Elmet to deploy $450 million to expand tungsten network

The Elmet Group Co. (NASDAQ: ELMT ) ("ELMT" or the "Company"), a U.S.-based provider of critical materials, precision-engineered components, and advanced high-energy systems, today announced a $450 million committed investment from the United States Department of War ("DoW") to accelerate ELMT’s U.S. manufacturing capabilities and expand agreements with key supply-chain partners. The investment will be used to increase domestic tungsten manufacturing, secure long-term access to critical raw materials, and strengthen mining and processing capacity. This includes an anticipated more than $165 million investment in ELMT's operations in Maine; Michigan; and Ohio, which manufacture and process tungsten, molybdenum, and other advanced materials and components. The funding will also support ELMT's investments in mining and processing operations in the United States, Australia, and Spain, helping to establish a resilient supply chain. To support these efforts, ELMT will launch Elmet Refining & Trading ("ERT"), a new division responsible for coordinating sourcing, processing, and material delivery across the Company's expanding global network.