Metallium Raises A$50M, Achieves 98% Antimony Recovery, Texas Site Ready

Capital Raise and Strategic Pivot

Metallium Ltd, formerly MTM Critical Metals, has marked a pivotal quarter with a successful A$50 million institutional placement, led by Petra Capital. This capital injection significantly strengthens the company’s balance sheet, boosting its pro forma cash position to over A$54 million. The funds are earmarked primarily for infrastructure deployment, feedstock procurement, and scaling its proprietary Flash Joule Heating (FJH) technology in the United States.

The company’s rebranding to Metallium Ltd underscores its strategic shift towards becoming a U.S.-focused industrial metals recovery platform. This repositioning aligns with its mission to accelerate the recovery of critical and precious metals essential for energy transition, electronics, and defense sectors.

Texas Site Acquisition and Permitting

Metallium has secured a 5-hectare industrial site in Chambers County, Texas, under a long-term lease with an option to purchase. The site is fully permitted for waste processing and is equipped with industrial-grade power, wastewater systems, and office infrastructure. This acquisition removes significant permitting risk and compresses the timeline for commissioning the first commercial FJH plant, targeted for December 2025.

Initial site works are scheduled to commence in the third quarter of 2025, with engineering, procurement, and construction management activities already underway. The site’s modular design allows for future capacity expansions, supporting Metallium’s growth ambitions.

Technology Validation and Feedstock Security

A major technical milestone was achieved with the successful validation of Metallium’s commercial-scale FJH reactor crucible. The upsized unit demonstrated scalable and uniform heat transfer, de-risking the commercial rollout and suggesting throughput capacity may exceed initial expectations. This breakthrough supports the company’s plans for modular replication across multiple sites.

Complementing this, Metallium secured long-term supply agreements with two major U.S. e-waste firms, guaranteeing over 1,100 tonnes of high-value e-scrap annually. These contracts include volume guarantees and penalties, ensuring steady feedstock for the Texas facility from day one.

Impressive Recovery Rates and Strategic Partnerships

Metallium reported a 98% recovery rate of antimony from U.S. e-waste feedstock, with a grade of 3.13%; more than triple the global average for primary ore. This highlights the efficiency and selectivity of the FJH process, which operates without the use of acids.

Further, a memorandum of understanding with Meteoric Resources validated FJH’s ability to selectively enrich magnet rare earth elements (REEs) while removing low-value lanthanum and cerium. This breakthrough could enable a solvent-free, chloride-based refining route, positioning Metallium as a key player in Western REE supply chains.

Financial Health and Outlook

Metallium remains debt-free and well-capitalised, with operating cash outflows of A$2.24 million during the quarter primarily invested in staff, administration, and project capital works. The company’s strong institutional backing and robust cash position provide a solid foundation to execute its commercialisation strategy and move towards revenue generation and positive cash flow.

While the company’s Australian and Canadian mineral assets remain on hold as it focuses on U.S. commercialisation, ongoing testwork on diverse feedstocks like red mud and refinery residues suggests potential for future expansion.