MTM Media and General, page-185

Finally got around to reading the Pitt Street Research Report from 15 April 25 - have trawled back through this year’s topics/this thread and couldn’t seem to find this being called out so apologies if it’s already been posted, hopefully others might find it as useful as I have

15/04/2025 A potential beneficiary from Trump’s tariffs

Key milestones I took away from this report to watch for:

1. Demo plant fully operational — and achieves (or exceeds) 1 tonne-per-day (1TPD) FJH recovery;
2. Further commercial collaboration / partnerships — 12/2024: strategic collaboration with Indium, 03/2025: non-binding MOU with global metals conglomerate Vedanta, 04/2025: feed-stock agreement with US-based e-waste recycling company Dynamic Lifecycle Innovations, 04/2025: 5-year e-scrap supply agreement with Plastic Recycling;
3. New letters of intent — that become binding contracts;
4. Testing results exceed previous reports — refer to pg. 4: Figure 1: MTM’s testing results with e-waste
5. Formal feasibility study — the report references “a 50% valuation could be applicable once there is a formal Feasibility Study” - anybody know what this consists of?
6. FJH achieves commercial-scale production — report goes on to a valuation of “100% (or any valuation above A$600m) when FJH is in commercial-scale production – i.e. at least multiple thousand tonnes per annum.”

However, (as always) key risks:

1. Demo plant goes over budget / timelines blow out;
2. Testing results prove FJH to be ineffective;
3. Inability to secure new partnerships / collaborations;
4. Govt grants / funding sources dry up — “if MTM secures equity funding, this would dilute shareholder value. Any debt financing would not have this effect, but could present challenges dependant on the terms secured and the progress made”;
5. Withdrawal of FJH licence / changes in conditions from Rice University — “a withdrawal of the license or change in conditions could be catastrophic for the company. Alternatively, existing propositions in the agreement may have the potential to hinder FJH’s development and commercialisation”;
6. Loss of key personnel — “could lose key personnel and be unable to replace them and/or their contribution” etc

And as for the key takeaways from the initial sentiment many had that recycling garbage was a waste of time:

• “The global E-waste market is expected to be quadruple 2022 levels by 2032.
• How quickly the amount of e-waste is growing (by 2.3 billion kg since 2010),
• The ever-increasing value of recoverable materials ($62bn in 2022),
• The very low proportion of e-waste that is currently recycled (~25% in the US and 15% globally),
• How the proportion of e-waste recycled is set to increase due to commercial imperative (particularly the lack of new mines to supply the metals coming online in the short to medium term),
• This indicates that there is significant room for a solution such as MTM’s FJH. Even if MTM only captures a small share of the market, there is a significant opportunity”.

I haven't had a chance to read the previous reports on their site but definitely will be tonight: https://www.pittstreetresearch.com/mtm-critical-metals