Abstract: A molding apparatus for producing pellets from a fused material such as molten lead. The mold is characterized in that in use it is submersed in and then closed while in the molten mass. Thereafter, the closed mold is removed from the melt, cooled to set the casting, opened, and the pellet released. The apparatus obviates the pouring of hot molten metal into a gated cavity. Additional important features of the assembly include a novel camming lever which ensures complete and positive closure of the mold, and an annular arrangement of guide bars or ribs which extend tangentially from an outer edge of one of the mold elements to facilitate the alignment and positive seating and sealing of the mold halves when the mold is closed.