Elmet Group Buys 4.99% of Masan High-Tech Materials (MSR) at $2.5B Valuation

Overview

Elmet Group Co. (NASDAQ: ELMT), a US supplier of tungsten alloys and strategic mineral products, will acquire a 4.99% stake in Masan High-Tech Materials (UPCoM: MSR) at a $2.5 billion equity valuation. The two companies also announced an eight-year strategic tungsten supply partnership covering roughly 1,250 tonnes of WO3 equivalent per year, or an estimated $1.5 billion in gross revenue over the initial term. The transaction gives MSR an independent valuation benchmark from a NASDAQ-listed partner that has been in its supply chain for more than 12 years.

Key Facts

• Elmet Group will acquire 4.99% of MSR at a $2.5 billion equity valuation, based on MSR’s achieved profit results.
• The supply partnership runs more than 8 years, with committed volumes of about 1,250 tonnes of WO3 equivalent per year.
• Estimated gross revenue from the partnership is approximately $1.5 billion over the initial term, at prevailing tungsten prices.
• MSR reported H1 2026 revenue of about $423 million and after-tax profit of about $83 million; Q2 alone contributed $309 million in revenue and $63 million in after-tax profit.
• Full-year 2026 guidance is approximately $1.4 billion in revenue.
• MSR declared its first dividend, totaling VND 1,100 billion (about $42 million).
• Jefferies Singapore Limited is MSR’s sole financial advisor on the transaction; closing is targeted for the first half of October, subject to regulatory and corporate approvals.

What Happened

Masan High-Tech Materials, an integrated tungsten mining and processing platform listed on UPCoM, announced the strategic relationship with Elmet Group Co., a US-based provider of tungsten alloys and strategic mineral products to major North American customers. Under the agreement, Elmet will take a 4.99% equity stake in MSR at a $2.5 billion equity valuation, a level the company says is supported by its achieved profit results. The commercial agreements take effect only after the equity transaction closes.

The partnership connects global tungsten supply with MSR’s integrated processing capacity in Vietnam, serving US industrial and high-tech manufacturing supply chains while extending MSR’s network beyond South Korea, Japan and Europe. Completion depends on necessary conditions, including required approvals from regulators and competent corporate authorities. Both parties target closing in the first half of October. The announcement did not disclose the transaction value of the equity purchase itself, only the implied valuation.

Market Context

MSR trades on UPCoM, Vietnam’s unlisted public company market, and closed at VND 53,500 on 23 September 2026. The stock sits in the Basic Resources sector, where tungsten prices and APT realizations are the dominant earnings drivers. MSR’s H1 2026 results were supported by higher tungsten sales volumes, elevated APT prices and improved operating efficiency. The company has also flagged a global strategic materials platform with potential to add 115 million tonnes of polymetallic tungsten resources and expand tungsten oxide capacity to more than 8,000 tonnes of WO3 per year.

Strategic Significance

The equity stake matters less for the 4.99% itself than for what it signals: a NASDAQ-listed industrial buyer is willing to underwrite MSR’s valuation and lock in long-term supply. Committed volumes of about 1,250 tonnes of WO3 per year improve revenue predictability and processing-capacity utilization, which is the core constraint on MSR’s earnings leverage. The arrangement also positions MSR inside US critical-minerals supply chains at a time when Western buyers are actively diversifying away from Chinese tungsten. For long-term holders, the thesis rests on whether the partnership converts into higher realized prices, stable offtake and progress on the 8,000-tonne WO3 expansion.

What to Watch

• Confirmation of transaction closing in the first half of October, including regulatory and corporate approvals.
• Details of the equity purchase price and any lock-up or governance terms attached to Elmet’s 4.99% stake.
• Q3 2026 results for evidence that committed volumes and APT prices are lifting realized revenue.
• Progress on the tungsten oxide capacity expansion toward more than 8,000 tonnes of WO3 per year.
• Further disclosure on the 115 million tonnes of potential polymetallic tungsten resources.