Blue Moon Metals Closes C$35 Million Private Placement with The Elmet Group and Board Appointment

The U.S. government committed $2.45B to privately-held Elmet Group for tungsten supply and expansion. Western Star Resources (CSE: WSR, OTC: WSRIF) reported initial tungsten assays from its Eagle Point project in New Mexico. Other companies like Perpetua (NASDAQ: PPTA), MP Materials (NYSE: MP), USA Rare Earth (NASDAQ: USAR), and NioCorp (NASDAQ: NB) are also advancing critical mineral projects with government support.

Masan Group sold a 4.99% stake in its subsidiary MSR to Elmet for $124.7 million, valuing MSR at $2.5 billion. The deal includes multi-year supply agreements for tungsten products. Masan retains 87.46% ownership. YKVN advised on the transaction.

The U.S. and China failed to reach a rare earth supply deal during Xi Jinping's visit, leaving the West to secure supplies. Rare earth exports from China to the U.S. declined, with prices showing mixed trends. Elmet Group and Almonty Industries are expanding tungsten production. Glencore will partner with the U.S. strategic minerals reserve. Eramet plans to expand lithium production in Argentina. Processing capacity is also increasing, with Korea Zinc planning a U.S. smelter.

Elmet Technologies won a $36M DLA contract to supply molybdenum and tungsten alloys for aerospace applications. The contract includes TZM alloy billets, bar stock, ingots, and specialized wire. This follows a $2B DLA tungsten stockpile contract and a $450M DoW investment. Elmet aims to strengthen its domestic tungsten supply chain.

Elmet Group updated its corporate presentation, outlining a $450M investment from the Department of War to expand U.S. tungsten capacity. The deal includes $200M at close and warrants for up to 19.9% common stock. Additionally, the company's General Counsel, Christian T. Chandler, will retire on Dec. 31, 2026, and serve as an advisor afterward. According to the company, the investment will support a $165M+ capex plan to expand tungsten powder capacity and upgrade facilities.

Elmet Group bought a 4.99% stake in Masan High-Tech Materials (MSR) for $124.76 million, at 6% above MSR's previous closing price. The deal is part of MSR's ownership restructuring for a potential listing on the Ho Chi Minh Stock Exchange. Elmet and MSR plan long-term commercial cooperation.