Highlights

  • Eligible shareholders accepted 20,335,590 new shares, raising A$305,034.35 under the fully underwritten non-renounceable entitlement offer.
  • The shortfall of 207,324,271 shares, worth A$3,109,880.31, falls to sub-underwriting clients of underwriter Shaw and Partners.
  • Latrobe has the Demonstration Plant 95 per cent installed and 35 per cent commissioned, targeting first magnesium crown by end-2026.
  • Latrobe holds exclusivity over a strategic South Carolina site while port, rail, engineering and financing work proceeds.

Existing shareholders took up A$305,034.35. The remaining A$3,109,880.31 went elsewhere. Latrobe Magnesium Limited (ASX:LMG) announced on 28 October 2026 that its fully underwritten, non-renounceable entitlement offer closed on Monday, 26 October 2026. Set out in a prospectus dated 22 September 2026, the offer was expected to raise approximately A$3.4 million before costs, and the underwriter, Shaw and Partners Limited, is obliged to subscribe for any shortfall.

The offer result

Eligible shareholders accepted 20,335,590 new shares. The shortfall was 207,324,271 new shares, which works out at an issue price of A$0.015 per share. Sub-underwriting clients of Shaw and Partners will take up the shortfall, so most of the new shares will sit with those clients rather than with the existing register.

Dates and insider participation

New shares under accepted entitlements are due to be issued on Monday, 2 November 2026, with anticipated ASX trading from Tuesday, 3 November 2026. Chief executive Robert Stein invested A$300,000 personally across the earlier placement and the entitlement offer.

Latrobe stated that it is fully funded through to first magnesium crown production at its Demonstration Plant, which it is targeting by the end of 2026. That is a target, not an achievement. The release did not include a use-of-funds table beyond the funding statement.

Progress since the prospectus

The Demonstration Plant in Victoria's Latrobe Valley is 95 per cent installed and 35 per cent commissioned. The company has secured exclusivity over a strategic site in South Carolina in the United States, with port, rail, engineering and financing work under way. It has also lodged its FY2026 Research and Development Tax Incentive claim, and land sales are advancing, though no figures were given for either.

The business and its projects

The Demonstration Plant is described as a full plant, including magnesium metal production, expected to be commissioned in the second half of 2026. All of its magnesium metal is allocated to the US market through distribution partner Metal Exchange LLC.

Three further projects are outlined. The first is a proposed 50,000 tonnes per annum primary magnesium metal plant in South Carolina, with site capacity for a second phase that would double output to 100,000 tonnes per annum. The second is a 10,000 tonnes per annum commercial plant in the Latrobe Valley, currently on hold. The third is an international Mega plant in Sarawak, Malaysia, with potential capacity of up to 100,000 tonnes per annum, where the first phase of a pre-feasibility study is complete. These are proposals and studies, and the announcement gives no capital cost estimates or final investment decisions for them.

Next milestones

The confirmed near-term steps are share issue on 2 November and the start of trading on 3 November 2026. After that come commissioning of the Demonstration Plant, the first magnesium crown by the end of 2026, and progress on the South Carolina site.