The Elmet Group Secures $450 Million U.S. Investment to Build Tungsten Supply Chain

Highlights

• Department of War committed $450 million in preferred-equity investment to expand Elmet into a vertically integrated U.S.-allied tungsten network
• DLA awarded Elmet an IDIQ stockpile contract with $150 million guaranteed commitment and a $2 billion ceiling
• China controlled roughly 82% of global mined tungsten in 2024, and Beijing's 2025 export controls exposed critical supply chain vulnerabilities
• Springer mining is targeted for Q4 2027 and APT conversion for H2 2028, with over $165 million planned for U.S. manufacturing expansion
• Elmet's Q2 revenue climbed 35.2% to $66.4 million with a record backlog of $131.5 million, though GAAP net income showed a $4.5 million loss