The below is extracted from a 29/12/25 investor email/ASX announcement. My read of this is that the company is progressing faster than I expected along the road to commercialization.

I was also interested to note their target metals for their initial commissioning - all metals with an established and at present lucrative market. Seems a wise choice. By altering the conditions of their process, they can focus on virtually any metal present in their feedstock, so a Ga and Ge line is next, although I suspect next is after full commissioning of the initial processing line..

I assume that a large part of the rush to get to fully-commissioned state is to be able to say they are the first US commercial operation for ripping metals out of old printed circuit boards.

They’ve already got plans for at least 2 other facilities in other states, both located conveniently close to Federal e-waste dump sites.

And as of Friday, MTM is in a trading halt, pending an announcement of a feedstock deal. Returning to trading on Tuesday 6th if not sooner.

Discl: Held IRL.