Latrobe Magnesium Advances Demonstration Plant and Secures Funding

Latrobe Magnesium Limited (ASX: LMG) has announced plans to restart its Demonstration Plant in late May to produce Magnesium Oxide and achieve steady-state operations. To support this initiative, LMG has successfully raised AU$ 3.5 million through an institutional placement of AU$ 2.75 million and a fully underwritten Share Purchase Plan of AU$ 0.75 million. The company’s directors demonstrated strong backing by subscribing to AU$ 550,000 in shares.

Additionally, LMG has secured access to AU$2.8 million in debt financing at a significantly reduced interest rate of 10%. The company is also progressing with selling excess land at its Tramway Road site, expected to generate up to AU$5 million by 30 June 2025. CEO David Paterson expressed confidence in the company’s strategy, highlighting the importance of demonstrating sustainable MgO production while advancing toward magnesium metal production.

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