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Metallium Ltd ASX:MLM

0 opened or increased1 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20 Apr 2026 to today

Commentary 1 comments

DateManagerActionSummary

30 Jun 2026Pengana Capital GroupHeldPengana continues to hold Metallium because, despite the stock falling, the company announced positive testing results from three combined Flash Joule Heating units, though PCB recycling requires 20 units to reach full scale while high-value gallium and germanium processing requires only four. Pengana notes the units were not yet operating with chlorine gas due to permitting issues, and expects further testing results validating chlorine use and scale-up over coming months as important de-risking events for the technology.

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First mention by manager

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Price at first mentionThe share price recorded when each of 1 managers first commented on MLM.

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About Metallium Ltd

Materials, Metals and Mining

Metallium (ASX:MLM), a critical minerals recovery technology company, fell despite positive testing results. In June 2026, Pengana Capital Group reported Metallium fell despite announcing positive testing results from three combined Flash Joule Heating units, noting printed circuit board recycling requires scale to succeed commercially. Metallium operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 1 comment from 1 fund manager, Pengana Capital Group. Metallium, formerly MTM Critical Metals, uses a low-carbon Flash Joule Heating approach to recover gallium, rare earths, precious metals and other critical metals from mineral concentrates and electronic waste streams, and is building a recycling facility in Texas to benefit from US efforts to secure domestic critical mineral supply.

Market cap: $273m
Price to earnings: Loss-making
Return on equity: 0.0%
Dividend yield: 0.0%
Price to book: 0.00x
Net margin: 0.0%
52-week range: $0.35 to $1.48

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Metallium Ltd (ASX:MLM)?

Fund managers including Pengana Capital Group have invested in Metallium Ltd (ASX:MLM).

What opportunities or catalysts do fund managers highlight for Metallium Ltd?

Pengana highlights positive testing results from combined Flash Joule Heating units, supporting Metallium's path to commercial-scale recycling.

What are the key risks to the Metallium Ltd investment thesis, according to fund managers?

Pengana notes the shares fell despite positive results, and the business must prove its technology at commercial scale.

What does Metallium Ltd (ASX:MLM) do?

Metallium Limited (ASX: MTM), formerly MTM Critical Metals Limited, uses a low-carbon approach to recover metals from mineral concentrates and waste streams. The Company's patented Flash Joule Heating (FJH) technology enables extraction of gallium, germanium, antimony, rare earth elements (REEs), and gold from feedstocks including refinery scrap, e-waste, and monazite.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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