The Elmet Group Co. (NASDAQ: ELMT) announced plans to allocate a $450 million committed investment from the United States Department of War to expand its tungsten supply chain, covering domestic manufacturing upgrades, international mining partnerships, and a new internal division.

According to a press release, more than $165 million is expected to be directed toward modernizing facilities in Lewiston, Maine; Coldwater, Michigan; and Euclid, Ohio. The upgrades are intended to increase production capacity for tungsten heavy alloy and powder products used in defense and industrial applications.

Approximately $150 million is planned for the Springer Tungsten Complex in Imlay, Nevada, operated by Blue Moon Metals. Elmet intends to form a majority-owned joint venture with Blue Moon Metals and EQ Resources to restart ammonium paratungstate conversion capacity at the site. The Springer Mine and mill are expected to restart production in the fourth quarter of 2027, with the conversion facility targeted to begin operations in the second half of 2028.

Up to $150 million is expected to fund partnerships tied to the Mt. Carbine Mine in Australia and the Barruecopardo Mine in Spain, aimed at diversifying tungsten feedstock supply.

Elmet is also launching a new division, Elmet Refining & Trading, to coordinate sourcing, processing, and material delivery across its global network.

The company separately holds an indefinite delivery/indefinite quantity contract with the Defense Logistics Agency to supply tungsten materials toward rebuilding the U.S. National Defense Stockpile. That contract carries a ceiling value of up to $2 billion with a guaranteed minimum of $150 million. Elmet said it does not plan to begin stockpile deliveries until incremental supply from new mining and processing investments is available.

CEO Peter V. Anania said the funding is expected to support long-term partnerships and expand U.S. manufacturing operations, though the company noted that actual results could differ materially from forward-looking expectations. Goldman Sachs & Co. LLC and Cantor Fitzgerald & Co. are serving as financial advisors on the initiatives.