How Metallium’s DoD Contract and Texas Plant Could Reshape U.S. Critical Metals

A Quarter of Strategic Milestones

Metallium Ltd (ASX – MTM), formerly MTM Critical Metals, has delivered a transformative quarterly update that underscores its emergence as a leading industrial platform for critical metals recovery in the United States. The company’s progress is anchored by a newly awarded U.S. Department of Defense (DoD) contract, strategic partnerships with industry heavyweights, and the steady advancement of its first commercial Flash Joule Heating (FJH) facility in Texas.

Securing a Phase I Small Business Innovation Research (SBIR) contract with the DoD’s Defense Logistics Agency marks Metallium’s formal entry into the U.S. federal funding ecosystem. This six-month program focuses on demonstrating domestic gallium recovery from semiconductor and LED waste, a critical material for defense and advanced manufacturing. Successful completion could unlock significantly larger funding phases, potentially exceeding US$10 million, signaling strong government confidence in Metallium’s technology.

Forging Industry Partnerships and Expanding Footprint

Metallium’s strategic Memorandum of Understanding with Glencore plc, one of the world’s largest electronics recyclers, is a cornerstone of its supply and revenue readiness. The agreement secures up to 8,000 tonnes per annum of e-scrap feedstock for the Texas plant and an offtake framework for up to 75% of Stage 1 refined products. This partnership not only validates Metallium’s technology but also integrates it into a robust supply chain.

Further strengthening its rare earth element (REE) capabilities, Metallium has entered a binding collaboration with Ucore Rare Metals to combine its FJH process with Ucore’s RapidSX™ separation technology. This integration aims to establish the first fully U.S.-based end-to-end REE refining pathway, a strategic move to reduce reliance on foreign supply chains. Complementing this, Metallium expanded its research collaboration with Rice University to explore solvent-free REE separation techniques, potentially revolutionizing the refining process.

Geographically, Metallium is broadening its operational footprint beyond Texas, securing exclusive options over fully permitted sites in Massachusetts and Virginia. This three-state network lays the foundation for a scalable, multi-site recovery platform across the U.S., aligning with national strategic interests in critical minerals.

Texas Plant Progress and Financial Strength

The Texas Flash Joule Heating plant remains on schedule for commissioning in the fourth quarter of 2025. Key equipment orders have been placed, site upgrades are advancing, and 60 tonnes of high-grade printed circuit board (PCB) scrap have been secured for commissioning feedstock. The validated reactor design supports throughput scaling and future expansion, positioning Metallium for significant production capacity growth.

Financially, Metallium ended the quarter with a robust pro forma cash balance of approximately A$48 million, following a successful A$50 million institutional placement and option exercises. The company remains debt-free and well-capitalized to execute its U.S. commercialisation strategy, with operating cash outflows reflecting ongoing project development and technology advancement.

Strategic Recognition and Future Outlook

Recognition of Metallium’s transformation is reflected in its inclusion in the S&P/ASX All Ordinaries Index as of September 2025, signaling growing investor confidence. The company’s engagement with Australian and U.S. government officials, including participation in high-level diplomatic events, underscores its strategic role in the emerging Australia–U.S. critical minerals framework.

While Metallium continues to evaluate options for its Australian and Canadian mineral assets, its near-term focus remains firmly on commercialising its proprietary FJH technology within the U.S. critical metals ecosystem. The convergence of government support, strategic partnerships, and operational progress sets the stage for Metallium to become a pivotal player in reshaping domestic critical metals supply chains.