Enables magnesium ion binding activity. Predicted to be involved in phosphatidylinositol biosynthetic process; polyol metabolic process; and signal transduction. Predicted to be located in axon; cytoplasm; and neuronal cell body. Is expressed in several structures, including alimentary system; central nervous system; genitourinary system; integumental system; and sensory organ. Human ortholog(s) of this gene implicated in autosomal recessive non-syndromic intellectual disability and intellectual disability. Orthologous to human IMPA1 (inositol monophosphatase 1). [provided by Alliance of Genome Resources, Apr 2022]