The Elmet Group Co. (Nasdaq: ELMT) has exercised an option to purchase 20 million ordinary shares of EQ Resources Limited, a tungsten producer with operations in Australia and Spain, bringing its total holdings in the company to 23,652,634 ordinary shares.

The share purchase follows a 2024 agreement in which Elmet entered a mutually renewable five-year offtake contract with EQ Resources for tungsten concentrate from the Saloro mine in Barruecopardo, Spain. Under that agreement, Elmet committed to purchase tungsten concentrate with an estimated value of A$30 million over five years and secured the offtake allocation through an advance payment of A$2 million.

CEO Peter V. Anania said in a statement: "This investment marks an important milestone as we strengthen our relationship with EQR and further solidify our commitment to supporting sustainable and resilient supply chains for critical raw materials."

Elmet, based in Portland, Maine, provides precision-engineered components and high-energy systems for aerospace, defense, industrial, medical, semiconductor, and energy industries. The company operates through two divisions: Critical Materials Components and Engineered Microwave Products.