MTM Critical Metals: The ASX Junior Turning Tariffs into Tailwinds

There are few things more enduring in mining than the promise of a new resource discovery. But in today’s geopolitical powder keg—where the West is scrambling to decouple from China’s grip on critical minerals—the real race isn’t about finding the next orebody. It’s about who can get metal into market now.

And that’s precisely where MTM Critical Metals (ASX: MTM) is staking its claim, not in some remote exploration patch, but deep in the heart of Texas, with a first-mover model built for the age of tariffs, trade wars and technology metals.

Flashpoint in the Supply Chain

The catalyst? U.S. President Donald Trump’s directive to investigate all critical mineral imports under Section 232 of the Trade Expansion Act—a move aimed at slashing dependency on China and potentially slapping up to 145% tariffs on vital materials like gallium, germanium, indium, and rare earths.

Credit: US Department of Agriculture/ Peggy Greb

For most players, it’s a looming crisis. For MTM, it’s a strategic endorsement.

The Perth-based company is commercialising Flash Joule Heating (FJH)—a patented, single-step process that vaporises metals from waste without using sulphuric acid, without requiring sprawling infrastructure, and without relying on any offshore feedstock. The result? An acid-free, ultra-fast flowsheet that can take e-waste, refinery scrap, or mineral concentrates and produce valuable metal chlorides within seconds.

“We’re not just changing the flowsheet—we’re throwing out the old playbook,” says MTM CEO Michael Walshe. “Our tech removes several process steps and achieves what traditional methods can’t: speed, scale and simplicity without the environmental baggage.”

E-Waste to Equity: The Urban Mining Model

MTM isn’t your typical mining hopeful. It doesn’t have a tenement. It doesn’t need a drill rig. And it’s not burning cash waiting for a DFS. Instead, the company has secured more than 1,100 tonnes per annum of high-grade e-waste feedstock under long-term, binding supply agreements with two of the largest recyclers in the U.S.

That feedstock isn’t just abundant—it’s lucrative. One recently announced source contains over 550 grams per tonne of gold, while refinery scraps from U.S. partner Indium Corp are rich in gallium, germanium and indium—metals that China currently dominates, and the U.S. can’t get enough of.

“We’ve landed contracts with performance penalties built in—extremely rare in this space,” says Steve Ragiel, President of Flash Metals USA, MTM’s wholly owned U.S. subsidiary. “That shows how serious these recyclers are about working with us. They know we’re solving a broken model.”

Ragiel, who previously ran Waste Management Inc’s $1 billion recycling arm, isn’t one for hyperbole. But he’s quick to point out how the economics have shifted.

“Smelters pay these recyclers peanuts—10 to 20% of the metal value. We’re offering better returns, faster turnaround, and transparency. They’re finally seeing real value for what they’ve been exporting for years.”

Built to Scale, Built to Last

MTM’s pilot facility in Houston is on track for commissioning by December, with commercial production expected in early 2026. The plant is initially designed for 1 tonne/day, but ongoing refinements could see throughput scale up significantly—potentially doubling output with minimal additional capital.

Critically, the company’s modular design allows it to scale or replicate with ease—sidestepping the scale-up bottlenecks that plague most mining and metallurgical ventures.

“This isn’t a smelter you can’t turn off,” Ragiel explains. “Our working capital is lower, our energy use is lower, and we’re flexible enough to adapt to market dynamics—metal by metal, feedstock by feedstock.”

That flexibility also extends to the business model: a build-own-operate approach for high-value waste, and a technology licensing model for mineral processing applications. Partners like Vedanta are already on board for red mud remediation, with more collaborations in the works.

Policy-Aligned and Primed for Growth

MTM is in active dialogue with the U.S. Department of Defense and Department of Energy, with multiple funding applications under review. The company recently hosted DoD officials at its Houston site and is eyeing both grant funding and industrial partnerships to support its next stage of growth.

Walshe is optimistic:

“We’re not just aligned with U.S. policy—we’re a product of it. From clean tech to critical minerals to job creation, we’re ticking the boxes regulators and industry are now laser-focused on.”

With bipartisan consensus in the U.S. that domestic supply chains must be re-established—and Trump’s tariff threat adding fuel to the fire—MTM’s pitch is gaining traction with customers, partners and policymakers alike.

The Wrap

In a sector dominated by ten-year timeframes and geological risk, MTM offers something refreshingly different: a commercially ready, capital-light, geopolitically aligned metals business that could be producing high-value outputs within months.

It doesn’t need a mine. It doesn’t need China. And it doesn’t need a bull market in sentiment to make its numbers work.

While others dig deeper into the ground, MTM is digging into landfills, warehouses, and e-scrap—pulling out critical metals and margin along the way.

In today’s market, that’s not just a clever pivot. It might be the smartest move yet.