MTM Critical Minerals Turns E-Waste into Opportunity, Backed by Veteran Recycler Steve Ragiel

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.