Earnings release
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Agrimin Limited | ABN 15 122 162 396 | ASX: AMN | Suite 6 Level 2, 437 Roberts Road Subiaco, Western Australia 6008 +61 8 9389 5363 | admin@agrimin.com.au | agrimin.com.au ASX ANNOUNCEMENT 30 January 2026 QUARTERL Y ACTIVITIES REPORT FOR PERIOD ENDING 31 DECEMBER 2025 HIGHLIGHTS West Arunta Tenure and Exploration Activities • Progressed review of potential exploration opportunities within Agrimin’s West Arunta tenure, as well as other project opportunities across Australia • West Arunta region aeromagnetic and radiometric geophysical surveys by the Geological Survey of Western Australia (“GSWA”) concluded during the quarter Mackay Potash Project • Strategic Review of the Mackay Potash Project con cluded during the quarter and implementation of key actions commenced • Broader stakeholder engagement continued, including at on-country meetings Corporate • Further project and corporate cost control measures implemented • Cash balance of $2.3 million as at 31 December 2025, including R&D tax refund of $0.3 million received in December • Investments: 40% shareholding in Niobium Holdings Pty Ltd (which owns approximately 11% of WA1 Resources Ltd (ASX: WA1)) and approximately 27% shareholding in Tali Resources Ltd (ASX: TR2) Agrimin Limited (ASX: AMN) (“Agrimin” or “the Company”) is pleased to report its activities for the quarter ending 31 December 2025. For personal use only
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ASX Announcement Page | 2 West Arunta Tenure and Exploration Activities The West Arunta region in Western Australia (“WA”) is rapidly gaining attention as a new frontier for mineral exploration, particularly due to its critical minerals potential, including rare earth elements, niobium, copper and gold. Agrimin holds granted Exploration Licences and M ining Entry Permits over geological areas of interest and is evaluating the potential for future exploration of these . In addition, Agrimin has reviewed potential exploration opportunites and is advancing discussions in relation to acquiring exploration tenure in other regions across Australia. During the quarter , the GSWA airborne magnetic and radiometric geophysical surveys across the broader West Arunta region were completed. The datasets and reports will be made available at no cost and are expected to significantly improve the quality of the available magnetic and provide uniform data coverage for the region. The aeromagnetic data will specifically assist with interpreting geological structures and , due to a far greater resolution than previous investigations, additional magnetic features and anomalies may be detected. The datasets are expected to be made available in the March 2026 quarter. Mackay Potash Project Activities Background The Mackay Potash Project ( “the Project”) is situated on Lake Mackay in WA. Lake Mackay hosts significant volumes of brine (hypersaline groundwater) containing dissolved potassium and sulphate which could produce high-grade, water -soluble organic s ulphate of potash (“ SOP”) fertiliser. The Project comprise d nine granted Exploration Licences covering over 3,000 km2. The closest community to the Project is Kiwirrkurra and a Native Title Agreement remains in place with Tjamu Tjamu (Aboriginal Corporation) RNTBC (“Tjamu Tjamu”) in relation to the Project. Strategic Review The Company announced in February 2025 that it would be undertaking a Strategic Review of the Project. This was concluded during the quarter, with outcomes announced on 23 October 2025. The Strategic Review was undertaken to assess the Project’s future in light of the challenging capital markets environment associated with SOP projects within WA. In conducting the Strategic Review, Agrimin consulted extensively with the Project’s key stakeholders. All consultations were constructive with clear understanding of the potential implications of current and future market conditions for evaporative SOP projects. The Strategic Review concluded, and the Board endorsed, that given existing and foreseeable medium-term conditions, continued allocation of capital to the Project is not in the best interests of the Company and its shareholders. For personal use only
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ASX Announcement Page | 3 The key reasons for this conclusion included: • Despite securing Western Australian State environmental approval for the development of the Project in January 2025, the protracted approvals process, the significant inflation associated with mining developments and the failure of several Western Australi an SOP developments in recent years has dramatically eroded the appetite of potential funders, both conventional and strategic, for such projects. • The tenement rents and shire rates associated with a brine -hosted mineral deposit (the Project’s tenement package extended over 3,000 km 2) present a uniquely prohibitive medium/long-term holding cost. • No offers from third parties to purchase and/or fund advancement of the Project were received during the conduct of the Strategic Review. In addition to not presenting a suitable exit pathway, this also means that retaining a long-term exposure to the Project would require the Company to continue to fund all, or at least the great majority of, ongoing holding costs. As a result of this conclusion, Agrimin commenced a process of withdrawing from the Project. This process is set to result in the partial and/or full surrenders of the several Exploration Licences which cover the majority of the brine-hosted potash minerals. Community Engagement and Rehabilitation During the quarter, Agrimin continued to engage and provide further updates at the Tjamu Tjamu Relationship Committee meeting and through formal correspondence with Parna Ngururrpa (Aboriginal Corporation) RNTBC. Subsequent to the quarter end, a Deed of Variation to the Native Title Agreement was signed with Tjamu Tjamu to allow for the surrender of tenements . As a result, A grimin c ommenced the surrendering of tenements that relate to the Project in January 2026. In addition to on-country meetings, local community services personnel and equipment were utilised to undertake general camp clean-up work. Ongoing rehabilitation of the Project area continued, and planning continues in relation to further rehabilitation which is expected to occur in 2026. The rehabilitation will involve local community services where possible. Corporate Activities Niobium Holdings Pty Ltd Agrimin holds a 40% interest in Niobium Holdings Pty Ltd (formerly Tali Resources Pty Ltd), which owns approximately 11% of WA1 Resources Ltd (ASX: WA1) (“WA1”). Niobium Holdings Pty Ltd does not have any other significant assets or any overhead costs other than limited compliance costs. For personal use only
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ASX Announcement Page | 4 Tali Resources Ltd Agrimin holds an approximate 27% interest in Tali Resources Ltd (ASX: TR2) (“Tali”), which has a significant tenure holding and mineral rights in the West Arunta region of WA. The shares held by Agrimin are classified as restricted securities and have been placed in escrow for 24 months following the ASX listing of Tali on 18 July 2025. Corporate Overheads During the quarter, Agrimin continued to implement cost reduction measures across project related and corporate activities supporting the Company’s ongoing efforts to preserve cash and streamline operations. Subsequent to the quarter end, $0.4 million deferred tenement rents were paid . A balance of $0.2 million is payable in the current quarter. Summary of Expenditure Incurred on Activities The Company incurred expenditure on activities for the quarter of $110,000, which for accounting purposes has been allocated to exploration and evaluation activities. No expenditure was allocated to development or production activities during the quarter. Exploration and evaluation expenditure during the quarter primarily related to tenement rents and rates. In accordance with Australian Accounting Standards, and given the absence of foreseeable income or cash inflows from the tenements, all exploration and evaluation expenditure have been classified as cash flows from operating activities. Payments to Related Parties of the Entity A description of and explanation for payments to related parties and their associates per Section 6.1 of the Appendix 5B for the quarter ending 31 December 2025 is set out below (Table 1). Table 1. Payments to Related Parties of the Entity and their Associates Item Current Quarter (A$) Previous Quarter (A$) Executive Director Salary and Superannuation 77,000 77,000 Non-Executive Director Fees 35,000 35,000 Fivemark Capital Pty Ltd1 7,500 7,500 Total payments to related parties of the entity and their associates 119,500 119,500 1. Fivemark Capital Pty Ltd provides investor relations and advisory services and is a related party of Mr Lee Bowers. For personal use only
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ASX Announcement Page | 5 Tenement Interests Table 2. Schedule of Tenement Interests as at 31 December 2025 Tenement Project Holder State Status Interest Nature of Change Exploration Licences E80/4887¹ Mackay Potash Agrimin Potash Pty Ltd W.A. Granted 100% E80/4888 Mackay Potash Agrimin Potash Pty Ltd W.A. Granted 100% E80/4889¹ Mackay Potash Agrimin Potash Pty Ltd W.A. Granted 100% E80/4890² Mackay Potash Agrimin Potash Pty Ltd W.A. Granted 100% E80/4893¹ Mackay Potash Agrimin Potash Pty Ltd W.A. Granted 100% E80/4995 Mackay Potash Agrimin Potash Pty Ltd W.A. Granted 100% E80/5055 Mackay Potash Agrimin Potash Pty Ltd W.A. Granted 100% E80/5124 Mackay Potash Agrimin Potash Pty Ltd W.A. Granted 100% E80/5172 Mackay Potash Agrimin Potash Pty Ltd W.A. Granted 100% Other Licences L80/87 Mackay Potash Agrimin Potash Pty Ltd W.A. Granted 100% L80/88 Mackay Potash Agrimin Potash Pty Ltd W.A. Granted 100% L80/98 Mackay Potash Agrimin Potash Pty Ltd W.A. Application 100% L80/99 Mackay Potash Northern Infrastructure Pty Ltd W.A. Application 100% L80/100 Mackay Potash Northern Infrastructure Pty Ltd W.A. Granted 100% L80/101 Mackay Potash Northern Infrastructure Pty Ltd W.A. Granted 100% L80/102 Mackay Potash Northern Infrastructure Pty Ltd W.A. Granted 100% L80/103 Mackay Potash Northern Infrastructure Pty Ltd W.A. Application 100% L80/104 Mackay Potash Northern Infrastructure Pty Ltd W.A. Application 100% L80/105 Mackay Potash Agrimin Potash Pty Ltd W.A. Application 100% Withdrawn ¹ Tenement surrendered post the reporting period ² Tenement partially surrendered post the reporting period ENDS For personal use only
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ASX Announcement Page | 6 For further information, please contact: Investors Media Michael Hartley Michael Vaughan Executive Director Fivemark Partners T: +61 8 9389 5363 T: +61 422 602 720 E: mhartley@agrimin.com.au E: michael.vaughan@fivemark.com.au Or visit our website at www.agrimin.com.au This ASX Release is authorised for market release by Agrimin’s Board. Forward-Looking Statements This ASX Release may contain certain “forward-looking statements” which may be based on forward- looking information that are subject to a number of known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those presented here. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward - looking information include s exchange rates; the proposed production plan; projected brine concentrations and recovery rates; uncertainties and risks regarding the estimated capital and operating costs; uncertainties and risks regarding the development timeline, including the need t o obtain the necessary approvals. For a more detailed discussion of such risks and other factors, see the Company’s Annual Reports, as well as the Company’s other ASX Releases. Readers should not place undue reliance on forward -looking information. The Company does not undertake any obligation to release publicly any revisions to any forward -looking statement to reflect events or circumstances after the date of this ASX Release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Agrimin Limited ABN Quarter ended (“current quarter”) 15 122 162 396 31 December 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (110) (457) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (164) (374) (e) administration and corporate costs (141) (274) 1.3 Dividends received (see note 3) - - 1.4 Interest received 23 45 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives 333 333 1.8 Other (Net GST received) 10 47 Other (GST collected on government grant) - - Other income - 3 1.9 Net cash from / (used in) operating activities (49) (677) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - - (d) exploration & evaluation - - (e) investments - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 (f) other non-current assets (32) (32) 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (research & development grant) - - Other (SCRI government grant) - - 2.6 Net cash from / (used in) investing activities (32) (32) 3. Cash flows from financing activities - 190 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - (29) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (repayment of lease liability) - (32) 3.10 Net cash from / (used in) financing activities - 129 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 2,345 2,844 4.2 Net cash from / (used in) operating activities (item 1.9 above) (49) (677) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (32) (32) For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.4 Net cash from / (used in) financing activities (item 3.10 above) - 129 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 2,264 2,264 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 1,714 495 5.2 Call deposits 1 1 5.3 Bank overdrafts - - 5.4 Other (term deposits) 549 1,849 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 2,264 2,345 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 120 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (382) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (382) 8.4 Cash and cash equivalents at quarter end (item 4.6) 2,264 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 2,264 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 5.9 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: n/a 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: n/a 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: n/a Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 January 2026 Authorised by: The Board of Directors Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee] ”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only