Highlights

  • Metallium (ASX:MTM) has signed a non-binding MoU with Traxys North America LLC to evaluate critical metals processing opportunities in the United States.
  • The MoU targets definitive agreements on one or more opportunities by 31 December 2026, with Flash Metals USA holding exclusivity until that date.
  • Metals within scope include magnetic rare earths, gallium, germanium, indium, tungsten, titanium, copper, nickel and platinum group metals.
  • Traxys reports annual turnover above US$10 billion and is named as a Project Vault supplier under a US$10 billion Ex-Im Bank loan.

MoU Opens US Processing Pathway

Metallium's wholly owned US subsidiary Flash Metals USA Inc. has signed a non-binding memorandum of understanding with Traxys North America LLC to assess critical metals processing opportunities in the United States. The MoU took effect on 16 October 2026 and runs to November 2027, with both parties targeting at least one definitive agreement by 31 December 2026.

Six Commercial Areas Under Assessment

The MoU covers feedstock sourcing and supply, processing and tolling, marketing and offtake, price-risk management and hedging, offtake-linked prepayments and working capital facilities, and potential strategic investment. Metals in scope span magnetic rare earths, gallium, germanium, indium, tungsten, titanium, copper, nickel, magnesium, manganese and platinum group metals. The list defines assessment scope only and does not confirm processing capability or commercial sales.

Flash Joule Heating Technology

Metallium's core technology is Flash Joule Heating, developed at Rice University and licensed for critical metals applications. The process applies rapid electrical heating to feedstocks including electronic waste, industrial residues and recycled materials. Processing development is centred at the Gator Point Technology Campus in Anahuac, Texas. The MoU does not transfer any technology rights to Traxys.

Conditions and Exclusivity

Flash Metals USA is bound by exclusivity until 31 December 2026 and cannot pursue alternative collaborations in the same scope. Traxys faces no equivalent restriction. Binding provisions are limited to intellectual property, confidentiality, disclosure and exclusivity. Any transaction requires due diligence, approvals and definitive contracts, and either party can terminate on 30 days' notice.

What Comes Next

Four workstreams are under way: defining priority feedstocks and products; setting technical and commercial requirements; developing transaction terms; and moving selected opportunities toward term sheets. The December 2026 deadline is the first concrete test of the relationship.