If you look at Kangaroo's list that explains why the shareprice...

If you look at Kangaroo's list that explains why the shareprice is sitting at 3.2c. The market has lost trust in the Company. Management has not delivered what it said it would deliver. Communication is littered with mis-information - part of it I think is deliberate and part of it is simply bad communication.
In addition, bare in mind that the current support at 3.2c is from one holder with a bid for 1,000,000 shares. Let's hope that's not pulled otherwise we fall into the 2's.

There seems to be a belief that LMG is awash with cash after the capital raise. This is definitely not the case. The quarterly tells us that at 30th June there is still $22M outstanding on the $25M loan facility(item 7.4). This is confusing because in page 1 dot points in the Quarterly report, they say " LMG paid down a significant $12.9m of existing debt". It appears that when they talk about "debt", they are not just including the outstanding amount on the loan facility but also payables and/or some other debts. If they paid down $12.9M off the loan facility there would not be $22M outstanding at end of quarter. I am wondering if after they paid off some of the loan, whether the credit was drawn down again? The Quarterly financials also tell us that at 30th June, for the past 12 months they repaid $9.4M off borrowings (item 3.6) which I assume is the "borrowings" is draw down(of the $25M available) loan but it's not reflected in what is owing on the loan in item 7.4. Based on $22M outstanding on the loan at 14% interest equates to $256,000.month in interest payments.

If we look at item 4.6 the cash and cash equivalents held at end of quarter(or end of fiscal year) is $565,000. That's after the $12M placement(before costs).

So, from 30th june,

• on the plus side we have

1. $565,000 in cash, plus
2. $6M come in from the underwritten public capital raise,
3. and we are expecting about $16M tax rebate.
4. talk about selling some of the current site to generate cash to buy another site for phase 2
5. talk of application for funding to the Critical Minerals Fund

• on the negative side

1. we still have the $22M owing on the loan, ($256,000 in monthly interest payments,)
2. Average $200,000/month to operate the company(item 1.9),
3. Unknown monthly lease costs(item 2.2(c) tells us we sold $11.4M in property, plant and equipment which I expect is leased back).
4. Capital spending to get to MgO production
5. Capital spending to get to ingots production
6. Costs for phase 2 site selection/purchase, PFS-B/ BFS for phase 2 and FID for phase 2.

In addition note that in the text of the quarterly, the intended use of the $18M capital raise:
This total funding of $18 million will be used for the following:
• Capital costs of the Demonstration Plant for Magnesium Oxide production
• Research and Development (R&D)
• Operating costs and corporate costs
• Costs of Placement and Offer
• Working capital.

None of it to paydown the loan or to get to Mg ingots production or for development of phase 2 pre build. I can then only assume, that when they get to that MgO production they hope to have another capital raise to fund getting to Mg ingots production?

Paints a rather confusing picture for me.
Happy to be enlightened.