Elmet Stock Jumps 33% on $450M Pentagon Deal for Tungsten

Elmet Group's stock surged 33% to $21.56 after securing a $450 million investment from the US Department of Defense to boost tungsten production for military hardware. The investment aims to reduce US reliance on Chinese-dominated supply chains. The deal includes $200 million immediately and $250 million in later installments upon meeting project milestones. Elmet will use the funds to upgrade plants and restart tungsten refining facilities to supply metal parts for military jets, missiles, and submarines.