MTM Hits the Metal Jackpot: Antimony Recovered at 98% from U.S. E-Waste Using Flash Technology

In a coup for clean-tech metallurgy and geopolitical strategy alike, MTM Critical Metals (ASX: MTM) has unveiled a headline-grabbing achievement: a 98% recovery rate of antimony (Sb) from U.S. electronic waste using its proprietary Flash Joule Heating (FJH) technology. Even more tantalising is the grade of the recovered material—3.13% Sb—eclipsing global primary mine averages and putting some of the world’s largest deposits to shame.

Antimony may not grace many investor pitch decks, but it’s a strategic metal with critical uses in munitions, semiconductors, and flame retardants. More pertinently, the United States produces little to none of it domestically, relying heavily on China, which controls roughly 70% of global refining capacity. MTM’s breakthrough, then, doesn’t just offer commercial upside—it reads like a strategic manifesto for U.S. supply chain resilience.

The tested feedstock—legacy printed circuit boards from telecom equipment and servers—had undergone upstream thermal processing to remove plastics, leaving behind a metal-rich char. When subjected to FJH processing, this “urban ore” revealed antimony content of 31,340 g/t, more than triple the grade found at China’s Xikuangshan mine, the world’s largest Sb producer.

CEO Michael Walshe sees this as a validation of MTM’s tech and timing. “Achieving 98% recovery of antimony at over 3% grade, from domestic urban feedstock, is particularly significant given the U.S. currently has no meaningful domestic Sb production,” he said. “With antimony designated as a critical metal by both the DoD and DoE, these outcomes reinforce MTM’s ability to contribute to onshore supply solutions.”

The announcement rides on the back of two recent strategic wins. First, MTM has secured a pre-permitted five-hectare site in Chambers County, Texas, to host its 1 tonne-per-day FJH demonstration plant, targeting a commissioning date by the end of 2025. Secondly, the company has successfully validated its commercial-scale FJH crucible, de-risking its scale-up path and suggesting throughput could exceed initial projections.

This trinity of breakthroughs—tech validation, site readiness, and a critical metal recovery result—amounts to a triple threat for competitors and a potential boon for MTM’s valuation. The site, with existing infrastructure and permits, not only slashes CAPEX but also puts MTM on the fast track to production, and critically, positions it as a linchpin in America's reshoring agenda for critical metals.

The timing couldn't be more fortuitous. Benchmark antimony prices have surged—now north of US$60,000/t for metal and US$38,000/t for trioxide—as China tightens its grip on exports amid rising geopolitical friction. With the U.S. generating around seven million tonnes of e-waste annually and recycling rates languishing below 25%, MTM’s FJH process offers a ready-made solution to convert urban detritus into strategic resources.

Beyond the lab, MTM has already inked long-term agreements for 1,100 tonnes per annum of e-waste feedstock from U.S. recyclers, ensuring supply continuity as it scales. The company is also engaging with the Department of Defense and Department of Energy for potential funding support, reflecting growing official interest in domestic critical metal processing.

As Walshe succinctly put it, “We are well positioned to scale operations and advance commercial deployment.” Given the strategic context, technical results, and infrastructure readiness, MTM might just be sitting on the right pile of junk—if such a term can still apply to circuit boards that rival Chinese mines in metal content.

With the reactor ready, the site locked, and a metal that ticks every geopolitical and economic box, MTM is not just mining the future—it’s recycling it.