The Elmet Group Co. (NASDAQ: ELMT) announced on Sept. 14, 2026, that the U.S. Department of War has committed a $450 million investment to expand the company's domestic tungsten manufacturing and global mining capabilities.

The investment will begin with an initial $200 million drawdown at closing, followed by additional drawdowns. In exchange, the Department of War will receive redeemable preferred equity, warrants representing up to 19.9% of ELMT's common stock, and the right to appoint one independent director and one non-voting board observer.

More than $165 million of the funds are earmarked for ELMT's existing U.S. facilities in Lewiston, Maine; Coldwater, Michigan; and Euclid, Ohio. Approximately $150 million will be directed toward the Blue Moon Springer Tungsten Complex in Imlay, Nevada, through a majority-owned joint venture with Blue Moon Metals and EQ Resources of Australia.

ELMT also plans to launch a new division, Elmet Refining & Trading, to coordinate sourcing, processing, and material delivery across its supply network, which includes operations in the U.S., Australia, and Spain.

Separately, ELMT subsidiary Elmet Technologies received an indefinite delivery/indefinite quantity contract from the Defense Logistics Agency to supply tungsten ores, concentrates, and sodium tungstate to the U.S. National Defense Stockpile. The contract carries a ceiling value of up to $2 billion, with a guaranteed funded commitment of $150 million, and runs through August 2031, with an option to extend through August 2033.

ELMT stated it does not plan to begin stockpile deliveries until new mining and processing capacity is operational, to avoid diverting supply from existing U.S. manufacturers.

The Department of War's investment was made through its Economic Defense Unit, established earlier in 2026 to coordinate defense-related economic initiatives. Goldman Sachs & Co. LLC and Cantor Fitzgerald & Co. are serving as financial advisors to ELMT on the transaction.