Metallium Limited has kicked off commissioning at its Texas Technology Campus, sealed a multi-year feedstock deal with Glencore, and bolstered its balance sheet with a A$75 million capital raise, setting the stage for commercialisation in 2026.
- Commissioning commenced at Texas Technology Campus with successful chlorine flash
- Long-term e-scrap supply agreement signed with Glencore
- Sponsored Level I ADR program launched on OTCQX in the US
- A$75 million capital raise completed post-quarter, boosting cash to ~A$100 million
- Exclusive processing rights secured for rare earths at Harts Range Project
A Milestone Quarter for Metallium
Metallium Limited has marked a pivotal transition from development to execution in the December 2025 quarter. The company commenced commissioning activities at its Texas Technology Campus, a critical step toward commercial production. This milestone was underscored by the successful completion of the first integrated chlorine flash using its proprietary Flash Joule Heating (FJH) technology, a key technical achievement that validates the core processing approach.
Alongside commissioning, Metallium has been busy establishing the infrastructure and operational frameworks necessary for a Tier-1 industrial facility. This includes site upgrades, new buildings, and the development of safety, environmental, and workforce training systems, all designed to support a disciplined ramp-up to the Stage-1 capacity of 8,000 tonnes per annum of PCB e-waste processing.
Securing Feedstock and Strategic Partnerships
Commercial momentum accelerated with the execution of Metallium’s first binding long-term feedstock supply agreement with Glencore. This multi-year contract guarantees up to 2,400 tonnes per annum of e-scrap feedstock, underpinning the initial operations and providing a scalable foundation for future expansion. Discussions are ongoing to complement this with binding offtake agreements, notably with Indium Corporation, where processed gallium and germanium samples have met quality specifications.
Metallium also expanded its strategic footprint in critical metals recovery through a binding Letter of Intent with ElementUSA. This partnership targets the recovery of gallium and scandium from red mud waste in Louisiana, supported by potential non-dilutive funding of up to US$10.1 million. Additionally, exclusive rights to process dysprosium and terbium-rich material from the Harts Range Project in Australia were secured, highlighting Metallium’s growing rare earth element optionality.
Capital Markets and Financial Strength
Post-quarter, Metallium completed a A$75 million strategic capital raise, predominantly supported by US investors, lifting its pro-forma cash balance to approximately A$100 million. This robust financial position provides the company with a substantial runway to fund commissioning, staged ramp-up, and ongoing technology development. Complementing this, Metallium launched a Sponsored Level I American Depositary Receipt (ADR) program on OTCQX under the ticker MTLMY, enhancing access to US capital markets and broadening its shareholder base.
Technology Advancements and Outlook
The company continues to refine its Flash Joule Heating technology across multiple feedstocks, including printed circuit boards and specialty metals like gallium, germanium, and indium. Progress toward a continuous FJH reactor design promises a significant increase in processing capacity, aligning with Metallium’s commercial ambitions.
Looking ahead, the March 2026 quarter will focus on advancing commissioning and optimisation at the Texas facility, securing additional feedstock and offtake agreements, and deepening engagement with US capital markets. Metallium’s strategic pivot towards US-based industrial technology commercialisation positions it well to capitalise on growing demand for critical and specialty metals.
Bottom Line?
With commissioning underway and a strengthened balance sheet, Metallium is poised to accelerate its US commercialisation journey in 2026.
Questions in the middle?
- How quickly can Metallium scale operations to full Stage-1 capacity at the Texas campus?
- What are the prospects and timelines for finalising offtake agreements with Indium Corporation and others?
- How will ongoing US government funding and policy initiatives impact Metallium’s growth trajectory?