Ann: Production-Scale FJH Unit Validated for Commercial Rollout, page-81

It seems we’ve hit an inflection point. The bargain of offshoring has unraveled, paid not just in dollars but in volatility, vulnerability, and vanishing control. Yet bringing key industries back home isn’t as simple as waving a flag. The old methods are too dirty, too slow, and too expensive. But what if there were a way to unlock strategic resources—metals and minerals—from everyday waste, right here at home?

In 2020, I stumbled upon a Rice University article detailing a breakthrough called flash Joule heating (FJH). While the initial buzz was all about making graphene from waste, a deeper look revealed something even more immediate: FJH could also extract valuable metals from the stuff we throw away—e-waste, coal ash, even ordinary trash. The process sends a sudden, high-voltage electrical pulse through nearly any carbon-based material, generating intense heat and breaking apart molecular bonds, which makes tightly bound metals suddenly accessible for recovery.

The significance wasn’t lost on me. For decades, cheap, scalable tech for critical metals recovery had been out of reach. Now, suddenly, it was here. I started watching closely, waiting for developments—or better yet, an investment opportunity.

At long last, in March 2024, Rice University reached an agreement with MTM Critical Metals, granting them the exclusive global license to commercialize flash Joule heating for recovering rare earths and strategic metals. Despite lackluster news coverage, that was the moment everything changed. MTM now held a golden ticket; all that remained was execution—and so far, they’ve delivered.

MTM didn’t waste time. Soon after securing the license, they began scaling the technology for industrial testing—not just to prove it in a lab, but to make it commercially viable at scale. MTM confirmed and expanded on Rice’s findings: the FJH process could extract a wide range of critical metals, often at recovery rates that rival or exceed traditional mining. And not from high-grade ore, but from waste—coal ash, electronic junk, and other materials we literally throw away.

In pilot tests, MTM’s FJH process recovered around 90% of gallium and over 80% of germanium from semiconductor waste—two critical metals the U.S. currently imports entirely. Germanium, essential for infrared optics, advanced electronics, and military tech, has zero domestic production, making this breakthrough not just economically valuable, but strategically urgent.

The same process recovered over 95% of gold and titanium from electronic waste. Perhaps even more impressively, it increased the recovery of rare earth elements from coal fly ash—a waste byproduct of coal combustion—by enhancing acid leachability over 500% compared to conventional methods. This unlocks vast potential to sustainably produce critical materials, crucial for magnets, EV motors, wind turbines, and advanced electronics, directly from industrial waste previously destined for landfills.

Antimony is another standout. In June 2025, MTM announced a 98% recovery rate for antimony from U.S.-sourced electronic waste using their proprietary FJH technology. The resulting concentrate contained 3.13% antimony, far above typical global mine grades of just 0.1 to 1.0 percent. This matters because antimony is classified as a critical mineral by the U.S. government, essential for everything from flame retardants and lead-acid batteries to semiconductors and military alloys. With the United States almost entirely dependent on Chinese imports, MTM’s approach could mark a turning point.

But it’s not just about efficiency; it’s about economics and sustainability. Flash Joule heating doesn’t require harsh chemicals or furnaces, and produces minimal secondary waste. MTM’s own analysis suggests the process could actually cost less than conventional disposal methods for industrial byproducts. In short: they’ve created a cleaner, cheaper, and strategically superior alternative to both mining and landfilling.

MTM isn’t just talking the talk—they’re making bold moves. Recently, they secured a strategically positioned five-hectare industrial site in Chambers County, Texas, in the heart of America’s Gulf Coast energy corridor. The property comes with essential infrastructure—sealed roads, on-site power, wastewater systems, office and warehouse spaces—which dramatically reduces both cost and time to scale.

This isn’t just another industrial plot; it’s MTM’s U.S. flagship. By the end of 2025, MTM plans to commission its first American FJH demonstration plant on this site, recovering critical metals like gallium, germanium, indium, and gold directly from waste streams. They’ve already secured feedstock agreements with American recycling partners and are advancing discussions with industry leaders like Indium Corporation. With this strategic foothold, MTM is not just commercializing a groundbreaking technology—they’re reshaping America’s critical materials landscape and strengthening domestic supply chains.

MTM Critical Metals is primarily listed on the Australian Securities Exchange (ASX) under the ticker MTM. For U.S. investors, the company is accessible via the over-the-counter (OTC) market under the ticker MTMCF. MTMCF isn’t a separate company; it represents the same underlying entity as MTM on the ASX.

However, MTMCF typically experiences lower trading volumes compared to its ASX counterpart, which can lead to wider bid-ask spreads and less favorable pricing—standard for OTC markets. Holding MTMCF is functionally equivalent to holding the underlying ASX stock via a U.S. OTC “wrapper.” If MTM up-lists to a U.S. exchange, the OTC shares (MTMCF) would typically be converted to the new listing at a 1:1 ratio. An exchange upgrade could boost liquidity and attract increased institutional interest.

As of June 6, 2025, MTM’s share price on the ASX stands at AUD $0.495, up an incredible 1,119.51% over the past year. The company’s market cap is approximately AUD $229 million, making it a significant—yet still small-cap—player in the critical metals sector. Notably, MTM has no debt and a strong cash position, providing a solid foundation for its ongoing projects and expansion.

Yet even after this meteoric run, MTM remains a true small cap—roughly USD $170 million at current exchange rates—leaving immense upside if the company executes. With its Texas plant set to begin operations by year’s end, MTM is moving from promise to revenue reality. Their ability to scale FJH at an industrial level could rapidly unlock new revenue streams, attract fresh capital, and even institutional coverage. If the technology delivers and MTM upgrades exchanges, the re-rating could be dramatic. Right now, MTM sits in that rare sweet spot: a category-defining innovation at a valuation that still reflects skepticism, not success.

The implications here are hard to overstate. This isn’t just a new mining technique—it’s a technology that can transform trash and industrial byproducts into the very metals driving the future economy. In a world desperate for secure, ethical, and scalable supplies of critical materials, MTM’s breakthrough doesn’t just disrupt—it redefines the entire resource landscape. This is the kind of inflection point investors spend careers searching for: the moment when science fiction becomes industrial fact, and fortunes are built by those willing to see it early. And right now, the window is still wide open.

That’s why this isn’t just another promising tech stock—it’s a generational opportunity. MTM sits at the intersection of critical metals independence and the reshoring of strategic industries, both powered by a technology that literally turns trash into treasure. In a market crowded with noise and empty promises, this is a rare shot at being early to something real. These are the kinds of moments that turn bold conviction into legacy.