The Elmet Group Co. (ELMT) completed a private placement investment in Blue Moon Metals Inc. on October 16, 2026, purchasing 3,500,000 units at CAD 10.00 per unit. Each unit comprises one Blue Moon common share and one warrant. The 3,500,000 warrants each cover one common share, are exercisable after February 17, 2027, at an initial CAD 10.80 per share, and expire October 16, 2029. The securities are subject to transfer restrictions, including a prohibition on sales, transfers and trades in Canada or for the benefit of a Canadian resident until February 17, 2027.
Under the investor rights agreement, ELMT has participation rights while it retains at least 40% of the equity it purchased; a top-up right applies if dilutive issuances reduce its ownership percentage by at least 1.0% in aggregate. Blue Moon agreed to take necessary steps to appoint ELMT’s nominee to its board within 10 days of the October 16, 2026 agreement date. ELMT stockholders approved the 2026 Employee Stock Purchase Plan at the October 19, 2026 special meeting.
The Elmet Group Co. (ELMT) outlined a $450 million committed Department of War investment: $200 million at close, followed by five $50 million tranches at six-month intervals based on project spend. Terms include Class A Redeemable Preferred Equity with a 5.5% per-annum paid-in-kind dividend and warrants for 19.9% of post-deal common stock. Planned U.S. facility upgrades carry a $165 million-plus investment. The DLA tungsten stockpile IDIQ contract is listed at $2 billion, with a $150 million funded commitment and a five-year base term plus two option years.
LTM revenue was $228.5 million and adjusted EBITDA was $31.8 million, a 13.9% adjusted EBITDA margin, as of July 3, 2026; adjusted EBITDA and its margin are non-GAAP measures. Internal 2031 projections put revenue at approximately $1.5 billion–$1.7 billion and gross margin at 18%–22%, assuming a long-term APT price of $1,500 per MTU and completion and on-time ramp-up of key DoW-related projects. Elmet's acquisition of ams OSRAM's Schwabmünchen metal production operations is expected to close in Q1 2027; no DoW funding is allocated to it. Christian T. Chandler, Executive Vice President and General Counsel, gave notice of retirement effective December 31, 2026, and will continue as an advisor.
The Elmet Group Co. (ELMT) announced that its wholly owned subsidiary, Elmet Technologies, was awarded an approximately $36 million Defense Logistics Agency contract to supply high-performance molybdenum and tungsten alloys and precision wire to the U.S. National Defense Stockpile. Supplies include titanium-zirconium-molybdenum alloy billets, bar stock and ingots, plus specialized molybdenum and tungsten wire. The materials are used in jet-engine components and other aerospace applications.
The award is separate from the DLA’s earlier tungsten stockpile contract, announced September 14, 2026, with a $2 billion ceiling value and a $150 million guaranteed funded commitment; that contract covers tungsten concentrates and sodium tungstate. The September 14 announcement also included a $450 million committed investment from the United States Department of War.
The Elmet Group Co. (ELMT) agreed to purchase a 4.99% interest in Masan High-Tech Materials Corporation, or 55,138,174 ordinary shares, for approximately $124,750,000. Under the purchase agreement, closing is expected on October 1, 2026, subject to conditions, and settlement is expected on October 5, 2026. The press release instead says completion is expected in the third quarter of 2026. If the per-share price is outside UPCoM's Permitted Trading Band, closing may be deferred for an in-band transaction or an off-band transfer subject to Vietnamese securities approval.
The shareholder agreement gives Elmet the right to nominate one Masan director while it retains at least 80% of the shares acquired; until appointment, an Elmet designee may attend as a non-voting observer. Transfers are restricted for 18 months after closing, subject to exceptions. The Seller must procure that Masan targets a dividend payout ratio of up to 80% for each of three financial years following the year of closing; Elmet is excluded from interim 2026 dividends. A $24,950,000 break fee may be payable by either party if failure to close by the applicable Long Stop Date results solely from that party's material failure to comply.
The Elmet Group Co. (ELMT) announced a long-term tungsten concentrate Offtake Agreement tied to production from Tungsten West’s Hemerdon Mine in England, aiming to secure critical material supply for U.S., UK, and allied customers. The arrangement is described as representing more than $230 million annually in offtake at current ammonium paratungstate (APT) tungsten prices.
Under the agreement, ELMT expects to take more than 1,000 metric tonnes per year of tungsten concentrate (WO₃ equivalent), with both parties aiming to increase volumes over time. The contract runs through December 31, 2034, and ELMT will convert material via its refining network into APT and downstream intermediates for delivery into its manufacturing operations in the U.S. and, subject to a pending asset purchase closing, Germany.
The offtake will be managed through Elmet Refining & Trading, a division set up in connection with the $450 million committed investment from the U.S. Department of War. The press release also notes a £71 million strategic investment by the UK Government’s National Wealth Fund in Tungsten West and states that Hemerdon is targeting full-scale production by the end of the first quarter of 2027.
Elmet Group Co. (ELMT) entered into a warrant purchase agreement with Blue Moon Metals Inc., issuing an unregistered warrant to purchase up to 1,166,970 shares of common stock as consideration for Blue Moon’s obligations under a prior letter agreement, including its investment in the company. The warrant carries an exercise price of $21.423 per share, becomes exercisable beginning six months from issuance, and expires three years from issuance. Exercises are subject to beneficial ownership limitations, initially capped at 4.99% of outstanding common stock, adjustable at the holder’s election up to 19.99%. The warrant may be exercised on a cashless basis if resale of the underlying shares is not covered by an effective registration statement.
Elmet Group Co. (ELMT) is calling a virtual 2026 Special Meeting of Stockholders on October 19, 2026, at 1:00 p.m. Eastern Time to vote on a single item: approval of The Elmet Group Co. 2026 Employee Stock Purchase Plan (the “2026 ESPP Proposal”). Only holders of common stock as of August 28, 2026, when 30,459,498 shares were outstanding, may vote, with one vote per share and a quorum set at one third of the voting power.
The board unanimously recommends a vote FOR the ESPP Proposal and explains detailed mechanics for voting by internet, mail, phone, or during the live webcast. The proxy also provides extensive disclosure on executive and director compensation, existing and new equity incentive plans—including a 2026 Equity Incentive Plan covering up to 3,461,717 shares—and severance and change‑in‑control policies that govern future cash and equity treatment for senior management and directors.
Elmet Group Co. (ELMT) entered into a landmark strategic financing with the U.S. Department of War, involving up to $450 million of Class A redeemable preferred stock and warrants. An initial $200 million was funded at closing for 200,000 preferred shares and warrants to buy up to 7,567,341 common shares, with up to an additional $250 million available in later tranches subject to Elmet exercising its rights and meeting government conditions.
The Class A Preferred carries a 5.5% cumulative PIK dividend, senior liquidation preference and broad redemption rights, plus voting power capped at 19.9% when combined with warrant shares. Warrants, including a near-zero strike “Penny Warrant” and a $15.92 strike warrant, together initially represent 24.84% of Elmet’s outstanding common stock on a post-transaction basis.
Elmet also signed a rights plan to block “Restricted Entities” from building >10% stakes, a comprehensive Investor Rights Agreement granting the DoW governance, preemptive and offtake-related rights, and several operating agreements: a Springer tungsten APT-plant joint venture where Elmet plans to invest about $75 million, a $50 million tungsten prepayment facility and equity investment in Blue Moon, and an exclusive DLA offtake contract with a $150 million minimum and ceiling up to $2 billion.
Elmet Group Co. (ELMT) has entered into an Asset Purchase Agreement under which its subsidiary Elmet Technologies LLC will acquire substantially all assets and rights of OSRAM GmbH’s tungsten and molybdenum metal production operations in Schwabmünchen, Germany, and assume specified employee, pension and contractual liabilities. The purchase price at closing will be formula-based, starting from a fixed negative €18 million, adjusted for pension assets, defined benefit obligations, a €1 million restructuring prepayment, and working capital versus a €3.875 million benchmark. Subject to closing, the seller will provide a €2.5 million interest-free vendor loan, repayable in two equal installments within 12 months of the effective date. Closing is expected in the first quarter of Elmet’s 2027 fiscal year, subject to customary regulatory and antitrust approvals, no material adverse change, and other conditions; failure to close by June 30, 2027 in certain circumstances could trigger €1.35 million in liquidated damages payable to the seller. Elmet highlights that the final purchase price is not currently determinable and may be significantly affected by volatile tungsten prices and inventory valuation, which could materially impact its business, liquidity, financial condition and results.
Needham Investment Management L.L.C., related entities, and George A. Needham report beneficial ownership stakes in Elmet Group Co. common stock. Needham Investment Management, Needham Asset Management, and George A. Needham each report beneficial ownership of 2,639,416 shares, representing 8.8% of the common stock. Needham Aggressive Growth Fund reports beneficial ownership of 2,044,400 shares, or 6.8% of the class.
All reported shares are held with shared voting and dispositive power, with no sole voting or dispositive power. The securities are directly owned by advisory clients of Needham Investment Management, and each reporting person disclaims beneficial ownership beyond its pecuniary interest.