U.S. Tungsten Supply Chain Gets Boost with $150M Investment

TORONTO, Sept. 14, 2026 /CourierPR/ -- Blue Moon Metals Inc, The Elmet Group Co, and EQ Resources Limited have announced a significant investment of between $150 million and $175 million into the Springer Tungsten Complex in Nevada. This move aims to bolster the U.S. tungsten supply chain, which is crucial for various industries, including aerospace, defense, and critical U.S. industrial sectors.

The Springer Tungsten Complex, located in Imlay, Nevada, was previously one of the largest tungsten mines in the United States. It includes open pit and underground mines, a 1,200-ton-per-day (tpd) mill, and an Ammonium Paratungstate (APT) plant capable of producing up to 4,000 tons per annum (tpa). The facility is permitted for construction and has received approval for its bonding requirements from the State of Nevada, allowing it to commence construction and redevelopment of the mine on August 20, 2026.

Blue Moon Metals Inc, the primary owner of the Springer Project, has indicated that the mine and mill are expected to be operational by the fourth quarter of 2027, while the APT plant is anticipated to restart operations in the second half of 2028. This will mark the first significant tungsten concentrate production in North America and a significant new source of APT for the U.S. market.

The joint venture (JV) entity, among the three parties, will own and operate the APT Plant, while the mine and mill will remain owned by Blue Moon. The Elmet Group Co will invest $150 million in Blue Moon's activities at the Springer site and contribute an additional $25 million for potential standby requirements. EQ Resources Limited will acquire a 10% interest in the APT facility and enter into a supply agreement for tungsten concentrate offtakes to the APT plant at market pricing.

The U.S. Department of War has been supportive of these transactions, including completing a NEPA review of Springer. The Department has also announced a $450 million investment, with $150 million designated for the Springer Project. This investment is part of the broader TEG Landmark Initiative to secure America's tungsten supply chain, which also includes the acquisition of 33 western U.S. based tungsten and antimony projects and the Apex germanium and gallium mine in Utah.

Christian Kargl-Simard, CEO and Director of Blue Moon, expressed gratitude for the commitment of all stakeholders. He stated, "This is a great day for the U.S. with regards to providing a major boost to the U.S. tungsten supply chain. We are very appreciative of the commitment of all stakeholders to advance Springer as a team."

Peter V. Anania, Chairman and CEO of The Elmet Group, emphasized the significance of the investment.

Craig Bradshaw, Managing Director of EQ Resources, highlighted the strategic importance of the transaction. "This transaction is transformational for EQR. It delivers a 10% interest in what will be a significant new APT facility in North America, an eight-year offtake agreement for 4,000 tonnes of contained WO₃ from our mines, and a leading role in the engineering and project delivery of the APT plant, all while validating the ore-sorting technology we have developed across our operations."

The investment will be structured into several components, including a $50 million tungsten prepayment facility, $25 million in TEG warrants, and a $25 million equity subscription. Additionally, TEG will contribute $75 million to the APT plant, with equity ownership interests allocated as follows: TEG, 70%, Blue Moon, 20%, and EQ, 10%. The APT production is anticipated to be phased, with the first phase targeting 4,000 tons of APT production capacity per year.

The completion of these transactions is subject to due diligence, regulatory approvals, and the execution of definitive agreements. The Elmet Group has established a new division, Elmet Refining & Trading, to manage the expanded operations.