Metallium Announces Contracts for 50% of Stage-1 Printed Circuit Board Feedstock Target

Rhea-AI Summary

Metallium (OTCQX: MTLMY) announced binding contracts that now cover 50% (4,000 tpa) of its 8,000 ton per annum Stage‑1 PCB feedstock target, including a binding supply agreement with Glencore for up to 2,400 tpa. The company is commissioning its Texas Technology Campus with multi‑reactor Flash Joule Heating installation and testing.

Management said it targets a contracted base of ~70% of Stage‑1 while retaining ~30% spot exposure to benchmark pricing and maintain sourcing flexibility as operations scale.

Positive

• Contracts cover 50% of Stage‑1 8,000 tpa target (4,000 tpa)
• Glencore supply agreement for up to 2,400 tpa of e‑scrap/feedstock
• Commissioning progress at Texas Technology Campus with multi‑reactor FHJ installation and testing
• Targeted contracted base ~70% planned to underpin stable operations

Negative

• Retains ~30% exposure to spot market procurement for Stage‑1 feedstock
• Currently contracted volume (50%) is below stated 70% target for a fully underpinned Stage‑1

News Market Reaction – MTLMY

+4.59%

+4.59% Session close to close

In the May 6 session, MTLMY gained 4.59%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement advances Metallium’s commercialization by locking in contracts for 50% of its 8,00...

Analysis

This announcement advances Metallium’s commercialization by locking in contracts for 50% of its 8,000 tpa Stage 1 PCB feedstock target, complementing the existing 2,400 tpa Glencore agreement. Combined with earlier capital raised and the Indium offtake, it underscores a growing ecosystem around the Texas Technology Campus. Investors may watch how quickly remaining volume is contracted and how multi-reactor FJH commissioning progresses.

Key Figures

Stage 1 throughput target: 8,000 tons per annum Contracted share of Stage 1: 50% Glencore feedstock agreement: 2,400 tpa +5 more

8 metrics

Stage 1 throughput target 8,000 tons per annum Planned PCB feedstock capacity for Stage 1 operations

Contracted share of Stage 1 50% Binding contracts covering half of Stage 1 PCB feedstock target

Glencore feedstock agreement 2,400 tpa Previously announced e-scrap and feedstock supply from Glencore Ltd.

Target contracted base 70% of Stage 1 Management’s goal for contracted PCB feedstock underpinning operations

Spot market exposure 30% of Stage 1 Planned share of feedstock sourced via spot market

Strategic capital raise A$75 million Completed placement on Jan 21, 2026 to fund U.S. scale-up

Placement price A$0.84 per share Capital raise pricing vs prior close and 5-day VWAP

Offtake term 10 years Initial term of Indium Corporation offtake agreement

Historical Context

4 past events · Latest: Apr 07 (Positive)

Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 07	SBIR Phase I completion	Positive	-3.0%	Completed U.S. Department of War SBIR Phase I, beating all technical milestones.
Mar 31	Offtake agreement	Positive	+16.1%	Signed 10-year offtake with Indium for recovered critical and precious metals.
Mar 10	Scale-up progress	Positive	-0.4%	Reported rapid industrial scale-up toward Stage 1 and three FJH reactors by June 2026.
Jan 21	Capital raise	Negative	-1.9%	Completed A$75M placement at a discount to fund Texas campus and ADR/NASDAQ plans.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Operational and contract wins have not consistently produced positive price moves; one offtake deal saw a strong gain, while several other positive updates coincided with modest declines.

Recent Company History

Over the past few months, Metallium has focused on scaling its U.S. operations and commercial traction. In January 2026, it completed a A$75M capital raise to fund the Texas campus and ADR support. March news highlighted rapid scale-up toward 8,000 tons/year and a long-term offtake with Indium, which drove a +16.13% move. An SBIR Phase I success in April nevertheless saw a -3.04% reaction. Today’s feedstock contracting update continues this commercialization path.

Key Terms

printed circuit board (pcb), e-waste, flash joule heating (fjh), adr

4 terms

printed circuit board (pcb) technical

"Stage 1 throughput target of printed circuit board (PCB) feedstock for its operations"

A printed circuit board (PCB) is a flat board that mechanically supports and electrically connects electronic components using thin copper traces, like the roads that link parts together on a tiny map. Investors care because PCBs are a fundamental part of nearly all electronic products, so demand, manufacturing capacity, supply-chain bottlenecks, or cost changes for PCBs can directly affect production, margins and the competitive position of companies that build or rely on electronic devices.

e-waste technical

"The program recovered gallium from semiconductor and e-waste using Metallium's"

Electronic waste, or e-waste, is discarded electronic devices and components such as phones, computers, batteries and circuit boards — similar to throwing out an old appliance but with electrical parts and toxic materials. Investors care because e-waste creates regulatory, cleanup and disposal costs, potential liabilities, and reputational risk, while also presenting opportunities to recover value through recycling, refurbishment or materials reclamation that can affect a company’s costs and long‑term profitability.

flash joule heating (fjh) technical

"The company's patented Flash Joule Heating (FJH) technology enables the extraction"

Flash Joule heating (FJH) is a process that sends a very short, high-voltage pulse through a material to heat it almost instantly, like using a camera flash to briefly illuminate a scene. It can transform, purify or synthesize materials in seconds instead of hours, which matters to investors because it can cut production time and energy costs, enable new or cheaper advanced materials, and create patentable manufacturing advantages.

adr financial

"OTCQX: MT. MCF and MTLMY-ADRs) announced binding contracts that cover half"

An American Depositary Receipt (ADR) is a financial certificate that lets investors buy shares of a foreign company through U.S. stock markets, similar to buying a local wrapper that represents the underlying foreign shares. ADRs matter because they make investing in overseas companies easier and more liquid by trading in U.S. dollars and under U.S. market rules, while still carrying currency, regulatory, and country-specific risks that can affect share value.

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AI-generated analysis. How Rhea-AI works. Not financial advice.

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HOUSTON, May 6, 2026 /PRNewswire/ -- Metallium Limited (ASX: MTM; OTCQX: MT. MCF and MTLMY-ADRs) announced binding contracts that cover half of its 8,000 ton per annum Stage 1 throughput target of printed circuit board (PCB) feedstock for its operations in the U.S.

This builds on the Company's previously announced binding supply agreement with Glencore Ltd. for up to 2,400 tpa of e-scrap and feedstock including additional agreements with other established industry participants as the company continues to ramp up commissioning of its Texas Technology Campus in the Houston area. "We are targeting a contracted base of approximately 70% of Stage 1, which will provide sufficient volume to underpin stable operations, while retaining 30% exposure to spot market procurement," said Michael Walshe, Managing Director and CEO of Metallium. He added that this ratio enables Metallium to continuously benchmark and validate prevailing market pricing; maintain flexibility across feedstock grades and suppliers; and optimize margins through opportunistic purchasing. Additional details are available here https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03087005-6A1324254&v=undefined.

Walsh said, "We are building a diversified and high-quality supply base beyond our cornerstone agreement with Glencore, while deliberately retaining exposure to the spot market, ensuring we maintain real-time visibility on pricing to optimize commercial outcomes as we scale."

Metallium is progressing the commissioning at its Texas Technology Campus, including multi-reactor FHJ installation and testing, as well as ongoing studies into upstream pre-processing and downstream recovery pathways. "Securing increasing volumes of contracted feedstocks enables the company to maintain predictable reactor utilization, execute extended processing campaigns across multiple PCB streams and generate data to support the planned multi-line scale up," he added.

Global e-waste is rapidly expanding with recycling rates materially lagging growth, increasing a structure supply gap in high-value secondary materials. PCBs sit at the center of this opportunity, offering materially higher grades of gold, silver, palladium and copper than most primary ores. The growth of data centers, AI, telecoms and electrification is driving sustained increases in PCB scrap volumes, yet the US remains reliant on offshore processing, with limited domestic capacity and the extra costs involved in exporting and sub-optimal recovery systems.

Metallium Ltd. (https://www.metalluminc.com) is pioneering a low-carbon, high-efficiency approach to recovering critical and precious metals from mineral concentrates and high-grade waste streams. The company's patented Flash Joule Heating (FJH) technology enables the extraction of high-value materials, including gallium, germanium, antimony, rare earth elements, and gold, from feedstocks such as refinery scrap, e-waste and monazite. The company's secured its first commercial site in Texas via its wholly owned US subsidiary, Flash Metals USA.

View original content to download multimedia:https://www.prnewswire.com/news-releases/metallium-announces-contracts-for-50-of-stage-1-printed-circuit-board-feedstock-target-302763775.html

SOURCE Metallium Ltd.

FAQ

How much of Metallium's Stage‑1 PCB feedstock target is contracted under MTLMY announcements?

Metallium has secured binding contracts for 50% (4,000 tpa) of its 8,000 tpa Stage‑1 target. According to the company, this includes a Glencore agreement for up to 2,400 tpa and other supplier contracts to build supply diversity.

What does the Glencore agreement mean for MTLMY supply stability and volume?

The Glencore deal provides up to 2,400 tpa of e‑scrap/feedstock. According to the company, this forms a cornerstone of contracted supply while Metallium adds other suppliers to diversify and scale reactor utilization.

What commissioning milestones did Metallium report for its Texas Technology Campus (MTLMY)?

Metallium reported multi‑reactor Flash Joule Heating installation and testing underway. According to the company, commissioning progress includes FHJ installation and studies into upstream pre‑processing and downstream recovery pathways.

Why is Metallium retaining spot market exposure for feedstock procurement (MTLMY)?

Metallium retains ~30% spot exposure to benchmark and validate prevailing market pricing. According to the company, this approach preserves sourcing flexibility across feedstock grades and supports opportunistic margin optimization.

What is Metallium's contracted target for Stage‑1 feedstock and its current gap (MTLMY)?

The company targets a contracted base of approximately 70% of Stage‑1 but has currently contracted 50%. According to the company, the remaining volume will be filled via additional contracts and spot procurement as commissioning continues.