MTM’s Commercialisation Path Faces Test as Demonstration Plant Nears Completion

Strategic Collaborations and Market Positioning

MTM Critical Metals Ltd (ASX: MTM; OTCQB: MTMCF) has marked a pivotal quarter ending December 2024, advancing its proprietary Flash Joule Heating (FJH) technology and forging a key strategic partnership with Indium Corporation. This collaboration aims to develop sustainable, US-based recovery solutions for critical metals such as gallium, germanium, and indium, elements vital to semiconductor and high-tech industries. The partnership aligns with US government initiatives to onshore critical metal supply chains, reducing reliance on imports, particularly from China.

Supported by Indium Corporation's letter of support, MTM is actively pursuing US Department of Energy grants valued between $3 million and $10 million, which could accelerate the commercialisation of its technology and bolster domestic critical materials supply.

Technological Breakthroughs and Commercialisation Progress

MTM has transitioned its FJH technology from batch to continuous processing, a significant step that de-risks scalability and moves the company closer to commercial deployment. The technology demonstrated superior recovery rates across multiple high-value feedstocks, including gold and copper-rich electronic waste (e-waste), and rare earth element (REE) concentrates.

Notably, MTM achieved recovery rates of 86% for tin and 82% for palladium from e-waste, alongside 70% gold recovery without toxic acids, highlighting the environmental benefits of FJH over traditional methods. In REE processing, the company reported a 93% conversion to high-purity chlorides and a 95% reduction in impurities, offering a more sustainable and cost-effective alternative to conventional sulfuric acid leaching.

These advancements underscore FJH's potential to revolutionise metal recovery by reducing energy consumption, reagent use, and waste generation, positioning MTM as a leader in sustainable critical metals processing.

Financial Strength and Institutional Confidence

MTM successfully completed two oversubscribed capital raises totaling A$15.5 million during the quarter, attracting prominent institutional investors such as Pengana Capital and Terra Capital. This influx of capital has increased institutional shareholding to over 15%, reflecting strong market confidence in MTM's strategic direction and technology potential.

The company also broadened its investor base by dual-listing on the OTCQB Venture Market under the ticker MTMCF, enhancing access to US investors and improving liquidity.

Demonstration Plant and Future Outlook

MTM is progressing the design and engineering of a 1-tonne-per-day FJH demonstration plant in Texas, with completion targeted for early 2025. This facility will validate the scalability of FJH technology across diverse feedstocks, including REEs, lithium spodumene, and e-waste, serving as a critical milestone toward commercialisation.

Alongside technology development, MTM continues to manage a portfolio of exploration assets in Western Australia and Quebec, including the West Arunta Nb-REE Project and the Pomme REE-Niobium Project, with strategic options under review to maximise value.

Leadership and Corporate Governance

Leadership changes during the quarter saw Michael Walshe promoted to Managing Director and CEO, bringing extensive experience in engineering, technology commercialisation, and project development within the minerals sector. His expertise is expected to drive MTM’s transition from innovation to commercial success.

MTM ended the quarter with approximately A$5.4 million in cash, excluding the proceeds from the December placement closed in January 2025, which extends the company’s operating runway significantly.