Elmet Group Deploys $450M DoW Investment for Tungsten Supply

PORTLAND, Maine, USA - The Elmet Group Co. (NASDAQ: ELMT) announced plans to allocate capital from a $450 million committed investment by the United States Department of War to establish a secure, vertically integrated tungsten supply chain, expand domestic manufacturing, and strengthen critical mineral sources.

The strategic funding will support several transformative initiatives across Elmet's global operations, including facility modernization, new joint ventures, and international partnerships to secure long-term access to raw materials and processing capabilities.

Key Highlights

• Domestic Infrastructure: Over $165 million will modernize and expand existing facilities in Lewiston, Maine; Coldwater, Michigan; and Euclid, Ohio.
• Springer Tungsten Complex: Approximately $150 million will be allocated to the Imlay, Nevada complex operated by Blue Moon Metals, creating a majority-owned joint venture with Blue Moon and EQ Resources to restart ammonium paratungstate conversion.
• Allied Supply Network: Up to $150 million will support international partnerships, including the Mt. Carbine Mine in Australia and the Barruecopardo Mine in Spain, to diversify supply.
• New Division: Elmet is launching Elmet Refining & Trading to coordinate global sourcing, processing, and delivery.