MTM Critical Metals

MTM Critical Metals Ltd (ASX: MTM; OTCQB: MTMCF) is an industrial technology company developing the Flash Joule Heating (FJH) process to enhance the extraction and refining of critical metals from ores and waste streams. FJH is a patented electrothermal technology that rapidly heats materials in a controlled atmosphere using proprietary catalysts and reactor designs. It enables more efficient, lower cost, and environmentally friendly recovery of metals like gallium, germanium, rare earth elements, lithium, and gold compared to conventional pyrometallurgical and hydrometallurgical methods. MTM has a global license for FJH from Rice University.

The FJH technology positions MTM to capitalise on several compelling market opportunities:

• Increasing demand for critical metals driven by the growth of semiconductors, renewable energy, electric vehicles, and advanced electronics. Many of these metals have fragile, geopolitically risky supply chains dominated by China.
• Potential to unlock value from mine tailings, industrial byproducts, and e-waste by recovering metals that are uneconomic with conventional methods. E-waste contains over $70B worth of metals but only 20% is recycled today.
• Improving the economics and sustainability of hard-to-process mineral resources. FJH may enable step-change reductions in costs, energy use, and waste for lithium and rare earth processing versus current technologies.
• Onshoring critical metal supply chains, a strategic priority for western governments to reduce reliance on China. MTM's technology aligns with this push.

The addressable market spans both primary ore processing and secondary waste recycling across multiple high-value metal categories. Initial target applications include gallium recovery from semiconductor scrap in partnership with Indium Corporation, lithium extraction from spodumene, rare earths from monazite, and e-waste recycling.

MTM Critical Metals is led by an experienced management team with deep expertise in mineral processing, technology commercialisation, and public markets:

• Michael Walshe (MD & CEO): Chemical engineer and MBA with 15 years experience including senior roles with Metso Outotec.
• Steve Ragiel (US President): 30+ year track record commercialising technologies as CEO/executive in industrial and environmental services.
• John Hannaford (Chairman): Corporate advisor and executive with extensive ASX resources sector experience.
• Tony Hadley: Senior metallurgist with broad technical knowledge across REE processing, flotation, leaching, etc.
• Paul Niardone: Marketing and communications executive who has built several prominent Australian businesses.

MTM's staged commercialisation strategy focuses on scaling the FJH technology from prototype to demonstration plant to full commercial operations.

Key milestones include commissioning a 1 tpd gallium/germanium recovery plant in Texas by Q4 2025, developing additional demonstration scale applications for rare earths, lithium, and e-waste by 2026, securing binding offtake agreements and beginning to generate revenue in 2026, and expanding to multiple commercial operations across waste recycling and primary ore processing from 2027-2028.

In parallel, MTM will validate FJH for new metal systems, form strategic industry partnerships to access feedstocks and markets, and pursue non-dilutive government grant funding to accelerate development while minimising shareholder dilution.

MTM has a market capitalisation of A$130M and is well funded with A$16M cash. An additional A$114M strategic placement was recently completed to institutional investors. The company has no debt. These funds provide 3+ years of runway to advance the technology to demonstration scale and revenue generation.

Assuming successful commercialisation, MTM's asset-light technology licensing business model offers potential for high-margin recurring revenues, rapid growth, and strong free cash flow as the technology is deployed across multiple metal/application verticals. The company's strategy of using non-dilutive funding sources like grants will help minimise shareholder dilution.

MTM Critical Metals presents a differentiated investment opportunity in the critical metals space. The company's FJH technology has disruptive potential to enhance the economics and sustainability of critical metal recovery from multiple ore and waste streams that are challenged today.

With a world-class management team, asset-light business model, and strategy leveraging grants and strategic partnerships, MTM is well positioned to rapidly commercialise this technology and create significant value for shareholders. Success would establish MTM as the leading technology player enabling secure, cost-effective critical metal supply chains for a cleaner and more technologically advanced world.