A low-flux converting process for PGM collector alloy. The process includes feed introduction into a molten alloy pool, oxygen injection into the pool, tapping the slag, and tapping the PGM-enriched alloy. The collector alloy contains no less than 0.5 wt % PGM, 40 wt % iron, and 0.5 wt % nickel. If added flux material contains more than 10 wt % silica and 10 wt % CaO/MgO, the feed contains no more than 20 parts by weight added flux per hundred collector alloy. The process can also include using a refractory protectant in the converter; melting partially pre-oxidized collector alloy to form the initial molten alloy pool; magnetic separation of slag; recycling part of the slag to the converter; smelting catalyst material in a primary furnace to produce the collector alloy; and/or smelting the converter slag in a secondary furnace with slag from the primary furnace.