The U.S. Department of War committed $450 million to The Elmet Group ($ELMT) to expand domestic tungsten manufacturing and secure additional mining and processing capacity. The government will receive preferred equity, warrants representing up to 19.9% of Elmet's common stock on a post-transaction basis, and board representation rights.
- An initial $200 million will be drawn at closing, with additional funding to follow.
- Elmet plans to invest more than $165 million in manufacturing facilities in Maine, Michigan and Ohio.
- Approximately $150 million is planned for Nevada's Springer Tungsten Complex, including a joint venture to restart tungsten processing capacity.
- Elmet also received a Defense Logistics Agency contract with a $2 billion ceiling and $150 million guaranteed commitment to supply tungsten materials for the National Defense Stockpile.
- Cantor Fitzgerald, which led Elmet's April 2026 IPO, and Goldman Sachs are advising Elmet on the government investment.
- Cantor Fitzgerald, which led Elmet's April IPO and is advising on the government investment, was previously led by current Commerce Secretary Howard Lutnick; Lutnick divested his Cantor interests after entering government, and his sons Brandon and Kyle now lead the firm.
Relevant Companies
- The Elmet Group ($ELMT) - The federal investment provides capital for a major expansion of its tungsten supply chain and manufacturing capacity.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
