Elmet Group Boosts Stake in EQ Resources, Securing Critical Tungsten Supply Chain
ELMT sits 40% above its 52-week low of $13.38 on light trading volume (0.3× avg).
Summary
Elmet Group has increased its ownership in EQ Resources Limited by exercising an option to purchase an additional 20 million shares, bringing its total holdings to over 23.6 million shares. This action strengthens a previously established strategic collaboration and long-term offtake agreement for tungsten concentrate. The investment is crucial for securing a stable supply chain of critical raw materials, particularly for Elmet's defense applications, and enhances its strategic positioning.
At the time of this announcement, ELMT was trading at $18.68 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $560M. The 52-week trading range was $13.38 to $22.51. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.