Safety Management Services (SMS) has conducted extensive research into the transportation hazards of energetic thermite (metal / metal-oxide) materials. In this work, SMS examined the results of multiple years of research and explosive testing of these energetic materials and discussed potential classification pathways. While all thermites meet the regulatory definition of a Class 1 explosive, the report provides several suggestions on a testing/classification approach that could provide relief equivalent to PHMSA's interim thermite classification policy. These results shall be used to guide current and future PHMSA efforts in appropriately classifying the transportation hazards of these materials.