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Memphasys (ASX: MEM), the reproductive biotech based in Sydney’s inner west, is on the move again—this time with a fresh $1.275 million in hand, raised via a strategic placement to both new and loyal shareholders. The funds arrive at a pivotal moment, just weeks after the company’s flagship product, the Felix™ System, emerged from a critical clinical trial with top marks.

Let’s be clear on what Felix is—and why investors are paying attention.

Felix™ is the world’s first sperm separation device using electrophoresis. It’s designed for use in Assisted Reproductive Technology (ART) procedures, such as IVF. Unlike traditional methods like Swim-Up and Density Gradient Centrifugation (DGC), which rely on centrifugation or manual layering, Felix uses an electrical charge and a size-exclusion membrane to gently and quickly isolate the healthiest, most motile sperm.

In practice, this means embryologists can achieve more consistent results with less hands-on time, a big plus for fertility clinics trying to streamline their workflows while optimising success rates. And the clinical data now backs it up.

In late March, Memphasys reported results from a pivotal trial conducted with Monash IVF. Felix was found to be just as effective as the Swim-Up method (the trial’s primary endpoint) and statistically superior to DGC—the most commonly used sperm prep method worldwide. Even better, not a single adverse event was reported. Time-wise, Felix was also faster than both legacy techniques, and it won over embryology staff: 100% preferred it to DGC, and more than half favoured it over Swim-Up.

CEO Dr David Ali called it a “defining moment” for the company, and you can see why. With the technology now clinically validated, Memphasys is no longer pushing a promise—it’s got a proven performer on its hands.

The commercial implications are significant.

With the trial box ticked, the company is now preparing regulatory submissions to the CE Mark (Europe), TGA (Australia), and CDSCO (India). These approvals will open doors to some of the largest ART markets globally, including mutual recognition pathways in countries like Japan, Canada, the US, and Switzerland.

There’s already groundwork laid. Distribution agreements with Vitrolife are in place for Japan, Canada, and New Zealand. A letter of intent exists with Heranova in China, and R&D sales have begun in the UAE. Vitrolife, in particular, has been running real-world utilisation testing in Japan for over a year—and had been waiting for clinical data before ramping up sales. Now that data is on the table, the pathway to commercial traction is looking a lot clearer.

The placement—priced at $0.006 per share with free-attaching options exercisable at $0.011—was conducted under the company’s existing ASX capacity, meaning no shareholder approval was needed. It drew strong participation from both new and existing backers, a reflection of growing belief in Memphasys’ commercial strategy.

The funds will be used to support regulatory submissions, advance commercial discussions (including potential joint ventures), and continue the rollout of both Felix and the RoXsta™ platform. RoXsta, while earlier in its journey, is showing potential in livestock applications such as bull fertility and mastitis detection in dairy cattle.

But make no mistake—Felix is the main act. With validation secured and strategic partners in place, Memphasys is now gearing up to transform a once-promising prototype into a globally marketed fertility solution. For investors, the question isn’t whether Felix works—it’s how quickly Memphasys can convert interest into income. And with the company now cashed-up and clinically armed, the countdown is on.

Amidst the growing global anxiety around critical minerals supply, MTM Critical Minerals (ASX: MTM) is quietly putting together one of the more compelling transformation stories on the ASX. This week’s investor webinar provided an update on its innovative metal recovery technology — and more tellingly, it introduced a man whose pedigree could be the clincher for institutional credibility: Steve Ragiel.

Ragiel, the President and Managing Director of FlashMetals USA, has over three decades of frontline experience in the global recycling industry. As he explained during the presentation, “I’ve run billion-dollar recycling businesses, but I haven’t seen a technology as disruptive as this one.”

He’s not exaggerating. Ragiel’s resume includes stewardship of Waste Management Inc’s (NYSE: WM) US$1 billion-a-year recycling operation, which included over 80 sites across the United States. He also spent five years leading international expansion, working across Europe and importing high-performance recycling technologies back to North America.

“I’ve been CEO of several private equity-backed ventures with successful exits,” Ragiel noted. “What attracted me to MTM was not just the technology, but the speed and capital efficiency. We can build smaller, smarter, faster – and the margins are unlike anything I’ve seen in e-waste.”

Flash Heating Meets Flash Leadership

MTM’s technology, Flash Joule Heating (FJH), was born in a Rice University lab and designed originally to produce graphene from plastic waste. MTM’s pivot — to use the same rapid electric pulse process to liberate metals from e-waste and mineral feedstocks — is the kind of intellectual leap that tends to create entire industries.

But tech alone doesn’t commercialise itself. That’s where Ragiel steps in.

According to CEO Michael Walsh, Ragiel has been instrumental in securing MTM’s first two binding feedstock supply deals — not easy wins, considering these are two of the largest U.S. recycling companies in the sector. “It’s really down to Steve’s industry relationships. Some of these go back 20 years,” said Walsh.

The deals cover over 1,100 tonnes per annum of high-grade e-waste, rich in gold, copper, indium, tin and other technology metals — material that, thanks to conventional smelters’ stranglehold, has historically been sold at a fraction of its true value. Ragiel is rewriting that script.

“These recyclers are frustrated,” he said. “They send their scrap to smelters in Asia, wait months to be paid, and get no transparency about what’s actually recovered. We’re offering higher payments, faster turnaround, and full data visibility on the assays. It’s a game-changer.”

Commercial Strategy: Built for Speed, Not Scale

MTM’s business model is split into two streams: a “build-own-operate” approach for urban mining (e-waste, refinery waste) and a licensing model for larger-volume mineral processing applications such as red mud and spodumene.

For Ragiel, the key commercial insight lies in the modularity. “With this tech, you don’t need to build a billion-dollar plant to be viable. A one-tonne-per-day line can be built fast and generate serious margins. And if you need more throughput? Add another reactor.”

MTM expects to begin building its first U.S. demo facility in Houston, Texas by August or September. Initial production is targeted for December, with commercial sales expected in H1 2026 — a rapid timeline made possible by selecting brownfield industrial sites with existing infrastructure.

The Numbers That Matter

From a financial perspective, the economics of MTM’s feedstock are eye-popping. One tonne of gallium-germanium refinery waste from Indium Corporation, for example, could contain up to $1 million worth of metal at spot prices. Meanwhile, a recently tested e-waste sample contained 550 grams of gold per tonne — significantly higher than most gold ore bodies.

Importantly, MTM doesn’t just expect to recover these metals — it’s producing them as chlorides, which in many cases command higher prices than the metal itself due to purity and downstream applicability.

“That’s a big differentiator,” Ragiel noted. “If the end-user wants germanium chloride, and we can produce that directly — we’re saving them a processing step. That has real economic value.”

He’s also keen to highlight the “hedged” nature of MTM’s business model. Because MTM pays for e-waste based on contained metal content (via assay), it avoids the speculative exposure of most commodity plays. As prices fall, feedstock gets cheaper. If prices rise, margins expand. Either way, the spread is locked in.

A Hedge Against Tariff Turmoil

The geopolitical backdrop is another tailwind. With tariffs on Chinese-sourced metals hitting 145% and China banning exports of gallium and germanium, U.S. recyclers are scrambling for domestic solutions. MTM’s timing couldn’t be better.

“Everything we’re doing is aligned with U.S. onshoring strategy,” Walsh said. “We’re in talks with the Department of Defense, we’ve applied for DoD and DoE grants, and we’re building domestic capacity to process critical metals. It’s a win-win.”

The company is also engaged with Vedanta, India’s largest aluminium producer, on red mud recycling. With over 20% alumina and 7% titanium locked in this notoriously stubborn waste stream, MTM’s ability to unlock that value — and convert the residue into green cement feedstock — could offer another major revenue vertical.

Funding and Forward Momentum

MTM is currently sitting on over $10 million in cash and does not anticipate a near-term capital raise. About 25% of the demo plant’s capex has already been spent on engineering and long-lead items.

Ragiel is bullish. “We’re capital light, operationally lean, and running at full clip toward revenue. I’ve seen a lot of recycling tech in my time, but this is the first one I’ve wanted to bet my career on.”

It’s a bold call — but one that might just make MTM worth a closer look. In a sector dominated by slow-moving incumbents and geopolitical chokepoints, the combination of deep tech and deep industry experience could be just what’s needed to shake things up. Investors won’t have to wait long to see if Ragiel and Walsh can turn metal from waste — and promise into profit.

If securing a stable supply chain is the sine qua non of any industrial venture, then MTM Critical Metals (ASX: MTM) just ticked off another box on its North American to-do list. The Perth-based outfit has inked its second major e-waste supply agreement in the U.S., this time with Indiana-headquartered Plastic Recycling Inc. (PRI), bolstering its ambitions to commercialise its Flash Joule Heating (FJH) technology for extracting precious and base metals from electronic scrap.

The new five-year agreement guarantees up to 400 tonnes per annum (tpa) of high-grade printed circuit board-rich electronic waste (PES), with MTM holding exclusive rights to the first 300 tpa. This mirrors a similar deal signed earlier this week with Dynamic Lifecycle Innovations (DLI), which secures a minimum 700 tpa of feedstock. In total, MTM now has over 1,100 tpa of e-scrap under LOI — a tidy hedge against the vicissitudes of supply risk.

“This second supply agreement is another critical milestone in executing our commercialisation strategy,” said CEO Michael Walshe. “With binding agreements from two major suppliers now in place, MTM is well positioned to deliver its Phase 1 rollout and planned capacity expansions with reduced supply risk and enhanced commercial flexibility.”

The dual agreements provide more than just peace of mind. They underpin the operational ramp-up of MTM’s one-tonne-per-day FJH demonstration plant in Texas, due to fire up in Q4 this year. The FJH tech — a single-step, acid-free process that vaporises e-waste into water-soluble metal chlorides — has already demonstrated mouthwatering recoveries: 100% for gold, 97% for silver, and 91% for copper from metal-rich PCB waste.

What’s more, the economics stack up like pancakes at a Sunday brunch. The test feedstock processed using FJH boasted gold grades of 551 g/t and silver at 2,804 g/t — magnitudes above traditional mining ores. Such numbers wouldn’t look out of place in a feasibility study for a Tier 1 gold project.

But it’s not just about high grades. With over 8 million tonnes of e-waste churned out annually in the U.S. — and only a paltry 15% formally recycled — MTM’s value proposition hinges on tapping an overlooked urban orebody. Its strategy is to intercept premium-grade e-scrap from data centres, telecom infrastructure, and consumer electronics before it’s either exported to low-yield smelters in Asia or unceremoniously buried in landfill.

PRI and DLI, both among the largest e-waste processors in the U.S., provide MTM with strategically positioned infrastructure across key states including Indiana, Tennessee, South Carolina, and Wisconsin. These partners bring more than just scale — their operations are certified to the highest standards for environmental, health, and data security, offering a secure and reliable source of feedstock for MTM’s refining ambitions.

From a commercial standpoint, the agreements include performance penalties to ensure delivery volumes, with pricing indexed to prevailing scrap benchmarks and adjusted according to assay grades. This not only incentivises suppliers to deliver high-quality material but also aligns cost with actual metal content, a win-win for both parties.

Importantly, MTM’s modular FJH plant is designed with scalability in mind. Once the Texas hub is operational, the company can roll out additional capacity as feedstock volumes rise — a real possibility given the burgeoning backlog of obsolete electronics across the U.S., Japan, and Europe.

And there’s a strategic undercurrent here too. The U.S. Department of Defense has shown interest in MTM’s process for its potential to shore up domestic supply chains of critical materials. Given today’s geopolitics, that could prove a timely wildcard.

So where does this leave MTM? With supply secured, technology de-risked, and market demand on a steady uptrend, the company is edging closer to what could be a commercially viable — and environmentally superior — solution to one of the fastest-growing waste streams on the planet.

The next watchpoint will be the commissioning of the demonstration plant in Texas. If that goes to plan, MTM may well become a key player in reshaping how metals are recovered — not from the ground, but from yesterday’s gadgets.

If alchemy was ever real, it just found a modern cousin in MTM Critical Metals (ASX: MTM), which has just unveiled an astonishing technological leap in e-waste processing that turns discarded electronics into literal treasure. The West Perth-based outfit announced on 10 April a breakthrough in recovering ultra-high-grade metals from printed circuit boards (PCBs), with gold grades topping 551 grams per tonne and silver at a glittering 2,804 g/t—figures that leave traditional mining grades in the dust.

MTM’s proprietary Flash Joule Heating (FJH) technology is at the heart of this metallurgical magic. The single-step, acid-free process converts metal-rich e-waste into water-soluble metal chlorides using high-voltage electrical pulses, avoiding the nasty environmental downsides of traditional smelting or hydrometallurgical techniques. The company reports recovery rates of 100% for gold and titanium, and north of 90% for silver, tin, and zinc—a rare trifecta of efficiency, economics, and environmental sustainability.

But it’s not just the lab results that have investors sitting up straighter. MTM also announced a transformative five-year e-scrap supply agreement with U.S. recycling heavyweight Dynamic Lifecycle Innovations. The deal locks in a minimum 700 tonnes per annum (TPA), targeting up to 800 TPA, of high-grade PCB waste—a consistent feedstock critical to scaling commercial operations. The agreement includes stiff penalties for under-delivery, giving MTM a rare level of supply chain certainty in the volatile recycling sector.

“This agreement ensures a scalable, long-term supply,” said CEO Michael Walshe, “and combined with our breakthrough gold recovery results, MTM now has both the technology and the supply chain to underpin a robust commercial rollout and strategic partnerships.”

It’s a crucial milestone in MTM’s pivot from developer to operator. The processed material in the recent test runs didn’t come from Dynamic, but rather a separate U.S. partner specialising in converting plastics to synthesis gas (syngas), leaving behind a metal-rich char. This was the feedstock subjected to MTM’s FJH process—demonstrating the flexibility of the technology across varying input types.

What’s more, the U.S. Department of Defense has reportedly taken an interest in MTM’s domestic, sustainable process. That’s not a trivial endorsement in a geopolitical climate increasingly focused on supply chain security for critical and strategic materials.

MTM’s FJH approach offers a suite of advantages over traditional techniques:

• Speed: What takes hours in smelters happens in milliseconds via FJH.

• Energy efficiency: FJH uses significantly less energy than high-temperature smelting.

• Environmental benefit: No acids, no toxic slag—just clean chemistry.

• Versatility: Recovers high and trace metals alike in a single step.

• Economic upside: E-waste tested had over 100 times the gold content of conventional ore, and MTM only pays for recoverable metal value based on assay results.

The financial upside here is hard to overstate. With gold prices hovering around US$100,000/kg and silver near US$1,000/kg, MTM’s recovery rates from scrap electronics rival (and in many cases outperform) traditional mining. Plus, the e-waste market is forecast to balloon from US$57.8 billion in 2022 to a whopping US$244.6 billion by 2032.

Next up for MTM? A demonstration plant in Texas, due online by Q4 2025, and the finalisation of its long-form agreement with Dynamic. It’s also eyeing expansion into Japan, Taiwan, and Europe, where regulations and demand for clean recovery solutions are gathering pace.

As MTM transitions from lab tests to large-scale rollout, the company’s combination of cutting-edge tech and locked-in supply could set the benchmark for a new era in urban mining. After all, who needs a pick and shovel when your next gold rush comes from a busted old iPhone?

In the latest move to position itself at the sharp end of semiconductor innovation, Adisyn (ASX: AI1) has inked a strategic partnership with the Jan Koum Center for Nanoscience and Nanotechnology at Tel Aviv University – a globally respected research powerhouse in the nano game. Through its subsidiary, 2D Generation (2DG), Adisyn is now poised to accelerate its graphene-based semiconductor ambitions, with access to high-end gear and cutting-edge research facilities.

The centrepiece of the agreement is the Beneq TFS 200 Atomic Layer Deposition (ALD) system, an essential bit of kit for precise nanomaterial coating. It’s essentially a fine paintbrush for the nanoscale, allowing 2DG to push its development of graphene interconnects – the conductive highways within chips that are increasingly failing to keep pace with shrinking silicon geometries.

Adisyn already has its own next-gen ALD unit en route, scheduled for installation in May. But the immediate use of the older generation system at Tel Aviv gives them a two-machine edge, allowing parallel development without the wait.

Chairman and CEO of 2DG, Arye Kohavi, didn’t hold back on the enthusiasm: “We are thrilled to enter this partnership which enhances our team’s ability to innovate in the field of graphene-based coatings. The access to world-class facilities, coupled with the expertise of the TAU Nano Center’s leading researchers, will enhance our product development, allowing us to bring our innovative and high-performance graphene materials to market faster.”

It’s a sentiment echoed by the academic partner, with TAU NanoCenter CEO Alice Polacsi-Segev describing the collaboration as “a perfect alignment of vision,” highlighting the centre’s multidisciplinary research approach and state-of-the-art tools.

The real kicker here is what it could mean for the future of chip design. Copper, the current workhorse for interconnects, is struggling below the 5-nanometre threshold. Graphene – that single-atom-thick miracle material – offers orders-of-magnitude improvements in conductivity and thermal management, potentially solving the so-called interconnect bottleneck that’s stalling Moore’s Law.

2DG claims a significant edge: it’s developed a process to deposit graphene coatings at sub-300°C – a feat that’s eluded even the titans of the industry. That lower thermal footprint makes the technology viable for integration with existing semiconductor manufacturing processes, a must if it's to scale commercially.

The significance isn’t lost on industry observers. The interconnect problem is often described as the "Holy Grail" of next-gen chip design. Whoever cracks it first – especially with a scalable, cost-effective solution – could walk away with a dominant IP position. Adisyn’s deal ensures that any IP resulting from the collaboration remains fully in-house, giving the company a valuable lever in future commercial negotiations.

Importantly, the partnership isn’t a budget blowout. The company described the cost as "immaterial", which should be music to the ears of cautious investors wondering whether this innovation sprint comes with a reckless price tag.

This announcement also comes hot on the heels of two significant board appointments earlier this month. Semiconductor heavyweight Kevin Crofton has stepped up as Non-Executive Chairman, while tech entrepreneur Dominic O’Hanlon joined as a Non-Executive Director. The new leadership signals a sharper focus on the commercialisation of 2DG’s IP and scaling its global footprint.

While demo prototypes aren’t expected until 2026, partial proof-of-concept is already in place. 2DG is also working with IMEC – one of Europe’s premier semiconductor R&D hubs – and is part of the EU Chips Act’s ConnectingChips initiative, a prestigious program linking it with the world’s top chip designers and fabricators.

For a small-cap ASX player, Adisyn is making global-scale moves. The strategic partnership with Tel Aviv University doesn’t just fast-track development – it solidifies Adisyn’s place on the global graphene map. If their tech lives up to the promise, they might just go from speculative minnow to silicon slayer.