Metallium (ASX:MTM) A$75m Raise Funds the Leap to US Commercial Scale

Funding in Place for the Next Phase of US Expansion

Metallium has completed a A$75 million capital raising at A$0.84 per share, led by US-based institutional investors. The placement resulted in the issuance of approximately 89 million new shares and provides the company with the balance sheet strength needed to accelerate its next phase of execution.

The capital raise is specifically aimed at advancing Metallium’s US growth strategy, with funds allocated to the execution of the Gator facility in Texas. This funding supports progression through the pilot program and positions the company to move toward Stage 1 production capacity of 8,000 tonnes per annum. Importantly, this step moves the business closer to commercial scale rather than remaining in a purely development phase.

Beyond the Texas facility, Metallium continues to build momentum through strategic partnerships. The recently announced Glencore partnership provides access to e-waste feedstock. The Glencore agreement also states that there is mistone funding of US$10 million funding of anti-dilutive capital.

While the collaboration with ElementUSA is focused on a planned demonstration facility targeting rare earth processing. This agreement details MTM’s first revenue visibility of its operations with licensing fees for each plant that integrates FJH, which the company estimates will be in the low to mid-six-figure range per plant each year. MTM will also be able to charge processing fees of US$15 to US$40 per tonne of ore. With a potential long-term feedstock from ElementUSA of around 30 million tonnes.

These partnerships not only validate the technology but also strengthen the company’s pathway to commercial deployment.

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A Modest Discount, Strong US Backing

The issue price of A$0.84 represented an approximately 8% discount to the 5-day volume-weighted average price. While it is important for investors to acknowledge that new shares are inherently dilutive, the more constructive takeaway here is the depth of demand from US investors. This interest aligns closely with the broader thematic tailwinds around US onshoring and critical minerals, which continue to attract global capital.

Looking ahead, Metallium is expected to list on the NASDAQ in Q3 2026. For investors, this is a meaningful milestone. A US listing provides access to deeper and more liquid capital markets, increases global visibility, and has the potential to broaden the company’s institutional shareholder base, all of which can support valuation momentum over time.

What Investors are watching next with MTM

From a near-term perspective, the next key catalyst the market will be watching is the continued commissioning of the Gator Point facility in Texas. Successfully progressing through this phase and transitioning into steady Stage 1 commercial operations, targeting 8,000 tonnes per annum, would represent a major step change for the business.

In parallel, investors will be focused on the execution of the Glencore feedstock agreement. Demonstrating reliable feedstock supply alongside operational progress at Gator Point would further validate the commercial model and could act as a catalyst for a potential market rerating as execution risk continues to reduce.