Metallium (ASX:MTM) Jumps 10% After Successful FJH Integration Clears Path for Texas Scale-Up

Texas Technology Campus Development Kicks Off Following Key FJH Integration Success

For investors currently holding MTM shares, or those considering an entry into Metallium (ASX:MTM), we believe the company is taking the right steps to build long term value. The progress on global partnerships with Ucore and Glencore is not just encouraging on paper, it shows management is laying the groundwork for genuine commercial momentum rather than relying on speculative narratives. That said, for a major market rerating to become realistic, there is one core issue that still needs to be addressed. In our view, the key risk remains Metallium’s ability to demonstrate a clear and credible path to scaling its Flash Joule Heating technology.

Metallium shares jumped 10% today following news that the company is commencing development of its Texas Technology Campus, after successfully and safely integrating Flash Joule Heating into the chlorine processing flow. Below, we break down what this announcement actually means and why it matters for Metallium’s path toward commercial scale.

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Metallium Clears Proof-of-Concept as FJH Delivers 20x Rare Earth Upgrade

What we know so far from Metallium is encouraging. In its November 18 announcement, the collaboration with Rich Harts Range demonstrated that Flash Joule Heating could be validated at small scale, processing up to 25 kg of material.

Total rare earth oxide grades improved from 1.7% to 35%, representing a roughly 20 times uplift, while heavy rare earths such as dysprosium improved by around 50 times. In simple terms, this shows the technology can materially upgrade ore into higher value concentrate, allowing producers to achieve better pricing while potentially lowering downstream processing capex.

This pretty much ticks off the proof of concept risks.

Flash Joule to Fortune

Building on that progress, commercial momentum continued in December with a collaboration agreement with ElementUS. While still structured as a letter of intent, this marked the first visible pathway to revenue and gives investors clearer insight into how Metallium could monetise its technology.

The agreement includes up to US$10 million in non-dilutive funding tied to milestones, alongside potential licensing fees per plant in the low to mid six-figure range each year and processing fees of around US$15 to US$40 per tonne. With a potential long term feedstock of roughly 30 million tonnes, this points to a meaningful revenue opportunity over time, with total potential revenue ranging from approximately US$450 million to US$1.2 billion if fully realised.

Metallium Moves Closer to Commercialisation

With strong commercial partnerships now in place, the question for Metallium becomes straightforward. What needs to happen for a major rerating to follow. In our view, it comes down to one thing, scaling. The market now needs to see the company successfully pilot throughput of around 8,000 tonnes per annum, which is targeted for Q3 2026, while maintaining strong feedstock enrichment performance.

This scale up remains the single factor holding the stock back from a more meaningful revaluation. From an investor perspective, Metallium must move through several technical gates. Proof of concept has already been achieved.

Encouragingly, Metallium has already shown that Flash Joule Heating can integrate into traditional chlorine processing. This matters because it allows producers to reduce processing steps, lower energy use, and improve environmental outcomes, without needing to rebuild entire plants.

The next task is modular replication. In simple terms, the company must show it can repeat this process reliably at larger scale by building modular units that can be rolled out progressively toward the 8,000 tonne per annum target. If Metallium can deliver this, the foundation for a major rerating is firmly in place.