Agrimin (AMN) H2 2024 earnings summary

Executive summary

• Advanced the Mackay Potash Project, achieving key technical de-risking milestones and progressing environmental approvals, with the project now in Stage 3 of the WA EPA assessment and federal approval expected in early 2025.

• Achieved over 90% potassium recovery and Schoenite grade in process testwork, confirming the technical viability of the production process.

• Secured binding offtake agreements covering 70% of planned SOP production capacity, supporting future revenue streams.

• Raised $7.2 million through placements and share purchase plans to fund ongoing project development.

Financial highlights

• Reported a net loss after tax of $5,331,784 for FY2024, compared to a $47,921 loss in FY2023, mainly due to operating and compliance costs.

• Capitalised $3,107,992 in exploration expenditure (FY2023: $4,349,026).

• Cash and cash equivalents at year-end were $4,053,835, up from $2,230,879 in the prior year.

• Total assets increased to $95.5 million (FY2023: $60.9 million), driven by a significant increase in the value of the investment in associate Tali Resources.

• No dividends declared or paid.

Outlook and guidance

• Project permitting and technical de-risking are on track, with final investment decision pending completion of approvals and financing.

• SOP market conditions remain favourable, with strong prices and demand expected to persist.

• Continued focus on securing additional funding and strategic partnerships to support project execution.