Filament-based material extrusion (MEX) represents one of the most commonly used additive manufacturing techniques for polymer materials. In a special variation of this process, highly filled polymer filaments are used to create metal parts via a multi-step process. The challenges associated with creating a dense final part are versatile due to the different and partly contrary requirements of the individual processing steps. Especially for processing in MEX, the compound must show sufficiently low viscosity, which is often achieved by the addition of wax. However, wax addition also leads to a significant reduction in ductility. This can cause filaments to break, which leads to failure of the MEX process. Therefore, the present study investigates the influence of different ethylene–propylene copolymers (EPCs) with varying ethylene contents as a ductility-enhancing component within the feedstock to improve filament processing behavior. The resulting feedstock materials are evaluated regarding their mechanical, thermal and debinding behavior. In addition, the processability in MEX is assessed. This study shows that a rising ethylene content within the EPC leads to a higher ductility and an enhanced filament flexibility while also influencing the crystallization behavior of the feedstock. For the MEX process, an ethylene fraction of 12% within the EPC was found to be the optimum regarding processability for the highly filled filaments in MEX and the additional processing steps to create sintered metal parts.