Metallium's wholly owned US subsidiary, Flash Metals USA, has entered into a non-binding memorandum of understanding (MoU) with Traxys North America to explore commercial opportunities in the critical metals sector, according to Mining Technology. No definitive agreements have been signed so far. The collaboration will focus on evaluating supply chain projects involving metals considered significant for defence, technology and energy transition applications.
The evaluation covers magnetic rare earths, germanium, indium, gallium, tungsten, copper, titanium, nickel, manganese, magnesium and platinum group metals (PGMs). These metals are the subject of the assessment only. The MoU does not itself establish any commitment to purchase, sell or supply them.
The MoU is effective from 16 October 2026 and runs until 30 November 2027. It outlines a framework for assessing opportunities rather than establishing binding commercial or financial commitments. Under the agreement, the companies will work together to identify and prioritise feedstocks, review site economics, assess product requirements and negotiate terms for potential transactions.
Both parties intend to advance specific projects to definitive agreements by 31 December 2026, although this timeline may be adjusted by mutual consent. Any binding offtake, financing, investment or supply arrangements remain subject to future technical and commercial assessment and will require separate, definitive contracts. Traxys, a global commodities trader with annual revenues exceeding $10bn, brings experience in sourcing, marketing, logistics, trade finance and customer access.
Metallium will contribute its Flash Joule Heating (FJH) processing platform and its development at its Texas facility. Michael Walshe, managing director and CEO of Metallium, stated that US critical-metals security depends on the ability to process materials into usable products on American soil, and that midstream processing is essential to that capability. In his remarks, Walshe indicated that FJH is central to the solution Metallium is developing, with the aim of unlocking metals from complex or stranded feedstocks for downstream refining and manufacturing.
Traxys has been named by the US Export-Import Bank (EXIM) as a supplier for Project Vault, a critical minerals reserve initiative. According to the source, however, the current MoU does not confer any government funding, endorsement or participation in Project Vault on Metallium or its subsidiary. The MoU specifies that Flash Metals USA will not enter talks on other collaborations covering the same scope with different parties until the end of 2026.
Traxys is not subject to a similar restriction. The companies have clarified that outcomes, including supply, processing, sales or investment, will depend on future project development and the agreement of contract terms. Source: Mining Technology (mining-technology.com), "Metallium signs critical metals MoU with Traxys in US", by Shree Mishra, 26 October 2026.
Source: mining-technology.com