Metallium Ltd (ASX: MTM) shares are under pressure on Monday after the company released its half-year update to the market.
At the time of writing, the Metallium share price is down 7.25% to 64 cents.
The weakness adds to a difficult run for the stock, which is now down about 40% since the start of 2026.
Here is what happened over the 6 months ended 31 December 2025.
Image source: Getty Images
Metallium reports half-year results
The company released its half-year results alongside a CEO letter to shareholders outlining progress across its technology and processing platform.
During the period, Metallium generated revenue of $451,003, up significantly from $14,809 in the prior corresponding period.
However, it also recorded a net loss after tax of $24.07 million, compared with a loss of $3.59 million a year earlier.
According to the update, much of the loss relates to non-cash share-based payment expenses, largely tied to equity incentives granted in earlier periods.
Metallium said it finished the half with a strengthened balance sheet following a $75 million placement completed after the reporting period.
The company had cash and cash equivalents of $29.8 million at the end of December.
Progress at the Gator Point facility
A key focus for the company during the half-year was advancing its Gator Point Technology Campus in Texas.
The company said major progress was made across construction, infrastructure, and operational readiness at the site.
This includes upgrades to utilities, water systems, laboratory facilities, and dry and wet lab environments designed to support processing activities.
The facility is intended to support the commercial development of Metallium's Flash Joule Heating (FJH) technology, which recovers metals from electronic waste.
Engineering and design work has also continued across the processing flowsheet, including systems to handle electronic scrap materials.
Scaling Flash Joule Heating technology
The company plans to run 3 FJH reactors at the same time during the June quarter of 2026. This is intended to demonstrate that the technology can operate at a larger scale.
The original design for the facility aimed to process about 1 tonne of material per day.
However, improvements to the processing system have lifted this target to around 5 tonnes per day. This would allow the facility to handle about 20 tonnes per day of printed circuit board material once upstream systems are fully integrated.
The company said this increase in capacity supports its plans to move toward commercial production.
Expanding commercial opportunities
The company previously announced a binding electronic scrap supply agreement with Glencore. Management says it provides an important source of material for its processing operations.
In addition, Metallium said it is working to finalise further supply agreements for printed circuit board material as it prepares to increase processing capacity.
The company also confirmed it is in discussions with Indium Corporation about potential supply and offtake arrangements for gallium and germanium recovered from industrial scrap.
Management said its near-term focus remains on commissioning activities at the Gator Point facility and expanding processing capacity as additional reactor units are rolled out.
