Why this ASX small-cap stock is in a trading halt today

Shares in Metallium Ltd (ASX: MTM) are in a trading halt on Friday after the company requested a pause in its shares.

Before the halt, Metallium shares last traded at $1.065, giving the company a market capitalisation of roughly $670 million. The stock has delivered strong gains over the past year, which means today’s pause has caught investor attention.

The trading halt will remain in place until the company releases an announcement or normal trading resumes on Tuesday, 6 January 2026, whichever comes first.

What does Metallium do?

Metallium is a technology-focused metals recovery company.

The company does not operate traditional mines. Instead, it uses its patented Flash Joule Heating (FJH) technology to extract valuable metals from mineral concentrates, industrial waste, and recycled materials.

These materials can include refinery scrap, e-waste, red mud, and other by-products that are usually difficult or expensive to process.

The metals Metallium targets include rare earth elements, gallium, germanium, antimony, and gold. Many of these are considered critical minerals due to their importance in electronics, defence, renewable energy, and advanced manufacturing.

The company has operations and development activities in both Australia and the United States.

Why today’s halt matters

The company has confirmed that the pending announcement relates to a material feedstock supply agreement.

For Metallium, having access to reliable feedstock is critical. Without a steady supply of suitable material, the technology cannot be scaled or used at commercial levels.

A supply agreement like this could help reduce one of the key risks facing the business. It could also help keep future facilities running at higher levels and improve confidence around commercialisation timelines.

While the company has not shared details yet, the use of the word material suggests the agreement could be important for the business.

Metallium’s recent progress

Over the past year, Metallium has continued to position itself for commercial growth.

The company has advanced work on its US-based facilities, announced partnerships, and promoted its technology as a lower-cost and lower-emissions alternative to traditional metal processing methods.

This progress has helped support strong share price performance heading into 2026.

What to watch next

The next move depends on the detail in the upcoming announcement.

Investors will be looking for information on the scale of the feedstock agreement, its duration, and how it fits into Metallium’s plans to move toward commercial operations.

I’ll be watching closely when the announcement is released to see how meaningful it is for the business.

Until then, Metallium shares remain halted as investors wait for more detail.

The post Why this ASX small-cap stock is in a trading halt today appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.