Metallium Limited (MTM.AX), Friday announced that through its subsidiary Flash Metals USA, it has signed a binding Letter of Intent with ElementUSA to collaborate on recovering gallium and scandium from red mud in Louisiana.
The Letter of Intent provides as much as $10.1 million in non-dilutive funding to roll out Metallium's Flash Joule Heating tech.
It also lays out the commercial terms, like license fees, royalties, and how revenue will be shared. This partnership will help support ElementUSA's upcoming demo facility in Gramercy, Louisiana.
MTM.AX closed trading on Friday at AUD 0.78, down AUD 0.0750 or 8.72 percent on the Australian Stock Exchange.
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