Agrimin (AMN) H2 2024 earnings summary

Executive summary

• Advanced Mackay Potash Project, the world's largest undeveloped potash-bearing salt lake, with significant technical de-risking and permitting progress in FY24.

• Achieved >90% potassium recovery and Schoenite grade in process testwork, supporting project economics.

• Resubmitted Environmental Review Document; project now in Stage 3 Assessment with WA EPA, with approvals expected by end 2024/early 2025.

• Secured 70% of planned SOP production under long-term binding offtake agreements.

• Raised $7.2 million in equity to support ongoing activities.

Financial highlights

• Net loss after tax of $5.33 million for FY24 (FY23: $47,921 loss), reflecting operating and admin costs.

• $3.1 million in exploration expenditure capitalised (FY23: $4.35 million).

• Cash and cash equivalents at 30 June 2024: $4.05 million (FY23: $2.23 million).

• Total assets: $95.5 million; net assets: $82.1 million.

• No dividends declared or paid.

Outlook and guidance

• Mackay Potash Project advancing toward Final Investment Decision, with key focus on permitting, engineering, execution planning, and funding.

• State and Commonwealth environmental approvals expected by end 2024 and early 2025, respectively.

• Further process testwork and optimisation planned for H2 2024.

• Ongoing engagement with potential project partners and financiers.