We’re pleased to share Pitt Street Research’s latest update on Metallium Ltd (ASX: MTM), published earlier today following our official name change from MTM Critical Metals.
This is Pitt Street’s third report on Metallium since initiating coverage in October 2024, and it marks a significant milestone in our journey.
Key Highlights from the Update:
Valuation uplift: Pitt Street has lifted its base case valuation to A$1.50/share and bull case to A$1.96/share, citing strong execution and commercial momentum. This represents a ~12x uplift since initiation.
Pilot plant milestone: Our 1 tonne-per-day demonstration facility in Chambers County, Texas is on track for commissioning by end-2025, following site acquisition, permitting and detailed engineering.
Commercial rollout: Backed by a $50M institutional placement, we’re positioned to expand across additional U.S. states in 2026.
Strategic partnerships: Multiple feedstock and processing agreements signed, including Indium Corporation, Vedanta, Dynamic Lifecycle Innovations, and Meteoric Resources.
Advisory board strengthened: Gregory L. Bowman, CSO of Siemens Government Technologies, has joined as a senior U.S. advisor, bringing deep experience in national security and critical minerals.
“It has been no accident. It has been because of the company’s progress.”— Pitt Street Research, 22