MTM Critical Metals (ASX:MTM) - Revolutionary Tech Could Supply US Critical Gallium Needs by 2025

Jan 22, 2025

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Interview with
Michael Walshe, Managing Director & CEO, MTM Critical Metals
& Steve Ragiel, President, Flash Metals USA

Recording date: 21st of January, 2025

MTM Critical Metals is advancing a breakthrough flash joule heating technology for metal recovery and mineral processing, originally developed at Rice University. The company holds exclusive global licenses for applying this technology to mineral ores and metal-containing scrap materials.

The technology enables selective recovery of critical metals more efficiently than traditional methods, dramatically reducing processing steps and energy consumption. In lithium extraction from spodumene, for example, the process can achieve in minutes what traditionally takes three hours in a kiln, while producing a purer product.

MTM is initially targeting high-value metals including lithium, rare earth elements, gallium, germanium, and indium. The addressable market for gallium, indium, and germanium alone exceeds $10 billion annually, while the e-scrap market represents a $70 billion opportunity. The technology's "feedstock agnostic" nature allows MTM to pivot between different metals based on market conditions.

The company is finalizing the design of a one-ton-per-day modular pilot plant, scheduled for completion in February 2025. This plant will demonstrate the process on five different feedstocks: spodumene, monazite, niobium, antimony, and e-scrap. The modular design enables smaller-scale, distributed production with significantly lower capital requirements - approximately $10-20 million compared to $400-700 million for traditional rare earth refining plants.

MTM's most advanced commercial partnership is an MOU with Indium Corp. to recover gallium, germanium, and indium from manufacturing scrap. The company's revenue model combines licensing fees, processing fees, and a share of recovered metal value. Even at one ton per day, the pilot plant could address a significant portion of US gallium demand, estimated at 400-500 tons annually.

The company has secured investment from Pengana Capital and is pursuing partnerships with the US Department of Defense and Department of Energy. These align with government initiatives to secure domestic critical metal supply chains and reduce dependence on imports, particularly from China.

MTM's technology is particularly relevant given the growing demand for critical metals in clean energy technologies and the urgent need for secure supply chains. The company's modular, efficient approach to metal recovery could play a crucial role in establishing distributed, domestic production capacity for these essential materials.

The technology offers several key advantages: faster reaction times, lower energy use, reduced acid consumption, selective metal recovery, scalable modular production, and lower capital requirements compared to traditional methods.

Learn more: https://www.cruxinvestor.com/companies/mtm-critical-metals