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MTM_20250123_Initiation Report January 2025.pdf

MTM Critical Metals Limited (ASX: MTM; OTCQB: MTMCF) ("MTM" or "the Company") is pleased to advise that Peloton Capital has initiated research coverage on the Company . The report provides detailed insights into our progress and highlights the potential value of our proprietary Flash Joule Heating (FJH) technology in the critical metals sector.

SPEC BUY Recommendation: Peloton Capital has issued a SPEC BUY rating with a target price of $0.50 per share.

Flash Joule Heating Technology: The report recognises our processing technology as a transformative solution for critical metals recovery. Recent milestones include: 

Achieving a 93% conversion of rare earth elements (REEs) from monazite concentrate into >90% purity REE chlorides. 

Development of a continuous induction flashing reactor to scale up processing capabilities.

Offering  a potential novel and more efficient processing route for spodumene (lithium) refining.

MOU with a major Gallium, Germanium, Indium & Tin metals refiner (Indium Corporation Inc.) based in New York, USA, for the recovery of these metals from very high value scrap. 

1TPD Pilot Plant Progress: The 1-tonne-per-day (TPD) pilot plant design is on track for completion by February 2025, followed by fabrication, commissioning, and testing.

Potential Catalysts for Growth:
The report outlines several upcoming catalysts that could drive MTM’s valuation, including:

Completion and operational progress of the 1TPD pilot plant.

Formalising commercial partnerships for feedstock supply and offtake agreements.

Further results from FJH testing across multiple feedstocks, including Gallium, REEs and e-waste.

Securing additional non-dilutive capital through government grants and strategic partnerships.

The strengthening focus on supply chain security for critical metals by the U.S. government.-

Projected Economics:
Peloton Capital has highlighted the significant economic potential of our technology, particularly at a 1TPD pilot plant scale:

REE Processing: Achieving 93% conversion to REE chlorides with >90% purity.

Ultra-High-Value Scrap: Projected annual gross margins of approximately USD $85M from processing ultra-high-value gallium, germanium, and indium scrap at 1TPD.

Cost Efficiency: Reduced reliance on energy-intensive traditional processes, with significant savings in reagents and waste management.

The Bigger Picture:
The research note reflects confidence in MTM’s ability to address growing global demand for sustainable and efficient critical metals recovery. With an innovative technology portfolio, a clear commercialisation pathway, and strategic positioning, MTM is well-placed to deliver long-term value to shareholders.

Disclaimer:
This communication references a research report prepared by Peloton Capital Pty Ltd, which was reviewed for factual accuracy by MTM Critical Metals Limited. The views expressed in the report are those of Peloton Capital and do not necessarily reflect the views of MTM. Investors should not rely solely on this report or this communication when making investment decisions. Please consider seeking professional financial advice before taking any action.

Peloton Capital Research Note