Latrobe Magnesium (LMG) Q3 2026 TU earnings summary

Executive summary

• Achieved sustained MgO production at the Demonstration Plant, producing 20 tonnes of high-grade MgO over two weeks, confirming process stability and product quality.

• Completed first commercial sale of MgO, marking initial revenue generation from the Demonstration Plant.

• Commenced Phase 1B installation and commissioning for magnesium metal production, targeting first metal output in the second half of 2026.

• Received a USD $2M (AUD $2.82M) non-dilutive prepayment from a U.S. partner to fund Phase 1B, to be recovered via margin-sharing on future sales.

Financial highlights

• Cash at bank as of 31 March 2026 was $1.3M, with an additional AUD $2.82M received in April 2026.

• Generated an estimated $3.6M R&D rebate from H2 2025 expenditure.

• Net cash used in operating activities for the quarter was $775K; net cash used in investing activities was $2.45M.

• Net cash from financing activities was $2.92M for the quarter.

• Estimated quarters of funding available: 6.3.

Outlook and guidance

• First magnesium metal production from the Demonstration Plant is targeted for the second half of 2026.

• Stage 2 (10,000 tpa Commercial Plant) feasibility study is ready for execution pending funding.

• Stage 3 (100,000 tpa International Plant in Malaysia) is advancing regulatory and preparatory work.

• Ongoing pursuit of additional funding, including government grants, to support operational and commercial objectives.