Metallium tests Flash Joule Heating on rare earths, germanium, red mud

He highlighted the rare earth results as particularly encouraging. Producing a high-grade rare earth chloride intermediate directly from raw, un-beneficiated ore could simplify the front end of conventional rare earth processing, he said. The germanium results showed the potential to recover the strategic material from industrial waste streams that otherwise go underutilised.

Walshe said an increasing number of feedstocks are being brought to Metallium by industry participants seeking processing solutions. "Our objective is not simply to demonstrate technical performance, but to convert successful testing into commercial agreements," he said.

Alongside owned processing, Metallium sees potential for capital-light technology licensing inside existing industrial and mineral processing operations. Walshe said this opportunity is becoming more relevant as the United States accelerates investment into domestic supply of critical and defence metals.

Metallium continues to work with Indium Corporation and other semiconductor suppliers on strategic sourcing for gallium, germanium, indium and other technology-metal bearing secondary raw materials for future processing.

MTM last traded at 34.0¢, giving a market cap of A$251 million.