Elmet Technologies získala od Defense Logistics Agency kontrakt za zhruba 36 milionů USD na dodávky molybdenových a wolframových slitin a přesného drátu pro americké obranné zásoby. Materiály se používají pro součásti proudových motorů.
Contract covers high-performance alloys and precision wire used in the production of jet engine components
Award is in addition to the $2 billion DLA tungsten stockpile contract announced September 14, 2026
Further strengthens Elmet’s role as a domestic supplier of critical materials to domestic ADG markets
LEWISTON, Maine, Sept. 30, 2026 (GLOBE NEWSWIRE) -- Elmet Technologies, a wholly owned subsidiary of The Elmet Group Co. (NASDAQ: ELMT) ("ELMT" or the "Company"), today announced it has been awarded a contract valued at approximately $36 million by the Defense Logistics Agency ("DLA") to supply high-performance molybdenum and tungsten alloys and precision wire to the U.S. National Defense Stockpile. These materials are used in the production of jet engine components and other demanding aerospace applications. The award is separate from the $2 billion DLA contract announced on September 14, 2026.
Molybdenum and tungsten, known as refractory metals, withstand temperatures that would melt most other metals, which makes them essential to jet engines and other high-performance defense systems. Global supply of these metals has historically been concentrated outside the United States, which makes a reliable domestic source a national priority.
Under the contract, Elmet Technologies will supply DLA Strategic Materials, the agency responsible for managing the National Defense Stockpile, with titanium-zirconium-molybdenum ("TZM") alloy billets, bar stock, and ingots, as well as specialized molybdenum and tungsten wire.
TZM is a molybdenum alloy strengthened with small additions of titanium and zirconium. It retains its strength at higher temperatures than pure molybdenum, making it well suited to aerospace and defense applications where materials must perform under extreme heat and stress.
"This award reflects the depth of Elmet Technologies' capabilities in molybdenum and tungsten, from specialty alloy billets and bar to precision ultra-fine wire with advanced properties," said Derek Fox, President of the Critical Materials Components Division of The Elmet Group. "Refractory metals are foundational to aerospace manufacturing and the production of jet engine components. As a vertically integrated U.S. manufacturer, we believe this contract further demonstrates our role as a trusted domestic source of critical materials and precision-engineered components."
The award draws on Elmet Technologies' metallurgical engineering capabilities in tungsten and molybdenum, from powder through finished mill products and components, which have supported customers in aerospace, defense, and other critical industries for nearly a century. Capabilities reflected in the contract include:
Precision refractory metal wire. Specialized wire produced from molybdenum, tungsten, and related alloys, including potassium-doped grades, manufactured to tight dimensional, electrical, and mechanical specifications.High-strength TZM billets. Large-format TZM billets produced by both press-and-sinter and arc-cast processes.High-performance refractory alloy bar. Extruded bar produced by both arc-cast and press-and-sinter processes for high strength at extreme temperatures.Arc-cast refractory alloy ingots. Produced by arc-cast melting under controlled conditions, providing dense, high-purity feedstock for further forming. Collectively, these products reflect Elmet Technologies’ ability to produce refractory metal materials across multiple forms and processes, from large-format alloy billets to precision ultra-fine wire.
Building on Recent Momentum with the DLA and Department of War
On September 14, 2026, The Elmet Group announced a $450 million committed investment from the United States Department of War. At the same time, it announced that Elmet Technologies had been awarded an indefinite delivery/indefinite quantity ("IDIQ") contract by the DLA to support the rebuilding of the National Defense Stockpile. That contract has a ceiling value of $2 billion, including a guaranteed funded commitment of $150 million, and covers the supply of tungsten concentrates and sodium tungstate to the National Defense Stockpile.
Building on recent announcements focused on the Company’s efforts to secure upstream tungsten supply through mining, offtake, and refining relationships, this award demonstrates the downstream value of that supply that can be realized in the form of finished, high-value refractory metal products manufactured in the United States. Together, these developments advance ELMT's objective of establishing an integrated critical materials supply chain from ore to finished component.
About Elmet Technologies
Elmet Technologies is the only U.S.-owned and operated, vertically integrated tungsten and molybdenum manufacturer. Since 1929, the company has been proudly serving its customers and applications in aerospace, defense, government, industrial, medical, semiconductor, electronics, and energy. With nearly 400 employees across three facilities, totaling over 500,000 square feet in Maine, Ohio, and Michigan, it is now one of the largest U.S.-owned producers of tungsten and molybdenum materials and products, fabricating materials to its global customers’ most exacting specifications. Elmet Technologies is ISO9001, AS9100, and ITAR registered.
About The Elmet Group
The Elmet Group is a U.S.-based provider of critical materials, precision-engineered components, and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. The Company operates through three divisions: Critical Materials Components (CMC), Engineered Microwave Products (EMP), and Elmet Refining & Trading (ERT), leveraging materials science and precision engineering expertise to deliver high-performance solutions. The Elmet Group is dedicated to strengthening domestic manufacturing capabilities to support the U.S. and its Allies’ needs in both critical materials and advanced high-power microwave systems.
Investor Contact
Tom Colton and Greg Bradbury
Gateway Group, Inc. [email protected]
949-574-3860
Forward-looking statements disclaimer
The information in this press release includes forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. These statements generally relate to future events or our future financial or operating performance and include statements regarding (i) the $36 million contract awarded to ELMT by the DLA for the supply of high-performance molybdenum and tungsten alloys and precision wire, (ii) the ability of ELMT to strengthen its position as a domestic supplier of critical materials to ADG and other markets; (iii) the ability of ELMT to become a vertically integrated, U.S.-based provider of critical materials with capabilities and access throughout the full Tungsten supply chain across key geographies around the world; (iv) the ability of ELMT to successfully supply critical materials under its contracts with the DLA; (v) the ability of ELMT to realize downstream value from its efforts to secure a domestic critical materials supply chain; and (vi) ELMT’s future performance, expected outcomes and strategic initiatives.
When used in this press release, words such as “expect,” “project,” “estimate,” “believe,” “anticipate,” “intend,” “plan,” “seek,” “forecast,” “target,” “predict,” “may,” “should,” “would,” “could,” and “will,” the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in ELMT’s Registration Statement on Form S-1, as amended (File No. 333-294725) and subsequent filings ELMT makes with the Securities and Exchange Commission. ELMT undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Skupina Elmet koupí 4,99% podíl v Masan High-Tech Materials za 124,75 mil. USD a zajistí si dlouhodobé dodávky wolframu. Cílí tím na stabilnější dodavatelský řetězec.
Two industry leaders formalize strategic relationship spanning the full tungsten value chain
Investment includes a 4.99% ownership stake and multi-year supply agreements across key production stages
Further advances the objectives of the United States Government’s $450 million committed investment announced September 14, 2026
PORTLAND, Maine, Sept. 23, 2026 (GLOBE NEWSWIRE) -- The Elmet Group Co. (NASDAQ: ELMT) (“ELMT” or the “Company”), a U.S.-based provider of critical materials, precision-engineered components, and advanced high-energy systems, today announced a long-term strategic relationship with Vietnam-based Masan High-Tech Materials Corporation (UPCoM: MSR) ("MSR”) under which ELMT will acquire a 4.99% equity stake in MSR for $124.75 million. The acquisition formalizes a longstanding commercial relationship of more than 12 years, during which MSR has distinguished itself as a reliable supplier of high-quality tungsten materials and a valued strategic partner to ELMT.
Alongside the equity investment, the parties have entered into long-term commercial agreements under which MSR has agreed to supply ELMT with mined tungsten from its Nui Phao Mine and provide tungsten conversion services from its refining complex in Vietnam. The acquisition of an ownership stake and the commercial agreements establish a basis for ELMT and MSR to pursue increased refining throughput, new product development, and a broader international customer base.
“We value the opportunity to formalize our relationship with MSR, which furthers our progress toward a resilient tungsten supply chain,” said The Elmet Group CEO and Chairman Peter V. Anania. “During the 12 years we have worked alongside MSR, it has established itself as a proven tungsten producer with global significance. The Elmet Group is investing in the expansion of supply, refinement, and conversion of tungsten through this acquisition, building on the landmark investment we received from the United States Government to solidify our position as a vertically integrated, U.S.-based provider of critical materials.”
The technologies defining this century, including artificial intelligence, semiconductors and aerospace, cannot exist without tungsten,” said Chairman of Masan-High Tech Materials Danny Le. “The world can count on one hand the places that produce and refine it at scale. MSR is one of them. The Elmet Group has spent twelve years inside our supply chain. They know what we have built and what it would take to build again. That is what trust looks like when it converts into capital. Their investment speaks for itself. This is the beginning, and we will unlock MSR’s full value for shareholders in Vietnam and beyond.”
Robust and Complementary Capabilities
Together, the two companies connect the supply chain from ore to finished part: mining and concentration, chemical conversion, powder production, pressing and sintering, forming, and precision machining. MSR sits upstream, operating the Nui Phao Mine — one of the largest tungsten deposits in the world — alongside an integrated refining complex that converts concentrate into high-purity tungsten chemicals. ELMT sits downstream, transforming the materials processed by MSR into precision-engineered components for aerospace, defense, semiconductor, medical, industrial, and energy customers. Few relationships in the tungsten industry span such a broad range, and even fewer are reinforced by an equity relationship.
For ELMT, this formalized relationship is intended to secure long-term access to mined tungsten and conversion capacity at scale. For MSR, it is intended to secure a committed downstream industrial partner, additional third-party feedstock for its refinery, and a strategic shareholder with deep manufacturing expertise and access to diverse end markets.
These announcements follow the landmark investment ELMT received from the United States Government, announced on September 14, 2026. Each of these developments advance ELMT’s aim to become a robust provider of critical materials with capabilities and access throughout the full tungsten supply chain across key geographies around the world.
Completion of the equity investment is subject to customary closing conditions, including required regulatory and corporate approvals, and is expected to occur in the third quarter of 2026. The commercial agreements take effect upon completion. In connection with its new ownership position, ELMT will also receive one seat on MSR’s Board of Directors and support MSR’s planned uplisting to the Ho Chi Minh Stock Exchange, as well as its evaluation of an international listing.
About Masan High-Tech Materials
Masan High-Tech Materials is a leading global provider of advanced tungsten materials used across critical industries, including electronics, chemicals, automotive, aerospace, energy, and pharmaceuticals, serving customers worldwide. As the world’s largest producer of midstream and downstream tungsten products outside China, the Company operates the Nui Phao polymetallic mine and a state-of-the-art tungsten processing facility in Thai Nguyen Province, Vietnam. Masan High-Tech Materials is also a leading global producer of fluorspar and bismuth.
About The Elmet Group
The Elmet Group is a U.S.-based provider of critical materials, precision-engineered components, and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. The Company operates through three divisions: Critical Materials Components (CMC), Engineered Microwave Products (EMP), and Elmet Refining & Trading (ERT), leveraging materials science and precision engineering expertise to deliver high-performance solutions. The Elmet Group is dedicated to strengthening domestic manufacturing capabilities to support the U.S. and its Allies’ needs in both critical materials and advanced high-power microwave systems.
Investor Contact
Tom Colton and Greg Bradbury
Gateway Group, Inc. [email protected]
949-574-3860
Forward-looking statements disclaimer
The information in this press release includes forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. These statements generally relate to future events or our future financial or operating performance and include statements regarding (i) the purchase price and closing timing of ELMT’s acquisition of a 4.99% stake in MSR, (ii) the ability of ELMT and MSR to successfully pursue increased refining throughput, new product development, and a broader international customer base; (iii) the ability of ELMT to become a vertically integrated, U.S.-based provider of critical materials with capabilities and access throughout the full Tungsten supply chain across key geographies around the world; (iv) the receipt of regulatory and corporate approvals to complete the investment; (v) Elmet’s receipt of a board seat on MSR’s Board of Directors and MSR’s planned uplisting to the Ho Chi Minh Stock Exchange; and (vi) ELMT’s future performance, expected outcomes and strategic initiatives.
When used in this press release, words such as “expect,” “project,” “estimate,” “believe,” “anticipate,” “intend,” “plan,” “seek,” “forecast,” “target,” “predict,” “may,” “should,” “would,” “could,” and “will,” the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Elmet’s Registration Statement on Form S-1, as amended (File No. 333-294725) and subsequent filings Elmet makes with the Securities and Exchange Commission. Elmet undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Elmet Group uzavřela dlouhodobou smlouvu o odběru wolframu z dolu Hemerdon společnosti Tungsten West. ELMT očekává více než 1 000 tun koncentrátu ročně, což při současných cenách představuje více než 230 milionů USD ročně.
Agreement expected to expand and strengthen tungsten supply chains across the U.S., UK, and allied nations with one of the world’s largest tungsten deposits
Further advances the objectives of the United States Department of War’s $450 million committed investment announced September 14, 2026
Represents more than $230 million annually in offtake at current APT tungsten prices
PORTLAND, Maine, Sept. 22, 2026 (GLOBE NEWSWIRE) -- The Elmet Group Co. (NASDAQ: ELMT) (“ELMT” or the “Company”), a U.S.-based provider of critical materials, precision-engineered components, and advanced high-energy systems, today announced that it has signed a long-term tungsten concentrate offtake agreement with Tungsten West plc (AIM: TUN) (“Tungsten West”) covering production from the Hemerdon Mine in Devon, England (“Hemerdon”), one of the largest tungsten deposits in the world.
Under the terms of the agreement, ELMT expects to take more than 1,000 metric tonnes per year of tungsten concentrate (WO₃ equivalent) from Hemerdon, with both parties aiming to increase production volumes over time. Material will be converted into ammonium paratungstate (“APT”) and downstream tungsten intermediates through ELMT’s allied refining network, followed by delivery into ELMT’s U.S. manufacturing operations in Maine, Michigan, Ohio, and ELMT’s Schwabmünchen, Germany plant, pending the closing of the previously announced asset purchase agreement with OSRAM GmbH, if supplies exist. Ultimately, this U.S.-UK partnership is expected to support customers across aerospace, defense, energy, medical, industrial, and semiconductor markets.
The UK government's strategic investment in Tungsten West, announced on August 25, 2026, complements the U.S. Department of War's (“DoW”) landmark investment in ELMT announced on September 14, 2026, underscoring the importance both governments place on building resilient, allied supply chains for critical materials. The offtake will be managed through Elmet Refining & Trading (“ERT”), the Company’s new division established in connection with the DoW investment to secure long-term access to critical materials and coordinate sourcing, conversion, and delivery across ELMT's supply relationships.
“Our agreement with Tungsten West further builds upon the landmark investment we received from the Department of War and advances our strategy to build a resilient critical materials supply chain,” said The Elmet Group CEO and Chairman Peter V. Anania. “The Elmet Group and Tungsten West are firmly aligned in our commitment to securing domestic and allied production, supply, and consistency for customers across the full breadth of critical materials end markets.”
“This partnership arrives at a pivotal moment in Tungsten West’s history, with processing operations underway and continuing to ramp at Hemerdon,” said Tungsten West CEO Jeffery Court. “In addition to supporting the creation of hundreds of jobs in the UK, we believe our offtake agreement with ELMT solidifies our position as a leading Western producer of tungsten and enables us to contribute to the creation of a resilient tungsten supply chain for the U.S., UK and our other allies.”
Following the £71 million strategic investment from the UK Government's National Wealth Fund, Tungsten West has initiated processing efforts at Hemerdon. The mine is targeting ramp-up to full-scale production by the end of the first quarter of 2027.
ELMT and Tungsten West have been engaged in discussions for more than a year to identify the best approach for combining production from Hemerdon with the conversion relationships, customer base, and North American platform at ELMT. The two companies are closely aligned on the strategic objective of maximizing the volume of allied-sourced tungsten available to U.S. and UK industries and are committed to maintaining a long-term collaborative effort as Hemerdon ramps up production later this year. The partnership is designed to serve customers on both sides of the Atlantic, supporting a range of strategically important U.S. and UK industries with a secure, allied source of tungsten.
This announcement follows the landmark investment ELMT received from the DoW, announced on September 14, 2026, allowing the Company to further enhance its standing as a leading provider of strategically important raw materials.
“This announcement builds on our partnership with the United States, working together in areas like mining and processing, helping crucial sectors like defense and clean energy in both countries get the minerals they need,” said UK Minister for Reindustrialization Blair McDougall. “This is our Critical Minerals Strategy in action – forging ambitious international partnerships that strengthen our economic security and help build more resilient, sustainable critical minerals supply chains.”
Investor Business Update
As a result of these recent developments, ELMT management will temporarily postpone its standalone Investor Business Update, previously announced for September 24, 2026. The Company will continue to disclose additional updates, as appropriate, and intends to provide further scheduling information in the near future.
About Tungsten West
Tungsten West plc is a UK mining company focused on restarting production at the Hemerdon tungsten and tin mine in South Devon, England. Hemerdon is one of the largest tungsten resources in the world and benefits from substantial existing infrastructure, including a partially developed open pit, processing plant, and integrated mine waste facility.
About The Elmet Group
The Elmet Group is a U.S.-based provider of critical materials, precision-engineered components, and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. The Company operates through three divisions: Critical Materials Components (CMC), Engineered Microwave Products (EMP), and Elmet Refining & Trading (ERT), leveraging materials science and precision engineering expertise to deliver high-performance solutions. The Elmet Group is dedicated to strengthening domestic manufacturing capabilities to support the U.S. and its Allies’ needs in both critical materials and advanced high-power microwave systems.
Investor Contact
Tom Colton and Greg Bradbury
Gateway Group, Inc. [email protected]
949-574-3860
Forward-looking statements disclaimer
The information in this press release includes forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. These statements generally relate to future events or our future financial or operating performance and include statements regarding (i) the number of metric tonnes of tungsten concentrate ELMT expects to take from Hemerdon and Hemerdon’s ability to produce such amount; (ii) the conversion of the tungsten concentrate; (iii) the ability of the partnership to support customers across aerospace, defense, energy, medical, industrial, and semiconductor markets; (iv) the commitment and ability of ELMT and Tungsten West to secure domestic and allied production, supply, and consistency for customers across the full breadth of critical end markets; (v) the expected timing of the ramp-up to production for the Hemerdon mine; (vi) the creation of jobs in the United Kingdom; and (vii) ELMT’s future performance, expected outcomes and strategic initiatives.
When used in this press release, words such as “expect,” “project,” “estimate,” “believe,” “anticipate,” “intend,” “plan,” “seek,” “forecast,” “target,” “predict,” “may,” “should,” “would,” “could,” and “will,” the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Elmet’s Registration Statement on Form S-1, as amended (File No. 333-294725) and subsequent filings Elmet makes with the Securities and Exchange Commission. Elmet undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Společnost Elmet Group získala od amerického ministerstva války závaznou investici ve výši 450 milionů USD na posílení domácí výroby wolframu a dodavatelského řetězce. Současně její dceřiná firma získala kontrakt až za 2 miliardy USD na podporu amerických zásob wolframu.
Investment expected to enhance domestic manufacturing capacity and reduce foreign dependence on critical minerals
Anticipated to expand ELMT’s resilient global tungsten mining network and processing capabilities
ELMT secures up to $2 billion agreement to support the National Defense Stockpile
Company to host investor call today at 9 a.m. ET
PORTLAND, Maine, Sept. 14, 2026 (GLOBE NEWSWIRE) -- The Elmet Group Co. (NASDAQ: ELMT) (“ELMT” or the “Company”), a U.S.-based provider of critical materials, precision-engineered components, and advanced high-energy systems, today announced a $450 million committed investment from the United States Department of War (“DoW”) to accelerate ELMT’s U.S. manufacturing capabilities and expand agreements with key supply-chain partners.
The investment will be used to increase domestic tungsten manufacturing, secure long-term access to critical raw materials, and strengthen mining and processing capacity. This includes an anticipated more than $165 million investment in ELMT's operations in Maine; Michigan; and Ohio, which manufacture and process tungsten, molybdenum, and other advanced materials and components.
The funding will also support ELMT's investments in mining and processing operations in the United States, Australia, and Spain, helping to establish a resilient supply chain. To support these efforts, ELMT will launch Elmet Refining & Trading (“ERT”), a new division responsible for coordinating sourcing, processing, and material delivery across the Company's expanding global network.
“This investment represents an important step toward securing a resilient supply of tungsten, a material that is critical to America's defense, industrial, and economic future,” said The Elmet Group CEO and Chairman Peter V. Anania. “The Elmet Group's vertically integrated production capabilities, sourcing strategy, and commitment to expanding capacity positions our company to play a meaningful role in strengthening supply chains. We are honored by the Administration's and DoW’s confidence in The Elmet Group and look forward to using this investment to expand capacity, strengthen supply security, and support our customers' growing needs. Following our successful IPO earlier this year and recent expansion into Europe, we believe this investment will further accelerate our growth and reinforces The Elmet Group's position as a leading Western supplier of tungsten products and other advanced materials and components.”
Tungsten is a strategically important metal valued for its ability to withstand extreme heat, pressure, and wear, making it essential to national defense and a wide range of advanced industrial applications. Its unique properties make it irreplaceable in certain high-performance components used across aerospace, energy, semiconductor, medical, and industrial markets, underscoring the need for reliable and secure sources of supply. ELMT is a supplier to critical U.S. defense programs, including Patriot, Javelin, AEGIS, Trident II, and THAAD, as well as Virginia- and Columbia-class submarines, and is the only U.S.-owned, vertically-integrated producer of tungsten servicing the full breadth of critical end markets.
The DoW's investment in ELMT is an initiative launched under its newly established Economic Defense Unit (“EDU”), which was created earlier this year to coordinate defense-related economic initiatives aimed at accelerating U.S. defense industrial base production. This is part of the U.S. government's broader effort to build resilient domestic and allied supply chains for the critical minerals, materials, and components.
“The Department is committed to empowering the American warfighter and workforce,” said George K. Kollitides II, Director of the Economic Defense Unit. “We are proud to invest in Elmet Technologies to bring tungsten-processing capacity home to the United States and strengthen the industrial might that powers and protects our way of life.”
Transaction Overview
Under terms of the agreement, the DoW has agreed to invest $450 million to support ELMT's efforts to expand tungsten mining, processing, and manufacturing capacity. The investment will be funded through an initial $200 million drawdown at closing, followed by additional drawdowns. In connection with the investment, the DoW will receive redeemable preferred equity, warrants representing up to 19.9% of ELMT's common stock on a post-transaction basis, and the right to appoint one independent director to the Company’s Board and one non-voting Board observer.
To implement the Company’s obligations under the agreements, the Company entered into a restricted entity compliance plan with Continental Stock Transfer & Trust Company, as rights agent (the “Plan”), designed to deter a Restricted Entity (as defined in the Plan), or a group including a Restricted Entity, from acquiring beneficial ownership of 10% or more of the Company’s outstanding common stock. Other than with respect to Restricted Entities, it does not limit any person’s ability to acquire shares of the Company’s common stock or to make offers to acquire, merge or combine with the Company.
Together, the initiatives funded by the investment are designed to expand domestic manufacturing, strengthen global mining and processing capacity. ELMT will be involved with securing a, vertically integrated tungsten supply chain serving critical defense and commercial end markets. Specifically, ELMT plans to:
Invest more than $165 million in its U.S. manufacturing facilities in Lewiston, Maine; Coldwater, Michigan; and Euclid, Ohio to expand production capacity, increase tungsten output and modernize infrastructure supporting critical defense, aerospace, and industrial applications, including Patriot, Phalanx, JDAM, F-35, and rocket programs.Allocate approximately $150 million to Blue Moon’s Springer Tungsten Complex in Imlay, Nevada, forming and operating a majority-owned joint venture with Blue Moon Metals and EQ Resources of Australia to restart and expand ammonium paratungstate (“APT”) conversion capacity at the facility.Establish Elmet Refining and Trading (“ERT”), a new division that will coordinate sourcing, refining, and delivery activities across a diversified supply chain, helping ensure reliable long-term access to tungsten for the U.S. and its Allies.Support strategic mining, processing, and commercial partnerships in the U.S. and allied countries, including investments in the United States, Australia, and Spain, creating a more resilient supply chain for critical materials independent of China.Secure long-term tungsten feedstock and processing capacity through strategic investments and offtake agreements, strengthening access to mined material while supporting the development of additional Western refining and conversion capabilities. Tungsten Resiliency Framework: Up to $2 Billion National Defense Stockpile Agreement
Separately, Elmet Technologies, a subsidiary of ELMT, has been awarded an indefinite delivery/indefinite quantity (“IDIQ”) contract by the Defense Logistics Agency (“DLA”) to support the rebuilding of the U.S. National Defense Stockpile and strengthen the long-term resiliency of the nation's tungsten supply chain. The contract has a ceiling value of up to $2 billion, including a guaranteed funded commitment of $150 million, and covers the supply of tungsten ores, concentrates and sodium tungstate to DLA Strategic Materials.
Importantly, ELMT does not intend to begin delivering material into the National Defense Stockpile until sufficient incremental supply becomes available through the mining investments, offtake agreements, and processing capacity expansions announced today, ensuring stockpile replenishment does not come at the expense of existing American manufacturers. Deliveries will be phased in coordination with DLA as new production capacity comes online from ELMT's approved supplier network, including Blue Moon Metals' Springer Mine in Nevada and EQ Resources' Mt. Carbine Mine in Australia and Barruecopardo Mine in Spain.
The contract includes a five-year base ordering period through August 30, 2031, with a two-year extension option through August 30, 2033, providing a long-term framework to strengthen domestic and allied sources of a critical material essential to U.S. defense and industrial capabilities.
Investor Call
ELMT will host a conference call for investors to discuss the investment today at 9:00 a.m. ET. Details can be found at https://event.choruscall.com/mediaframe/webcast.html?webcastid=8mKspJRt. A live webcast of the investor call, as well as related presentation materials, will be available through the Investor Relations section of the company’s website (https://investors.theelmetgroup.com/). A replay of the webcast will be available for 30 days following the presentation.
Advisors
Goldman Sachs & Co. LLC and Cantor Fitzgerald & Co. are acting as financial advisors, Akin Gump Strauss Hauer & Feld LLP and Ellenoff Grossman & Schole LLP are acting as legal advisors, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to ELMT.
About The Elmet Group
The Elmet Group is a U.S.-based provider of critical materials, precision-engineered components, and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. The Company operates through three divisions: Critical Materials Components (CMC), Engineered Microwave Products (EMP), and Elmet Refining & Trading (ERT), leveraging materials science and precision engineering expertise to deliver high-performance solutions. The Elmet Group is dedicated to strengthening domestic manufacturing capabilities to support the U.S. and its Allies’ needs in both critical materials and advanced high-power microwave systems.
Investor Contact
Tom Colton and Greg Bradbury
Gateway Group, Inc. [email protected]
949-574-3860
Forward-looking statements disclaimer
The information in this press release includes forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. These statements generally relate to future events or our future financial or operating performance and include statements regarding (i) the ultimate size of (a) the DoW’s investment, (b) ELMT’s investments into modernizing and expanding its existing facilities, (c) ELMT’s investment in the Blue Moon Springer Tungsten Complex and (d) ELMT’s investments in creating a network of strategic partnerships to diversify Tungsten supply; (ii) Elmet’s ability to: (a) establish a secure, diversified and vertically integrated Tungsten supply chain while expanding domestic manufacturing and strengthening allied sources of critical minerals, (b) expand relationships with key supply-chain partners, (c) secure long-term access to critical raw materials, processing and refining assets, (d) modernize and expand its existing critical infrastructure facilities, (e) effectively meet demand for its products and (f) restart production at the Blue Moon Springer Tungsten Complex on the anticipated timeline and at the anticipated cost; (iii) the creation of ERT enhancing ELMT’s control over feedstock sourcing, processing capacity, material flows and support to customers as well as strengthening its competitive position in strategic end markets; (iv) ELMT’s ability to successfully navigate turbulent raw materials markets; (viii) ELMT’s ability to successfully perform under, and realize the anticipated benefits of, its indefinite delivery/indefinite quantity contract with the Defense Logistics Agency; (ix) ELMT’s ability to realize the anticipated benefits of partnerships, including with Blue Moon Metals and EQ resources as well as the successful operation of joint ventures with such parties; and (x) ELMT’s future performance, expected outcomes and strategic initiatives.
When used in this press release, words such as “expect,” “project,” “estimate,” “believe,” “anticipate,” “intend,” “plan,” “seek,” “forecast,” “target,” “predict,” “may,” “should,” “would,” “could,” and “will,” the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Elmet’s Registration Statement on Form S-1, as amended (File No. 333-294725) and subsequent filings Elmet makes with the Securities and Exchange Commission. Elmet undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Blue Moon, The Elmet Group a EQ Resources oznámily investici ve výši 150 až 175 milionů USD do Springer Tungsten Complex v Nevadě. Cílem je obnovit produkci a posílit americký dodavatelský řetězec wolframu.
, /PRNewswire/ -- Blue Moon Metals Inc. ("Blue Moon" or the "Company") (TSXV: MOON) (NASDAQ: BMM), along with The Elmet Group Co. ("Elmet" or "TEG") (NASDAQ: ELMT), and EQ Resources Limited ("EQ") (ASX: EQR) (together the "Parties" or "Party"), are pleased to announce signing a binding letter agreement dated September 11, 2026 regarding a series of strategic transactions intended to unlock the value of Blue Moon's Springer Tungsten Complex ("Springer"), located in Imlay, Nevada.
Figure 1: The Springer Project
Blue Moon, The Elmet Group, and EQ Resources Announce a US$150-$175 Million Investment into the Springer Tungsten Complex, Nevada, to Strengthen the U.S. Tungsten Supply Chain Springer historically was one of the largest tungsten mines in the United States, and consisting of open pit and underground mines, a 1,200 Tpd mill and an Ammonium Paratungstate ("APT") plant capable of potentially producing up to 4,000 Tpa (collectively, the "Springer Project"). The facility is permitted for construction and received approval of its bonding requirements from the State of Nevada to start construction and redevelopment of the mine on August 20, 2026.
The facility is largely on fee lands, and contains a historical mineral resource from General Electric and Utah International Inc. of 10.7 MT of 0.45% WO3 based on historical data and reports prepared by the prior operators in 1984, as well as access to water, electricity, natural gas and tailings capacity and is a few miles away from the Union Pacific rail-line and the I-80 highway. The Company has not completed the work necessary to have the historical mineral resource estimate verified by a QP. The Company is not treating the estimate as a current NI 43-101 defined resource and the historical resource estimate should not be relied upon. Further drilling this year and next year will be used to update the resource estimate, which will subsequently be reported in accordance with NI 43-101 standards. On September 3, 2026, Blue Moon acquired additional water rights and land to access the Union Pacific rail-line, with the potential to install a load-on/out facility.
Blue Moon has previously indicated the Springer mine and mill are expected to be back in production in Q4-2027, and the APT plant is expected to be restarted 2H-2028, which will be potentially the first material tungsten concentrate production in North America and a significant new source of APT for the U.S. market.
The contemplated transactions include: i) the formation of a joint venture entity (the "JV Entity") among the Parties to own and operate the APT Plant (the mine and mill will remain owned by Blue Moon), (ii) an equity investment by TEG into Blue Moon, (iii) TEG's receipt of board representation in both Blue Moon and the Springer Project JV Entity; (iv) a supply agreement for EQ and Blue Moon tungsten concentrate offtakes to the APT plant at market pricing, (v) a tungsten prepayment facility provided by TEG to Blue Moon to be repaid through a credit against sales of concentrate from Springer, and (vi) a site sharing agreement between Blue Moon and the JV Entity, covering the land, buildings, utilities, water, and services arrangements between the JV Entity and Blue Moon (collectively, the "Transactions").
The Transactions contemplate a total investment from TEG of approximately US$150 million, split between, (i) investments in Blue Moon's activities at the Springer Site (the "Blue Moon Investment"); and (ii) a contribution to the JV Entity (the "JV Investment" and, together with the Blue Moon Investment, the "Project Investment"). An additional US$25 million has been set aside by TEG and EQ for additional standby requirements if needed to place the APT plant back in production. All Parties involved are arms-length.
Collectively, these Transactions are all part of the broader TEG Landmark Initiative with the U.S. Department of War (the "DoW") to Secure America's Tungsten Supply Chain. The DoW has been supportive in advancing the Transactions, including completing a NEPA review of Springer.
Earlier today, the DoW announced a US$450 million investment into TEG, of which US$150 million has been designated as use of proceeds for the Transactions. This Transaction is intended to solidify the U.S. tungsten supply chain for primary supply to aerospace and defense contractors plus support for critical U.S. industrial segments such as Semiconductor, Energy, Medical and Industrial.
In relation to this Transaction, The Elmet Group has established Elmet Refining & Trading (ERT) as a new division.
Christian Kargl-Simard, CEO and Director of Blue Moon states, "This is a great day for the U.S. with regards to providing a major boost to the U.S. tungsten supply chain. We are very appreciative of the commitment of all stakeholders to advance Springer as a team. This Transaction, along with our previously announced acquisition of 33 western U.S. based tungsten and antimony projects, and our Apex germanium and gallium mine in Utah, should position Blue Moon as an important name in the domestic industrial metal supply chain."
Peter V. Anania, Chairman and CEO of The Elmet Group states, "We believe this investment represents a significant step forward in rebuilding a secure, integrated U.S. tungsten supply chain - from domestic mineral production and processing through the advanced manufacturing capabilities required by critical U.S. industries and defense applications. By working in collaboration with Blue Moon and EQ at Springer, we hope to bring together critical resources, processing expertise, and downstream manufacturing capabilities to create a more resilient source of tungsten materials for the United States and its allies. The Elmet Group is proud to help establish and advance the infrastructure necessary to reduce our reliance on foreign sources of tungsten while strengthening American manufacturing and national security."
Craig Bradshaw, Managing Director of EQ Resources states, "This transaction is transformational for EQR. It delivers a 10% interest in what will be a significant new APT facility in North America, an eight-year offtake agreement for 4,000 tonnes of contained WO₃ from our mines, and a leading role in the engineering and project delivery of the APT plant, all while validating the ore-sorting technology we have developed across our operations. Partnering with Blue Moon and The Elmet Group, with the sponsorship of the U.S. Department of War, cements EQR's position as a important supplier of this critical mineral and opens a strategic new market for our Australian and Spanish production."
Project Investment Details
a) Tungsten Prepayment Facility (US$50 million). As part of the Blue Moon Investment, TEG shall provide Blue Moon and its U.S. affiliates (the "BM Group") with a prepayment facility in the aggregate principal amount of US$50 million (the "Tungsten Prepayment Facility"), to be funded in two tranches as follows:
i. Tranche 1: The first tranche, in the amount of US$25 million ("Tranche 1"), shall be funded at the closing of the Tungsten Prepayment Facility, which is expected within forty-five (45) days of today.
ii. Tranche 2: The second tranche, in the amount of US$25 million ("Tranche 2"), shall be funded upon completion of agreed milestones to be set forth in the definitive agreements, aligned with Blue Moon's readiness covenants relating to the mine, mill/concentrate plant, and flotation circuit, and, if test work is favorable, ore sorting progress. Tranche 2 shall be funded only upon satisfactory completion of the construction milestones applicable to Tranche 1, as mutually determined by the Parties acting reasonably.
Repayment: The Tungsten Prepayment Facility shall be repaid through a twenty-five percent (25%) credit against sales of Springer Concentrate.
b) TEG Warrants. In connection with the Tungsten Prepayment Facility, TEG shall, pursuant to exemptions from registration, qualification and/or prospectus requirements under applicable securities laws, grant Blue Moon warrants to acquire common shares of TEG with an aggregate exercise price of US$25 million (the "TEG Warrants"), to be issued on the fifth (5th) business day following today. The TEG Warrants shall have a strike price equal to the greater of: (i) the five (5)-day volume-weighted average price (the "VWAP") of TEG's shares ending on the fifth business day following today, or (ii) the Nasdaq minimum price under Nasdaq Rule 5635. The TEG Warrants shall have a term of three (3) years from the date of issuance and shall not be exercisable during the six (6)-month period following issuance.
c) Equity Subscription. TEG shall subscribe for and purchase US$25 million of new equity in Blue Moon, pursuant to exemptions from registration, qualification and/or prospectus requirements under applicable securities laws, within forty-five (45) days of the Announcement Date (the "Equity Subscription"), consisting of 3,500,000 units of Blue Moon (each, a "Unit") at a price of C$10.00 per Unit or a 31.8% premium to the closing price of Blue Moon on September 11. Each Unit shall be made up of one (1) common share of Blue Moon (each a "Unit Share") and one (1) common share purchase warrant (each, a "Warrant"). Each Warrant shall entitle the holder thereof to purchase one (1) additional common share of Blue Moon (each, a "Warrant Share"). Subject to the approval of the TSXV, the exercise price of each Warrant Share shall be C$10.80. The Warrants shall be exercisable for a period of three (3) years following the closing of the Equity Subscription.
d) JV Investment. US$75 million capital injection into the APT plant by TEG. Equity ownership interests in the JV Entity shall be allocated as follows post investment: TEG – 70%, Blue Moon – 20% and EQ – 10%. TEG will operate the APT plant. Blue Moon's initial capital contribution to the JV Entity shall consist of the APT Plant and associated infrastructure along with its off-take commitment as outlined below.
Proceeds of the Blue Moon Investment shall be limited to use solely in connection with the Springer Project, with all mine and mill proceeds earmarked for tungsten development purposes only.
Completion of the Transactions described herein is subject to receipt of, among other things, acceptable due diligence results for any non-equity deal components; all requisite approvals of the TSXV and other regulatory authorities; and approval, execution and delivery of the required definitive agreements. Within 45 days, TEG is expected to close on a US$50 million investment in the BM Group as defined below, half of which is the Equity Subscription and half of which is the Tranche 1 investment.
Blue Moon and TEG shall enter into a mutually agreed investor rights agreement (the "Investor Rights Agreement") providing TEG with customary pro-rata equity participation rights in future Blue Moon financings and a board seat upon completion of the Equity Financing.
JV Investment and Off-take Mechanics
Under the currently contemplated terms of the Transaction, BM Group shall maintain complete ownership and operation of the mine and mill at the Springer Project, including holding all permits to operate at the site. The BM Group shall retain ownership of certain ancillary assets on behalf of the JV Entity, including but not limited to utilities interconnections, water rights, and tailings facilities. A site master plan will be entered into by the JV entity, covering aspects such as real estate and access, concentrate receiving, production and shipping, development of solar and natural gas power facilities and other expansions, laboratory, utilities, and waste/tailings with a capital recovery costs and site wide water rights.
APT production is anticipated to be phased as follows on the Springer site:
Phase 1 APT ("Phase 1 APT") shall target 4,000 tons of APT production capacity per year including infrastructure for blue tungsten oxide ("BTO") capacity and an additional leaching line. Subsequent phased expansions of the APT Plant's production capacity shall be driven by demand and the need to support Blue Moon's mine concentrate production, EQ's current and new mines concentrate production and other new mines (including EQ's mines), funded pro-rata among the Parties after Phase 1 APT is completed (assuming less than US$100 million capital cost). Sourcing of concentrate for the APT plant, and off-takes, are expected to be as follows:
a) TEG Years 1-5: The JV Entity will allocate up to 75% of input volume to Springer Project production annually. If Blue Moon lacks sufficient production to fill this threshold, TEG may source material from other offtake agreements to which it is a party (entered into at the request of, and with support from, DoW).
b) EQ Years 1-5: Subject to a cap of 1,000 tons of production capacity per year, the JV Entity will allocate 25% of input volume to EQ concentrate annually. If EQ production is insufficient to provide 25% of the APT Plant input capacity annualized or if EQ does not take its allocation annually, any unused volume shall be available to tungsten concentrates produced from the Springer Mine ("Springer Concentrate") and/or the third-party sourcing described in (a) above.
c) After Year 5: Blue Moon shall be granted a proportional "most-favored-nation" right to the APT Plant capacity for 90% of the capacity, with EQ having 10%.
d) Blue Moon Offtake: The JV Entity will enter into an agreement for the right to 100% offtake of Springer Concentrate, so long as the JV Entity has the capacity to process 100% of the Springer Concentrate. Any excess Springer Concentrate will be placed by the JV Entity by best possible process.
e) EQ Offtake: The JV Entity and EQ shall enter into an off-take agreement for 4,000 tonnes of WO3 contained in EQ concentrate over an eight (8) year period commencing upon APT Plant commissioning (the "EQ Offtake Agreement").
Blue Moon shall sell the Springer Concentrate to the JV Entity at the same pricing terms that EQ receives for its offtake into the APT Plant pursuant to the EQ Offtake Agreement. Until commercial production is achieved at the APT Plant, the JV Entity shall sell the Springer Concentrate into the open market, with best efforts by all Parties to place volumes into the market to mutually agreed upon facilities at the best possible price.
Separately, EQ is completing preliminary ore sorting work at the Springer mill using its proprietary technology. Initial results have been positive, with further test work recommended. Pending the outcome of the additional test work, it is the intention of all Parties to install ore sorting at the Springer mill.
Other aspects of the JV Entity include supermajority rights on certain decisions standard for joint venture arrangements, operatorship requirements, cross-party security, step-in rights and remedies, standard dispute mechanisms and ordinary representation and warranties for such a transaction. Blue Moon also has certain minimum delivery requirements into the APT plant, which if they cannot be cured, could mean cancellation of the Blue Moon Offtake.
The Parties have third-party legal representation for Blue Moon at Bennett Jones LLP, TEG at Ellenoff Grossman & Schole LLP, and EQ at Sidley Austin LLP.
Qualified Persons
The technical and scientific information of this news release has been reviewed and approved by Mr. Reza Ehsani, P.Eng., a Blue Moon Officer as SVP Projects, and a non-Independent Qualified Person, as defined by NI 43-101.
About Blue Moon
Blue Moon is advancing 5 brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway, the Blue Moon zinc-gold-silver-copper project in the United States, the Springer tungsten-molybdenum project in the United States and the Apex germanium-gallium-copper project in the United States. All 5 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc, copper and tungsten are currently on the USGS and EU list of metals critical to the global economy and national security and germanium and gallium are also on the USGS list of critical metals. Major shareholders include Teck Resources Limited, funds managed by Oaktree Capital Management, Hartree Partners LP, Wheaton Precious Metals, Altius Minerals Corporation, Baker Steel Resources Trust, LNS and Monial. More information is available on the Company's website (www.bluemoonmetals.com).
About The Elmet Group
The Elmet Group is a U.S.-based provider of precision-engineered components and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. TEG operates through three segments, Critical Materials Components (CMC), Engineered Microwave Products (EMP), and Elmet Refining & Trading (ERT), leveraging materials science and precision engineering expertise to deliver high-performance solutions. The Elmet Group is dedicated to strengthening domestic manufacturing capabilities to support the U.S. and its allies' needs in both critical materials and advanced high-power microwave systems.
About EQ Resources
EQ Resources Limited is a leading global tungsten mining company dedicated to sustainable mining and processing practices. EQ is listed on the Australian Securities Exchange, with a focus on expanding its world-class tungsten assets at Mt Carbine in North Queensland (Australia) and at Barruecopardo in the Salamanca Province (Spain). EQ leverages advanced minerals processing technology and unexploited resources across multiple jurisdictions, with the aim of being a globally leading supplier of the critical mineral, tungsten. EQ aims to create shareholder value through the exploration and development of its current project portfolio whilst continuing to evaluate corporate and exploration opportunities within the new economy and critical minerals sector globally.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable Canadian and United States securities laws. All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions.
Without limiting the generality of the foregoing, this news release contains forward-looking information pertaining to the following: the completion of the Transactions, the expected benefits and synergies from the Transactions; and other matters ancillary or incidental to the foregoing.
A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause the Company's current objectives, strategies and intentions to change. These risks and uncertainties include but are not limited to: the inability of Blue Moon to complete and integrate the Transaction; risks associated with the integration of Springer project operations; risks associated with mining operations in Nevada; regulatory and permitting risks at the state and federal level including with respect to the development of Springer; and management's ability to anticipate and manage the factors and risks referred to herein. A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at www.sedarplus.ca and on the website of the U.S. Securities and Exchange Commission at www.sec.gov.
The forward-looking information is based on certain key expectations and assumptions made by Blue Moon's management, including but not limited to: expectations concerning prevailing commodity prices; the ability to obtain, renew and extend permits as required; estimates of reserves and resources at Springer; potential volumes of production tied to Springer; availability of utilities; and the execution at Springer.
Any forward-looking information contained in this news release represents management's current expectations and is based on information currently available to management and is subject to change after the date of this news release. Accordingly, the Company warns investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding the Company's future results or plans.
The Company cannot guarantee that any forward-looking information will materialize and readers are cautioned not to place undue reliance on this forward-looking information. Except as required by applicable securities laws, the Company is under no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.
Elmet Group uzavřela dohodu o koupi wolframových a molybdenových výrobních provozů ams OSRAM ve Schwabmünchenu v Bavorsku. Získá tak první výrobní základnu v EU pro žáruvzdorné kovy.
Acquisition Expected to Expand Global Production Capabilities for Critical Refractory Metal Products | Source: The Elmet Group
PORTLAND, Maine, Sept. 08, 2026 (GLOBE NEWSWIRE) -- The Elmet Group Co. (“Elmet,” the “Company,” “we,” or “our”) (NASDAQ: ELMT), a U.S.-based provider of precision-engineered components and advanced high-energy systems, today announced that it has signed a definitive agreement under which its newly formed German subsidiary, Elmet Technologies GmbH, will acquire the assets of ams OSRAM’s tungsten and molybdenum manufacturing operations in Schwabmünchen, Bavaria, Germany.
The transaction will establish Elmet’s first manufacturing footprint in the European Union for refractory metals and create a European production base for tungsten and molybdenum powder, rods, wire, electrodes, and machined components. The closing is expected to take place in the first quarter of 2027, subject to customary regulatory approvals and following the completion of transition activities required to operate the Schwabmünchen facility on a standalone basis.
In operation since 1961, the Schwabmünchen site is a fully integrated tungsten and molybdenum manufacturing operation, covering a production value chain that includes powder formation through pressing, sintering, swaging, drawing, and finishing. It is supported by an on-site materials laboratory specializing in chemical and physical analysis. The site operates with a production environment recognized for its digital innovation in the European refractory metals industry, validated by the 2024 Germany Smart Digitization Factory 4.0 award.
“We are excited to welcome the talented Schwabmünchen team to Elmet and build on the expertise and capabilities they have developed over many decades,” said Peter V. Anania, CEO and Chairman of the Board at The Elmet Group Co. “We expect this acquisition to extend our vertically integrated tungsten and molybdenum platform into Europe, giving us a production base to serve customers there directly. It is intended to advance one of our key post-IPO objectives of expanding our footprint in Europe. This is a natural next step in our long-term growth strategy, and by establishing a local presence, we believe we can better serve the needs of European and UK customers with greater speed and reliability. We are confident the acquisition will position us to deepen relationships with customers across the region.”
A Local-for-Local Platform to Secure Tungsten and Molybdenum for the European Market
The Critical Materials Components Division of The Elmet Group Co. currently operates its U.S.-owned refractory metals manufacturing facilities in Maine, Ohio, and Michigan. All of its production sites are vertically integrated with control over the metallurgy process from powder through pressing, sintering, forming, and machining. The acquisition of the ams OSRAM Schwabmünchen operation is anticipated to extend this model into Germany and the broader European market.
The Company views the transaction as a way to better serve evolving customer requirements in critical materials across a range of demanding applications, including:
Defense. European defense prime contractors are rebuilding supply chains under sovereignty and security-of-supply requirements that increasingly cannot be satisfied by non-European Union or Asian sources. Tungsten is a designated European Union critical raw material with limited European processing capacity. Fusion and high-energy research. Tungsten is the reference plasma-facing material for fusion programs. Elmet currently serves this market through both its Critical Materials Components and Engineered Microwave Products Divisions. Semiconductor. EUV lithography, MOCVD processing, and thermal process hardware, including tungsten hexafluoride (WF6) used in CVD tungsten deposition, all require materials and components produced to tight specification. Automotive, medical, and industrial. Lighting, X-ray and imaging, glass melting electrodes, high-temperature furnace components, welding and thermal spray, and precision wire applications across the European industrial base utilize refractory metals. “From powder through finished component, the Schwabmünchen operations are expected to provide our defense, fusion, semiconductor, medical, and industrial customers a European source for tungsten and molybdenum. We look forward to building on their foundation and integrating the site’s talent and capabilities into the broader Elmet organization,” said Derek Fox, President of the Critical Materials Components Division of The Elmet Group Co.
Strengthening the Foundation at Schwabmünchen
Elmet plans to retain the existing Schwabmünchen leadership and operating team as it advances the Company’s European expansion. The Company plans to invest in the workforce, equipment base, capacity, quality systems, and commercial capabilities of the Schwabmünchen site. The Company also intends to collaborate with the works council, the IG Metall union, and the local community to bolster and develop the workforce and provide secure, skilled manufacturing jobs in the region.
The Company also intends to expand the range of materials produced at the site, including TZM and tungsten heavy alloy, supported by planned investment in infrastructure, equipment, and facility upgrades needed to support their production.
“Schwabmünchen has a long history of technical excellence in tungsten and molybdenum manufacturing. I am happy that our great team from Schwabmünchen will become part of Elmet, an organization committed to carrying this legacy forward through its people and capabilities. Together with Elmet, the Schwabmünchen team will seek to build on this foundation, support our customers, and create new opportunities in the years ahead,” said Rainer Barthel, Managing Director of OSRAM GmbH.
Continuity for Existing Customers
To help safeguard supply continuity through the transition, Elmet Technologies GmbH will support ams OSRAM and a recent spinoff under production agreements covering the products each currently sources from the site. Existing external customers are intended to be served without interruption, with Elmet assuming supply, quality, and technical support responsibilities upon Closing. The Company plans to establish and develop external sales alongside a more robust digital commercial presence to strengthen its customer base across critical European industries, with a pipeline focused on defense, fusion research, semiconductor, medical, automotive, and general industrial applications.
About The Elmet Group
The Elmet Group is a U.S.-based provider of precision-engineered components and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. The Company operates through two divisions, Critical Materials Components (CMC) and Engineered Microwave Products (EMP), leveraging materials science and precision engineering expertise to deliver high-performance solutions. The Elmet Group is dedicated to strengthening manufacturing capabilities to support the U.S. and its Allies’ needs in both critical materials and advanced high-power microwave systems.
About the ams OSRAM Schwabmünchen Operation
The ams OSRAM Schwabmünchen site has produced tungsten and molybdenum materials since 1961, across approximately 26,800 square meters of production area, serving a narrow customer base with more than 3,500 products including metal powders, rods and pins, heavy and fine wire, cathodes and anodes, machined parts and powder injection molded components, together with chemical and physical analytics and materials engineering services. The site was named a winner of the Industrie 4.0 Award in the Smart Digitalization category in 2024.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the closing of the acquisition of the assets of ams OSRAM’s tungsten and molybdenum manufacturing operations in Schwabmünchen, the timing of such closing, the ability of Elmet to expand both the Site’s and its global production capabilities, extending Elmet’s vertically integrated manufacturing model into Germany and the European market, the satisfaction of requirements under production agreements and evolving customer needs across a range of industries, Elmet’s ability to establish and develop external sales, a digital commercial presence, and an expanded customer base across critical European industries, Elmet’s expected collaboration with local unions, work counsels and communities, the bolstering of skilled manufacturing jobs in the region, future performance, expected outcomes, and strategic initiatives. Forward-looking statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. When used in this press release, words such as “expect,” “project,” “estimate,” “believe,” “anticipate,” “intend,” “plan,” “seek,” “forecast,” “target,” “predict,” “may,” “should,” “would,” “could,” and “will,” the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that may affect results discussed in The Elmet Group Co.’s registration statement on Form S-1 (File No. 294725), as amended, and subsequent filings The Elmet Group Co. makes with the U.S. Securities and Exchange Commission. The Elmet Group Co. undertakes no obligation to update these statements except as required by law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Elmet Group ve 2. fiskálním čtvrtletí zvýšila tržby o 35,2 % na 66,4 mil. USD a hrubý zisk o 63,7 % na 16,6 mil. USD. K rekordnímu backlogu ve výši 131,5 mil. USD přispěla silnější poptávka a vyšší ceny wolframu a molybdenu.
Elmet Group NASDAQ: ELMT reported second-quarter fiscal 2026 revenue growth of 35.2% as demand increased across aerospace, defense and government, industrial, medical and semiconductor markets, while higher tungsten and molybdenum prices also contributed to results.
Revenue rose to $66.4 million from $49.1 million a year earlier. CFO Mike Lee said approximately 55% of the increase reflected higher demand across the company’s end markets, with the remainder tied to raw-material pricing effects. Gross profit increased 63.7% to $16.6 million, and gross margin expanded to 25.0% from 20.7% in the prior-year period.
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Chairman and CEO Peter V. Anania said the company’s open order backlog reached a record $131.5 million, up 55% from $84.6 million at the end of the second quarter of 2025. The company operates through its Critical Materials Components, or CMC, division, which manufactures tungsten and molybdenum products, and its Engineered Microwave Products, or EMP, division, which makes microwave systems and high-power components.
Pricing, Sourcing and CMC Productivity Drive Margin Expansion
Management attributed the quarter’s gross-profit improvement primarily to the CMC division. Lee said the company’s tungsten sourcing agreements allowed it to benefit from a sharp increase in tungsten prices during the first quarter that began flowing through earnings during the second quarter.
“We definitely saw” benefits from managing through the increase in material prices, Lee said during the question-and-answer session. He added that roughly half, or slightly more, of CMC’s quarterly growth was related to the company’s ability to leverage supplier agreements and sell material at prevailing market prices compared with material already held in inventory.
Anania said global tungsten and molybdenum prices have risen significantly over the past year amid export controls and tariff volatility. He said Elmet has sourced more than 95% of its tungsten and molybdenum from outside China for more than a decade, a position that management said has reduced exposure to export-control supply disruptions.
The company also cited productivity gains from increased staffing and third-party operational support at CMC facilities. Lee said those improvements contributed meaningfully during the quarter and are expected to remain beneficial through the rest of the year.
Adjusted EBITDA rose 57.2% to $8.9 million from $5.6 million a year earlier, driven by operational improvements in CMC. Adjusted net income was $5.2 million, or $0.18 per share, compared with $2.8 million, or $0.14 per share, in the prior-year quarter.
On a GAAP basis, Elmet posted a net loss of $4.5 million, or $0.16 per share, compared with net income of $1.2 million, or $0.06 per share, a year earlier. Operating expenses increased to $24.2 million from $6.9 million, largely due to $14.2 million in equity-based compensation. Of that amount, $12.9 million was tied to one-time vesting of awards associated with the company’s initial public offering, according to Lee.
Defense Backlog Doubles, Though Major Awards Have Yet to Flow Through
The company’s aerospace, defense and government, or AD&G, backlog increased 100.5% year over year. Lee said the growth was driven by programs including CERN, Precision Strike Missile, Standard Missile and Patriot, as well as commercial and defense aerospace and radar programs.
Elmet said approximately $36.3 million of the $46.9 million increase in total backlog from the second quarter of 2025 to the second quarter of 2026 was related to tungsten product growth in the AD&G market, reflecting a mix of price and volume.
However, Lee said recently announced multiyear missile-defense interceptor awards to defense primes have not yet meaningfully reached Elmet’s backlog. The company has seen requests for quotations and some “modest” orders funded through residual program budgets, he said, but no significant contribution yet from the new appropriations cycle.
Anania said the company expects continued defense-related opportunities as the U.S. replenishes stockpiles and global defense spending rises. In June, Elmet announced $4.3 million in strategic funding to develop domestic manufacturing capabilities for molybdenum-based products and refractory-metal components used in defense programs, including interceptor programs.
Medical Orders Create Backlog Volatility Outside Defense
Outside AD&G, Lee said backlog trends were influenced heavily by one large medical customer whose ordering pattern can vary despite what he described as consistent underlying volume. The medical customer accounted for nearly $12 million of CMC backlog at the end of the second quarter of 2025, compared with about $5.5 million at the end of the second quarter of 2026, he said.
Management said industrial activity increased in both business divisions, while semiconductor demand has begun to improve from a smaller base. Energy demand was down somewhat, though Lee characterized that market as relatively small and subject to expected quarter-to-quarter variation as fusion and fission opportunities remain in development stages.
During the call, management also said it has no current orders from SpaceX. However, Lee said the company has orders from other satellite companies and recently spent roughly $3 million in capital expenditures on a new CMC production line that has begun producing. He also cited growing EMP activity in drone defense and satellite-related applications.
IPO Strengthened Liquidity and Reduced Debt
Cash at the end of the second quarter totaled $66.1 million, up from $1.8 million at the end of the first quarter. Lee said April’s initial public offering generated net proceeds of $125.4 million. The company used proceeds to retire $17.5 million in term debt, pay about $31.0 million on its revolving credit facility and fund working-capital and other corporate needs.
Elmet ended the quarter with about $44.6 million in revolving-credit borrowing capacity, giving it roughly $110.7 million of cash availability for strategic investments when combined with cash on hand. Inventory increased to $102.4 million from $75.0 million at the end of the first quarter, reflecting higher raw-material prices, sourcing dynamics and volume growth in CMC.
Looking ahead, Lee said CMC’s larger scale means it will continue to have the greatest influence on companywide profitability. Management said it expects higher-margin AD&G business, productivity improvements and sourcing arrangements to support margins, while acknowledging EMP faced operational challenges during the quarter in a facility serving higher-margin defense and semiconductor products.
Lee said the company is working to improve EMP performance in the second half, though he expects the process to take time. He reiterated that Elmet continues to view a 30% gross-margin target over the next four to five years as viable.
About Elmet Group (NASDAQ:ELMT)Elmet provides precision-engineered components and advanced high-energy systems for growth markets. Our customers in these markets require advanced technology involving critical and strategic materials, such as tungsten, molybdenum and niobium (such materials, the “Critical Materials”) and high-level radio frequency (“RF”) engineering, including plasma generation, radar, and other high-energy systems (together, “High-Power Microwave”). Our products and solutions are integral to the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries.
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