LATROBE MAGNESIUM LIMITED — Capital/Financing Update 2021

Oct 18, 2021

Suite 307, 20 Barrack Street Sydney, NSW 2000 Postal Address: GPO Box 4729, Sydney, NSW 2001

ABN 52 009 173 611 Phone: +61 (0)2 8097 0250 Email: lmg@latrobemagnesium.com

19 October 2021

Company Announcements Office Australian Securities Exchange Limited 20 Bridge Street Sydney NSW 2000

Dear Sirs

ISSUE OF SHARES UNDER PLACEMENT

On 26 October 2021, Latrobe Magnesium Limited (ASX:LMG) will allot and issue 120,000,002 fully paid ordinary shares at $0.025 per share to sophisticated and professional investors pursuant to a private placement, raising gross proceeds of $3,000,000. In addition, the company will also issue 60,000,001 options, on a one for two free basis for each ordinary share issued under the placement. The options will be issued at an exercise price of 4 cents for a term of 2 years. These shares and options are issued within the Company’s existing capacity under ASX Listing Rule 7.1.

SECTION 708A CLEANSING STATEMENT

In accordance with the requirements of section 708A(5)(e) of the Corporations Act 2001 (The Act) under which this notice is given, the Company confirms that:

1. The placement shares are part of a class of ordinary shares quoted on ASX

2. The Company issued the placement without disclosure to investors under part 6D.2 of The Act in reliance on section 708 and that notification is being given under 708A(5)(e) of The Act.

3. As at the date of this notice the Company has complied with:

   • a) The provisions of chapter 2M of The Act as they apply to the Company; and

   • b) Section 674 of The Act; and

4. As at the date of this notice, there is no information that is "excluded information" within the meaning of sections 708A(7) and 708A(8) of The Act.

Yours faithfully

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David Paterson CEO