Latrobe Magnesium Limited · ASX:LMG
Latrobe Magnesium — Investor Presentation (September 2026)
42 slides from Latrobe Magnesium's investor presentation, Sep 22, 2026
Slide 1: Equity Raising Presentation
Equity Raising Presentation September 2026 ASX: LMG
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared by Latrobe Magnesium Limited (ACN 009 173 611) (Company) in relation to an equity capital raising by the Company consisting of a placement of Company shares to certain ‘sophisticated’ and ‘professional’ investors (as defined by the Corporations Act 2001
Slide 3: Disclaimer
Disclaimer INVESTMENT RISK There are a number of risks specific to the Company and of a general nature which may affect the future operating and financial performance of the Company and the value of an investment in the Company, including and not limited to the Company's capital requirements, the po
Slide 4: Disclaimer – International Offer Restrictions
Disclaimer International Offer Restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or s
Slide 5: Contents
PAGE 01 INVESTMENT CASE The fastest pathway to sovereign magnesium 6 02 MARKET OUTLOOK Growing market critical for defence, automotive and aerospace 9 03 COMPANY UPDATE 50 ktpa plant fast-track enabled via financial, operational and technical de-risking 14 CONTENTS 04 EQUITY RAISING OVERVIEW Seeking
Slide 6: Investment Case
Section One INVESTMENT CASE The fastest pathway to sovereign magnesium
Slide 7: LMG - Sovereign source of Magnesium this decade
01 I NV ESTM ENT CASE LMG - Sovereign source of Magnesium this decade The fastest pathway to sovereign magnesium 1.6x demand ~91% of global Pyromet plant US project first Highly attractive growth from supply produced 70% complete production 3 US project NPV 2025 to 2032 in China today years from FS
Slide 8: LMG to pursue a 50 ktpa primary magnesium metal plant in South Carolina, USA
01 I NV ESTM ENT CASE LMG to pursue a 50 ktpa primary magnesium metal plant in South Carolina, USA This addresses the magnesium supply gap for U.S. defence, aerospace, automotive and aluminium industries Project to be first new commercial-scale primary 50 ktpa Feedstock Product magnesium producer in
Slide 9: Market Outlook
S e ction Two MARKET OUTLOOK Attractive market fundamentals underpinned by structural demand drivers and supply constraints
Slide 10: Critical Mineral Underpinned by Structural Tailwinds
02 M ARKET OU TLOOK Critical Mineral Underpinned by Structural Tailwinds Magnesium is a strategically critical material, driven by defence demand, supply chain security and lightweighting trends Global Magnesium Demand & Consumption (2025)¹ Structural Tailwinds Supply Chain Concentration Drives urge
Slide 11: Demand vs. Supply
02 M ARKET OU TLOOK Demand vs. Supply Policy driven project incentives expected to increase new primary magnesium projects in response to China supply dominance Supply Outlook1,2 Supply Themes Mt China: Production % of Total Production • Supply concentration: China accounts for ~91% of global primar
Slide 12: Magnesium a critical mineral
02 M ARKET OU TLOOK Magnesium a critical mineral US Government Departments are leading the world in securing magnesium sovereignty, in conjunction with Australia US Department of Energy (DOE) declared Magnesium a critical mineral Supply sovereignty initiatives Critical Near Critical Not Critical US-
Slide 13: Sustained tariff driven US pricing premiums
02 M ARKET OU TLOOK Sustained tariff driven US pricing premiums US import price premium on EU and China prices driven by tariffs and supply concentration risk US$/t Introduction of tariffs on US Wedge Anti-dumping duties were maintained on Russian magnesium imports Chinese imports into the US, creat
Slide 14: Company Update
Section Three COMPANY UPDATE 50 ktpa plant fast-track enabled via financial, operational and technical de-risking
Slide 15: An exciting era for LMG
03 COM PANY U PDATE An exciting era for LMG New CEO Robert Stein leads a capable team focused on accountability, disciplined execution and continuous improvement Highly experienced executive team Multidisciplinary team focused on execution Robert Stein – Chief Executive Officer Brett Trigger – Comme
Slide 16: Reorienting our growth trajectory
03 COM PANY U PDATE Reorienting our growth trajectory LMG’s patented hydro-metallurgical process offers a fast, safe and capital efficient path to derisk Western Mg scarcity Progressive technical de-risking… …supported by focused capital stewardship… …provides foundation to pursue growth Phase Statu
Slide 17: Technical validation and phased approvals
03 COM PANY U PDATE Technical validation and phased approvals LMG will focus on a staged approval process to focus and secure technical validation before committing capital Milestone 1 – Producing ~98% crowns Milestone 2 – Refining 99.9% Ingots Milestone 3 – Ash to ingots Phase 1B • On successful va
Slide 18: Suite of growth opportunities available to LMG
03 COM PANY U PDATE Suite of growth opportunities available to LMG International patents held for recovery of magnesium from brown coal fly ash and Ferronickel slag United States Malaysia Australia 50 ktpa Commercial Plant 50-100 ktpa Commercial Plant 10 ktpa Commercial Plant Plant South Carolina, U
Slide 19: Equity Raising
Section Four EQUITY RAISING Seeking funds to complete pyrometallurgical plant, secure refinery long lead items and fund corporate and study costs
Slide 20: Equity Raising Overview
04 EQU ITY RAISI N G Equity Raising Overview The fastest pathway to sovereign magnesium • The equity raising will consist of an institutional placement (Placement) to raise approximately A$5.1 million and an underwritten non-renounceable entitlement offer (NREO or Entitlement Offer) of A$3.4 million
Slide 21: Sources and Uses of Funds
04 EQU ITY RAISI N G Sovereign source of Magnesium this decade Final structural works of pyrometallurgical plant, crown commission campaign, commercial plant studies and corporate costs Sources and Uses of Funds Detailed Use of Funds Sources of Funds A$m A$m Phase 1B Completion 3.8 Placement 5.1 • C
Slide 22: Current financial position
04 EQU ITY RAISI N G Current financial position LMG has a pathway to refinance debt, monetise latent assets and restore balance sheet LMG has a pathway to reduce interest costs Ongoing R&D financing can smooth FY27 cash burn (A$’000) 5,000 Assets A$m Current Liabilities A$m 4,000 RnD Funding Liabili
Slide 23: Equity Raising Timetable
04 EQU ITY RAISI N G Equity Raising Timetable Event Date (AEST) Trading halt Friday, 18 September 2026 Placement and Entitlement Offer sub-underwriting bookbuild opens 10:00 AM Friday, 18 September 2026 Placement and Entitlement Offer sub-underwriting bookbuild closes 5:00 PM Friday, 18 September 20
Slide 24: Corporate Overview
04 EQU ITY RAISI N G Corporate Overview Capitalisation Summary Unquoted Securities3 Board of Directors ASX Ticker LMG Code On Issue (m) Ex. Price Ex. Date Jock Murray AO, Chairman Share Price A$0.019 LMGAG (Options) 85.1 $0.0790 12 Aug 2027 • Extensive engineering abd financial background, including
Slide 25: Next Steps
Section Five NEXT STEPS A renewed focus backed by an experienced team
Slide 26: Disciplined execution against organisational priorities
05 NEXT STEPS Disciplined execution against organisational priorities LMG will focus on technical validation to unlock value and a financial strategy to stabilise the company for growth Immediate organisational priorities 2026 2027 Four areas of review for the business over the next 100 days to setu
Slide 27: Appendix
Section Six APPENDIX Additional information
Slide 28: Opaque pricing places premium on supply security
06 APPENDIX Opaque pricing places premium on supply security Local premiums can exist due to tariffs and local supply and demand factors Product Overview Pricing structure and premiums Crowns Offtake • Direct output from the pyrometallurgical reduction process, typically • Offtake agreements set key
Slide 29: Key Risks
Section Seven KEY RISKS Summary of key disclosures
Slide 30: Key Risks
07 KEY RISKS Key Risks Summary of key disclosures Set out below are the principal risks and uncertainties associated with LMG and its subsidiaries, which are likely to have an effect on LMG’s future financial prospects. The risks do not constitute an exhaustive list of all risks involved with an inv
Slide 31: Key Risks
07 KEY RISKS Key Risks Summary of key disclosures (5) POLITICAL RISK, COMMODITY PRICE VOLATILITY AND EXCHANGE RATES RISKS The revenue that may be derived through the sale of commodities exposes potential income to commodity price and exchange rate risks and any profits will be exposed to changes in
Slide 32: Key Risks
07 KEY RISKS Key Risks Summary of key disclosures (10) PRODUCTION AND COST ESTIMATES The operations and assets of LMG, as with any other mineral processing operations, are subject to a number of uncertainties, including in relation to metallurgical recovery, actual realised values and grades of stoc
Slide 33: Key Risks
07 KEY RISKS Key Risks Summary of key disclosures (14) INFRASTRUCTURE AND TRANSPORTATION As or when LMG is in production stage, products and feedstocks will need to be transported to customers domestically and internationally. The transportation process involves risks, including the location of LMG'
Slide 34: Key Risks
07 KEY RISKS Key Risks Summary of key disclosures (19) LABOUR SHORTAGES AND INDUSTRIAL DISPUTES There is a risk that LMG may need to pay higher than expected costs to acquire or retain the necessary labour for its operations, including in relation to the Demonstration Plant. This could result in a m
Slide 35: Key Risks
07 KEY RISKS Key Risks Summary of key disclosures (27) US PROJECT DEVELOPMENT RISKS The US Project is at an early stage of development and its progression is subject to a number of conditions that have not yet been satisfied: • securing funding to reach a final investment decision acquiring the pref
Slide 36: Key Risks – Issue of Shares
07 KEY RISKS Key Risks – Issue of Shares Summary of key disclosures (1) GENERAL RISKS ASSOCIATED WITH AN INVESTMENT IN SHARES There are general risks associated with investments in equity securities. No assurances can be given that the New Shares will trade at or above the price at which they are is
Slide 37: Underwriting Agreement
Section Eight UNDERWRITING AGREEMENT Summary of key disclosures
Slide 38: Underwriting Agreement
Underwriting Agreement The Lead Manager has agreed to lead manage the Offer and underwrite the Entitlement Offer on the terms and conditions set out in the Underwriting Agreement. The Underwriting Agreement contains customary representations and warranties and indemnities in favour of the Lead Manag
Slide 39: Underwriting Agreement
Underwriting Agreement l) any penalty is imposed on the Company with respect to the audit of any R&D Tax Incentive claimed by the Company on terms which are not acceptable to the Underwriter (in its sole and absolute discretion); m) any contract, deed or other agreement to which the Company is a par
Slide 40: Underwriting Agreement
Underwriting Agreement v) the Company is prevented from granting the entitlements or issuing the New Shares in accordance with the timetable for the Offer and the Placement or by or in accordance with ASX Listing Rules applicable laws, a government agency or an order of a court of competent jurisdic
Slide 41: Underwriting Agreement
Underwriting Agreement iii. the Company, a member of the Company group, an offer document or any aspect of the Offer and the Placement, does not or fails to comply with the Company’s constitution, the Corporations Act, the ASX Listing Rules, any applicable ASX waivers or ASIC modifications or any ot
Slide 42: Advancing a sovereign magnesium solution for a lighter, stronger tomorrow
ADVANCING A SOVEREIGN MAGNESIUM SOLUTION FOR A LIGHTER, STRONGER TOMORROW Latrobe Magnesium ASX:LMG www.latrobemagnesium.com enquire@latrobemagnesium.com
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