from the Defense Logistics Agency worth up to $2 billion. This includes a guaranteed funded commitment of $150 million through 2031 with potential extension until 2033.
Tickers: $ELMT
Topics: defense logistics expansion government investment tungsten supply chain