Metallium Says Unit Signs LOI With US Mineral Processing Company; Shares Up 5%

MT Newswires Live

12/12

Metallium's (ASX:MTM) Flash Metals USA subsidiary signed a binding letter of intent (LOI) with ElementUSA to collaborate on the recovery of gallium and scandium from red mud in Louisiana, according to a Friday filing with the Australian bourse.

The agreement involves up to $10.1 million in non-dilutive funding for the initial deployment of flash joule heating units across two stages, and a commercial framework outlining license fees, royalties and revenue share, the filing said.

The company retains full ownership of flash joule heating intellectual property under the collaboration, per the filing.

Metallium shares rose nearly 5% in morning trade Friday.

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