The Metallium Ltd (ASX: MTM) share price is gaining ground again on Tuesday after the company released a major update.
Investors are responding positively, sending the shares 5.36% higher to 59 cents in morning trade.
Even with today's gain, the stock remains down 47% in 2026. That highlights the big swings investors have seen this year, after the stock has risen around 270% over the past 12 months.
Given the stock was halted on Monday pending this announcement, today's move is likely to draw even more attention to the update.
Here's what the market is reacting to.
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10-year deal adds another key milestone
According to the ASX announcement, Metallium's wholly owned US subsidiary, Flash Metals USA, has signed a 10-year initial agreement with Indium Corporation.
The deal covers gallium, germanium, indium, copper, tin, gold, and other critical metals recovered from e-waste and industrial scrap using the company's Flash Joule Heating technology.
The pricing is tied to market-based formulas, giving investors a clearer view of how recovered metals could contribute to revenue as the Texas plant ramps up.
The agreement also adds a long-term customer as the company continues expanding its US operations.
This follows January's binding Glencore feedstock supply deal, which secured raw material supply for the Texas site.
Texas growth plans remain in focus
The agreement gives Metallium further exposure to metals that remain in strong demand across semiconductors, defence equipment, AI infrastructure, and advanced electronics.
Gallium and germanium have become increasingly important as Western countries look to reduce reliance on overseas supply chains.
Management also said the deal aligns with broader US efforts to rebuild domestic refining capacity and strengthen critical mineral supply chains.
The Texas expansion remains a key reason behind the stock's strong 12-month gain.
The company recently said it expects three Flash Joule Heating units to be operating together by June, with processing volumes set to increase through the second half of 2026.
Even so, the Metallium share price has continued to see-saw in recent months as larger-scale production builds.
Foolish Takeaway
The gain suggests investors wanted another clear sign that the company is turning its technology into commercial sales.
A 10-year deal with a well-known US customer marks another solid milestone for the company as it works toward larger operations in Texas.
With the stock still well below its 2026 highs, the move higher shows the market is still reacting strongly to progress on contracts and production growth.
Metallium has a market capitalisation of about $412 million, with 736.8 million shares outstanding.
