Elmet Stock Surges Over 30% on $450 Million U.S. Defense Investment

Elmet Group (ELMT) stock surged 30.8% in pre-open trading on September 14, 2026, after the company announced a transformative $450 million committed investment from the U.S. Department of War. The funding is aimed at accelerating domestic manufacturing of tungsten, a critical mineral, and reducing U.S. dependence on foreign supply chains.

Strategic Investment Details

The investment package, announced before the opening bell, is designed to expand Elmet's mining and processing network across the U.S., Australia, and Spain. The company, which is the only fully U.S.-owned, vertically integrated producer of engineered tungsten and molybdenum components, will receive an initial drawdown of $200 million at closing.

The capital is earmarked for significant operational upgrades:

• More than $165 million will be used to modernize Elmet's existing facilities in Maine, Michigan, and Ohio.
• Approximately $150 million is directed toward the Springer Tungsten Complex in Nevada.

Multi-Billion Dollar Supply Contract

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Concurrent with the investment, Elmet secured an indefinite-delivery, indefinite-quantity (IDIQ) contract with the Defense Logistics Agency. This agreement, valued at up to $2 billion, includes a minimum commitment of $150 million for Elmet to supply the National Defense Stockpile, cementing its role as a key government contractor for strategic materials.

Market Reaction and Context

The sharp rise in Elmet's stock price occurred against a weak market backdrop, with S&P 500, Dow Jones, and Nasdaq futures all trading lower, indicating the move was driven entirely by company-specific news. The surge sent the stock toward its 52-week high of $22.51.

This development follows other recent strategic moves, including a September 8 agreement to acquire a German metal production facility, establishing its first European manufacturing footprint. For investors, the combined scale of the government funding and the long-term supply contract signals strong conviction in Elmet's position at the center of America's critical minerals defense strategy.