Latrobe Magnesium (LMG) Status update summary

Strategic positioning and market drivers

• Magnesium is a critical mineral with over 95% of global supply concentrated in China, creating significant geopolitical risk and urgent diversification needs.

• Demand is driven by applications in aerospace, defense, and electric vehicles, with magnesium's lightweight properties being crucial for these sectors.

• Recent technological advances, such as solid-state magnesium batteries, could further boost demand.

Project milestones and development status

• Achieved continuous production of high-grade magnesium oxide at the demonstration plant in Victoria, Australia.

• Secured AUD 6 million investment from Long State Investment to complete the next phase of plant construction and move to magnesium metal production.

• Commercial production in Australia targeted for 2028, with a feasibility study for a 10,000 tpa commercial plant commencing soon.

• Large-scale project in Malaysia progressing, with land, permitting, and power access secured.

Technology and ESG advantages

• Proprietary, low-emission process enables production of magnesium metal from industrial waste, significantly reducing environmental impact compared to conventional methods.

• Secondary products, such as supplementary cementitious material, high-grade silica, calcium carbonate, char, and iron oxide, account for about 25% of revenue and eliminate the need for tailings dams.