Highlights

  • Metallium (ASX:MTM) shares fell 11.11% to AUD 0.40 on 13 August 2026.
  • Flash Joule Heating testing converted raw rare earth ore containing about 12% TREO into a mixed REE chloride product exceeding 83 wt% REE chlorides.
  • Germanium enrichment reached up to 280 times from zinc smelter waste, while PGM testing produced a product exceeding 60% purity.
  • Testing across multiple feedstocks is supporting technical and commercial discussions covering processing, partnerships and potential technology licensing.

Metallium Limited (ASX:MTM) shares fell 11.11% to AUD 0.40 at 12:41 pm on 13 August 2026. The move might followed the company's 12 August release detailing testing of its proprietary Flash Joule Heating (FJH) technology across rare earth ores, germanium-bearing industrial waste, spent automotive catalytic converters and red mud.

Rare Earth Testing Produces Concentrated Product

Metallium reported testing on raw, unbeneficiated rare earth ore containing approximately 12% total rare earth oxides. The material had undergone crushing and grinding but no prior beneficiation.

In an initial unoptimised processing cycle, the company produced a mixed rare earth chloride product containing more than 83 wt% REE chlorides. The testing also achieved more than four times enrichment of neodymium and praseodymium, two magnet rare earth elements.

The company is also continuing work with Meteoric Resources on processing mixed rare earth carbonate from ionic clay feedstocks, alongside engagement with other industry participants.

Germanium Enrichment Across Multiple Waste Streams

Germanium testing produced different levels of enrichment across three secondary feedstocks. Zinc smelter waste delivered enrichment of up to 280 times, semiconductor Manufacturing waste up to 240 times and defence-related industrial waste up to 35 times.

The testing covers industrial residues from different sources rather than a single feedstock type. Metallium is continuing discussions with parties generating or controlling germanium-bearing materials and is also working with Indium Corporation and other semiconductor industry suppliers on sourcing initiatives involving gallium, germanium, indium and other technology metals.

PGM and Red Mud Testing

Testing of spent automotive catalytic converters produced a PGM-rich product containing platinum, palladium and rhodium with purity exceeding 60% after a single unoptimised treatment cycle.

The company said the initial work indicates potential to reduce processing time by approximately 75% compared with conventional multi-stage PGM recycling processes. Further testing is intended to examine product purity, recovery and operating conditions.

Separate red mud testing demonstrated removal of approximately 99% of iron and 94% of silicon while retaining about 95% of the aluminium value. Gallium was concentrated into a separate product stream for potential further recovery.

Commercialisation Pathways

Metallium continues to identify electronic waste processing as its immediate commercial priority. Alongside that business, the company is evaluating applications for FJH technology across other feedstocks.

The company has described two commercialisation pathways: owned processing operations and technology licensing or strategic partnerships. The latter model could allow the technology to be deployed by third parties within existing or new mineral processing, refining and recycling operations.

Testing programs are increasingly being undertaken following approaches from industry participants seeking potential processing solutions for specific critical-metal feedstocks. Metallium said technical evaluation and commercial discussions are progressing across several opportunities.

Development Program and Next Steps

The company's next development activities include optimisation of recovery, selectivity and product purity, additional testing of customer and strategic-partner feedstocks, development of feedstock-specific processing flowsheets and evaluation of scale-up requirements.

Metallium also plans to continue discussions aimed at potential processing agreements, strategic partnerships and technology licensing arrangements.

The company is positioning its FJH platform across a range of critical material Supply chains while continuing development of its primary electronic waste processing operation.

Conclusion

Metallium's shares fell to AUD 0.40 on 13 August after the company reported a series of FJH testing results across rare earths, germanium, PGMs and red mud. The reported work included production of a high-concentration mixed rare earth chloride product, significant germanium enrichment from three waste streams, a PGM-rich product from spent catalytic converters and selective processing results from red mud. The company continues to work towards commercial applications through owned processing operations and potential licensing or strategic partnerships, with further optimisation, scale-up assessment and customer feedstock testing forming the next stages of development.