Toronto – September 17, 2026 -- Blue Moon Metals Inc. (TSXV: MOON; NASDAQ: BMM), The Elmet Group Co. (NASDAQ: ELMT) and EQ Resources Limited (ASX: EQR) signed a binding letter agreement on September 11, 2026 to jointly redevelop Blue Moon's Springer Tungsten Complex in Imlay, Nevada, backed by a US$150 million investment from Elmet.
Elmet commits $150 million as part of a $450 million U.S. Department of War investment
The U.S. Department of War announced a US$450 million investment into Elmet the same day, designating US$150 million of proceeds for the Springer transactions. An additional US$25 million standby fund from Elmet and EQ Resources is earmarked for restarting the APT plant if required.
Springer's APT plant targets first major North American tungsten concentrate output
Springer's mine and mill are slated to resume production in the fourth quarter of 2027, with the Ammonium Paratungstate (APT) plant restarting in the second half of 2028. The site historically ranked among the largest U.S. tungsten mines, featuring open pit and underground operations, a 1,200 tonne-per-day mill and an APT plant with potential capacity of up to 4,000 tonnes per annum. Nevada approved bonding requirements for construction on August 20, 2026, and the Department of War completed a NEPA review of the site.
A historical 10.7-million-tonne resource dates to 1984 estimates by General Electric and Utah International
The site carries a historical resource estimate of 10.7 million tonnes at 0.45% WO3, compiled by prior operators General Electric and Utah International Inc. in 1984. Blue Moon has not verified the estimate under NI 43-101 standards and cautioned it should not be relied upon; further drilling in 2026 and 2027 will support an updated resource report. On September 3, 2026, Blue Moon acquired additional water rights and land to access the nearby Union Pacific rail line, with plans for a load-on/out facility.
Joint venture splits APT plant ownership 70-20-10 among Elmet, Blue Moon and EQ
Under the deal structure, a new joint venture entity will own and operate the APT plant, with Elmet holding 70%, Blue Moon 20% and EQ Resources 10%. Elmet will operate the plant and inject US$75 million directly into the JV. Blue Moon retains ownership of the mine and mill, contributing the APT plant infrastructure and its offtake commitment as its initial capital stake.