MTM Critical Metals (ASX:MTM) executed a letter of intent for a five-year supply agreement for processed electronic scrap, rich in printed circuit board components, with Plastic Recycling, for the recovery of gold and other metals via its flash joule heating technology, according to a Thursday Australian bourse filing.
Processed electronic scrap is a high-metal-content fraction of electronic waste generated after the removal of non-metallic materials such as fiberglass and plastics.
The letter of intent with the US-based firm is expected to convert into a binding contract in the coming weeks. The agreement targets volumes of up to 400 tonnes per annum of processed electronic scrap with a minimum annual volume commitment of up to 300 tonnes.
An earlier supply agreement with Dynamic Lifestyle Innovations takes its secured printed circuit board-rich electric waste supply to over 1,100 tonnes per year.
Its one-tonne-per-day flash joule heating demonstration plant is scheduled for commissioning in the fourth quarter. The firm plans to continue to finalize and formalize offtake and feedstock agreements with additional partners across the US, Japan, Taiwan, and Europe.
MTM Critical Metals' shares soared over 11% in recent trading on Thursday.
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