In midday trade, the Metallium share price is down 2.42% to 60.5 cents.

That leaves the stock down roughly 42% since the start of 2026, despite still sitting well above where it traded a year ago after a huge 12-month run.

The weaker move suggests investors may be weighing valuation and execution after a string of strong US announcements over recent months.

Let's take a closer look.

US defence work moves into the next phase

Today's update confirmed Metallium has successfully completed Phase I of its Small Business Innovation Research (SBIR) contract. The project was run in partnership with the US Department of War's Defence Logistics Agency (DLA).

The program focused on recovering gallium from semiconductor and electronic waste streams using the company's Flash Joule Heating technology.

Management said all technical milestones were achieved or exceeded, with the work completed in 6 months, around half the usual SBIR Phase I timeline.

Gallium is used in radar systems, semiconductors, satellite electronics, and advanced communications. The United States currently relies almost entirely on imports for this supply.

Metallium said its process could help recover gallium from alternative waste feedstocks, supporting domestic supply chain security and reducing dependence on overseas production.

The company also noted the successful completion may support a potential Phase II SBIR funding round worth up to US$1 million. This is expected to help fund further development and pilot-scale deployment.

Why the shares may still be under pressure

Despite the positive milestone, today's weakness may reflect a market that was already expecting further progress in the company's US strategy.

Metallium has been highly active in Texas, where it is scaling its Gator Point Technology Campus and targeting 8,000 tonnes per annum of PCB feedstock throughput by the end of 2026.

With a market capitalisation of about $449 million, the stock has already delivered a one-year return of about 388%, even after the 2026 pullback.

At this stage, investors may be waiting for the next major update to come from commercial revenues, additional US government funding, or further progress at the Texas facility.

What to watch next

The next key item to watch is whether Metallium can convert this successful defence contract into Phase II funding.

Longer term, investors will also be watching for commercial gallium recovery lines to emerge at its Texas campus.

If that happens, today's pullback could look more like a pause after such a strong run.

The post Another US milestone, another share price drop: What's going on with this ASX stock? appeared first on The Motley Fool Australia.

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.

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.

The post This ASX stock just landed a 10-year US deal and investors are buying in appeared first on The Motley Fool Australia.

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.

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.

The post Why this ASX stock just dropped 7% after today's announcement appeared first on The Motley Fool Australia.

The update has caught the eye of the analyst team at Canaccord Genuity, which has a very bullish share price target on Metallium shares, which we'll get to later.

Firstly, let's look at what Metallium announced.

Technology advancing well

The company is in the process of commercialising its proprietary "flash joule heating" technology, which allows it to extract the metals from e-waste such as printed circuit boards (PCBs).

Metallium said it had made good progress at Gator Point, and went on to say:

Since acquiring the site less than twelve months ago, Metallium has undertaken substantial site rehabilitation, infrastructure upgrades and installation of processing equipment, transforming the facility into the company's primary U.S. technology demonstration and early commercial processing hub. Commissioning activities are now progressing across the integrated flowsheet as the Company advances the industrial scale-up of Flash Joule Heating technology. The development of Gator Point positions Metallium within the emerging U.S. domestic supply chain for critical metals, where there is currently limited capability to process complex electronic waste streams into refined metals. This represents a significant opportunity for new industrial processing platforms capable of recovering critical metals from PCBs.

Managing Director Michal Walshe said the next major milestone for the company would be operating three FJH reactors in parallel.

He added:

This milestone will validate the scalability of the technology and represents an important step toward our Stage-1 commercial configuration targeting approximately 8,000 tonnes of PCB feedstock per year.

The company said PCBs represented one of the highest grade "urban metal" resources available, containing significant concentrations of precious and base metals, typically at grades better than mined ores.

Metallium is targeting feedstocks that contain several thousand dollars per tonne of metal, or a gold equivalent of an ore containing 200 grams per tonne.

Once stage one is operating, the company is aiming to double capacity to 16,000 tonnes per annum.

Shares looking cheap

The team at Canaccord Genuity said the company's wet commissioning of the first FJH line was a major de-risking of the technology, and noted that Metallium is fully funded through to the end of stage two works.

They estimate that once stage two is operating, scheduled for late 2027, Metallium could produce 90,000 ounces per year of gold equivalent, generating $330 million in EBITDA.

Canaccord Genuity has a price target of $1.60 on Metallium shares, compared with just 72 cents currently.

Metallium was valued at $530.5 million at the close of trade on Wednesday.

The post This innovative ASX metals company could deliver more than 100% upside: broker appeared first on The Motley Fool Australia.

The halt will remain in place until trading resumes on Wednesday, 21 January 2026. It could also be lifted earlier if an announcement is released.

So, what is Metallium preparing to release to the market? Let's take a look.

What triggered the trading halt

In its request to the ASX, Metallium confirmed the trading halt is pending the release of an announcement relating to a strategic US capital raising.

The company has not yet disclosed the size, structure, or pricing of the potential capital raise. However, the wording suggests Metallium is working on funding linked to its US operations, potentially to support commissioning and early commercial activity.

Why funding is important at the moment

Metallium is moving through a critical phase of its development.

The company is working toward commissioning and early commercial activity in the United States, where it plans to deploy its Flash Joule Heating technology to recover metals from recycled and industrial materials.

That stage of growth usually requires additional funding, with costs rising as the business moves closer to commissioning.

What investors will be watching for

When the halt is lifted, investors will be focused on several key details.

These include the amount of capital being raised, whether existing shareholders are diluted, and whether the raise involves new strategic investors or institutions.

The market will also be watching how the funds are expected to be used, particularly whether they are tied to specific milestones in the US, such as commissioning progress or capacity expansion.

The price set for the raising will also be important. A heavily discounted issue could pressure the share price, while a smaller discount may be seen as a sign of confidence.

A quick reminder on the business

Metallium is a technology-focused metals recovery company.

It does not operate traditional mines. Instead, it uses its patented Flash Joule Heating process to extract metals from mineral concentrates, industrial waste, and recycled materials.

Target metals include rare earths elements, gallium, germanium, antimony, and gold, many of which are considered important to modern manufacturing and energy systems.

Foolish Takeaway

Another trading halt always puts a stock firmly on investor watchlists, especially when it follows a halt earlier this month.

I will be paying close attention to the details of the proposed capital raising. In particular, how it supports Metallium's US strategy and advances the business toward sustainable commercial operations.

The post Why this ASX small cap has hit the pause button again appeared first on The Motley Fool Australia.

At the time of writing, Metallium shares are swapping hands for 99 cents, down 7.04%. The sell-off comes after the metals recovery company lifted its trading halt and released details of a binding supply agreement.

So, what did Metallium exactly announce, and why are shares under pressure?

What the supply agreement includes

According to the release, Metallium confirmed it has executed a binding electronic scrap supply agreement with Glencore through its US subsidiary.

Under the deal, Glencore will supply up to 2,400 tonnes per year of shredded e-scrap to support Metallium's US operations. The material will be used during commissioning and early commercial-scale processing using the company's Flash Joule Heating (FJH) technology.

The agreement will run through 2026, with the potential for future extensions by mutual agreement. While pricing and some commercial terms remain confidential, the contract provides Metallium with a secured and reliable source of feedstock.

Management described the agreement as a key step in the company's transition from commissioning to commercial operations in the United States.

Metallium Managing Director & CEO Mr Walshe said:

This is a defining moment for Metallium. Our first binding supply agreement gives us exactly what every processing technology company needs most: consistent, secure, high-quality feedstock.

Why this agreement matters

Metallium's technology depends on having a consistent supply of suitable material. Without that, it is hard for the company to move beyond testing and into ongoing commercial processing.

This agreement helps reduce that risk. It gives the company greater confidence that its US facilities can be supplied during commissioning and early scale-up. This allows management to focus on running the operation rather than securing feedstock.

Why the share price fell

Despite the positive milestone, the market reaction has been subdued.

That is likely because the agreement does not immediately change revenue or earnings expectations. The supplied material supports commissioning and early operations, rather than full-scale production or near-term profitability.

Some investors may also have been expecting larger volumes or clearer financial guidance, which could help explain the share price reaction.

Foolish bottom line

This deal represents a solid step forward, even though it does not materially change the company's near-term financial outlook.

I will be watching how commissioning progresses in the US and whether Metallium can convert secured feedstock into consistent commercial output. Execution, cost control, and progress toward repeatable processing will be key factors to watch in 2026.

The post This ASX stock landed a major deal. Here's why its shares are down appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

4DMedical Ltd (ASX: 4DX)

The 4DMedical share price is down 12% to $4.01. This may have been driven by profit-taking from investors after some very strong gains in 2025. For example, the respiratory imaging technology company's shares are up over 700% since this time last year despite today's pullback. The catalyst for this has been the US FDA's approval of its CT:VQ platform. It is a CAT scan-based ventilation-perfusion software. In addition, the platform has been picked up by three of America's leading academic medical centres since approval. This includes Stanford, University of Miami, and Cleveland Clinic. Management believes the "rapid adoption by elite institutions demonstrates the compelling clinical and operational advantages of CT:VQ over traditional nuclear VQ imaging."

Coronado Global Resources Inc (ASX: CRN)

The Coronado Global share price is down 12.5% to 31.5 cents. This has been driven by the tragic news that the coal miner has experienced its second fatality on-site in less than a month. In the middle of the month, one occurred at its Logan mining complex in West Virginia, United States. On Friday, a second incident occurred at the Mammoth Underground Mine, which is located within Coronado Global's Curragh Mine complex, resulting in a fatal injury to an employee.

Metallium Ltd (ASX: MTM)

The Metallium share price is down 7% to 98.7 cents. This is despite the company announcing a binding electronic-scrap supply agreement with Glencore (LSE: GLEN). It is a major recycler of end-of-life electronics, lithium-ion batteries, and other critical metal-containing products. Management notes that the agreement marks a significant commercial milestone for Metallium, providing secure long-term access to e-scrap feedstock to support the ongoing commissioning and scale-up of its Flash Joule Heating (FJH) technology platform in the United States.

WiseTech Global Ltd (ASX: WTC)

The WiseTech Global share price is down 3.5% to $66.10. Investors have been selling WiseTech Global shares despite there being no news out of the logistics solutions technology company. However, it is worth noting that a number of ASX tech stocks have taken a tumble on Monday. This has led to the S&P/ASX All Technology Index falling 2.2% this afternoon.

The post Why 4DMedical, Coronado Global, Metallium, and WiseTech Global shares are falling today appeared first on The Motley Fool Australia.

Before the halt, Metallium shares last traded at $1.065, giving the company a market capitalisation of roughly $670 million. The stock has delivered strong gains over the past year, which means today's pause has caught investor attention.

The trading halt will remain in place until the company releases an announcement or normal trading resumes on Tuesday, 6 January 2026, whichever comes first.

What does Metallium do?

Metallium is a technology-focused metals recovery company.

The company does not operate traditional mines. Instead, it uses its patented Flash Joule Heating (FJH) technology to extract valuable metals from mineral concentrates, industrial waste, and recycled materials.

These materials can include refinery scrap, e-waste, red mud, and other by-products that are usually difficult or expensive to process.

The metals Metallium targets include rare earth elements, gallium, germanium, antimony, and gold. Many of these are considered critical minerals due to their importance in electronics, defence, renewable energy, and advanced manufacturing.

The company has operations and development activities in both Australia and the United States.

Why today's halt matters

The company has confirmed that the pending announcement relates to a material feedstock supply agreement.

For Metallium, having access to reliable feedstock is critical. Without a steady supply of suitable material, the technology cannot be scaled or used at commercial levels.

A supply agreement like this could help reduce one of the key risks facing the business. It could also help keep future facilities running at higher levels and improve confidence around commercialisation timelines.

While the company has not shared details yet, the use of the word material suggests the agreement could be important for the business.

Metallium's recent progress

Over the past year, Metallium has continued to position itself for commercial growth.

The company has advanced work on its US-based facilities, announced partnerships, and promoted its technology as a lower-cost and lower-emissions alternative to traditional metal processing methods.

This progress has helped support strong share price performance heading into 2026.

What to watch next

The next move depends on the detail in the upcoming announcement.

Investors will be looking for information on the scale of the feedstock agreement, its duration, and how it fits into Metallium's plans to move toward commercial operations.

I'll be watching closely when the announcement is released to see how meaningful it is for the business.

Until then, Metallium shares remain halted as investors wait for more detail.

The post Why this ASX small-cap stock is in a trading halt today appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Aeris Resources Ltd (ASX: AIS)

The Aeris Resources share price is up 10% to 60 cents. This morning, the copper miner announced that its Constellation Project has been granted development consent from the NSW Department of Planning, Housing and Infrastructure. Aeris Resources' executive chair, Andre Labuschagne, said: "Receiving development consent represents a key milestone for the project." Labuschagne added: Coupled with our recently declared Open Pit Ore Reserve, this places us in a strong position for Constellation to become the next major ore source for Tritton in the near term. We acknowledge and thank the NSW government for their continued support."

Cobram Estate Olives Ltd (ASX: CBO)

The Cobram Estate Olives share price is up 16% to $3.79. Investors have been buying this olive oil producer's shares since it announced an agreement to acquire California Olive Ranch. It is the leading producer and marketer of Californian extra virgin olive oil. The company has agreed a total consideration of US$173.5 million. This comprises cash of US$88.5 million, the issuance of vendor notes worth US$70 million, and an earn-out payment US$15 million. Cobram Estate Olives' chair, Rob McGavin, said: "The acquisition of California Olive Ranch, Inc., delivers a compelling set of strategic and financial benefits for CBO. It immediately expands our Californian olive growing footprint from approximately ~1,422 hectares to around ~3,292 hectares of planted groves, while accelerating sales growth through the addition of well-established, premium household brands."

Metallium Ltd (ASX: MTM)

The Metallium share price is up 4.5% to 98.2 cents. This follows news that the critical and precious metals company has commenced commissioning at its Texas Technology Campus. Management believes this milestone represents a major step in de-risking its U.S.-based critical-metals recovery platform. It notes that commissioning activities are progressing in parallel with ongoing construction works to support future expansion.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is up 11% to $5.45. This morning, this semiconductor company revealed that it has signed a licensing agreement for its ReRAM technology with Texas Instruments (NASDAQ;:TXN). In addition, the company released revenue guidance for FY 2026, revealing that it expects revenue of at least $10 million. The company's CEO, Coby Hanoch, said: "This agreement is another strong signal that the industry is moving towards ReRAM as the successor to flash memory in SoC designs."

The post Why Aeris Resources, Cobram Estate Olives, Metallium, and Weebit Nano shares are racing higher today appeared first on The Motley Fool Australia.

The high-flying company in question is Metallium Ltd (ASX: MTM).

Shares in the precious metals recovery company closed on Wednesday trading for 94 cents apiece. In early morning trade on Monday, following the four-day Christmas holiday trading break, shares are trading for $1.02 apiece, up 8.5%.

This sees the Metallium share price up an eye-popping 343.5% over 12 months.

Here's what's grabbing ASX investor interest today.

ASX All Ords share surges on milestone achievement

The Metallium share price is leaping higher after the company announced it has commenced commissioning at its Texas Technology Campus (Gator Point).

This follows the successful and safe completion of the first chlorine flash using the ASX All Ords share's proprietary Flash Joule Heating (FJH) technology. Metallium highlighted that this is "a major step" in de-risking its United States-based critical metals recovery platform.

Commissioning activities were reported to be progressing in parallel with ongoing construction works to support future expansion at Gator Point. Those activities include feedstock preparation and handling circuits; environmental control and gas-scrubbing systems; and process controls and safety systems.

The ASX All Ords shares said that commissioning is aligned with its staged ramp-up strategy toward Stage-1 nameplate capacity of 8,000 tonnes per annum (TPA) of inbound printed circuit board (PCB) E-waste.

The company is targeting Stage-1 throughput by the third quarter of calendar year 2026.

Those operations will be focused on the recovery of gold, copper, silver, and tin from PCB feedstocks. Advanced planning was also reported to be underway for a future gallium/germanium process line, which remains subject to Metallium securing the required feedstock supplies.

What did management say?

Commenting on the successful completion of the first chlorine flash that's boosting the ASX All Ords share today, Metallium CEO Michael Walshe said, "It confirms that the core FJH process is operating as designed under real operating conditions and marks the formal start of commissioning at Gator Point, exactly as planned."

Clearly pleased, Walshe added:

Having a three-crucible demonstration line already dry and wet commissioned gives us a powerful platform for ongoing R&D, feedstock qualification and partner engagement while we commission the wider plant. Securing our TCEQ Permit-by Rule provides a key regulatory milestone and enables us to advance commissioning with confidence.

In parallel, we are in advanced negotiations to secure long-term PCB feedstock supply arrangements to support Stage-1 operations. Securing high-quality, contracted feedstock is a critical pillar of our operating strategy as we scale toward 8,000 tonnes per annum of inbound PCB capacity.

The post Up 344% in a year, guess which ASX All Ords share is rocketing again today on big news appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

4DMedical Ltd (ASX: 4DX)

The 4D Medical share price is up a further 22% to $1.41. Investors have been fighting to get hold of this respiratory imaging technology company's shares this month after it released some big news. The first was that its ventilation-perfusion product, CT:VQ, has received U.S. Food and Drug Administration (FDA) 510(k) clearance. Its second announcement revealed that the U.S. Centers for Medicare & Medicaid Services (CMS) have confirmed that reimbursement for the software falls under Category III Current Procedural Terminology (CPT) codes 0721T and 0722T, and will be paid at US$650.50 per scan, effective immediately. The company notes that this is "accelerating the path to broad market adoption" of the technology.

Austal Ltd (ASX: ASB)

The Austal share price is up 3.5% to $7.98. This morning, this shipbuilder announced that the United States Coast Guard has exercised options worth US$314 million (A$480 million) with Austal USA for the Offshore Patrol Cutter (OPC) program. The 110 metre OPCs will support US national security strategy by maintaining the nation's economic, social, environmental and military security mission areas. Austal CEO, Paddy Gregg, said: "These early awards reflect the strong partnership that has quickly developed between the Coast Guard and Austal USA teams, and provide an important sign of intent for OPCs 3-6."

Iress Ltd (ASX: IRE)

The Iress share price is up 6% to $9.01. This follows news that the financial technology company has appointed Andrew Russell as its new group CEO and managing director effective 17 November 2025. He will succeed Marcus Price, who has been with the company since 2022. Iress chair, Roger Sharp, said: "The next phase of our strategy will be intensely product and client-focused, and we are very pleased to have appointed a leader as experienced as Andrew in this domain. Andrew is an experienced CEO with a proven track record in delivering shareholder value and building trusted relationships with clients, investors and employees."

Metallium Ltd (ASX: MTM)

The Metallium share price is up 9.5% to 80.5 cents. This morning, this metals recovery company announced the appointment of Travis Langster, former U.S. Deputy Assistant Secretary of Defense, to the Advisory Board of Flash Metals USA Inc. It is the company's 100%-owned U.S. subsidiary. CEO Michael Walshe, commented: "We are delighted to welcome Travis to our Advisory Board. Travis brings a unique combination of U.S. defense leadership, international policy expertise, and strong industry connections across the electronics and semiconductor supply chains. His background in fortifying the U.S. defense industrial base and shaping space and missile defense policy will be invaluable as Metallium executes its strategy to assist the U.S. effort to secure and process a domestic supply of critical and strategic metals."

The post Why 4DMedical, Austal, Iress, and Metallium shares are pushing higher today appeared first on The Motley Fool Australia.