Agrimin Limited (ASX: $AMN) activities report for quarter ending 30 June 2024

Agrimin Limited (ASX: $AMN) is pleased to report its activities for the quarter ending 30 June 2024. The company made progress in its Mackay Potash Project, reporting successful flotation results and ongoing exploration activities. Additionally, the company completed a Share Purchase Plan shortfall of $1.1 million and had a cash balance of $4.0 million as at 30 June 2024. Tali Resources Pty Ltd regained 100% ownership of five Exploration Licences previously under a Farm-in and Joint Venture Agreement with Rio Tinto Exploration Pty Limited. The current market value of Agrimin's 40% share of Tali's investments was $55 million as at 24 July 2024 on a gross see-through basis.

Executive Commentary on Mackay Potash Project and Corporate Activities

Agrimin's vision for the Mackay Potash Project is to establish it as the world's leading seaborne supplier of Sulphate of Potash (SOP) fertiliser, contributing to sustainable food security for future generations. The project's development plan is based on the sustainable extraction of brine from Lake Mackay using a network of shallow trenches, with strong environmental credentials. The company is committed to a sustainable and ESG-friendly development of the Project, including strong engagement with Indigenous people and Traditional Owners, high renewable energy penetration, and creation of critical new seaborne SOP supply to support global food security. The Mackay Potash Project is now advancing toward a Final Investment Decision (FID) with ongoing activities including project funding, strategic partnerships, FEED works, execution planning, and contracting. Additionally, the company has signed three Binding Offtake Agreements for the supply of SOP and is progressing Front End Engineering Design to provide a greater degree of accuracy for operating and capital costs.

Summary of Agrimin's Activities and Outlook

Agrimin's activities for the quarter ending 30 June 2024 focused on the progress of the Mackay Potash Project, successful flotation results, ongoing exploration activities, and corporate developments. The company's vision for the Mackay Potash Project aligns with sustainable food security and strong environmental credentials. With the project advancing toward a Final Investment Decision, Agrimin is committed to sustainable and ESG-friendly development, including strong engagement with Indigenous people, high renewable energy penetration, and creation of critical new seaborne SOP supply to support global food security. The company's outlook includes ongoing activities such as project funding, strategic partnerships, FEED works, execution planning, and contracting, as well as the resubmission of the Environmental Impact Assessment response and progress on secondary approvals, licences, and agreements.