Latrobe Magnesium (LMG) Q3 2025 TU earnings summary

Executive summary

• Demonstration Plant operations targeted to commence late May 2025, pending EPA approval and final preparations.

• $6.3M in new funding secured, including $3.5M capital raising and $2.3M in debt utilization.

• Surplus land sale at Tramway Road expected to generate up to $5M by June 2025.

• Stage 3 Project in Sarawak secured 250MW hydropower allocation and received Australian government support.

• $19.39M counterclaim against Mincore for breach of contract and negligence, with mediation ordered by June 2025.

Financial highlights

• Net cash used in operating activities for the quarter was $414,000; year-to-date net cash from operations is $10.02M.

• Government grants and tax incentives contributed $264,000 this quarter and $13.51M year-to-date.

• Cash and cash equivalents at quarter end were $713,000, down from $1.19M in the previous quarter.

• Loan facilities total $28M, with $25M drawn and fully repaid as of March 31, 2025.

Outlook and guidance

• Demonstration Plant Phase 1A to begin ore commissioning and operations in late May 2025.

• Phase 1B magnesium metal production scheduled for second half of 2025, subject to funding.

• Stage 2 Commercial Plant feasibility study completed; alternative sites under evaluation.

• Stage 3 international plant in Sarawak advancing with power allocation and government support.