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.

The Elmet Group Co., through its subsidiary Elmet Technologies LLC, entered into an Asset Purchase Agreement with OSRAM GmbH to acquire substantially all assets of the Seller’s metal production operations in Schwabmünchen, Germany. The transaction involves purchasing tungsten and molybdenum manufacturing capabilities, including metal powders, rods, wire, and electrodes, while assuming certain employee and pension liabilities. The purchase price is subject to adjustment based on a formula starting with negative €18 million, plus pension assets, minus defined benefit obligations, minus a €1 million restructuring prepayment, and working capital adjustments against a €3.875 million target. A vendor loan of €2.5 million will be provided by the Seller at closing. The Company expects to close in the first quarter of fiscal 2027, subject to regulatory approvals and other conditions. The Elmet Group Co. operates as a provider of precision-engineered components and advanced high-energy systems for aerospace, defense, industrial, medical, semiconductor, and energy industries.

The Elmet Group Co. reported financial results for its fiscal second quarter ended July 3, 2026, alongside completing an upsized initial public offering that raised net proceeds of $125.4 million. Revenue increased 35.2% to approximately $66.4 million compared to the prior year period, driven by demand acceleration in Aerospace, Defense & Government markets and raw material pricing impacts. Gross profit margin expanded 430 basis points to 25.0%, while adjusted EBITDA rose 57.9% to $8.9 million. The company reported a net loss of $(4.5) million, or $(0.16) per share, compared to net income of $1.2 million in the prior year period. Open order backlog reached a record level of approximately $131.5 million, up nearly 55% from the prior year end.