Fund Manager Summary
The fund managers believe that MTM Critical Metals Ltd presents a compelling investment opportunity due to its recent strategic developments and market positioning. In their opinion, the company’s 61% gain after securing a lease for a production-ready facility in Texas underscores its potential for rapid production ramp-up. They highlight the recycling of ultra-high value Gallium and Germanium, expected to yield significant profits in 2026 with a modest capex of less than $10 million. Furthermore, the USD 40 billion e-waste recycling market offers substantial growth potential, particularly with US government grants likely to support the PCB business. Management’s insights into increased urgency from the government regarding funding further bolster confidence. Overall, the fund managers see large upside potential despite a 280% share price increase since April.
Source: Trading View
Commentary From The Managers
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Pengana Capital Group
31 Oct 2025
$0.84
Summary
- Pengana Capital Group continues to hold its position in Metallium Ltd despite a recent share price decline of 26%.
- Positive updates from Metallium include an MoU with Glencore for e-waste supply and offtake of recovered metals, with a formal contract anticipated by year-end.
- Progress at the new Texas facility, where commissioning has started on an e-waste line capable of processing 1,600 tonnes of metal from 8,000 tonnes of PCB feedstock.
- A rare-earth and critical-minerals recovery line with a 350-tonne capacity is set to ramp up from December.
- Successful demonstration of rare-earth recovery from magnet waste at significantly lower costs and energy use compared to competing methods, aligning with US efforts to reduce dependence on Chinese supply.
- The recent share-price weakness may be attributed to profit-taking following a strong rally influenced by China’s tighter rare-earth export restrictions.
- The Xi–Trump meeting in October has alleviated immediate concerns but did not resolve the underlying strategic tensions.
- Subsequently, the US administration's commitment of US$1.4bn to two rare-earth magnet facilities highlights ongoing long-term policy support.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Pengana Capital Group
31 Oct 2025
$0.84
- Pengana Capital Group continues to hold its position in Metallium Ltd despite a recent share price decline of 26%.
- Positive updates from Metallium include an MoU with Glencore for e-waste supply and offtake of recovered metals, with a formal contract anticipated by year-end.
- Progress at the new Texas facility, where commissioning has started on an e-waste line capable of processing 1,600 tonnes of metal from 8,000 tonnes of PCB feedstock.
- A rare-earth and critical-minerals recovery line with a 350-tonne capacity is set to ramp up from December.
- Successful demonstration of rare-earth recovery from magnet waste at significantly lower costs and energy use compared to competing methods, aligning with US efforts to reduce dependence on Chinese supply.
- The recent share-price weakness may be attributed to profit-taking following a strong rally influenced by China’s tighter rare-earth export restrictions.
- The Xi–Trump meeting in October has alleviated immediate concerns but did not resolve the underlying strategic tensions.
- Subsequently, the US administration's commitment of US$1.4bn to two rare-earth magnet facilities highlights ongoing long-term policy support.
Summary
Pengana Capital Group
30 Sept 2025
$1.14
- Metallium rose 48% after receiving a modest US$100,000 grant from a US Government SBIR program.
- This grant opens the door to much larger future grants.
- The focus is on gallium recovery from gallium-rich e-waste.
- Gallium exports from China to the US were banned last year, leading to a fourfold price increase to US$1.2 million per tonne.
- This strategically important metal is critical for high-speed, low-power data centre semiconductors and the AI arms race.
- Metallium announced a collaboration with Canadian-listed Ucore in rare earth oxide separation.
- Most downstream rare earth processing is currently dominated by Chinese companies.
- Ucore's first plant in Louisiana is not expected to be operational until mid-next year.
- Pengana Capital Group continues to hold its position in Metallium due to these developments.
Summary
Pengana Capital Group
31 Aug 2025
$0.74
- Metallium Ltd. has seen a 7.7% increase following the leasing of two additional facilities.
- The new facilities are equipped with environmental permits and are strategically located near large scrap metal supplies.
- Initial production is expected to commence in December 2025, with commercial revenue anticipated in mid-2026.
- Metallium has formed an agreement with Rice University to develop rare-earth metal separation technology, which could be highly value-accretive.
Summary
Pengana Capital Group
30 June 2025
$0.72
- Pengana Capital Group continues to hold its position in Metallium Ltd due to recent significant developments.
- Metallium (formerly MTM Critical Metals) experienced a 93% increase following a successful AUD$50 million capital raise.
- The company signed a MoU with Meteoric, a Brazilian rare earth producer, enhancing its operational capabilities.
- Metallium announced its ability to recover 98% of antimony from E-waste, a critical mineral with significant applications.
- Antimony is primarily utilized as a flame retardant and as an alloy to strengthen metals, particularly lead.
- The US relies heavily on imports for antimony, particularly from China, highlighting a strategic opportunity for Metallium.
- This development adds to Metallium’s growing portfolio of critical minerals that can be recycled or refined.
Summary
Pengana Capital Group
31 May 2025
$0.37
- MTM Critical Metals gained 61% after signing a lease for a production-ready facility in Texas.
- The site is pre-permitted for industrial scale waste management, facilitating rapid production ramp-up by year-end.
- Recycling of Gallium and Germanium expected to yield significant profits in 2026 with minimal capex of less than $10 million.
- E-waste recycling presents a USD 40 billion market opportunity, primarily driven by gold value.
- Potential for US government grants to cover a significant portion of capex for the PCB business due to rare earths in waste.
- Management has noted increased urgency from the US government regarding funding for such projects.
- The company is well-positioned to capitalize on both critical minerals and gold themes.
- Despite a 280% increase in shares since April 1st, Pengana Capital Group believes there is still substantial upside.
Summary
Pengana Capital Group
30 Apr 2025
$0.23
- MTM Critical Minerals rose 53% after announcing two supply agreements in the e-waste market.
- The company’s technology allows for the efficient recycling of used PCB boards by extracting and separating valuable metals.
- Valuable metals include gold, copper, and tin, with gold representing 50–80% of the value.
- The e-waste recycling market is potentially over $40 billion annually, with currently low recycling rates of about 15%.
- The U.S. Department of Defense has expressed interest due to the valuable critical minerals contained in the waste.
- Pengana Capital Group believes this business could generate meaningful revenue in 2026.
Summary
Pengana Capital Group
31 Mar 2025
$0.15
- Pengana Capital Group notes that MTM Critical Metals fell 25% despite a significant partnership with Vedanta, a major aluminium producer.
- The partnership focuses on processing red mud, a byproduct of bauxite mining, which poses environmental challenges.
- MTM’s innovative process enables the extraction of valuable elements such as aluminium, titanium, and rare earths from red mud.
- This process also ensures the safe storage of waste, addressing environmental concerns.
- Exploration of lower-cost processing for rare earths and lithium is ongoing, adding to potential growth avenues.
- In April, MTM announced advancements in processing used PCB boards, which are rich in gold, estimating a market size of $40bn.
- MTM has secured 1100 tons of material for processing, anticipating high margins and low capital expenditure.
- With a market valuation of A$73 million, MTM could represent a compelling opportunity within the ASX gold sector.
- Despite broader market declines, Pengana Capital Group continues to hold due to the promising developments and potential in MTM's business model.
Summary
Pengana Capital Group
31 Jan 2025
$0.22
- MTM Critical Metals is a critical metal processing company discussed last month.
- The stock experienced a 15% decline recently with little news impacting its performance.
- MTM confirmed that its first US plant will be operational by the end of 2025.
- The plant will focus on recycling Gallium, Germanium, and Indium for its partner, Indium Corp.
- Pengana Capital Group continues to hold because they remain excited about the prospects for the company.
Summary
Pengana Capital Group
31 Dec 2024
$0.26
- Pengana Capital Group has added a new holding in MTM Critical Metals, which has seen a 100% return in two weeks.
- The investment was partly driven by a 37% gain reported in December.
- MTM Critical Metals owns a patented technology called Flash Joule Heating for efficient metal extraction from electronic waste and mine tailings.
- This technology has the potential to revolutionise metal processing by significantly reducing energy consumption, reagent use, and waste.
- The company is initially focused on recycling Gallium and Germanium, critical metals impacted by recent export bans from China.
- China produces 100% of the world’s Gallium and 60% of Germanium, both essential for semiconductor production.
- The price of Gallium has tripled to $1 million per tonne, while Germanium has reached $1.7 million per tonne this year.
- A new pilot plant in Texas, set to be operational by year-end, aims to produce 1 tonne of recycled material per day for Indium Corporation.
- Contractual details are pending, but profit forecasts appear promising relative to the current market valuation of $137 million.
- Capex requirements for the Texas plant are modest, estimated in the single-digit millions.
- MTM Critical Metals is well funded for its growth initiatives.
- Additional opportunities exist in processing lithium, rare earth elements, niobium, and antimony, as well as recycling batteries and e-waste.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With a staggering 280% surge since April, the potential for MTM Critical Metals appears to be just warming up. The intersection of critical minerals and e-waste recycling could unlock a goldmine, especially with government backing on the horizon."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in MTM Critical Metals Ltd (ASX:MTM)?
Fund managers including Pengana Capital Group have invested in MTM Critical Metals Ltd (ASX:MTM).
Why do fund managers invest in MTM Critical Metals Ltd?
Fund managers are investing in MTM Critical Metals Ltd due to its strategic lease of a production-ready facility in Texas, enabling rapid production ramp-up in critical minerals like Gallium and Germanium. The company's focus on e-waste recycling presents a substantial market opportunity, projected at $40 billion, with potential US government grants to support capital expenditures. This positioning aligns with increasing government urgency for funding in critical minerals, suggesting significant profit potential and further upside for investors.
What happened to MTM Critical Metals Ltd (ASX:MTM)?
Fund managers are investing in MTM Critical Metals Ltd due to its strategic positioning in the metal recycling and rare-earth sectors. Recent developments include the leasing of two new facilities for metal recycling, a significant US government grant aimed at gallium recovery from e-waste, and collaborations for rare-earth oxide separation. The company's innovative approaches and partnerships, particularly in light of rising demand for critical metals amid geopolitical tensions, suggest strong future revenue potential despite recent share price fluctuations.