LATROBE MAGNESIUM LIMITED
ASX:LMGMaterialsToday’s holders own 93.6% of what they think they own, once every option and right converts.
Share count grew 60% in 24 months; 5 cash raises in 24 months; options/rights overhang 7% of shares
LATROBE MAGNESIUM LIMITED's ordinary share count grew 59.5% between September 2024 and September 2026, its latest share-count filing, to 3.75B shares. In the past 24 months, the company raised capital five times for total proceeds of A$22.9M, most recently a Placement and Entitlement Offer raising A$8.5M in September 2026. Options and rights could convert into 258M new shares, representing a 6.9% overhang relative to current shares; none are in the money, and the nearest expiry is August 2027. The most recent quarter's spending was dominated by property, plant and equipment rather than operating costs, so no funding-runway estimate applies. Three proposed securities issues (Appendix 3B) are pending, with the earliest expected issue date in November 2026.
Quick answers · 4
Is LMG raising capital?
Latrobe Magnesium has 3 proposed issues of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement and Entitlement Offer of $8.5M on 22 Sept 2026.
How much cash does LMG have?
In its quarterly cash report for the quarter ended 30 Sept 2026, Latrobe Magnesium reported $3.4M of cash and estimated 2.9 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do LMG's options expire?
Unexercised options and rights equal 6.9% of Latrobe Magnesium's shares on issue; the nearest expiry is Aug 2027.
How much has LMG's share count grown?
Latrobe Magnesium has 3.75B shares on issue as at 28 Oct 2026, up 59.5% over 24 months according to its Appendix 2A filings.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 28 Sept 2026 | 2A · quoted issue | LMG : ORDINARY FULLY PAID | 3.75B | Appendix 2A |
| 13 July 2026 | 2A · quoted issue | LMG : ORDINARY FULLY PAID | 3.41B | Appendix 2A |
| 13 July 2026 | 3G · unquoted | LMG : ORDINARY FULLY PAID | 3.13B | Appendix 3G |
| 21 Apr 2026 | 2A · quoted issue | LMG : ORDINARY FULLY PAID | 3.13B | Appendix 2A |
| 5 Jan 2026 | 3H · cancellation | LMG : ORDINARY FULLY PAID | 3.13B | Appendix 3H |
Securities on issue over time
Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.
Capital raises
5 cash raises in the last 24 months · 2 in the last 12 months
Retail offer
An offer existing holders can take part in — the one structural advantage retail has in a raise. Dated recently and not yet recorded as complete.
Closing dates are not in the filings this site holds. Check the company's own announcement below before acting on this.
Forward supply
Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.
Placement capacity
How much stock a company can place without asking holders. Listing Rule 7.1 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
At $0.014 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 50.0M (1.3% of shares).
- Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
- 80.0M (31.0% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| LMGAG | Options | Price-triggered | $0.079 | 12 Aug 2027 | 85.1M | Filing |
| LMGAJ | Options | Price-triggered | $0.046 | 12 Nov 2027 | 42.6M | Filing |
| LMGAH | Options | Price-triggered | $0.019 | 10 Apr 2028 | 20.0M | Filing |
| LMGAK | Options | Price-triggered | $0.021 | 13 July 2031 | 30.0M | Filing |
| LMGAC | Warrants | Price-triggered, no exercise price stated | — | — | 80.0M | Filing |
“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column. For what expires soon across other listed companies, see the options expiry calendar.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 27 Nov 2025 | David Oliver Paterson | Buy | 26.3M | — | — | — | 3Y notice |
| 27 Nov 2025 | John Robert Lee | Buy | 4.7M | — | — | — | 3Y notice |
| 27 Nov 2025 | John Stephen Murray | Buy | 5.1M | — | — | — | 3Y notice |
| 27 Nov 2025 | Philip Francis Bruce | Buy | 2.9M | — | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.