The Department of War committed $450 million, plus a Defense Logistics Agency contract worth up to $2 billion, to secure America's tungsten supply chain with a company that sold $32 million worth of tungsten last year: The Elmet Group.

As part of the deal, DoW secured a 19.9% equity stake in the company.

This is the fifth equity stake the Economic Defense Unit (EDU) has taken in nine months, and the largest. It is also the best documented, because Elmet is publicly listed and the deal's filings are public.

The deal is also interesting because of what happened next. Eight and ten days after the announcement, Elmet signed an offtake agreement with a British mine and bought into a Vietnamese one.

This week I'm mapping the deal pattern: the tungsten supply chain, the deal mechanics, and where it all goes from here.

Finally, if you map the deals done to date against supply as it exists today, I believe you get a strong indication of where the EDU plans to invest next.