Elmet surges on $2 bln US tungsten stockpile contract

Elmet

14/09/2026 12:21

** Elmet Group shares ELMT.O soar 51.6% to $24.50 premarket
** The precision-engineered components maker says one of its units won a ~$2 bln contract from the U.S. Defense Logistics Agency
** Deal includes a guaranteed $150 mln commitment to supply tungsten for rebuilding the U.S. National Defense Stockpile, reducing dependence on China and Russia for critical minerals
** ELMT also secures ~$450 mln from the U.S. Dept of War to expand domestic manufacturing, with the govt receiving preferred equity and warrants in return
** All four brokerages rate the stock "buy"; median PT is $21
** As of last close, stock up 15.6% vs its IPO price of $14

 (Reporting by Anand Gopal in Bengaluru)
 ((AnandGopal.R@thomsonreuters.com))