New Risk • Apr 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.1m free cash flow). Earnings have declined by 19% per year over the past 5 years. Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (AU$59.4m market cap, or US$42.0m). New Risk • Mar 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$5.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.1m free cash flow). Earnings have declined by 19% per year over the past 5 years. Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m (AU$90k revenue, or US$63k). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (AU$56.3m market cap, or US$39.4m). Announcement • Nov 26
Latrobe Magnesium Limited has completed a Follow-on Equity Offering in the amount of AUD 2.75 million. Latrobe Magnesium Limited has completed a Follow-on Equity Offering in the amount of AUD 2.75 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 200,000,000
Price\Range: AUD 0.011
Discount Per Security: AUD 0.00066
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 50,000,000
Price\Range: AUD 0.011
Discount Per Security: AUD 0.00066
Transaction Features: Subsequent Direct Listing New Risk • Nov 15
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 19% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$101.4m market cap, or US$66.3m). Announcement • Nov 11
Latrobe Magnesium Limited has completed a Follow-on Equity Offering in the amount of AUD 4.039631 million. Latrobe Magnesium Limited has completed a Follow-on Equity Offering in the amount of AUD 4.039631 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 143,102,768
Price\Range: AUD 0.023
Discount Per Security: AUD 0.00138
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 32,533,354
Price\Range: AUD 0.023
Transaction Features: Rights Offering New Risk • Oct 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 19% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (20% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (AU$98.4m market cap, or US$64.4m). Announcement • Oct 28
Latrobe Magnesium Limited, Annual General Meeting, Nov 25, 2025 Latrobe Magnesium Limited, Annual General Meeting, Nov 25, 2025. Location: amphitheatre room, 2 market street, sydney, nsw 2000, sydney Australia Announcement • Oct 13
Latrobe Magnesium Limited has filed a Follow-on Equity Offering in the amount of AUD 4.039563 million. Latrobe Magnesium Limited has filed a Follow-on Equity Offering in the amount of AUD 4.039563 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 175,633,173
Price\Range: AUD 0.023
Discount Per Security: AUD 0.00138
Transaction Features: Rights Offering New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 23% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (AU$73.8m market cap, or US$48.7m). New Risk • Jun 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 23% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (AU$21.0m market cap, or US$13.6m). Announcement • May 07
Latrobe Magnesium Limited has completed a Follow-on Equity Offering in the amount of AUD 0.836799 million. Latrobe Magnesium Limited has completed a Follow-on Equity Offering in the amount of AUD 0.836799 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 76,072,670
Price\Range: AUD 0.011
Discount Per Security: AUD 0.00066 New Risk • Mar 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$12m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$12m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 25% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (AU$30.5m market cap, or US$19.3m). New Risk • Jan 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 32% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (AU$35.2m market cap, or US$21.8m). Announcement • Oct 25
Latrobe Magnesium Limited Announces Board Changes Latrobe Magnesium Limited announced that Ms Michelle Blackburn, who joined the Board of LMG on 1 September 2022 has advised her resignation effective 24 October 2024 for personal reasons. Ms Blackburn is a lawyer specialising in environmental matters as Special Counsel at Corrs Chambers Westgarth. Increased business demands and changes in personal circumstances had led her to resign. The Board will miss her wise deliberations and significant expertise and wish her well in her future endeavours. Mr. Peter Church OAM, who joined the Board of LMG on 24 April 2023, resigned effective 24 October 2024 to enable him to focus on his role as Chairman of Latrobe Magnesium Sarawak Sdn Bhd (LMS), a wholly owned subsidiary of LMG. Announcement • Oct 18
Latrobe Magnesium Limited, Annual General Meeting, Nov 20, 2024 Latrobe Magnesium Limited, Annual General Meeting, Nov 20, 2024. Location: at board room, ground floor, 2 market street, sydney, nsw 2000 Australia Announcement • Feb 28
Latrobe Magnesium Limited has filed a Follow-on Equity Offering in the amount of AUD 1.101 million. Latrobe Magnesium Limited has filed a Follow-on Equity Offering in the amount of AUD 1.101 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 22,020,000
Price\Range: AUD 0.05 Announcement • Feb 09
Latrobe Magnesium Limited has filed a Follow-on Equity Offering in the amount of AUD 3 million. Latrobe Magnesium Limited has filed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 60,000,000
Price\Range: AUD 0.05 Announcement • Dec 23
Latrobe Magnesium Limited has completed a Follow-on Equity Offering in the amount of AUD 3.055419 million. Latrobe Magnesium Limited has completed a Follow-on Equity Offering in the amount of AUD 3.055419 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 61,108,379
Price\Range: AUD 0.05
Discount Per Security: AUD 0.003
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Oct 21
Latrobe Magnesium Limited, Annual General Meeting, Nov 22, 2023 Latrobe Magnesium Limited, Annual General Meeting, Nov 22, 2023, at 11:01 AUS Eastern Standard Time. Location: the Board Room, Ground Floor, 2 Market Street, Sydney, NSW 2000 Sydney New South Wales Australia Agenda: To discuss Adoption of Remuneration Report; to discuss Re-election of P F Bruce as a Director; to discuss Re-election of P C Church as a Director; to discuss Ratification of Previous Share Issue to RnD Funding Pty Ltd; to discuss Ratification of Previous Share Issue by Placement on 24 May 2023; to discuss Approval to replace the Company's Constitution; to discuss Approval of 10% placement facility; and to discuss other matters. Announcement • Oct 19
Latrobe Magnesium Limited Announces the Appointment of John Collier as Chief Financial Officer, Effective 30 October 2023 Latrobe Magnesium Limited announced that it has appointed John Collier as its Chief Financial Officer (CFO) starting his employment on 30 October 2023. Experience John has had 35 years’ experience in various roles from Commercial Director, Chief Financial Officer and Company Secretary within private and publicly listed entities in infrastructure and construction (toll roads, water and metro trains) and professional services In his previous roles John has shown his skills in strategic planning and structured problem solving, proven track record of leadership, ability to create and manage business operations, manage and create value for all stakeholders. For the last 6 years, John was employed by CPB Contractors who were responsible for delivering station boxes and tunneling to Sydney Metro for the City and Southwest Project and Western Sydney Airport. He managed and reported on two contracts totaling some $4.6B of design, engineering and construction work. Prior to this appointment, he worked with Countplus Limited and BDO – Chartered Accountants and Business Advisors as the Chief Financial Officer for 2 years and 6 years respectively. During these years, John gained a wealth of experience in listed companies and accounting and advisory services with a combined turnover in excess of $200M in revenue. John joined The Hills Motorway Limited in 2005 where he had a number of roles of CFO and Company Secretary. John was appointed as Head of Hills M2 in late 2005 with responsibility for all Hills M2 management, operations finance and administration. In 1999, John had 4 years with a Lend Lease subsidiary, Australian Water Services Pty Ltd. where he held the position of CFO and Company Secretary. John started his career with KPMG where he worked for 12 years and progressed to a Senior Audit and Business Service Manager. Qualifications John was awarded a Bachelor of Commerce from University of Tasmania in 1981. He completed a Master of Business Administration at the Australian GSM in 1997. He is an Associate of Chartered Accountants Australia and New Zealand and Financial Services Institute of Australasia. He is a member of the Australian Institute of Company Directors and completed the Company Directors Course in 2009. Announcement • May 25
Latrobe Magnesium Limited has completed a Follow-on Equity Offering in the amount of AUD 4.2 million. Latrobe Magnesium Limited has completed a Follow-on Equity Offering in the amount of AUD 4.2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 70,000,000
Price\Range: AUD 0.06
Discount Per Security: AUD 0.0018
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Board Change • Apr 28
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Michael Wandmaker was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 18
Latrobe Magnesium Limited, Annual General Meeting, Nov 29, 2022 Latrobe Magnesium Limited, Annual General Meeting, Nov 29, 2022, at 11:01 AUS Eastern Standard Time. Location: Nexia Australia, Level 16, 1 Market Street Sydney, NSW 2000 Sydney 2000 New South Wales Australia Agenda: To receive and consider the financial report of the Company for the financial year ended 30 June 2022 together with the Directors' Report, Directors' Declaration and the Auditors' Report;to consider Adoption of Remuneration Report; to consider Re-election of J R Lee as a Director; to consider Re-election of M F Wandmaker as a Director; to consider Re-election of M L Blackburn as a Director; to consider Ratification of Previous Option Issue to Peak Assets Management; to consider ratification of Previous Share Issue to DG & J Di Fabrizio Steel Fabrications Pty Ltd; to consider Ratification of Previous Share Issue to RnD Funding Pty Ltd; and to consider other matters. Announcement • Aug 25
Latrobe Magnesium Limited Appoints Michelle Blackburn as Non-Executive Director, Effective 1 September 2022 The Board of Latrobe Magnesium Limited announced the appointment of Michelle Blackburn as a Non-Executive Director, effective 1 September 2022. Michelle brings a breadth and depth of corporate advice experience, covering a wide range of public and private industry sectors. She has had extensive experience in complex environmental law and has represented Australian States and Federal governments and local and international legal entities over more than 20 years. Her early experience was in legal roles in the Victorian Government; before practicing for many years as a solicitor, including as a Senior Associate at Minter Ellison Lawyers; principal of her own legal practice in Gippsland and as a Partner at Corrs Chambers Westgarth, managing Victoria and Western Australian environment and planning teams. Graduating from Melbourne University with a Bachelor of Laws (hons), with a Masters in Social Science (Planning and Environment) from RMIT University and having been an Honorary Senior Fellow at the University of Melbourne designing and delivering a Juris Doctor subject, Michelle has significant academic credentials. Michelle has been a Director of South Gippsland Water, Chairman of Lifeline Gippsland and a Director of Interchange Gippsland. She has also served as a Member of the Victorian Civil and Administrative Tribunal sitting in its planning and environment list. With significant environmental law experience and as an Accredited Mediator and a Graduate of the AICD, Michelle broadens the skills and experiences of LMG's skill-based Board. Announcement • Jul 07
Latrobe Magnesium Limited Announces Commencement of Pre-Feasibility Study for its 100,000tpa Magnesium Plant Using Ferronickel Slag as its Feedstock Latrobe Magnesium Limited announced the commencement of a Pre-Feasibility Study (PFS) for its 100,000tpa magnesium plant using ferronickel slag as its feedstock. LMG has finalised discussions with a ferro-nickel producer for the supply of 12 million tonnes of ferronickel slag over 20 years to feed this plant. LMG expects to sign a binding MoU with this supplier in July 2022. The major terms and conditions have already been agreed between the parties and is now awaiting Board approval. The study has been awarded to Bechtel, a noted global engineering, construction and project management company, who will support a two-part study to firstly evaluate strategic investment options to maximise value and then secondly to further define the selected option to assist LMG in developing a business case and forward work plan for the Feasibility Study (FS) phase. Upon its completion later this year, the PFS will be disclosed to potential joint venture partners to confirm their interest to participate in the project. LMG has appointed Jasper Consult DMMC, an international consulting firm based in London and Dubai, to identify and assist LMG in making the approach to appropriate potential partners. This appointment has commenced. The PFS study is expected to be completed, in full, by the end of the year. Board Change • May 31
High number of new directors Independent Non-Executive Director Michael Wandmaker was the last director to join the board, commencing their role in 2022. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Chairman Jock Murray was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 01
Latrobe Magnesium Limited Appoints Michael Wandmaker as A Non-Executive Director The Board of Latrobe Magnesium Limited announced the appointment of Michael Wandmaker as a Non-Executive Director effective 1 April 2022. Most recently the Managing Director of Melbourne Water for more than 7 years, Michael has been an Executive General Manager at both Sydney Water for three years and two years at Transfield Services and more than 2½ years at UGL, during which time he spent time as the COO and Acting CEO. Michael is an experienced senior executive with a strong track record of success in building and implementing corporate strategies to deliver operational excellence and profitable growth in large, complex asset intensive organisations. Michael brings a breadth and depth of leadership and operational experience at chief executive level, covering a wide range of public and private industry sectors. He has had significant M&A experience, and successfully integrating large complex (unionised) construction, engineering, infrastructure, defence and utility businesses. Announcement • Feb 16
Latrobe Magnesium Limited Announces Demise of Kevin Torpey, Non-Executive Director Latrobe Magnesium Limited announced the sudden death of Non-Executive Director Kevin Torpey on 8th February 2022. A director of LMG since April 2002, Kevin was a Chartered Professional Engineer. Announcement • Sep 18
Latrobe Magnesium Limited Appoints Ronan Gillen as Chief Operating Officer Latrobe Magnesium Limited has appointed Ronan Gillen as its new Chief Operating Officer for its initial 3,000 tpa magnesium plant at 320 Tramway Road Hazelwood North. Mr. Gillen will be responsible for the construction and operations of the plant. Since 2009 Mr. Gillen has been employed by Fluor working in positions of senior responsibility on a number of significant projects. These included the proposal, program, process engineering, operational and construction management with companies and projects such as BHP's Mineral Australia Program, MMG, Ma'aden, Newcrest's Cadia East project and Waisoi studies. 
