Metallium Runs Three Reactors on Real PGM Feedstock in Q3 Scale-Up Push
Key Takeaways
- Metallium's Q3 FJH campaign operated three reactors simultaneously with chlorine gas and real PGM-bearing catalytic converter material for a full 12-hour shift — the first time the multi-unit architecture has been tested in a genuinely reactive commercial environment.
- The feedstock carried vendor-reported grades of 153 ppm platinum, 518 ppm palladium, and 63 ppm rhodium, with independent acid digest analysis currently underway to confirm characterisation.
- The campaign generated approximately 50 samples across 12 test cycles and three feed particle-size distributions, producing the operating and engineering data required for feedstock-specific optimisation and further scale-up.
- Initial metal-product revenue from PCB processing is conservatively anticipated in H1 calendar 2027, with staged commercial ramp-up planned for H2 2027 — distinct from the already revenue-generating ECT MXene technology-services stream.
- New CFO Tim Cooper, who brings 20-plus years of energy and resources experience including oversight of a multi-billion-dollar JV portfolio at Fortescue, commenced 1 October 2026 and is directly supporting the proposed Nasdaq uplisting of Metallium's ADRs.
Three reactors, one shift, real feedstock — Metallium’s Q3 FJH campaign marks reactive scale-up milestone
Metallium Limited (ASX: MTM) has successfully completed a 12-hour multi-unit Flash Joule Heating (FJH) chlorination campaign at its Gator Point Technology Campus in Texas, marking a significant step-up from mechanical commissioning into reactive processing with a high-value commercial feedstock. Where the June campaign validated that three reactors could run simultaneously using inert materials, this Q3 campaign operated those same reactors with chlorine gas and PGM-bearing catalytic converter material — the environment in which the technology must ultimately perform commercially.
The feedstock carried vendor-reported grades of 153 ppm platinum, 518 ppm palladium, and 63 ppm rhodium. These grades have not yet been independently verified by Metallium, with full acid digest analysis currently underway to confirm feedstock characterisation.
Managing Director & CEO Michael Walshe
“…The Q3 campaign has now taken that same multi-unit operating architecture into a significantly more commercially relevant environment…”
| Metric | Result |
|---|---|
| Active FJH Units | 3 |
| Campaign Duration | 12 hours |
| Feedstock | PGM-bearing catalytic converter material |
| Feed particle-size distributions tested | 3 |
| Nominal campaign feed quantity | ~75 kg |
| Lost Time Injuries | 0 |
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What Flash Joule Heating is — and why reactive chlorination changes the game
Flash Joule Heating is a technology that uses rapid, high-intensity electrical heating to process feedstocks and recover metals. In the context of critical and precious metals recovery, FJH is being developed as a potentially faster and simpler alternative to conventional multi-stage recycling routes.
The distinction between Metallium’s June campaign and this Q3 campaign matters. The June campaign used nitrogen gas and inert silica-based material — its purpose was to validate that the mechanical systems, fluidisation, instrumentation, and process controls worked correctly. Reactive chlorination is an entirely different environment: chlorine gas is introduced, real chemistry occurs, and the system must handle the demands of an actual processing operation. Proving the machinery works and proving the process works are two separate things. This campaign tackles the second.
The Q3 campaign builds directly on the first chlorine flash technology test completed earlier at the Gator Point facility, which established that reactive chlorination could be achieved at the single-unit level before the program advanced to coordinated multi-unit operation.
The feedstock in question — spent automotive catalytic converter material — carries platinum group metals (PGMs): platinum, palladium, and rhodium. These are high-value metals critical to automotive catalytic converters, industrial processes, and defence applications. Their strategic importance and the complexity of recovering them make them a compelling target for any technology that can simplify the processing flowsheet.
Why conventional PGM recycling is complex — and where FJH may offer an advantage
Conventional catalytic converter processing involves multiple sequential stages: smelting, leaching, and separation, as shown in Figure 2 of the announcement, with a processing time indicator of 3–6 hours cited in the referenced flowsheet literature. Metallium’s objective is to reduce processing time and complexity relative to these conventional multi-stage routes.
That said, further testwork and flowsheet development are required to assess the complete processing route — including feed preparation, product collection, and downstream recovery — and to quantify any potential operating benefits. The Q3 campaign is a data-generation exercise, not a proof of commercial superiority.
What the Q3 campaign generated — data, samples, and the next optimisation phase
The 12-test-cycle campaign produced approximately 50 samples across three feed particle-size distributions, generating operating and engineering data to support feedstock-specific optimisation and further scale-up. This included data on reactor configuration, process control, and downstream recovery.
The campaign brought together five elements simultaneously:
- Sustained chlorinated multi-unit operation over a full 12-hour operating shift
- Stable fluidisation and material handling across multiple operating trains
- Coordinated operation of three independent processing trains
- Repeatable batch processing and reliability of mechanical systems under extended operation
- Generation of process and engineering data required for continued reactor and feedstock optimisation
Metallurgical analysis of the campaign samples is underway, with results to be assessed alongside operating data to better understand the thermochemical behaviour of the PGM feedstock within the FJH reactors.
The company’s milestone checklist puts this achievement in context:
- ✓ Single-unit operation
- ✓ Multi-unit inert commissioning
- ✓ Multi-unit chlorination commissioning
- ► Feedstock-specific testing and optimisation campaigns (ongoing)
- ► Preliminary assessment of standalone PCB processing modules, including proposed capacity and indicative financial metrics
- ► Demonstration-scale operation and customer product qualification
- ► Initial commercial PCB product sales
- ► Staged commercial ramp-up
Commercial pathway and product qualification timeline
Metallium’s stated commercialisation milestones are distinct steps, not a single switch to full capacity. The company anticipates producing saleable metal-bearing products — including metal chlorides and other intermediate forms — before June 2027, subject to successful completion of the relevant development activities.
Initial metal-product revenue from printed circuit board (PCB) processing is conservatively anticipated in H1 calendar 2027. Staged commercial ramp-up is currently planned to commence during H2 2027 as operating hours, throughput, product qualification, and downstream commercial arrangements are progressively established.
It is important to note that these timelines relate specifically to PCB metal-product sales. Technology-services revenue through the ECT MXene production programme is a separate, already revenue-generating stream and should not be conflated with the PCB product sales timeline.
Managing Director & CEO Michael Walshe
“…We remain conservative in our planning assumptions while scale-up and qualification continue, but our objective is to progress commercial sales as quickly as the technical and customer requirements allow.”
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Corporate momentum: new CFO and Nasdaq uplisting preparation
Tim Cooper formally commenced as Chief Financial Officer on 1 October 2026. He brings more than 20 years of experience across Australia’s energy and resources sector, including oversight of a global multi-billion-dollar joint venture portfolio at Fortescue and the turnaround of a loss-making international operation.
His appointment directly supports two specific corporate objectives: finalising Metallium’s audit under Public Company Accounting Oversight Board (PCAOB) standards, and advancing the proposed Nasdaq uplisting of the Company’s ADRs, which currently trade as OTCQX ADR: MTLMY.
In parallel, Metallium is progressing targeted feedstock testing and technical evaluation through engagement with U.S. Government agencies and selected industry participants — work that is helping identify potential commercial applications and assess processing performance against specific feedstock and customer requirements. The company has noted that certain feedstock identities and proprietary technical details remain commercially confidential while these evaluations continue.
The U.S. Government agency engagement Metallium is pursuing sits within a broader critical minerals independence framework, with a US$1 billion bilateral program positioning FJH-based processing as a potential domestic alternative to Chinese-controlled refining supply chains for PGMs and rare earths.
Taken together, the picture is one of systematic de-risking: reactive multi-unit operation validated, commercial feedstock data being generated, technology-services revenue already flowing through the ECT programme, a CFO now in place, and a Nasdaq listing on the horizon.
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