MTM in a hurry

First comes the announcement of the initial US listing via sponsored ADRs, and the proposed move to a 2nd level NASDAQ listing.

Then comes four executive appointments.

More details on each person follows in the announcement. I note that the four appointment is a senior advisor specifically to manage US government relations and engagement.

Interesting developments at a the rapid pace.

So this is what the Trading Halt was about.

I’m not sure that in most situations, securing a steady supply of feedstock is all that big a deal, meaning worthy of a trading halt, but given the position of Glencore as “one of the world’s largest recyclers of end-of-like electronics,” and MTM's need of a steady supply of feedstock to properly do their commissioning, perhaps this deal is sufficiently noteworthy.

More usefully, I found the explanation of the e-waste situation in the US and the PCB recycling context helpful in getting some perspective on MTM’s potential. For me, it is one to watch.

Held IRL.

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.

On Friday morning, MTM released the announcement that had seen it go into a trading halt on Tuesday.

They’ve executed a Binding Letter of Intent to collaborate with ElementUSA to extract gallium and scandium from bauxite tailings in Louisiana. The Gramercy tailing dam is said to be the biggest source of red mud in the USA.

What I found particularly interesting was the explanation of how MTM is proposing to gain revenue from this facility, from the initial development funding (they get 1US0.1M, it seems upfront), and subsequently:

I found it noteworthy that, past that initial development funding, MTM have 3 different on-going revenue streams.

- An annual technology licensing fee - which presumably would be paid regardless of the activity or otherwise of the works

- A throughput-based processing fee

- A revenue share of the recovered metal sales.

The implication in the announcement is that this is going to be their revenue model going forward, not just with this project but with others in the future.

This seemed a smart way of setting up their revenue structure, with 3 different points at which they tap into the project. Perhaps this is the norm in this area, but regardless, knowing that this is how they’re approaching deriving revenue from projects is reassuring given that their primary input is IP, combined with the engineering know-how to make the IP work.

Of course, they have to get this Gramercy facility up and running before they’ll see any fee-derived income, and who knows how long that will take.

So far, the market has yawned and the SP has drifted southwards.

Discl: held IRL (1.3% Aus-SMID segment, 0.4% total PF)