Blue Moon Metals (BMM), along with Elmet (ELMT) and EQ Resources, made a binding agreement for a series of investments worth $150 million to $175 million in Blue Moon's Springer Tungsten Complex in Nevada, the companies said Monday.

The facility secured approval to begin construction and redevelopment last month, the companies said.

The Springer mine and mill are expected to resume production in Q4 2027, Blue Moon previously said.

The transactions include a total investment of around $150 million, split between investments in Blue Moon's activities at the Springer site and a contribution to a proposed joint venture, and $25 million for additional standby requirements if needed, the companies said.

The US Department of Defense also announced a plan to invest $450 million in Elmet, of which $150 million has been allocated for the Springer deal, the companies said.

Elmet shares were up more than 31% in recent premarket activity, while Blue Moon shares were up 13%.