The Elmet Group Co. Increases Ownership in EQ Resources Limited, Furthering its Investment in Critical Tungsten Supply Chain
Rhea-AI Summary
The Elmet Group Co (Nasdaq: ELMT) exercised its option to purchase 20 million ordinary shares of EQ Resources Limited, a tungsten producer in Australia and Spain. This lifts Elmet’s total EQR holdings to 23,652,634 shares and deepens a strategic tungsten supply collaboration.
Elmet and EQR have a mutually renewable five-year offtake agreement for tungsten concentrate from the Saloro mine in Spain. Elmet committed to buy concentrate with an estimated value of A$30 million over five years and made an advance payment of A$2 million to secure the allocation.
Positive
- Increases EQR ownership to 23,652,634 ordinary shares
- Exercises option to buy 20 million additional EQR shares
- Secures tungsten offtake estimated at A$30 million over five years
- Advance payment of A$2 million locks in offtake allocation
- Strengthens long-term strategic collaboration across tungsten supply chain
Negative
- None.
News Market Reaction – ELMT
In the Jun 26 session, ELMT gained 1.50%, reflecting a mild positive market reaction. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 23 | Index inclusion update | Positive | -1.6% | Announcement of upcoming addition to Russell 3000 and Microcap indexes. |
| Jun 09 | Defense contract award | Positive | +2.0% | Award of $4.3 million U.S. government contract for defense components. |
| Jun 02 | Technology license deal | Positive | +16.6% | Subsidiary licensed ARC Sentry RF arc detection technology for global sales. |
| May 29 | Q1 2026 earnings | Positive | -5.7% | Strong revenue, margin, EBITDA and backlog growth alongside upsized IPO proceeds. |
| May 26 | Nasdaq bell ceremony | Neutral | +6.5% | Company highlighted IPO milestone by ringing the Nasdaq Closing Bell. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
ELMT has shown mixed reactions to positive news, with several strong corporate updates followed by both sharp gains and notable selloffs.
Key Terms
offtake contract financial
offtake agreement financial
tungsten concentrate technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
PORTLAND, Maine, June 25, 2026 (GLOBE NEWSWIRE) -- The Elmet Group Co. (Nasdaq: ELMT) (“Elmet” or the “Company”), a U.S.-based provider of precision-engineered components and advanced high-energy systems, today announced it has exercised its option to purchase 20 million ordinary shares of EQ Resources Limited (“EQR”), a global tungsten producer with operations in Australia and Spain, as part of a previously announced strategic collaboration and long-term offtake contract between the two companies.
Through this collaboration, Elmet and EQR have leveraged their respective experience and expertise in mining, minerals processing, and downstream tungsten manufacturing for the mutual benefit of both parties, and have been working to further develop and enhance the global tungsten supply chain.
In 2024, Elmet executed a mutually renewable five-year offtake agreement with EQR for tungsten concentrate from its Saloro mine in Barruecopardo, Spain. Under the agreement, Elmet committed to purchase tungsten concentrate with an estimated value of A
To further cement their relationship, Elmet agreed to take an ownership interest in EQR and has now exercised its option to purchase an additional 20 million ordinary shares bringing its total holdings to 23,652,634 ordinary shares.
“This investment marks an important milestone as we strengthen our relationship with EQR and further solidify our commitment to supporting sustainable and resilient supply chains for critical raw materials,” said Company CEO Peter V. Anania. “Over the last two years, we have witnessed an increased focus on the critical material supply chain, particularly in defense applications, which is why we sought out this strategic collaboration with the one of the fastest growing Western tungsten mining groups. We look forward to continuing our strategic collaboration as well as exploring additional opportunistic investments to bolster our long-term competitive positioning.”
About The Elmet Group
The Elmet Group is a U.S.-based provider of precision-engineered components and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. The Company operates through two divisions, Critical Materials Components (CMC) and Engineered Microwave Products (EMP), leveraging materials science and precision engineering expertise to deliver high-performance solutions. The Elmet Group is dedicated to strengthening domestic manufacturing capabilities to support the U.S. and its allies’ needs in both critical materials and advanced high-power microwave systems.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding future performance, expected outcomes, and strategic initiatives. Forward-looking statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. When used in this press release, words such as “expect,” “project,” “estimate,” “believe,” “anticipate,” “intend,” “plan,” “seek,” “forecast,” “target,” “predict,” “may,” “should,” “would,” “could,” and “will,” the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that may affect results include the Company’s ability to benefit from its investment in and relationship with EQR to the extent expected, to a lesser degree, or at all, the Company’s ability to improve its critical materials supply chain, the results of any possible future opportunistic investments on the Company’s competitive positioning, as well as those factors discussed in The Elmet Group Co.’s registration statement on Form S-1 (File No. 294725), as amended, and subsequent filings The Elmet Group Co. makes with the U.S. Securities and Exchange Commission. The Elmet Group Co. undertakes no obligation to update these statements except as required by law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Company Contact
Chris Chandler
contact@theelmetgroup.com
Investor Contact
Tom Colton and Greg Bradbury
Gateway Group, Inc.
ELMT@gateway-grp.com
949-574-3860
