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.