The Elmet Group (ELMT) Investor presentation summary

Strategic investments and expansion initiatives

• Secured a $450 million investment from the Department of War to upgrade U.S. facilities, expand downstream capacity, and build out midstream processing for tungsten supply chain resilience.

• Acquired ams OSRAM's Schwabmünchen metal production operations in Germany, establishing a strategic European manufacturing base for tungsten and molybdenum.

• Formed Elmet Refining & Trading (ERT) to manage ammonium paratungstate (APT) conversion and mine offtake agreements, including restarting the Blue Moon Springer APT facility in Nevada.

• Signed a long-term Indefinite Delivery, Indefinite Quantity (IDIQ) contract with the Defense Logistics Agency, securing up to $2 billion in tungsten supply commitments.

• Strategic capital deployment includes $165M+ for U.S. facility upgrades, $100M for ERT, $75M for APT JV, and $75M for Blue Moon investment.

Market positioning and supply chain resilience

• Only U.S.-owned, vertically integrated manufacturer of critical tungsten and molybdenum components for defense and essential industries.

• Positioned as the sole U.S. supplier as new sourcing restrictions on tungsten and molybdenum from China, Russia, Iran, and North Korea take effect in 2027.

• Vertically integrated operations from mining to finished components, enabling greater control, quality, and shortened cycle times for defense applications.

• Enhanced supply chain resilience through diversified feedstock, strategic offtake agreements, and expanded U.S. and European capacity.

• Well-positioned to capitalize on global trends in defense, clean energy, and supply chain reshoring.

Capacity expansion and operational milestones

• $165M+ investment to expand U.S. manufacturing footprint to ~570,000 sq. ft. and increase tungsten powder production capacity by 5X.

• Facility upgrades across Lewiston, Coldwater, and Euclid to support over 125 U.S. defense programs, including Patriot PAC, PrSM, Phalanx, SLAP, and F-35.

• Schwabmünchen acquisition adds ~290,000 sq. ft. of integrated European capacity, expected to close in Q1 2027.

• Blue Moon Springer APT restart targets first independent U.S. APT facility, with 4,000 tpa refining capacity and strategic reserve for the National Defense Stockpile.

• Full run-rate across upgraded U.S. facilities projected by 2031, with expanded capacity coming online for defense programs by 2H 2028.