Metallium (ASX:MTM) The Gator Point Scale Up, Parallel Reactors Are the Test

200g per Tonne Gold Feedstock, Now Prove Throughput

Metallium has just given investors a firm update on the development of its Gator Point facility, with the company targeting five core minerals from electronic waste printed circuit boards: gold, copper, silver, gallium, and germanium. In simple terms, this feedstock includes old computer motherboards, server components, and data centre hardware.

What makes this interesting is that Metallium is now scaling its technology at the Gator Point Technology Campus in Texas, a site it acquired less than 12 months ago, with the goal of reaching commercial-scale production by the end of 2026. For us, that means the story is now moving beyond concept and into execution.

The economics of the feedstock are what really stand out. PCB material can contain around 200 grams of gold per tonne. To put that into context, most conventional gold mines average just 1 to 5 grams per tonne. That is why e-waste is often described as one of the richest ore bodies on the planet, except it is sitting in recycling yards and data centres rather than in the ground.

What also matters is the strategic angle. Around 50% of U.S. PCB waste is currently shipped to China for processing, which creates a clear gap in the domestic supply chain. Metallium is trying to build the infrastructure to keep that value inside the United States, and in the current environment, that could become a far more important position than the market appreciates.

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Glencore Feedstock Deal Adds Credibility

The site currently has 25 full-time workers, with rehabilitation underway at the chemical processing plant and a live demonstration of Flash Joule Heating on real PCB boards. That shows the project is moving into physical execution.

Metallium is not building one large reactor. The plant is being designed around small modular reactors running in parallel. Each additional reactor increases throughput without requiring a redesign of the whole facility. The next goal is to run three reactors in parallel, which would support roughly 3 to 5 tonnes per day. From there, the company is aiming to scale toward 20 tonnes per day, with around 12 to 15 modular reactors needed to support the full 8,000tpa target.

Glencore is supplying around one-third of the planned feedstock, or about 2,400 tonnes. That is a strong commercial signal given Glencore is one of the world’s largest commodity traders and e-waste processors.

Management is also negotiating with two other suppliers. Glencore could reportedly supply the full 8,000 tonnes, but Metallium wants commercial diversity so it can keep suppliers competitive and negotiate better feedstock pricing.

As data centres continue replacing old hardware, they create a growing stream of high-grade e-waste. That gives Metallium a chance to become a recycling partner for data centre operators, which could become an important long-term feedstock channel as AI infrastructure investment keeps growing.

Three Reactors First, Then 20 Tonnes a Day

The key next milestone for Metallium is the development of its parallel reactor system. This is the first real proof point for scalability, and in our view, it is one of the main reasons the stock has not yet seen a major re-rate.

If the company can successfully demonstrate multiple reactors operating in parallel, it would be a significant step forward because it would show the process can move beyond small-scale validation and toward commercial throughput.

On the other hand, if this milestone is delayed or fails, it would be a meaningful setback. At this stage, proving scalability is critical to the investment case.