The ticking time bomb that is electronic waste (e-waste) has a new solution on the horizon. In an announcement that could shake up the recycling industry, ASX-listed MTM Critical Metals (ASX: MTM) has achieved a breakthrough in recovering precious metals—most notably gold—from e-waste, using its Flash Joule Heating (FJH) technology.
As the global pile of discarded electronics continues to grow, currently estimated at over 60 million tonnes per year, MTM’s innovation offers not just a lifeline for the environment but a solid commercial opportunity. The recent proof-of-concept trials saw MTM achieve a near 70% gold recovery rate, without the use of toxic chemicals typically involved in traditional metal extraction processes.
Gold in Circuit Boards: An Untapped Resource
Gold, the ultimate symbol of wealth, lies in discarded smartphones, laptops, and countless other electronic devices. Printed circuit boards (PCBs), a primary focus of MTM’s testing, can contain up to 400 grams of gold per tonne.
However, conventional methods of extracting this treasure from trash are less than ideal. Existing e-waste processing, particularly in developing nations, involves crude and environmentally damaging techniques, such as smelting or chemical leaching. These methods not only release toxic effluents but are also energy-intensive and economically inefficient.
Enter MTM’s FJH technology, which sidesteps these pitfalls by applying electrical energy to vaporise metals like gold under a controlled chlorine gas atmosphere. The metals can then be separated and collected, bypassing the need for harmful acids and slashing energy use in the process.
Proof of Concept Success
MTM's proof-of-concept test produced impressive results. Using shredded, low-grade e-waste containing less than 100 ppm of gold, the FJH process recovered 69% of the precious metal in a single flash heating process. This is particularly promising given that the method remains unoptimised, suggesting that further refinements could push recovery rates even higher.
Chief Executive Officer Michael Walshe hailed the initial success as a "game changer" for both the company and the wider recycling industry. "FJH has proven to be an efficient and sustainable solution for recovering gold from low-grade e-waste, with future tests to focus on higher metal content material as it becomes available,” Walshe said.
As global e-waste levels skyrocket and industries look to greener methods for resource recovery, MTM’s technology could fill a growing gap, particularly as traditional recycling methods face supply chain challenges, including a shortage of acids necessary for conventional leaching processes.
A Cleaner, Scalable Solution
Beyond its clear environmental benefits, FJH technology holds significant commercial promise. It is scalable, with MTM already laying plans to transition from lab-scale testing to a commercial facility capable of processing a tonne of e-waste per day.
With over 60 million tonnes of e-waste generated annually, containing metals valued at over USD 70 billion, the market opportunity is vast. Only about 20% of global e-waste is currently recycled, meaning billions of dollars' worth of materials like gold, copper, and silver are lost to landfills or incinerators each year.
MTM’s FJH technology not only promises a higher yield for precious metals but also has the potential to recover other critical metals, including copper, palladium, and silver, although initial tests show more work is needed to optimise their recovery rates. The company is already looking to implement a dual-stage flash process to improve yields across the board.
Disrupting an Unsustainable Industry
The urgency for sustainable e-waste recycling solutions cannot be overstated. Developing nations like China, India, and Nigeria, which handle the lion’s share of global e-waste processing, often do so in unregulated environments where hazardous chemicals and incineration are common. The environmental and health impacts are severe, with toxic heavy metals such as mercury and arsenic leaching into water supplies and soil, putting both ecosystems and human health at risk.
In contrast, MTM’s FJH method produces no toxic effluents, using a simple water wash to remove metal chlorides after the vaporisation process. This significantly reduces the environmental footprint compared to smelting or acid leaching.
The potential for global adoption of this technology is huge, especially in countries like Australia and the USA, which rank among the highest producers of e-waste per capita. The ability to process e-waste domestically, rather than shipping it offshore to unregulated markets, represents both an economic and environmental win.
What’s Next for MTM?
MTM is not content to rest on its laurels. The company has outlined several key steps in the development of its FJH technology, including prototype optimisation and scaling up to a commercial-grade facility within the next year.
Discussions with international partners and funding bodies are also underway to accelerate the path to market.
In addition to gold, MTM’s research will continue to explore the recovery of other critical metals, including lithium from batteries, copper, silver, and rare earth elements. Given the growing importance of these materials in industries such as electric vehicles and renewable energy, the company’s ability to broaden its metal recovery capabilities will only enhance its value proposition.
As the world grapples with both the rising tide of e-waste and the need for greener technologies, MTM Critical Metals may well be positioned to play a leading role in this vital sector.
Given the scale of the e-waste problem, and the sheer volume of untapped valuable materials, the market potential for MTM’s innovation is substantial. If the company can successfully navigate the transition from lab to full-scale commercial production, shareholders may find themselves with a golden ticket in hand.
