$450M DoW Investment to Build Vertically Integrated Tungsten Supply Chain
ELMT sits 60% above its 52-week low of $12.485 on light trading volume (0.3× avg).
Summary
Elmet Group announced a $450 million committed investment from the U.S. Department of War to build a vertically integrated tungsten supply chain. The plan allocates over $165 million to expand domestic manufacturing in Maine, Michigan, and Ohio; approximately $150 million to a majority-owned joint venture with Blue Moon Metals and EQ Resources to restart the Springer Tungsten Complex in Nevada; and up to $150 million to secure allied feedstock from mines in Australia and Spain. The company is also launching Elmet Refining & Trading to coordinate the global network. This follows the recent acquisition of ams OSRAM's tungsten operations and complements a DLA contract with a $2 billion ceiling and $150 million guaranteed minimum. The investment is highly material relative to Elmet's $493 million market cap and positions the company as the only U.S.-owned vertically integrated tungsten producer serving critical defense programs. Key milestones to watch: Springer Mine restart expected Q4 2027 and APT conversion facility operations in H2 2028.
At the time of this announcement, ELMT was trading at $20.00 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $493.1M. The 52-week trading range was $12.49 to $22.51. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.