Financing ·
Elmet Group closes $200M DoW investment for tungsten plant restart, secures $1.85B DLA offtake deal
ELMTElmet Group Co.
The Elmet Group Co. closed a definitive investment agreement with the United States Department of War on September 14, 2026, receiving an initial $200 million for 200,000 shares of Class A Preferred Stock and warrants to purchase up to 9,459,176 common shares. The DoW retains a commitment to invest up to an additional $250 million in subsequent tranches over six-month intervals. Proceeds will fund the restart and expansion of the Springer ammonium paratungstate plant in Nevada and upgrade infrastructure at Coldwater, Lewiston, and Euclid facilities. Concurrently, Elmet entered a binding letter agreement with Blue Moon Metals to form a joint venture for the Springer project, involving a $75 million capital contribution and a CAD 35 million equity investment in Blue Moon. The company also secured an exclusive offtake agreement with the Defense Logistics Agency for up to $1.85 billion in tungsten products over seven years. Elmet operates in the critical minerals sector, specializing in tungsten mining, processing, and manufacturing.