Latrobe Magnesium (LMG) Q4 2025 TU earnings summary

Executive summary

• EPA Victoria extended the Pilot Project Licence to February 2027, enabling continued operations at Hazelwood North.

• Demonstration Plant operations to commence in August 2025, targeting steady-state production within the month.

• Feasibility study for a 10,000tpa Commercial Plant completed with Bechtel, supporting investment decision processes.

• Sarawak authorities approved a 250MW hydropower allocation for the planned 100,000tpa International Plant, pending further agreements.

• Magnesium oxide production achieved; full Demonstration Plant commissioning expected Q1 2026.

Significant events and developments

• Surplus land sale at Tramway Road site expected to generate up to $5M, with completion targeted by year-end.

• $19.39M counterclaim against Mincore for breach of contract and negligence, with mediation scheduled for Q3 2025.

• Environmental Management Plan for Sarawak site approved; FeNi slag waste issue under review with New Caledonian Government.

Capital allocation and financing

• $3.5M capital raised in April 2025 via institutional placement and oversubscribed Share Purchase Plan.

• Directors subscribed for $550,000 in the placement.

• Application submitted to US Department of Defense for funding under the Title III Defense Production Act; outcome expected Q3 2025.

• Accepted into Commonwealth Government's Industry Growth Program, with potential for up to $5M in additional funding.

• Sale of 4.3 hectares of surplus land managed by JLL, with ongoing negotiations among nine interested parties.