Metallium

What Metallium does

Metallium Ltd is an Australian-domiciled, ASX-listed critical metals company (ASX:MTM, OTCQX:MTLMY) commercializing Flash Joule Heating (FJH) technology under a global license from Rice University. FJH is an electro-thermal process that passes direct current through feedstock, generating instantaneous internal temperatures above 3,000°C to convert refractory metal compounds into forms amenable to conventional extraction, with no chemical solvents required. The company is deploying FJH at its Texas Technology Campus in Houston targeting Stage 1 capacity of 8,000 tonnes per annum of printed circuit board feedstock, with binding supply and offtake contracts covering approximately 50% of that throughput anchored by Glencore's commitment of up to 2,400 tpa of shredded e-scrap and up to 75% of recycled metal output. A 10-year offtake with Indium Corporation provides long-duration demand certainty for recycled gallium, germanium, and indium into semiconductor supply chains.

The company generates revenue through three primary streams: (1) processing fees and metal recovery sales from commercial-scale e-waste processing in Texas, (2) non-dilutive U.S. government SBIR contracts — Phase I completed in six months (versus typical twelve) and Phase II awarded at $1M for twelve months — and (3) potential licensing of the FJH platform to third-party operators. The customer base is concentrated in three verticals: U.S. semiconductor and electronics manufacturers (Indium Corporation), U.S. defense and government agencies (DLA/Department of War), and global commodity traders (Glencore). Adjacent applications include lithium battery black mass recycling, bauxite residue (red mud) processing — including a $30M DoD-funded ElementUSA collaboration in Louisiana — coal fly ash critical metal extraction, and rare earth refining (Harts Range Project with New Frontier Minerals). Metallium raised A$75 million in January 2026 led by U.S. institutional investors and is pursuing a Nasdaq uplist expected in Q3/Q4 2026 to broaden access to U.S. capital markets ahead of commercial scale-up.

Name

Metallium

Legal name

Metallium Ltd

Website

https://metalliuminc.com

Company type

Public

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

Metallium Ltd commercializes Rice University-licensed Flash Joule Heating technology to recover critical and precious metals from electronic waste, lithium batteries, red mud, and ores, serving U.S. semiconductor, defense, and commodity-trading customers from its Texas facility.

Ownership category

akta.pro rank

Product category

Critical Metals Recovery from E-Waste and Industrial Waste Streams

NAICS

Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Secondary Smelting, Refining, and Alloying of Nonferrous Metal (except Copper and Aluminum) (331492)

SIC

Secondary Smelting & Refining Of Nonferrous Metals (3341)

akta.pro primary industry

E-Waste & Electronics Metal Recovery (ITAD, Circuit Boards, Precious Metal Recovery) (IMAKAMAG)

akta.pro secondary industries

Metals Recycling & Processing (Ferrous/Non-Ferrous) (BPALADAF), Copper Recycling & Secondary Copper Smelting/Refining (IMAKADAK), Precious & Specialty Metal Recovery (Smelting, Refining, Hydrometallurgy) (EUAIAIAD)

Keywords

• Critical metals recovery
• Electronic waste recycling
• Flash Joule Heating
• Battery materials recycling
• Rare earth processing

Headquarters

HQ city

Subiaco

HQ country

Australia

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Technology or R&D, Personnel, Supply Chain, Operations

Revenue model

1. Metal Recovery Processing Fees: Metallium processes e-waste feedstock (currently targeting 8,000 tpa Stage 1 capacity) through its Flash Joule Heating facilities and earns processing fees for recovering critical and precious metals. The company has binding contracts covering 50% of Stage 1 throughput target.
2. Recycled Critical Metals Sales: Sale of recovered metals including gallium, germanium, indium, gold, copper, silver, and rare earth elements. The 10-year offtake agreement with Indium Corporation provides long-term demand certainty for recycled gallium, germanium, and indium with formula-based pricing.
3. SBIR Contract Revenue: U.S. Department of War SBIR contracts provide non-dilutive funding: Phase I completed successfully, Phase II awarded for $1 million over 12 months to advance gallium and germanium recovery technology at the Texas Technology Campus.
4. Licensing and Technology Deployment: Global license from Rice University to commercialize Flash Joule Heating technology for metal recovery from e-waste, black mass, red mud, coal fly ash, and ores. Potential licensing of technology to other facilities.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Metallium commercializes Flash Joule Heating (FJH) technology under a global license from Rice University, recovering critical and precious metals from electronic waste, lithium-ion battery black mass, bauxite residue (red mud), coal fly ash, and ores. The company operates processing facilities at the Texas Technology Campus and Gator Point Technology Campus, with a Stage-1 throughput target of 8,000 tpa of printed circuit board feedstock, and partners with Glencore for feedstock and Indium Corporation for a 10-year offtake of recovered gallium, germanium, and indium.

Product overview

Metallium operates a dual-focus business: (1) Flash Joule Heating (FJH) Technology Platform — a proprietary electro-thermal metal recovery system using rapid high-temperature electrical pulses for extracting metals from e-waste, lithium batteries, bauxite residue (red mud), and coal fly ash; and (2) Mineral Exploration Projects — gold and critical minerals exploration in Western Australia (East Laverton, Mt Monger, West Arunta) and Quebec, Canada (Pomme REE-Nb). The FJH technology serves as the core processing platform for commercial metal recovery operations at the Texas Technology Campus, while the exploration projects represent the company's upstream asset portfolio for future feedstock supply and strategic mineral resources.

Differentiator

Problem solved

Functional benefit

Products and services

• Flash Joule Heating (FJH) Technology Platform Proprietary electro-thermal Flash Joule Heating platform using rapid high-temperature electrical pulses exceeding 3,000°C in milliseconds to facilitate metal recovery from electronic waste, lithium-ion battery black mass, bauxite residue (red mud), coal fly ash, and ores, commercialized under a global license from Rice University.
• E-Waste (PCB) Metal Recovery Services Commercial processing of printed circuit boards and electronic scrap at the Texas Technology Campus (Stage-1 target 8,000 tpa) to recover gold, silver, copper, zinc, tin, lead, nickel, gallium, germanium, indium, platinum, and palladium using Flash Joule Heating.
• Lithium Battery (Black Mass) Recycling Recovery of lithium, copper, manganese, cobalt, nickel, and other valuable metals from end-of-life lithium-ion batteries using FJH as a pre-treatment step prior to acid leaching.
• Bauxite Residue (Red Mud) Processing Recovery of residual aluminum and critical metals including titanium, rare earth elements, scandium, and gallium from bauxite residue (red mud), an industrial waste stream from alumina refining, including via a $30 million DoD-funded collaboration with ElementUSA for Louisiana red mud processing.
• Coal Fly Ash Critical Metal Extraction Recovery of rare earth elements and critical metals from coal fly ash by improving susceptibility to acid leaching through Flash Joule Heating treatment.
• Pomme REE-Nb Project (Quebec, Canada) Rare earth elements and niobium mineral exploration project in Quebec, Canada, covering 2,400 ha with proven carbonatite mineralization over 478m from historic drill holes; subject to a binding option and earn-in agreement with New Frontier Minerals for 90% interest while Metallium retains FJH technology application rights.
• East Laverton Gold Project (Western Australia) Gold, rare earth elements, nickel and base metals exploration project covering approximately 3,000 km² in the highly prospective East Laverton region of Western Australia.
• Mt Monger Gold Project (Western Australia) Gold exploration project comprising a contiguous tenement package covering ~100 km² in the highly prospective Mt Monger region, 70 km southeast of Kalgoorlie, Western Australia.
• West Arunta Niobium-REE Project (Western Australia) Niobium and rare earth elements exploration project covering ~140 km² in Western Australia's West Arunta region, adjacent to WA1 Resources and Encounter Resources tenements.

Quantifiable outcome

• 86-97% gallium recovery rate vs 70-85% for conventional methods
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Ten partnerships are on record, tiered core/flagship, minor and strategic.

• U.S. Department of War (Defense Logistics Agency)core/flagshipStrategic or Co-development Partner · 19 May 2026$1 million Phase II SBIR contract to recover gallium and germanium from electronic waste streams. Follows successful Phase I completion achieving all technical milestones in 6 months (half standard timeframe). Project based at Texas Technology Campus targeting pilot-scale deployment and process readiness beyond pilot demonstration.
• Indium Corporationcore/flagshipChannel Partner/ Reseller/ Distributor · 31 March 202610-year offtake agreement with Indium Corporation for supply of recycled gallium, germanium, and indium. Agreement includes formula-based pricing and auto-renewal options. Supports U.S. semiconductor supply chains by offering faster alternative to primary mining for critical minerals.
• Dynamic Lifecycle InnovationsminorStrategic or Co-development Partner · 6 March 2026Partnership for e-waste processing as part of Metallium's diversified supply base building for its Texas facility operations.
• Plastic Recycling Inc.minorStrategic or Co-development Partner · 6 March 2026Partnership for e-waste processing as part of Metallium's diversified supply base building for its Texas facility operations.
• ElementUSAstrategicStrategic or Co-development Partner · 6 March 2026$30 million DoD-funded collaboration for Louisiana red mud processing using Metallium's Flash Joule Heating technology. Part of broader commercial expansion strategy.
• New Frontier MineralsstrategicStrategic or Co-development Partner · 12 February 2026Binding option and earn-in agreement for New Frontier Minerals to acquire 90% interest in Pomme REE Project in Quebec from Metallium. Metallium retains technology application rights and potential future collaboration on rare earth processing using FJH technology.
• Glencorecore/flagshipStrategic or Co-development Partner · 6 January 2026Binding supply agreement for up to 2,400 metric tons of shredded electronic scrap annually to Metallium's Texas facility. Glencore also commits to purchase up to 75% of Metallium's recycled metal products. Partnership provides both feedstock supply security and output market access, validating FJH technology for commercial-scale operations.
• New Frontier MineralsstrategicStrategic or Co-development Partner · 18 November 2025Partnership to develop Western rare-earth refining pathway utilizing FJH technology on material from Harts Range Project in Australia. FJH treatment significantly enriched heavy rare-earth elements dysprosium and terbium from raw ore with single-step process, securing exclusive rights for future application.
• Rice Universitycore/flagshipTechnology or Integration · 15 October 2025Rice University researchers validated new method to recover rare earth elements from magnet waste using Flash Joule Heating. Peer-reviewed findings confirm technique's potential for more efficient, environmentally friendly metal recovery at scale. Plans to develop pilot plant in Texas.
• Rice Universitycore/flagshipTechnology or Integration · 1 January 2025Global licensing agreement from Rice University to commercialize Flash Joule Heating technology for metal recovery from ores and waste materials. Rice University developed and owns the FJH intellectual property. Collaboration involves technology refinement and optimization for specific industrial applications.

Scale indicators10 records

Recent moves9 records

Expansion highlights7 records

Broad incumbents

• Umicore: Global materials technology and recycling group with major operations in precious metals recycling, battery materials, and catalysts. Directly comparable to Metallium as a large-scale recycler of critical and precious metals from secondary feedstocks, though with a much broader portfolio spanning automotive catalysts and battery cathode materials.
• Aurubis: European copper smelter and recycler with integrated multi-metal recovery operations processing complex feedstocks including electronics scrap. Comparable to Metallium in copper and precious metals recovery from secondary sources, but operates at much larger scale and primarily via pyrometallurgical rather than electro-thermal processes.
• Dowa Holdings: Japanese non-ferrous metals company with significant e-waste recycling operations, recovering gold, silver, copper, and rare metals from electronic scrap. Directly comparable to Metallium in e-waste PCB feedstock processing and precious/critical metal recovery, with established Asian automotive and electronics customer relationships.
• Boliden: Swedish mining and smelting company with significant electronics and metal recycling operations in northern Europe. Comparable to Metallium in multi-metal recovery from secondary feedstocks (e-waste, scrap) and integrated smelting operations, though with much larger existing scale and European geographic focus.

Direct peers

• Li-Cycle: North America-focused battery recycling company using a hydrometallurgical 'spoke-and-hub' model to produce black mass and recover critical battery metals. Directly comparable to Metallium's black mass recycling line, though Li-Cycle focuses specifically on lithium-ion batteries rather than the broader e-waste / PCB feedstock Metallium targets.
• Cirba Solutions: U.S.-based electronic materials and critical minerals processor focused on e-waste recycling and battery materials recovery. Directly comparable to Metallium in PCB / e-waste feedstock processing targeting critical and precious metals in North America, with a similar customer profile in semiconductor and electronics supply chains.

Emerging players

• Redwood Materials: U.S. battery recycling and critical materials company founded by a former Tesla CTO, recovering lithium, cobalt, nickel, and copper from end-of-life batteries and production scrap. Comparable to Metallium in the U.S. critical metals supply chain mission and end-market overlap (battery materials), with strong U.S. policy tailwinds but focused solely on battery feedstocks.
• Aqua Metals: U.S. company developing hydrometallurgical and electrochemical recycling technologies for lead and critical battery metals. Partially comparable to Metallium in applying non-pyrometallurgical processes for metals recovery and targeting U.S. supply chain security, though focused on lead-acid battery chemistries.
• Rethink Materials: Early-stage U.S. critical minerals recovery startup applying novel separation and recovery technologies to e-waste streams for rare earth and critical metal recovery. Comparable to Metallium as a U.S.-based emerging player in critical metals recovery from electronics waste, though at earlier commercial stage.

Others

• Glencore: Global commodity trader and miner with major copper, cobalt, zinc, and recycling operations. Both an anchor feedstock supplier (2,400 tpa e-scrap) and offtake buyer (up to 75% of recycled metals) for Metallium, making Glencore simultaneously partner, customer, and competitor in critical metals recovery and trading.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Metallium_MTM
• LinkedInlinkedin.com/company/metalliumltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Metallium