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ELMTBullishCorporate Developmentsnews

High materiality9/10

ELMT Secures $450M DoD Investment to Build U.S. Tungsten Supply Chain

Sep 14, 2026, 5:24 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Substantial DoD funding de-risks capex, expands production capacity, and signals long-term demand for ELMT’s tungsten; near-term price action may be muted until initial ramps, but multi-year earnings visibility improves.

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What happened, with direct paths to the underlying reporting

The Elmet Group announced a $450 million DoD investment to build a secure, vertically integrated U.S. tungsten supply chain, supported by multi-site expansions and a new refining division. Key capex includes $165 million for Lewiston, Coldwater, and Euclid upgrades and $150 million for the Springer Complex, with a 2027-2028 ramp for Springer and APT conversion. Partnerships with Blue Moon Metals and EQ Resources aim to diversify feedstock and strengthen domestic manufacturing for defense and industry.

ELMT to receive $450M DoW investment to secure tungsten supply chain.
Investments include $165M for Lewiston, Coldwater, Euclid facilities; $150M for Springer Complex.
Springer Complex restart targeted Q4 2027; APT conversion starts H2 2028.
DLA contract up to $2B supports stockpile rebuilding; minimum $150M.

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