Latrobe Magnesium Limited (ASX:LMG) develops and constructs magnesium production plants that extract magnesium metal and valuable by-products, including supplementary cementitious material, silica, char, iron oxide, and calcium carbonate, from fly ash waste generated by brown coal power plants using a proprietary patented combined hydrometallurgical extraction and thermal reduction process; the company targets low-cost, low-emission production for applications in automotive, aerospace, electronics, medical devices, aluminum alloying, and steelmaking industries. Founded in 1986 and headquartered at 320 Tramway Road, Hazelwood North in Victoria's Latrobe Valley, Australia, Latrobe Magnesium operates its flagship 1,000 tonne per annum demonstration plant at this site, which has achieved first magnesium oxide production and advances toward full commissioning in 2025; it plans a 10,000 tpa commercial plant by late 2027 with long-term offtake contracts to US distributors, while developing a 100,000 tpa mega plant in Sarawak, Malaysia, via subsidiary Latrobe Magnesium Sarawak Sdn Bhd using ferronickel slag feedstock following a pre-feasibility study with Bechtel. Recent developments include a A$10 million equity raising in October 2025 to complete the demonstration plant's magnesium section, procure materials, and fund operations amid rising global magnesium demand; a US$122 million strategic financing offer from the US Export-Import Bank in October 2025 tied to Australia-US critical minerals commitments; collaboration with Tenova for spray roaster technology enabling efficient MgO production; and initiation of operations at the Hazelwood North site with ongoing commissioning activities.