MAGONTEC LIMITED — Capital/Financing Update 2022

Jul 24, 2022

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MAGONTEC Limited ABN 51 010 441 666

Registered office Suite 1.03, 46A Macleay Street Potts Point, Sydney NSW 2011 T: +612 8084 7813

ASX Announcement

Monday 25[th] July 2022

Profit Guidance Update

Magontec Limited (ASX: MGL) today announced that it expects to report a Net Profit After Tax, subject to auditor review, of approximately $13 million for the 6 months to 30 June 2022.

Nicholas Andrews, Executive Chairman, said, “At the Annual General Meeting on 25 May 2022, I commented that the financial results to 31 March 2022 and continued strong performance, all point to the likelihood of a 2022 full year result at least on a par with that of 2021, which was $5 million.”

“Trading conditions have exceeded company expectations and reflect high underlying magnesium prices, volume growth in some product lines, and higher levels of demand.”

Looking to the second half of Magontec’s financial year, Mr Andrews commented, “This is a business which is subject to volatility, making period-to-period visibility difficult. Currently, magnesium prices and general economic and market conditions are weakening. On that basis, it is unlikely that profitability will continue at the same rate through the second half of 2022.”

“Importantly, this record result in the first half of FY2022 means that Magontec Limited has no net debt, as of 30[th] June 2022, and a robust financial platform.”

ENDS

Nicholas Andrews, Executive Chairman of Magontec Limited has authorised the release of this document to the market on 25 July 2022.

For further information, please contact:

Investor enquiries Media enquiries Kirsten Thomson Richard Martin Symbol Strategic Communications Symbol Strategic Communications E: magontec@symbolstrategic.com.au E: RMartin@symbolstrategic.com.au

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