"Pitt Street Research initiates coverage on MTM Critical Metals. MTM is applying its version of a technology known as as Flash Joule Heating (FJH), a proven way to enhance the process of metal recovery by speeding up the process and lowering the energy inputs involved.
We value MTM using a peer-weighted approach at ~$63.9m or A$0.16 per share in a base case and ~$83.0m or A$0.21 per share in an optimistic (or bull case). We expect MTM to rerate over the next 12-24 months subject to positive testing results of FJH as well as optimisation of the technology and potential collaborations with mineral deposit owners and chemical companies.
Please be advised that this is a commissioned report and General Advice only. Pitt Street directors own shares. Please see p.21 for more details on our valuation rationale, p.22 for the key risks and the final page for the full General Advice warning, disclosure and disclaimers."
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