Flash Metals USA (Flash Metals) (ASX: MTM; OTCQB: MTMCF) is pleased to announce that it has secured a second long-term supply agreement for Processed Electronic Scrap (PES) rich in printed circuit board (PCB) components with Plastic Recycling Inc. (PRI), a leading U.S.-based plastic and electronic scrap (‘e-scrap’ or ‘e-waste’) recycling and materials recovery company headquartered in Indianapolis, Indiana. PES, is a high-metal-content fraction of e-scrap generated after the removal of non-metallic materials such as fiberglass and plastics.

A Letter of Intent (LOI) has been executed between Flash Metals USA and PRI, outlining the principal commercial terms for a five-year supply agreement. This LOI is expected to convert into a binding contract in the coming weeks and aligns with Flash Metals’ U.S. operational ramp-up of its Flash Joule Heating (FJH) demonstration plant, scheduled for commissioning in Q4 2025.

This new agreement mirrors the structure of Flash Metals’ existing LOI with Dynamic Lifecycle Innovations (DLI)1, Inc. Collectively, the supply agreements with DLI and PRI. secure over 1,100 t/year of high-grade, PCB-rich electronic scrap. This guaranteed volume underpins Flash Metals’ initial and future processing capacity in the United States, providing a strong foundation for commercialization through the recovery of gold and other precious and base metals.

MTM Managing Director & CEO, Michael Walshe, commented: “This second supply agreement is another critical milestone in executing our commercialisation strategy. Plastic Recycling Inc. brings scale, reliability, and deep expertise in the U.S. recycling ecosystem. With binding agreements from two major suppliers now in place, we are well positioned to deliver a Phase 1 rollout and planned capacity expansions with reduced supply risk and enhanced commercial flexibility. Our 1 tonne-per-day demonstration plant is being engineered with modular scalability in mind, enabling staged upgrades to significantly higher throughputs as feedstock volumes and market demand increase”.

“Securing this supply agreement brings our total guaranteed feedstock to over 1,100 tonnes per year—de-risking Phase 1 operations and ensuring stable, high-quality input from day one,” said Steve Ragiel, President & Managing Director, Flash Metals USA. Plastic Recycling Inc. is a trusted partner whose scale and reliability support our long-term growth strategy. These agreements are central to our commercial rollout, enabling consistent throughput, scalable expansion, and alignment with U.S. goals to build secure, domestic supply chains for critical materials.”

Key Commercial Terms (See Appendix for further details)

• Initial Term: 5 years, with optional 5-year renewals.

• Target Volume: Up to 400 tonnes per annum of PES withMinimum Annual Volume Commitment up to 300 tonnes.

• Exclusivity: First 300 tonnes per annum exclusive to Flash Metals.

• Pricing: Indexed to Scrap Register or equivalent pricing, adjusted for actual assay results.

• Feedstock Type: Sorted Electronic Scrap, processed to concentrate the contained metals fraction.

Strategic Significance

Flash Metals has now secured more than 1,100 tonnes per year of high-value, metal-rich PCB electronic scrap feedstock through multi-year Letters of Intent, each including performance penalties to ensure supply reliability. These agreements, which will soon become binding, include exclusive volume commitments, with flexibility for expansion as operations scale. The sourced material includes premium U.S.-origin e-scrap, including circuit boards from cell phones, servers, and laptops. These guaranteed supply volumes:

• Ensure reliable, high-quality feedstock for FJH processing

• Support predictable metals feedstock and cash flow projections

• Enhance Flash Metals’ credibility in offtake discussions and financing (potential non-dilutionary funding options)

• Position Flash Metals as a key player in reshoring critical materials recovery in the U.S.

PRI and Dynamic Lifecycle Innovations operate extensive, high-quality e-waste processing facilities across the United States, each with specialized capabilities and substantial capacities. 

PRI operates facilities in Indianapolis (IN), Jefferson City (TN), and Cowpens (SC), with a combined operational footprint exceeding one million square feet. The sites are equipped with advanced processing, including multiple compounding lines and state-of-the-art extruder systems capable of high-volume polymer recovery from e-scrap. 

Dynamic Lifecycle Innovations (DLI) manages a 140,000-square-foot materials processing and recovery centre at its Wisconsin headquarters, along with a 74,000-square-foot facility in Tennessee. Both are equipped with cutting-edge systems to deliver comprehensive IT asset disposition (ITAD) services — including secure data destruction, asset decommissioning, remarketing, and end-of-life recycling. 

• All facilities are certified to the highest industry standards, ensuring full compliance with environmental, health, safety, and data security regulations. 

• As two of the largest e-scrap recyclers in the United States, PRI and DLI bring specialized capabilities and significant processing capacity to manage a wide range of post-consumer and commercial electronics. Their facilities form a critical part of Flash Metals’ infrastructure strategy to deliver a scalable, domestic solution for the recovery of metals. 

• Locked-in feedstock supply provides a strong foundation for pilot-scale and commercial-scale operations, ensuring consistent throughput for the recovery of valuable and strategic metals using Flash Metals’ FJH technology. 

Scalable Processing Platform to Enable Long-Term Growth 

Flash Metals’ one (1) tonne-per-day (TPD) FJH demonstration plant, scheduled for commissioning in Q4 2025, has been designed with future scalability in mind. The modular design and engineering flexibility enable staged expansions to significantly higher throughputs, both at the Texas site and at additional regional hubs. These upgrades can be rapidly deployed to meet growing feedstock volumes and offtake demand, supporting Flash Metals’ broader commercial rollout across North America and other key jurisdictions. 

Addressable Market Opportunity – U.S. and Global Context 

The opportunity for Flash Metals to process high-grade printed circuit board (PCB) e-scrap feedstock is substantial. According to the Global E-scrap Monitor 2024 (Baldé et al., 2024), the United States generates over 8 million tonnes of e-scrap per year, with less than 15% formally recycled. This includes a growing volume of obsolete high-value electronics from the IT, datacentre, and telecommunications sectors. 

Recent analysis estimates that of the 8 Mt of e-scrap produced in the U.S. each year, ~4.5 Mt are landfilled and ~2 Mt exported. Of this, an estimated 1.6 Mt consists of high-value, metal-rich waste including PCBs from data centres, telecom, servers, laptops, and industrial electronics. These materials are Flash Metal’s target feedstocks. 

Globally, the UN estimates e-scrap contains over US$80 billion in recoverable metals annually, with gold comprising nearly half (UNITAR, 2024). PCBs typically contain 100x more gold than mined ore, making this stream economically attractive. In 2023, U.S. data centres alone generated ~375,000t of e-scrap (Scoop Market, 2023), offering significant sourcing potential. 

Flash Metals’ proprietary FJH process enables efficient, acid-free, high-throughput recovery of metals from complex waste. By targeting the ~30–40% metal content of printed circuit boards, Flash Metals is uniquely positioned to unlock value from underutilized waste categories. Countries like Australia and the U.S., which rank among the highest per capita generators of e-scrap globally, present near-term commercialization opportunities for advanced domestic recovery technologies. 

Note: The total e-scrap figures above represent all generated volumes, while the breakdown into 'Landfilled', 'Exported', and 'Other / Untracked' includes: 

• Landfilled: Waste sent to municipal landfills or dump sites, often low-value or unprocessed. 

• Exported: Materials sent overseas, typically to large-scale smelters or dismantlers in Asia. 

• Other / Untracked: Includes hoarded electronics (e.g. in households or businesses), informally processed material, and equipment awaiting decommissioning or resale. 

Additional Market Context: Why Recyclers Are Partnering with Flash Metals 

Today, a significant amount of e-scrap is exported to centralized smelters in Asia that offer poor recovery economics, high logistics costs, and exposure to geopolitical risk (Baldé et al., 2024). Flash Metals offers a domestic, transparent, and value-maximising alternative by processing e-scrap entirely within the U.S. using its proprietary FJH technology. This approach enables rapid, acid-free recovery of gold and other metals with minimal energy use and environmental impact. 

• For recyclers, Flash Metals provides a compelling opportunity to keep material onshore, bypass intermediaries, and capture significantly more value while complying with ESG expectations. 

• Strategically, these agreements de-risk Flash Metals’ commercial rollout by securing reliable feedstock supply, which is critical for throughput consistency, revenue modelling, and offtake agreements. 

• The partnerships also enhance Flash Metals’ standing with the U.S. Department of Defense and other government and private stakeholders seeking resilient, domestic supply chains for critical materials. 

Next Steps 

• Pilot-Scale Testing: Continue expanding test campaigns on a diverse range of electronic waste streams to validate process scalability and recovery performance. 

• Commercial Partnerships: Finalize and formalize offtake and feedstock agreements with additional partners across the U.S., Japan, Taiwan, and Europe to support regional growth strategies. 

• FJH Demonstration Plant: Progress site selection and engineering for Flash Metals’ 1 tonne-per-day Flash Joule Heating demonstration plant in Texas, with operations targeted to commence in Q4 2025. 

For further information, please contact: 

Lauren Condoluci

Lauren@distinctiveedge.partners

About Flash Metals USA
Flash Metals USA, headquartered in Houston, Texas, is a wholly owned subsidiary of MTM Critical Metals, a publicly traded Australian company. Flash Metals specializes in advanced metal recovery technologies and possesses exclusive licensing rights to the innovative Flash Joule Heating (FJH) technology, developed in partnership with Rice University in Houston. FJH is an advanced electrothermal process that enhances metal recovery and mineral processing compared to traditional methods. By rapidly heating materials in a controlled atmosphere, FJH efficiently extracts metals like lithium from spodumene, gallium from scrap, and gold from e-waste, among others. This technology has the potential to revolutionize metal recovery by reducing energy consumption, reagent use, and waste, offering a more economical and environmentally friendly alternative.

To learn more, visit: https://www.flashmetalsusa.com/