Latrobe Magnesium (LMG) H1 2026 earnings summary

Executive summary

• Commissioned and operated the MgO section of the demonstration plant, overcoming mechanical defects and achieving initial production and validation of proprietary processes.

• Secured non-binding letters of support for up to $200M in debt funding for Stage 2 from US EXIM Bank and Export Finance Australia.

• Completed a $10M capital raise and received a $6.2M R&D rebate, strengthening liquidity.

• Advanced feasibility and planning for Stage 2 (10,000tpa) and Stage 3 (100,000tpa) magnesium plants, including land tenure and regulatory progress in Malaysia.

Financial highlights

• Net loss for the half-year was $2,541,560, compared to a $1,844,730 loss in the prior year period.

• Revenue and other income totaled $946,173, up from $855,857 year-over-year.

• Cash and cash equivalents increased to $4,518,597 at period end, up from $2,424,479 at June 2025.

• Net cash inflow from operating activities was $3,438,935, down from $10,963,434 in the prior year.

• Equity increased to $56,964,788 from $48,666,480 at June 2025, reflecting capital raising activities.

Outlook and guidance

• Stage 1B magnesium metal production is scheduled to commence in the second half of 2026, with a four- to six-month installation and commissioning timeline.

• Stage 2 commercial plant feasibility is technically complete and pending funding; strong indications of support from international financiers.

• Ongoing efforts to secure government grants and further equity or alternative funding to support project ramp-up and expansion.