Latrobe Magnesium (LMG) H2 2025 earnings summary

Executive summary

• Commissioned the hydromet section of the magnesium plant, producing MgO in May 2024, with ongoing modifications and upgrades to improve operability and efficiency.

• Raised $5M in equity and debt in April 2025 to fund working capital and demonstration plant operations.

• Progressed Stage 2 (10,000 tpa) and Stage 3 (100,000 tpa) magnesium plant projects, including land allocation and power approval in Malaysia.

• Entered into new ash supply agreement and advanced legal proceedings with Mincore Pty Ltd.

Financial highlights

• Net loss after tax for FY2025 was $2.66M, improved from a $4.74M loss in FY2024, mainly due to reduced administration and R&D costs.

• Revenue for FY2025 was $2.73M, down from $6.58M in FY2024, primarily from R&D tax rebates and other income.

• Total assets at 30 June 2025 were $92.5M, with net assets of $48.7M.

• Cash and cash equivalents at year-end were $2.42M, up from $0.57M in the prior year.

• Raised $9.45M through share issues and options during the year.

Outlook and guidance

• Plans to operate the demonstration plant at steady state and commission the magnesium section by February 2027, subject to funding.

• Stage 2 commercial plant targeted for operation by December 2027, pending approvals and funding.

• Ongoing pursuit of government grants and sale of surplus land to support funding needs.

• Anticipates a $6.2M R&D tax rebate in late 2025.