A conductive adhesive material characterized by metallurgical bonds between electrically-conductive particles dispersed in a polymer matrix of the material. The polymer matrix has a fluxing capability when heated to reduce metal oxides on the surfaces of the particles. At least the outer surfaces of the particles are formed of a fusible material, so that sufficiently heating the conductive adhesive material will reduce metal oxides on the particles, and at least partially melt the fusible metal, enabling the particles to metallurgically bond to each other and to metal surfaces contacted by the adhesive material.