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Metallium Limited (ASX:MTM) has inked a deal with Canada-based and TSXV-listed Ucore, called a “binding collaboration,” with which MTM hopes to establish a partnership that cements its place in the North American domestic rare earths supply chain. Metallium, formerly MTM Critical Metals, boasts the capacity to recover everything from gold to REEs from e-waste and other sources.
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The deal struck between both players will see them process one another’s feedstocks across the next 12 months, ideally combining the two companies’ metals reclamation technologies in a way that boosts the performance of both.
All cards in order, the company hopes to “create the first U.S. pathway for taking a diverse range of REE feedstocks all the way to… oxide,” which the company reported has long been the remit of China’s economy, not America’s. Testwork will precede economic analyses.
Underpinning the share price jump on Tuesday is, of course, the defence thematic. MTM pointed out that Ucore has, by way of a previous contract, a ‘backing’ from the U.S. DoD – or, Department of War, as it’s now called – and that’s important because REEs are needed in military hardware manufacture.
As I wrote for last week’s wrap, defence is really the lifting force underneath metals recycling juniors broadly right now, which is perhaps an ironic way for a ‘green’ investment thematic to come back to the spotlight. Metallium is also hoping to boost its exposure to magnet recycling in the U.S. via Ucore.
Of course, REEs remain the key focus – still in the spotlight after Washington bought a stake in MP Materials and guaranteed a price floor for NdPr.
MTM last traded at $1.05/sh.
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