Agrimin (AMN) Q2 2025 TU earnings summary

Executive summary

• Received Western Australian state environmental approval for Mackay Potash Project on 20 January 2025, advancing toward final investment decision.

• Completed stage 4 EPA assessment and published assessment report; no appeals lodged during public period.

• Wyndham Port granted First Point of Entry Status, enhancing export and import logistics.

• Mining Lease loan of $6.4 million approved by WA Cabinet; tenement rents of $0.6 million deferred to 2026.

• Board changes: Lee Bowers appointed non-executive chair after Alec Pismiris' retirement.

Financial highlights

• Cash balance of $1.7 million as at 31 December 2024, excluding $0.7 million R&D tax refund received after quarter end.

• Final $0.4 million payment received from $2.0 million Supply Chain Resilience Initiative grant.

• Carrying value of 40% interest in Tali Resources Pty Ltd at $46 million as of 30 June 2024.

• $716,000 incurred in exploration and evaluation activities during the quarter, mainly for FEED works and approvals.

Outlook and guidance

• Commonwealth environmental approval targeted for first half of 2025.

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

• Environmental monitoring programs to commence in 2025 as part of pre-construction compliance.