Ann: LMG selects Malaysia for its 100,000tpa magnesium plant, page-82

Rocket there may be 2 other things that you may not have factored into your calculations

1. LMG plans to sell a minimum of its magnesium into the US as per the announcement 29/1/2023 regarding the offtake agreement with MEC.
This announcement also points out that the sale price for magnesium is 141% higher than the Chinese mag price due to the tariffs on Chinese goods into USA.
As you know, Australia has a free trade agreement with the US

2. Sale of the flyash magnesium processing byproducts are projected to account for 40-50% of total revenue

Of course the really big money is going to come from the 100k tpa Malaysian ferronickel slag plant but I still expect the Victorian plant to run at a profit especially when it is scaled up to > 10k tpa