Elmet Group Expects To Take Over 1,000 Metric Tonnes Per Year Of Tungsten Concentrate; Agreement Represents Over $230M Annually In Offtake At Current Ammonium Paratungstate Tungsten Prices; Hemerdon Mine Targets Full-Scale Production By End Of Q1 2027

Agreement expected to expand and strengthen tungsten supply chains across the U.S., UK, and allied nations with one of the world’s largest tungsten depositsFurther advances the objectives of the United States Department of War’s $450 million committed investment announced September 14, 2026Represents more than $230 million annually in offtake at current APT tungsten pricesPORTLAND, Maine, Sept. 22, 2026 (GLOBE NEWSWIRE) -- The Elmet Group Co. (NASDAQ:ELMT) ("ELMT" or the "Company"), a U.S.-based provider of critical materials, precision-engineered components, and advanced high-energy systems, today announced that it has signed a long-term tungsten concentrate offtake agreement with Tungsten West plc (AIM: TUN) ("Tungsten West") covering production from the Hemerdon Mine in Devon, England ("Hemerdon"), one of the largest tungsten deposits in the world.Under the terms of the agreement, ELMT expects to take more than 1,000 metric tonnes per year of tungsten concentrate (WO₃ equivalent) from Hemerdon, with both parties aiming to increase production volumes over time. Material will be converted into ammonium paratungstate ("APT") and downstream tungsten intermediates through ELMT’s allied refining network, followed by delivery into ELMT’s U.S. manufacturing operations in Maine, Michigan, Ohio, and ELMT’s Schwabmünchen, Germany plant, pending the closing of the previously announced asset purchase agreement with OSRAM GmbH, if supplies exist. Ultimately, this U.S.-UK partnership is expected to support customers across aerospace, defense, energy, medical, industrial, and semiconductor markets.The UK government's strategic investment in Tungsten West, announced on August 25, 2026, complements the U.S. Department of War's ("DoW") landmark investment in ELMT announced on September 14, 2026, underscoring the importance both governments place on building resilient, allied supply chains for critical materials. The offtake will be managed through Elmet Refining & Trading ("ERT"), the Company’s new division established in connection with the DoW investment to secure long-term access to critical materials and coordinate sourcing, conversion, and delivery across ELMT's supply relationships."Our agreement with Tungsten West further builds upon the landmark investment we received from the Department of War and advances our strategy to build a resilient critical materials supply chain," said The Elmet Group CEO and Chairman Peter V. Anania. "The Elmet Group and Tungsten West are firmly aligned in our commitment to securing domestic and allied production, supply, and consistency for customers across the full breadth of critical materials end markets.""This partnership arrives at a pivotal moment in Tungsten West’s history, with processing operations underway and continuing to ramp at Hemerdon," said Tungsten West CEO Jeffery Court. "In addition to supporting the creation of hundreds of jobs in the UK, we believe our offtake agreement with ELMT solidifies our position as a leading Western producer of tungsten and enables us to contribute to the creation of a resilient tungsten supply chain for the U.S., UK and our other allies."Following the £71 million strategic investment from the UK Government's National Wealth Fund, Tungsten West has initiated processing efforts at Hemerdon. The mine is targeting ramp-up to full-scale production by the end of the first quarter of 2027.ELMT and Tungsten West have been engaged in discussions for more than a year to identify the best approach for combining production from Hemerdon with the conversion relationships, customer base, and North American platform at ELMT. The two companies are closely aligned on the strategic objective of maximizing the volume of allied-sourced tungsten available to U.S. and UK industries and are committed to maintaining a long-term collaborative effort as Hemerdon ramps up production later this year. The partnership is designed to serve customers on both sides of the Atlantic, supporting a range of strategically important U.S. and UK industries with a secure, allied source of tungsten.This announcement follows the landmark investment ELMT received from the DoW, announced on September 14, 2026, allowing the Company to further enhance its standing as a leading provider of strategically important raw materials.