Latrobe Magnesium (LMG) Investor Presentation summary

Investment highlights

• Patented hydromet/thermal reduction process converts brown coal ash into magnesium and other saleable commodities, with significant CO2 emission reductions compared to China-based producers.

• First sustainable MgO produced in Australia; demonstration plant operational with plans for commercial and international scale-up.

• By-products such as supplementary cementitious materials, iron oxide, agricultural lime, and char expected to generate ~25% of revenue, diversifying income streams.

• Offtake agreements secured for 100% of commercial plant capacity; hydropower granted for Malaysian international plant.

• Over A$70m invested in demonstration plant and A$20m in IP, with technology developed alongside CSIRO over 14 years.

Operations and scalability

• Demonstration plant in Victoria built for A$70m, with 1,000 tpa Mg metal capacity, targeting first production in Q1 2026.

• Commercial plant planned at 10,000 tpa, leveraging similar flow sheet to demonstration plant, with lower capital intensity per tonne.

• International plant in Malaysia targeting 100,000 tpa using ferro nickel slag, with hydropower access and pre-feasibility study completed.

• Demonstration plant has proven the hydromet process, de-risking technology for commercial scale-up.

• By-products from commercial plant expected to account for ~25% of revenue, including SCM, silica, calcium carbonate, char, and hematite.

Equity raising and financials

• Equity raising of A$8m via A$4m placement and A$4m underwritten entitlement offer at A$0.023 per share, up to A$2m in oversubscriptions possible.

• Funds to be used for demonstration plant operations, commissioning Mg metal production, commercial plant BFS, and working capital.

• Market capitalisation of A$73.8m, enterprise value of A$75.9m, with 2,634m shares outstanding as of October 2025.

• New shares rank pari passu with existing shares; offer fully underwritten by Shaw and Partners.