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As the year draws to a close, Latrobe Magnesium (ASX:LMG) reflects on a defining period of progress — one marked by operational milestones, strategic partnerships, government recognition, and growing international momentum.
Throughout the year, LMG has continued to advance its vision of becoming Australia’s first producer of environmentally sustainable magnesium, leveraging patented technology to transform brown coal fly ash into magnesium oxide (MgO), magnesium metal, and other valuable by-products. What began as a demonstration of innovation has increasingly evolved into a clear, executable pathway toward commercial-scale production.
A major highlight of the year was the successful commissioning and start-up of the Stage 1 Demonstration Plant at Hazelwood North in Victoria’s Latrobe Valley.
Key achievements included:
These milestones represent critical steps in de-risking LMG’s proprietary technology and validating its operational performance.
Throughout the year, LMG continued to prioritise safety, transparency, and community trust. In line with EPA permit conditions, the Company completed and submitted a comprehensive suite of environmental and operational documentation, including emissions monitoring, environmental management, and community engagement plans.
The Net Zero Economy Authority (NEZA) also recognised LMG’s Demonstration Plant as an example of how legacy energy regions such as the Latrobe Valley can be transformed into hubs for clean technology, advanced manufacturing, and regional job creation.
These milestones underscore LMG’s commitment to responsible operations, strong ESG outcomes, and the maintenance of a long-term social licence to operate.
LMG made significant progress on the funding front, highlighted by the receipt of a Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM) — one of only seven projects globally to receive such support.
The LOI outlines potential financing of up to A$200 million to support development of LMG’s Stage 2 Commercial Magnesium Plant in Victoria, with 100% of magnesium metal production earmarked for supply to the United States under a long-term offtake agreement.
This milestone sits alongside:
Collectively, these outcomes reflect growing confidence in LMG’s strategy and its emerging role within critical minerals supply chains.
The year also saw LMG strengthen its international profile and commercial relationships.
Key highlights included:
These interactions reinforce LMG’s position as a credible future supplier into automotive, defence, aerospace, and advanced manufacturing markets.
Beyond Australia, LMG continued to progress its longer-term international expansion strategy.
With this foundation in place, LMG can now progress joint venture discussions, site works, and power purchase agreements, laying the foundation for large-scale, zero-carbon magnesium metal and Supplementary Cementitious Material (SCM) production.
This year marked a clear transition for Latrobe Magnesium — from development and commissioning toward execution, production, and global relevance.
With technology validated, production underway, strong government backing, and international partnerships forming, LMG enters the new year with:
While the breadth of activity remains extensive, LMG’s near-term focus includes:
As global demand for lightweight, low-emission materials continues to accelerate, Latrobe Magnesium is well positioned to translate innovation into lasting impact - in Australia and beyond.
Latrobe Magnesium sincerely thanks its shareholders, Board, management, employees, partners, contractors, and government stakeholders for their continued support and commitment throughout the year. Your confidence, collaboration, and dedication have been instrumental in advancing the Company’s strategy and achieving key milestones. We look forward to building on this momentum together in the year ahead.