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$30 million (at current market prices) over a five-year period and secured the offtake allocation through an advance payment of A$2 million.
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
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Investor Contact
Tom Colton and Greg Bradbury
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