MTM Critical Metals (ASX: MTM) has solidified its position as a leader in critical metals recovery and processing with a banner year in 2024. Through innovative technology, strategic partnerships, and substantial financial backing, the company has laid the groundwork for a transformative impact on the global supply chain for critical and precious metals. The year’s achievements demonstrate MTM’s dual focus on technological disruption and commercialisation, underscoring its role in reshoring critical metals processing capabilities to the United States.
Flash Joule Heating: A Revolution in Metal Recovery
The cornerstone of MTM’s success is its Flash Joule Heating (FJH) technology, a cutting-edge process licensed exclusively from Rice University. The technology applies rapid, high-temperature pulses to recover critical metals from a variety of feedstocks, including ores, e-waste, and industrial waste. Unlike traditional extraction methods, FJH is faster, more efficient, and environmentally sustainable, offering a significant reduction in energy consumption and chemical usage.
In May 2024, MTM formalised its licensing agreement with Rice University, securing global rights to the technology. This agreement has enabled MTM to integrate FJH into its operations and tailor the process to diverse applications. During the year, FJH achieved several technical breakthroughs, including a 48% reduction in impurities in rare earth concentrates and successful extraction of gallium and germanium from semiconductor waste. Additionally, tests on lithium spodumene showed promising results, further expanding the technology’s scope.
The transition from batch to continuous processing for the 1-ton-per-day (TPD) demonstration plant represents a significant engineering milestone. Designed in collaboration with KnightHawk Engineering, this upgrade enhances the technology’s scalability, reliability, and cost-effectiveness, bringing MTM closer to full commercial operations.
Strategic Partnership with Indium Corporation
One of the year’s most pivotal moments was the announcement of a strategic collaboration with Indium Corporation in November. Headquartered in New York, Indium is one of the Western world’s largest suppliers of refined gallium, germanium, and indium—metals crucial to semiconductors, defence, and advanced technology. The partnership leverages MTM’s FJH technology to recover these high-value materials from industrial scrap, addressing U.S. supply chain vulnerabilities heightened by Chinese export restrictions.
Michael Walshe, MTM’s CEO, described the collaboration as a “significant milestone,” noting its alignment with U.S. policy initiatives aimed at onshoring critical materials processing. Testing on Indium-supplied feedstocks is already underway, and the partnership has received strong endorsement, including support for a U.S. Department of Energy (DOE) grant application worth up to $10 million. This partnership not only validates MTM’s technology but also enhances its visibility and influence in the U.S. market.
Financial Strength: $15.5 Million Raised in 2024
MTM bolstered its operational capabilities with two key capital raises during the year, securing a total of $15.5 million. In October, an $8 million placement attracted strong demand from institutional investors, enabling the company to accelerate the development of its demonstration plant and advance its strategic partnerships. This was followed by a $7.5 million placement in December, led by Pengana Capital and Terra Capital. Pengana, a major player in industrial technology investment, became a substantial shareholder, reflecting deep confidence in MTM’s vision.
The funds have been earmarked for several critical initiatives, including:
- Advancing the design and construction of the 1TPD demonstration plant.
- Scaling up FJH technology for commercial applications.
- Expanding U.S. operations through government collaborations and incentives.
- Supporting ongoing testing and exploration of additional feedstocks, such as high-gold-content e-waste.
The 1TPD Demonstration Plant: A Gateway to Commercialisation
Scheduled for completion in late 2025, the 1TPD demonstration plant is central to MTM’s commercialisation strategy. This facility will showcase the scalability of FJH technology across diverse applications, including the recycling of semiconductor scrap, lithium refining, and e-waste processing. The plant’s shift to continuous operation enhances its capacity to meet industrial demand, a key factor in securing potential offtake agreements.
The plant also serves as a platform for testing new feedstocks, reinforcing MTM’s commitment to innovation. Materials such as coal fly ash, bauxite residue, and rare earth concentrates are under evaluation, demonstrating FJH’s adaptability to address varied industry challenges.
Advancing U.S. Presence and Policy Alignment
MTM has actively engaged with U.S. stakeholders to align its operations with domestic policy goals. The partnership with Indium Corporation exemplifies this strategy, addressing supply chain vulnerabilities identified by the U.S. Geological Survey. In parallel, MTM has participated in high-profile industry events, including the COSM Technology Summit, to foster relationships with investors and potential partners.
The company’s strategic focus on reshoring critical metals processing is well-timed, coinciding with U.S. policy shifts that incentivise domestic manufacturing and impose tariffs on Chinese imports. These measures position MTM to benefit from federal support, further enhancing its market position.
Outlook for 2025 and Beyond
Looking ahead, MTM is poised for a transformative 2025. Key milestones include the completion of its demonstration plant, finalisation of feedstock agreements, and the establishment of commercial offtake partnerships. With strong institutional backing, innovative technology, and strategic alliances, MTM is well-positioned to revolutionise critical metals recovery and secure a leading role in reshaping the global supply chain.
MTM’s achievements in 2024 mark a turning point, not only for the company but for the industries and economies reliant on sustainable and resilient critical metals solutions. As geopolitical tensions and environmental concerns drive demand for innovative recovery methods, MTM stands out as a beacon of progress and promise.
