FAST Metals, the mining technology company recovering base and rare materials from red mud (bauxite tailings) and other iron-rich waste, announced it has raised $4.3 million in pre-seed funding and announced its first commercial customer, Metalox Mineral Corporation.

Under a strategic partnership, FAST Metals will process one ton of red mud and other iron-bearing waste feedstock per week at Metalox's Florida facility, confirming the commercial viability of its technology. FAST Metals has also signed additional memoranda of understanding (MOUs) with trading partners.

Its early-stage investment is led by New Climate Ventures with backing from mining and tech authorities such as Azolla Ventures, Humba Ventures, Astor Swiss (a family office in Switzerland with Glencore roots) and Rio Tinto, via its mining tech accelerator with Founders Factory.