The Elmet Group Co. Common Stock

GoldHaven Resources Corp. is highlighting a US$450 million U.S. government investment in The Elmet Group aimed at expanding domestic tungsten capacity and securing America's tungsten supply chain. The company said the landmark commitment signals tungsten's growing strategic importance to national security, defence, aerospace and advanced manufacturing. GoldHaven noted that more than 800 metres have been drilled at its historic Kuhn tungsten system in northern British Columbia, with broad skarn intervals encountered including approximately 20 metres of skarn in the second drill hole, and assays pending. Historical drilling at Kuhn returned 13.0 metres grading 0.55% WO3 and 11.3 metres grading 0.59% WO3 with 0.10% MoS2, along with a historical estimate of approximately 616,500 tonnes grading 0.48% WO3 across four modelled lenses, though the company cautioned these pre-date NI 43-101 and have not been independently verified. President and CEO Rob Birmingham said the message coming out of Washington is increasingly clear that securing reliable and diversified tungsten sources is now a national-security priority. GoldHaven clarified that the US$450 million investment relates specifically to The Elmet Group, that it is not a recipient of the investment, and that it has no relationship with The Elmet Group.

The Elmet Group Co. said on September 14, 2026, that the US Department of War has committed to invest $450 million in the company to expand domestic tungsten manufacturing and international mining capacity. The investment will begin with an initial $200 million drawdown at closing, followed by additional drawdowns, and in return the department will receive redeemable preferred equity and warrants representing up to 19.9% of Elmet's common stock, plus the right to appoint one independent director and one non-voting observer to Elmet's board. More than $165 million of the investment is allocated to Elmet's existing US facilities in Lewiston, Maine; Coldwater, Michigan; and Euclid, Ohio, while approximately $150 million is expected to fund development of the Blue Moon Springer Tungsten Complex in Imlay, Nevada, a project being developed through a majority-owned joint venture involving Elmet, Blue Moon Metals and Australia's EQ Resources. The company also plans to establish a new division called Elmet Refining & Trading to coordinate sourcing, processing and delivery of materials across its supply network in the US, Australia and Spain. Separately, Elmet subsidiary Elmet Technologies has received an indefinite delivery/indefinite quantity contract from the Defense Logistics Agency to supply tungsten ores, concentrates and sodium tungstate to the US National Defense Stockpile, with a ceiling value of up to $2 billion and a guaranteed funded commitment of $150 million, running through August 2031 with an option to extend through August 2033.

U.S. stock index futures fell sharply on Monday, with technology shares under pressure after several leading artificial intelligence executives called for a slower pace of AI development. By 05:52 ET, Dow futures had fallen 150 points, or 0.3%, S&P 500 futures had dropped 63 points, or 0.8%, and Nasdaq 100 futures had slumped 531 points, or 1.8%. Rumble shares surged as much as 28% in premarket trading after reports that Anthropic had agreed to a $13.7 billion computing contract with the company, a deal Rumble had disclosed in an August securities filing without identifying the customer. Anthropic CEO Dario Amodei called on AI companies to slow the advancement of model capabilities in an essay posted on X on Saturday, warning that increasingly capable AI agents could create significant economic damage if misused, and OpenAI CEO Sam Altman and xAI chief Elon Musk said they agree with his concerns. Nvidia fell more than 2% in premarket trading, while Meta and Amazon each dropped more than 1%, and chipmakers Intel, AMD and Marvell Technology fell nearly 6%, 5% and 6%, respectively, even as software names ServiceNow, Adobe and Workday rose about 3%, 2.5% and 2.5%. Scholar Rock shares surged 9.1% to $60.45 after the FDA approved ISEMBYLD, also known as apitegromab-mstn, as the first and only muscle-targeted treatment for spinal muscular atrophy in patients aged two and older receiving an SMN2-targeted therapy, ahead of the September 30, 2026 PDUFA deadline. Elmet Group shares jumped 30.8% after announcing a $450 million committed investment from the U.S. Department of War to accelerate domestic tungsten manufacturing, while Olema Pharmaceuticals slid 15.1% to $8.68 after AstraZeneca said its Phase 3 SERENA-4 trial of camizestrant failed to show a statistically significant improvement in progression-free survival, and MARA Holdings fell 5.7% to $11.30 after JPMorgan double-downgraded the bitcoin miner to Underweight from Neutral and cut its price target to $11 from $13.

Blue Moon Metals Inc., The Elmet Group Co. and EQ Resources Limited have signed a binding letter agreement dated September 11, 2026 for a series of strategic transactions at Blue Moon's Springer Tungsten Complex in Imlay, Nevada, with a total investment from The Elmet Group of approximately US$150 million and an additional US$25 million set aside by TEG and EQ for standby requirements if needed to place the APT plant back in production. The transactions include a US$50 million tungsten prepayment facility funded in two US$25 million tranches and repaid through a 25% credit against sales of Springer Concentrate, a US$25 million equity subscription by TEG for 3,500,000 Blue Moon units at C$10.00 per unit, a 31.8% premium to Blue Moon's September 11 closing price, and a US$75 million capital injection by TEG into a joint venture entity that will own and operate the APT plant, with equity allocated 70% to TEG, 20% to Blue Moon and 10% to EQ. The mine and mill remain owned by Blue Moon, and EQ receives an eight-year offtake agreement for 4,000 tonnes of contained WO3 from its mines. The transactions form part of TEG's broader Landmark Initiative with the U.S. Department of War, which earlier announced a US$450 million investment into TEG, of which US$150 million is designated for these transactions. Blue Moon expects the Springer mine and mill back in production in Q4-2027 and the APT plant restarted in 2H-2028, which would be potentially the first material tungsten concentrate production in North America.

Elmet Group reported second quarter fiscal 2026 revenue of $66.4 million, up 35.2% year-over-year, with adjusted EBITDA rising 57.2% to $8.9 million and firm order backlog reaching a record $131.5 million, up 55% from the prior year. Gross margin expanded 430 basis points to 25%, driven by strategic tungsten sourcing agreements and productivity gains in the Critical Materials Components division, while net loss was $4.5 million due to $14.2 million in equity-based compensation, mostly from one-time IPO vesting. The company also announced a $4.3 million strategic funding award to advance domestic manufacturing of molybdenum-based products for defense interceptor programs, and increased its ownership stake in EQ Resources as part of a long-term offtake contract. Management highlighted that approximately 55% of revenue growth came from demand increases across aerospace, defense, government, industrial, medical, and semiconductor end markets, with the balance from tungsten and molybdenum raw material pricing impacts.