A method of producing a composite material comprising: supplying a metal compound (MPC) of a product metal (MP) and a reductant (R) capable of reducing the metal compound (MPC) of the product metal (MP) to a reactor; forming a composite material comprising a matrix of oxidised reductant (R0) of the reductant (R), the product metal (MP) dispersed in the matrix of oxidised reductant (R0), and at least one of (i) one or more metal compounds (MPCR) of the metal compound (MPC) in one or more oxidation states and (ii) the reductant (R); and recovering the composite material from the reactor, wherein the metal compound (MPC) of the product metal (MP) is fed to the reactor such that it is in excess relative to the reductant (R).