Agrimin Limited (ASX: AMN), a Perth-based company focused on the development of its 100%-owned Mackay Potash Project, has released its quarterly activities report for the period ending June 30, 2025. The Mackay Potash Project is located on Lake Mackay in Western Australia, the largest undeveloped potash-bearing salt lake in the world. The company continues its strategic review of the Mackay Potash Project, noting strong stakeholder support during the process.
Agrimin has also progressed exploration targeting efforts across its broader tenure in the West Arunta region. This area is gaining attention for its potential in critical minerals, including rare earth elements. The company has been evaluating the potential for future exploration in these locations, alongside its strategic review activities. During the quarter, Agrimin successfully secured firm commitments for a two-tranche equity placement, raising $2.5 million before costs, to fund the Mackay Potash Project expenditures, exploration activities, and general working capital.
The company’s cash balance stood at $2.8 million as of June 30, 2025. A corporate restructuring of Agrimin’s 40%-owned subsidiary, Tali Resources Pty Ltd, was completed during the quarter, separating its West Arunta mineral exploration licences and its shareholding in WA1 Resources Ltd (ASX: WA1) into two separate companies. Tali Resources Ltd subsequently completed an IPO and ASX listing post quarter end. Agrimin holds approximately 27% of the issued shares in Tali Resources Ltd (ASX:TR2) and retains its 40% shareholding in Niobium Holdings Pty Ltd.
During the quarter, Mr. Rhys Bradley resigned as Chief Financial Officer and Company Secretary, and Ms. Briohny McManus was appointed Company Secretary on May 19, 2025. The company incurred $97,000 in expenditure on exploration and evaluation activities, primarily related to rehabilitation works and native title commitments. Payments to related parties totalled $119,156, covering CEO salary, executive director salary, and non-executive director fees.
