It's all rather confusing and ambiguous.Firstly, The Quarterly...

It's all rather confusing and ambiguous.

Firstly, The Quarterly said:
LMG is targeting commencement of operations at the Demonstration Plant from late May subject to:
1.securing the required labour force,
2. restocking key reagents,
3. completing the ash stockpile, and
4. receiving the Environmental Protection Authority (EPA) operating permit,
in the 4th April document it included
5. securing labour
6. reinstating the management team
The last 2 were not mentioned in the quarterly, so I don't know if they have been achieved of whether they don't want to talk about them.
I am assuming "from late May" to mean it will start operations from late May ie producing MgO starting late May. I agree with Pat, if they are not producing MgO by 31st May, we will see share price go sub 1c.
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Secondly, Something confusing about the funds raised in teh SPP.
If I go to the 4th April SPP offer document cover letter(first page), it says:
"Funds raised pursuant to the SPP will be utilised to fund the Company’s working capital required for the production of the magnesium metal and the completion of its feasibility study of the 100,000tpa plant."
then if i go into the body of the SPP offer document(page 1), under Purpose of Issue it says:
"Funds raised pursuant to the SPP will be utilised to assist with the funding of the Company’s MgO demonstration plant."

It's not a lot of money as it's less than $1M and what they intend to use it for is as clear as mud. Is it to get to MgO production or is it to get to ingots production and progress stage 3?

All these documents seem to have been written by different people and the left hand doesn't know what the right hand is doing!!
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Thirdly, What is also interesting is the issue of options to Shaw and Partners from the announcement 10th April:

From Terms of Unlisted Options document:
"Latrobe Magnesium Limited (“LMG”) has completed the placement of 250 million shares at .1 cents per share on 4 April 2025, LMG is applying for the issue of 20,000,000 unlisted options being part of the capital raising costs on the terms below:
1. The options are issued to the lead manager / broker of the placement.



An issue price of $0.00001 (one thousanth of 1 cent) and expire 10th April 2028 with an exercise price of 0.019c. Jesus H Christ, I certainly hope that the share price will be much much higher than 0.019c by April 28. I would have expected an exercise price of at least 10c.

If we look at all the other options on issue they range from 7.9 to 10c, so why is this lot with an exercise price of 1.9c??

By my calculations the total shares on issue now is 2,548,537,375 plus 76,072,670 = 2,624,610,045, with
186,225,438 warrants/options on issue.


12 months ago we had 1,897,667,374 shares on issue with 98,000,001 warrants.options on issue.

This means in the past 12 months our holdings have been diluted 39%.