Latrobe Magnesium (LMG) H2 2026 earnings summary

Executive summary

• FY2026 marked the shift from construction to demonstration operations: a two-week campaign produced ~20 tonnes of high-grade MgO; Phase 1B metal-production installation was 33% complete at year-end.

• The project remains pre-commercial, with funding, approvals and feedstock access central to advancing Victorian, Malaysian and newly pursued US development options.

Financial highlights

• FY2026 revenue was $55,683 versus $28,873 YoY; other income was $1,618,895 versus $2,697,432, including the R&D tax rebate and other items.

• Net loss widened to $4,868,332 from $2,659,085; loss before tax was $4,438,773 versus $2,837,944, and basic and diluted loss per share was $0.16 versus $0.11.

• Cash at 30 June 2026 was $1,092,461, down from $2,424,479; total assets were $119.67M and net assets $54.13M.

• Net cash from operating activities was $1,762,617, primarily reflecting R&D tax incentives; total cash decreased by $1,332,018 during the year.

Outlook and guidance

• First magnesium metal production at the Demonstration Plant remained targeted for H2 calendar 2026; the 1 September update reported Phase 1B installation and commissioning 70% complete.

• The 50,000tpa South Carolina development option targets feasibility completion in January 2028, FID in March 2028 and first production in April 2030; these milestones depend on funding, site purchase and agreements.

• The 10,000tpa Victorian option remains contingent on funding, site selection, feasibility work and resolution of mining-licence feedstock issues; the 100,000tpa Malaysian option is being phased around power-infrastructure timing.