Metallium (ASX:MTM) Secures Glencore Deal, E-Waste Becomes Its Next Growth Engine

Metallium’s Glencore Pact Adds New Spark to Its Recycling Story

Since bottoming at A$0.69, Metallium has rallied to above A$1.00, delivering a return of more than 55% for investors who were willing to lean into the volatility seen in late 2025. Today’s news of an updated binding agreement with Glencore, one of the world’s largest and most diversified resource companies and a global leader in recycling, including e-waste and end-of-life materials.

This is an outcome we have been waiting for throughout December. Under the original agreement, Glencore committed to supplying electronic scrap to Metallium’s Texas facility while also agreeing to purchase 75% of the recycled output. In simple terms, this arrangement validates a second, highly attractive revenue stream for Metallium through e-waste recycling. For investors, the significance lies in the growing commercial credibility of the business and the tangible progress toward diversified, contracted revenues backed by a global industry leader.

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Metallium’s Texas Facility Win Turns Proof of Concept

What investors can take away from this update is that the Texas demonstration plant has performed successfully, materially strengthening the investment case around Metallium’s ability to attract and secure long term commercial partnerships. Proving the technology at scale is a critical step and will be on every investor’s milestone list for metallium including ours, and it provides clear validation for counterparties such as Glencore, which has already committed to supplying feedstock and purchasing a portion of MTM’s recycled output.

Under the agreement, MTM will be supplied with 2,400 tonnes of material, representing just over 25% of its targeted 8,000 tonnes per annum capacity as the FJH Texas facility continues to scale.

Importantly, this establishes a multi year feedstock foundation, reducing execution risk as operations ramp up. Alongside this, management noted that several additional agreements are currently under negotiation. As the plant continues to demonstrate operational success and the company focuses on scaling, this growing commercial pipeline increases confidence that revenue generation could begin sooner than the market currently expects (if scaling proves successful).

The Invetsors Takeaway for MTM

That said, it is important to be clear about what this agreement does and does not yet prove. At this stage, it does not fully validate unit economics, operating margins, or long term profitability at scale. That is the next phase investors will be watching closely. Metallium has stated that it is still finalising the remaining negotiated terms, which suggests we may see a further announcement in the near term that provides clearer visibility on revenue and profitability.

From here, we will want to see disclosure around metal recovery rates, realised pricing, and processing costs per tonne. These are key milestones that will ultimately determine the economic strength of the model. Even so, the decision by Glencore to proceed with a binding agreement is an encouraging signal. It suggests growing confidence in the technology and provides a positive foundation as Metallium moves toward proving commercial economics at scale.