FAST Metals has partnered with Metalox Mineral Corp. and raised US$4.3 million in pre‑seed funding to advance its red‑mud recovery projects.
Under the commercial partnership, FAST will process one long ton of red mud and other iron-bearing waste feedstock per week at Metalox’s Florida facility. The company says this work is aimed at proving the commercial viability of its recovery technology.
FAST was founded in 2025 by Sumedh Gostu, the former technical director at Glencore (LON: GLEN), and Anthony Staley, the former CEO of Nyrstar USA (OTC: NYRSY).
Gostu, FAST’s CEO, said the company’s patented technology, “removes iron from low-grade feedstock and turns alumina refining waste into previously untapped sources of minerals and metals.”
A multi‑trillion‑dollar blind spot
FAST says global aluminum oxide production has left more than 4 billion tonnes of red‑mud waste in stockpiles, containing, what it estimates as, US$3 trillion to US$4 trillion worth of metals. A 2021 MDPI paper reports similar red‑mud waste figures.
The company says its technology can create usable products while also cutting the waste’s environmental burden.
Investment forecast
FAST says the capital raised will drive its next phase of technical and commercial growth, from optimizing its process to scaling customer outreach across mining, metals and critical minerals.
In addition to the financing, the company has also signed multiple memoranda of understanding (MOUs) with trading partners. Its early-stage investment has been led by New Climate Ventures with backing from Azolla Ventures, Humba Ventures, Astor Swiss and Rio Tinto (NYSE: RIO).
FAST has also created an advisory board featuring sector leaders, including Nick Popovic, Glencore’s former copper and zinc chief, and Terry McNulty, creator of the McNulty Curves benchmarking tool.
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