Loading companies…

Metallium Ltd ASX:MTM

Critical Minerals Rare Earths Mining Technology

0 opened or increased2 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

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

20252026

31 Dec 2024 to today

Commentary Showing 2 of 20

DateManagerActionSummary

31 Aug 2026Pengana Capital GroupHeldPengana Capital Group continues to hold Metallium Ltd (ASX: MTM) after shares rose 31% when the gold and critical minerals processing company received permits for chlorine use at its Texas campus, enabling further reactor testing. Pengana notes the lack of permits had caused several months of delays, and it expects the plant to be operational early next year. Metallium also appointed two independent directors: Josh Hawes, a former chief strategy officer of USA Rare Earth with 15 years of critical minerals and strategic finance experience, and Kellie Benda, a former investment banker and lawyer whose roles on the Foreign Investment Review Board and National Reconstruction Fund Corporation are relevant to securing government capital in Australia and the US. The company also formed a commercial relationship with Environmental Clean Technologies to commercialise MXene nanomaterials for radar-reducing coatings, superconductors and battery electrodes.

Monthly Report, price recorded $0.38

The source document link is a Pro feature

30 Jun 2026NorthStar Impact FundsHeldNorthStar Impact Funds continues to hold Metallium because the company, formerly MTM Critical Metals, acts as a resource circularity enabler through its proprietary Flash Joule Heating technology, which recovers rare earths and other critical minerals from waste and primary mining sources. The manager notes the company is proving the scalability of its technology via a modular expansion approach and is assessing different waste streams to optimise economics, though a lack of newsflow caused the share price to drift during the month.

Rare EarthsMonthly Report, price recorded $0.39

The source document link is a Pro feature

18 more comments on MTMPro shows every comment, with a link to each source document.

Upgrade to Pro

First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 2 managers first commented on MTM.

View Pro

Articles

31 Aug 2026MTM Critical Metals Fell 65% Despite Gallium Recovery Contract Wins

About Metallium Ltd

Materials, Metals and Mining

Metallium (ASX:MTM), a critical minerals recovery technology company, is backed by NorthStar Impact Funds and Pengana. In June 2026, NorthStar described Metallium as a resource circularity enabler, using its proprietary Flash Joule Heating technology to recover rare earths and other critical minerals from waste. Pengana believes Metallium is well positioned to benefit from the reshoring of critical minerals supply chains to the United States, though the shares fell 10% to 25% in several months as strong 2025 gains were given back, while it expects continued ramp-up of the Texas recycling facility. NorthStar noted the successful completion of its first chlorine flash process. Metallium operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 18 comments from 2 fund managers, NorthStar and Pengana. Founded in 2020 and headquartered in West Perth, Metallium develops Flash Joule Heating technology to extract gallium, rare earths and precious metals from mineral ores and e-waste, and is building a recycling facility in Texas.

Market cap: $166m
Price to earnings: Loss-making
Return on equity: -119.5%
Dividend yield: 0.0%
Price to book: 3.81x
52-week range: $0.22 to $1.46

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

Questions

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

Fund managers including Pengana Capital Group and NorthStar Impact Funds have invested in Metallium Ltd (ASX:MTM).

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

NorthStar and Pengana highlight Metallium's proprietary Flash Joule Heating technology for recovering critical minerals from waste, its Texas facility and tailwinds from US efforts to reshore critical mineral supply chains.

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

Pengana notes significant share price volatility, including declines of up to 25% in single months on little news, and commercial scale-up of the technology remains unproven.

What does Metallium Ltd (ASX:MTM) do?

Metallium Ltd., headquartered in West Perth, Australia, is a mineral exploration and metal recovery technology company founded on November 13, 2020. The firm specializes in the development of Flash Joule Heating technology. This electro-thermal process utilizes rapid, high-temperature electrical pulses to extract metals from mineral ores and waste streams. Metallium Ltd. focuses on advancing sustainable recovery methods to improve extraction efficiency in the industrial sector.

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.

Disclaimer Terms of Use Privacy Complaints Contact

Loading…