Latrobe Magnesium's response to ASX regarding ATO approval

Latrobe Magnesium Limited (ASX: $LMG) responded to ASX's inquiry regarding the approval of its research and development tax rebate by the Australian Tax Office (ATO) for the year ended 30 June 2023. The ATO approved a rebate of $12.5M, and LMG CEO received confirmation via email from lan Crosbie of the ATO on 16th May 2024. The company subsequently received written confirmation from the ATO on 17 May 2024, indicating that the rebate would be processed without delay.

Executive commentary on compliance and disclosure

LMG CEO stated that the company believed it was required to release the information to the market after the agreed changes had been incorporated into the amended tax return and accepted by the ATO. The announcement was made on the ASX platform at 10:16 am on Friday, 17 May 2024. LMG confirmed its compliance with Listing Rule 3.1 and stated that the responses to ASX's questions had been authorized and approved in accordance with its published continuous disclosure policy or by an officer of LMG with delegated authority from the board.

Summary of ATO approval and compliance

Latrobe Magnesium Limited (ASX: $LMG) received approval from the ATO for its research and development tax rebate of $12.5M for the year ended 30 June 2023. The company responded to ASX's inquiry, affirming its compliance with Listing Rule 3.1 and disclosing that the responses to ASX's questions had been authorized and approved in accordance with its continuous disclosure policy. The approval of the rebate signifies a positive development for LMG and may impact the company's financial position positively in the near term.