Spherical particles of one or more elemental metals and carbon are prepared from a precursor in the form of a metal oleate. The metal oleate precursor is dispersed in a liquid vehicle and aerosol droplets of the dispersed precursor are formed in a stream of an inert gas. The aerosol droplets are heated in the stream to decompose the oleate ligand portion of the precursor and form spherical particles that have a mesoporous nanocrystalline structure. The open mesopores of the spherical particles provide a high surface area for contact with fluids in many applications. For example, the mesopores can be infiltrated with a hydrogen absorbing material, such as magnesium hydride, in order to increase the hydrogen storage capacity of the particles.