Agrimin (AMN) Q1 2025 TU earnings summary

Executive summary

• Achieved over 90% potassium recovery at >90% Schoenite grade in Mackay Potash Project testwork, advancing process reliability.

• Mackay Potash Project entered stage three EPA assessment, with resubmitted Environmental Impact Assessment incorporating regulator feedback.

• Cash balance stood at $2.3 million as of 30 September 2024; 40% interest in Tali Resources valued at $46 million as of 30 June 2024.

• Board changes included resignations and new appointments, with further leadership transition planned post-AGM.

Financial highlights

• Cash balance of $2.3 million at quarter end.

• $1.15 million spent on exploration and evaluation activities, mainly for FEED works, environmental approvals, and project financing.

• No expenditure allocated to development or production activities during the quarter.

• Payments to related parties totaled $182,333 for the quarter.

Outlook and guidance

• EPA approval for Mackay Potash Project expected in the second half of 2024, with supplementary Commonwealth approval anticipated in the first half of 2025.

• Further process testwork planned for crushing, Schoenite leach, and SOP crystallisation stages.

• Ongoing engagement with potential project partners and financiers; three binding offtake agreements in place.