The fractionation of metals in the fine fraction (<10 mm) of excavated waste from an Estonian landfill was carried out to evaluate the metal (Pb and Cu) contents and their potential towards not only mobility but also possibilities of recovery/extraction. The fractionation followed the BCR (Community Bureau of Reference) sequential extraction, and the exchangeable (F1), reducible (F2), oxidizable (F3) and residual fractions were determined. The results showed that Pb was highly associated with the reducible (F2) and oxidizable (F3) fractions, suggesting the potential mobility of this metal mainly when in contact with oxygen, despite the low association with the exchangeable fraction (F1). Cu has also shown the potential for mobility when in contact with oxygen, since high associations with the oxidizable fraction (F3) were observed. On the other hand, the mobility of metals in excavated waste can be seen as beneficial considering the circular economy and recovery of such valuables back into the economy. To conclude, not only the total concentration of metals but also a better understanding of fractionation and in which form metals are bound is very important to bring information on how to manage the fine fraction from excavated waste both in terms of environmental impacts and also recovery of such valuables in the economy.