ASX Release
30 September 2024
Agrimin Limited | ABN 15 122 162 396
ASX Code: AMN
2C Loch Street
Nedlands, Western Australia 6009
T: +61 8 9389 5363
E: admin@agrimin.com.au | W: www.agrimin.com.au
Page 1 of 1
Updated 2024 Annual Report
Agrimin Limited (ASX: AMN) (“Agrimin” or “the Company”) advises that it has corrected formatting errors in several
table margins included in its 2024 Annual Report, released earlier today. Aside from the formatting amendments, the
2024 Annual Report remains unchanged. The amended 2024 Annual Report is enclosed herein.
ENDS
For further information, please contact:
Peter Prendiville
General Counsel and Company Secretary
T: +61 8 9389 5363
E: pprendiville@agrimin.com.au
Or visit our website at www.agrimin.com.au
This ASX Release is authorised for market release by the General Counsel and Company Secretary of Agrimin.
About Agrimin
Based in Perth, Agrimin Limited is the leading fertiliser development company on the ASX (ASX: AMN) focused
on development of its 100% owned Mackay Potash Project. The Project is situated on Lake Mackay in Western
Australia, the largest undeveloped potash-bearing salt lake in the world. Agrimin’s vision is sustainable food
security for future generations by providing nutrition the world needs. The demand for SOP is underpinned by
population growth, which the Food and Agriculture Organization of the United Nations predicts will drive an
increase in global food demand by 50% by 20501.
1 Food and Agriculture Organization of the United Nations, The future of food and agriculture Trends and challenges,
accessed 24 October 2023, page 136: https://www.fao.org/3/i6583e/i6583e.pdf
Annual Report
Sustainable food security
for future generations
Delivering the nutrition
our world needs
2 | Agrimin Limited
Contents
01.
08.
09.
10.
11.
12.
13.
14.
15.
16.
17.
03.
02.
05.
07.
04.
Chairperson’s Letter
Review of Operations
Our Vision, Purpose
and Values
Directors’ Report
Auditor’s Independence
Declaration
Environmental, Social
and Governance
06
10
08
24
44
20
06.
Remuneration Report
(Audited)
Consolidated Statement
of Profit or Loss and Other
Comprehensive Income
Consolidated Statement of
Financial Position
Consolidated Statement of
Changes In Equity
Consolidated Statement of
Cash Flows
Consolidated Entity
Disclosure Statement
Notes To The Consolidated
Financial Statements
30
45
46
47
48
77
49
Directors’ Declaration
Independent Auditor’s Report
Shareholder’s Information
Schedule of Tenement
Interests
78
79
83
85
Annual Report 2024 | 3
Corporate Information
Directors
Alec Pismiris
Non-Executive Chairperson (appointed Chairperson on 25
September 2024, Non-Executive Director 3 October 2013)
Debbie Morrow
Chief Executive Officer and Managing Director
Mark Savich
Non-Executive Director
Richard Seville
Non-Executive Chairperson (resigned 25 September 2024)
Brad Sampson
Non-Executive Director (resigned 25 September 2024)
Company Secretary
Peter Prendiville
4 | Agrimin Limited
Registered Office and Principal Place of Business
2C Loch Street
Nedlands, Western Australia, 6009
Telephone: +61 8 9389 5363
ABN: 15 122 162 396
Auditor
RSM Australia Partners
Level 32 Exchange Tower, 2 The Esplanade
Perth, Western Australia, 6000
Telephone: +61 8 9261 9100
Share Register
Automic Registry Services
Level 5, 191 St Georges Terrace
Perth, Western Australia, 6000
Investor enquiries: 1300 288 664
Website
www.agrimin.com.au
Stock Exchange Listing
Agrimin Limited shares are listed on the Australian Securities
Exchange (ASX: AMN)
Annual Report 2024 | 5
Chairperson’s
Letter
01.
Dear Shareholders,
Over the past year, we continued toward our vision to deliver sustainable food security for
future generations through development of the Mackay Potash Project, the largest undeveloped
potash bearing salt lake in the world with the potential to produce organic Sulphate of Potash
(SOP) fertiliser at a global impact scale. Designed with sustainability at its core, Mackay can
deliver a net environmental benefit and positive shared value outcomes for traditional owners
over its long life.
Significant progress was made during the year de-risking the design of the project with completion
of an extensive process testwork campaign partnering with leading equipment vendors Veolia
Water Technologies Inc. (USA) (“Veolia”) and FLSmidth Inc. (“FLSmidth”).
Driven by internal analysis and learnings from the early movers in Western Australia, the testwork
focused on the initial steps in the flowsheet being conversion and flotation. Announced in March,
a breakthrough was achieved by identifying and resolving the cause of occurrence of Leonite, not
Schoenite, in start-up feed salts. Leonite is problematic as it does not float. It was shown that by
temperature control, Leonite can be converted to Schoenite and this was confirmed consistently
through the testwork programme creating the appropriate feedstock for flotation. Testwork for
the next step in the flowsheet, flotation was undertaken with FLSmidth in the Veolia laboratory
allowing continuous and batch testing. As announced in July this program delivered outstanding
results of greater than 90% potassium recovery at greater than 90% Schoenite grade.
The Environmental Review Document for the Mackay Potash Project was resubmitted to the
Western Australian Environmental Protection Authority (“EPA”) in April 2024. In June 2024,
Agrimin was advised that the project was in Stage 3 Assessment Phase, and presented to the
Board of the WA EPA in July. State statutory timelines infer that the process will complete by
end 2024. In parallel to engagement with the EPA, the Company under the Commonwealth
Environment Protection Biodiverty and Conservation Act (“EPBC”) has extensively engaged
with the Department of Climate Change, Environment, Energy and Water (“DCCEEW”). Federal
statutory timelines infer that the process will complete early in 2025. We are proud of the high
quality, industry-leading environmental work that has been completed across the West Arunta
and continue to work closely with Regulatory bodies to support the assessment and decision
stage process.
6 | Agrimin Limited
On behalf of Agrimin and its shareholders, I wish to again thank the traditional owners of the
lands on which we operate.The Kiwirrkurra People, Ngururrpa People and Tjurabalan People
who continue to provide tremendous support to Agrimin as we progress the environmental
approvals and permitting required for the Project.
We recognise the progress made sealing the Tanami Road. This is a significant State and
Federal Government investment in regional infrastructure and will create long-lasting job
opportunities for several of Western Australia’s most remote communities, as well as support
the development of Agrimin’s world-class and long-life Mackay Potash Project.
I sincerely thank our shareholders who continue to support us. It takes time to develop a world
class project in a new region, with Agrimin poised to be the first mover in the West Arunta. The
start-up and investment challenges of our peers have made the Australian environment very
challenging. In contrast the global market is acutely aware of the need for SOP with demand
outstripping supply and existing producers struggling with resource and environmental issues.
There are no large developments on the horizon except our Lake Mackay. This global dynamic
sees the price of SOP diverging from the traditional delta to MOP with the higher price forecast
to continue. We have learnt from the early movers, and continue our disciplined approach to
technically de-risk the project through two years of on-lake pond and trench trials (2020-2022)
and a significant process test work campaign (2024). Your ongoing support and patience is
appreciated.
To close, I would like to express my sincere thanks to Richard Seville and Brad Sampson for
their significant contributions to Agrimin since 2019 and 2016 respectively. I also recognise our
dedicated team at Agrimin, led by our Managing Director and Chief Executive Officer, Debbie
Morrow. Deb enthusiastically grasped the baton from Mark Savich in September 2023 and the
team have met the targets of financial year 2024 by significantly advancing the Mackay Potash
Project permitting and technical de-risking, setting up the Project to leverage the favourable
global SOP market conditions and progress financing and construction plans.
Alec Pismiris
Chairperson
September 2024
Annual Report 2024 | 7
W
e
C
a
r
e
We put people first by
caring for individuals, our
stakeholders and the
environment
8 | Agrimin Limited
W
e
E
n
g
a
g
e
We genuinely listen, embrace
diversity and connect by
collaborating
W
e
D
e
l
i
v
e
r
We do what we say we will,
we speak up and take
decisive action
Annual Report 2024 | 9
Review of
Operations
03.
Mackay Potash Project (100% Interest)
Agrimin’s vision is sustainable food security for future generations by establishing the Mackay Potash Project (“the
Project”) as the world’s leading seaborne supplier of Sulphate of Potash (“SOP”) fertiliser which will provide the
nutrition the world needs. The Project is situated on Lake Mackay in Western Australia, the largest undeveloped
potash-bearing salt lake in the world. Lake Mackay hosts significant volumes of brine (hypersaline groundwater)
containing dissolved potassium and sulphur which can produce high-grade, water-soluble organic SOP fertiliser.
Figure 1: Map of Agrimin’s Projects
10 | Agrimin Limited
Agrimin’s production of SOP from Lake Mackay has strong environmental credentials, and is
expected to displace SOP currently produced from the highly polluting Mannheim process. The
Mannheim process involves mixing Muriate of Potash (“MOP”) with sulphuric acid and heating
to over 600 degrees Celsius to produce SOP. The process consumes significantly more energy
as a result of the heating required, and produces a hydrochloric acid waste by-product.
The Food and Agriculture Organization of the United Nations predicts global food demand will
increase by 50% by 20501. SOP has a critical role to play in global food security by providing
high quality fertiliser essential for generating crops in less and more arid conditions. Domestic
SOP production also has a significant role to play for Australian farmers as Australia currently
imports 100% of its potash requirements. SOP has a low salt index and is virtually chloride-
free, making it ideal for use on high value crops such as fruits and vegetables. Agrimin’s SOP is
certified as an allowable input for use in organic production systems and will be produced with
lowest quartile greenhouse gas emissions.
Lake Mackay is located 940km by road south of the Wyndham Port in Western Australia (Figure
1). It comprises nine granted Exploration Licences covering over 3,000km2 in Western Australia
and four Exploration Licence applications covering over 1,200km2 in the Northern Territory. The
closest community to the Project is Kiwirrkurra which is located approximately 60km south-
west. A Native Title Agreement is in place and provides the necessary consents for the Project’s
development and operation within the Kiwirrkurra determination area, additionally all Native
Title Agreements required for the proposed logistics corridor from Lake Mackay to Wyndham
are in place.
SOP prices remained strong throughout the year, at approximately US$630 per tonne2 as at 30
June 2024, underpinned by limited market supply and firm demand.
The Project’s development plan is based on the sustainable extraction of brine from Lake
Mackay using a network of shallow trenches. In concept, brine will be transferred along trenches
into a series of solar evaporation ponds located on the salt lake’s surface. Raw potash salts will
crystallise on the floor of the ponds and be collected by wet harvesters and pumped as a slurry
to the processing plant proximate to the edge of the salt lake. The plant will refine harvested
salts into high quality finished SOP fertiliser ready at the mine gate for direct use by customers.
SOP will be transported by a dedicated Joint Venture fleet of road trains to a purpose-built
storage facility at Wyndham Port. At the port, SOP will be loaded via an integrated barge loading
facility for shipment to customers.
1 Food and Agriculture Organization of the United Nations, The future of food and agriculture Trends and challenges,
accessed 24 October 2023, page 136: https://www.fao.org/3/i6583e/i6583e.pdf
2 Argus Media Group as at 27 June 2024
Annual Report 2024 | 11
The Definitive Feasibility Study (“DFS”) for the Mackay Potash Project was completed in July 2020. The DFS
demonstrated the Project’s globally significant scale and that once in operation it could be the world’s lowest cost
source of seaborne SOP. The Project offers excellent potential to expand over time to meet the projected growth in
demand for SOP. The Independent Technical Review (“ITR”) of the DFS and Project was completed in April 2021 by
Worley Consulting Pty Ltd (formerly Advisian Pty Ltd), a subsidiary of the Worley Limited group of companies. The
ITR report concluded that, based upon the data described in the report, the identified project risks are not expected
to impact the technical and financial viability of the Project, particularly when considering the Front End Engineering
Design (“FEED”) work programs and mitigations planned to occur prior to the Company making a Final Investment
Decision (“FID”).
Agrimin is committed to sustainable development of the Project. This includes:
•
strong engagement with Traditional Owners and community groups with, two-way science and co-design at
the core of caring for country;
•
significant commitment to local training, employment, and business opportunities with engagement aligned
with sufficient lead time for employment readiness programs to be delivered;
•
high renewable energy penetration of +80% to deliver very low greenhouse gas emissions along with one of
the lowest carbon footprints associated with any macro-nutrient fertiliser product; and
•
creation of critical new seaborne SOP supply to support global food security, which is under threat due to
population growth, reduction in arable land and environmental factors.
The Mackay Potash Project is advancing towards Final Investment Decision, key activities include:
•
Permitting - primary environmental approval and granting of mining tenure;
•
Engineering - advanced process test work and preparation for contractor involvement;
•
Execution Planning - critical path analysis and mitigation including earliest possible environmental surveys
and baseline monitoring; and
•
Funding - strategic partnerships and funding pathways.
Product Marketing and Project Funding
The Company has signed three Binding Offtake Agreements with Sinochem Fertilizer Macao Limited, Nitron Group
and MacroSource (formerly Gavilon Fertilizer) for the supply of 150,000tpa, 115,000tpa and 50,000tpa of SOP,
respectively. The Company has met its target of 70% of planned SOP production capacity under long-term binding
offtake agreements and discussions with potential project partners and financiers continue.
Front End Engineering Design
Since completion of the DFS, the Company’s integrated owner’s team has been progressing several FEED work
streams. The outcomes of the FEED phase will provide a greater degree of accuracy for operating and capital costs
and minimise the risk of material changes during the execution phase of the Project.
The Company completed site-based testwork for the salt harvesters in 2020, and geotechnical sampling and
testwork for the sealed haul road in 2022. Additionally, the Company has worked with its proposed power contractor
to refine the Project’s site power station design which has resulted in a hybrid diesel, solar, wind and battery solution
with a modelled renewable energy penetration of +80%. In 2023, the Company completed a civil construction trial
to increase the understanding of the on-lake construction and operation of the Project’s brine extraction trenches
and solar evaporation ponds. The trial results will be used to build on the Company’s geotechnical data for the lake,
confirm key equipment selections and validate remaining assumptions of the construction methodology.
An extensive technical review of the process flowsheet and associated testwork database, together with the
reported learnings from globally successful operations and the early mover SOP projects in Western Australia, led
to the requirement for additional process testwork to be completed. This additional testwork’s objective was to
de-risk the Project’s start-up stage by demonstrating the targeted potash-bearing salt mineral can be consistently
produced from the expected harvest salt feed.
Having discovered Leonite, which does not float, instead of Schoenite in the flotation feed, testwork focussed on
the conversion stage and have repeatably demonstrated that the Schoenite can be produced instead of Leonite
through temperature control and sufficient residence time in a cooling crystalliser (announced to the ASX on 1
March 2024). A cooling crystalliser was incorporated into the DFS design and remains the preferred equipment
as it provides uniform temperature control throughout the vessel ensuring conversion to Schoenite. The optimal
12 | Agrimin Limited
temperature required in the conversion stage to resolve Leonite is approximately 15
degrees Celsius, which is lower than the 28 degrees Celsius assumed during the DFS.
This conversion testwork was conducted in collaboration with Veolia Water
Technologies Inc. (USA) (“Veolia”), a leading crystallisation vendor. The conversion
testwork was successful in understanding the process conditions for converting start-
up harvest salts (containing Leonite) into Schoenite for further refinement into SOP, via
flotation, leaching and SOP crystallisation.
During the year, flotation testwork was completed in partnership with leading
equipment vendors FLSmidth Inc. (“FLSmidth”) and Veolia. The testwork utilised
FLSmidth’s flotation test unit and expertise and was performed at Veolia’s facility in
Plainfield, USA. The testwork aimed to evaluate a range of flotation variables including
collector selection, collector dose rate, collector application, collector conditioning
time, mixing dynamics (conditioning and flotation), chemical behaviour, process
temperature and flotation kinetics. A total of 23 open cycle tests were conducted
which considered a range of conditions for flotation. Repeatable results were achieved
under preferred conditions (announced to the ASX on 10 July 2024), consistent with
the DFS (announced to the ASX on 21 July 2020) with design values of 90% Potassium
recovery and 90% Schoenite grade.
Further testwork is planned for the second half of calendar year 2024 to optimise the
operating ranges and limits for the conversion and flotation stages. Additional testwork
is also being scoped for the downstream Schoenite leach and SOP crystallisation
stages of the flowsheet.
Project Approvals
The Mackay Potash Project is being assessed by the Western Australian Environmental
Protection Authority (“WA EPA”). The WA EPA assessment under the Environment
Protection and Biodiversity Conservation Act (“EPBC”) is an accredited process under
a bilateral agreement with the Department of Climate Change, Energy, the Environment
and Water (“DCCEEW”) and the Commonwealth Government.
In April, the Company resubmitted the Environmental Impact Assessment response
incorporating comments from the WA EPA and the DCCEEW. The resubmission included
revised Environmental Management and Monitoring Plans and Offset Strategy. The
Company adopted a thorough engagement approach for the resubmission with
the WA EPA and the DCCEEW to ensure the resubmission meet the regulators’
expectations and could proceed to the assessment phase. The Company sought the
input and review of the Management and Monitoring Plans, Offset Strategy and Plans
by external subject matter experts and representatives of the Traditional Owners and
Ranger groups. Incorporating traditional knowledge and experience will lead to shared
value with environmental, economic and social co-benefits and capacity building.
The project is now in ‘Stage 3 Assessment’ with the WA EPA. Based on statutory
guidelines the timeline for State and Commonwealth approval infers the second half
of 2024 and early 2025 respectively.
The Company is also progressing other secondary approvals, licences and agreements,
which include:
•
Department of Energy, Mines, Industry Regulation and Safety – Miscellaneous
Licences, Mining Lease, Mining Proposal and Mine Closure Plan approvals;
and
•
Department of Water and Environmental Regulation – Works Approval and
Licence.
Annual Report 2024 | 13
Government and Community Engagement
The Company continues its active engagement in local communities and across all levels of Federal, State and
Local Government. Aligned with the Project’s progress, several engagement meetings were held with Government
Ministers and Departments during the year, with follow-up communication ongoing.
The Project enjoys strong support in local communities, with key focus on sustainable education, training,
employment and economic opportunities. The Project is expected to create approximately 200 direct full-time
jobs and support over 600 jobs through the regional supply chain over its multi-decade mine life, generating
valuable long-term opportunities for Indigenous people living in Central Desert communities, as well as people
living throughout the broader East Pilbara and Kimberley regions. Contemporary letters of support from Native Title
Holder representative bodies supported resubmission to the WA EPA in April.
A focus of the community engagement efforts during the year included compilation of an Indigenous Participation
Readiness Assessment, which involved direct engagement with the Tjamu Tjamu (Aboriginal Corporation) RNTBC
and the broader Kiwirrkurra community, including the local school, health service, Community support personnel
and the IPA Ranger program. Engagement has deepened understanding of local skills, aspirations, and business
capabilities which will enable plans for long-term shared value outcomes.
During the year, community engagement and support took place by way of:
•
Two Relationship Committee Meetings held with Tjamu Tjamu (Aboriginal Corporation) RNTBC in Kiwirrkurra;
•
Overnight cultural immersion trip with Elders and representatives of the Tjamu Tjamu Relationship
Committee;
•
Commenced training in Kiwirrkurra with over 30 community members attaining their construction safety
white card, training is being undertaken in partnership with Central Regional TAFE;
•
Supporting the Kiwirrkurra School and Community NAIDOC week celebrations;
•
Donation of sporting goods for all of community benefit; and
•
Letters of support provided for various initiatives and grant applications
14 | Agrimin Limited
People
Agrimin prioritises care by always putting people at the forefront of everything the Company does. This focus of care
is extended to all stakeholders, ensuring that their needs are met with integrity and empathy. Additionally, Agrimin is
deeply committed to protecting the environment, recognising that its actions today impact future generations, and
strives to make responsible, sustainable choices with shared-value outcomes.
Agrimin actively engages by making a conscious effort to truly listen to others, ensuring their voices are heard
and understood. The Company values and embraces the richness that diversity brings, recognising that different
perspectives strengthen the collective vision. Through collaboration, Agrimin fosters meaningful connections,
working together toward common goals with openness and mutual respect.
Agrimin takes pride in delivering on promises by consistently following through on commitments made. The
Company believes in the power of speaking up, expressing thoughts and concerns openly, and taking decisive
action when necessary. This proactive approach enables the Company to overcome challenges, drive results, and
maintain the trust of stakeholders.
Health, Safety and Wellbeing
During the year, Agrimin had no Lost Time Injuries (“LTIs”) and no significant incidents were reported within the
communities in which it operates.
Agrimin is committed to ensuring all work activities are carried out with health, safety and wellbeing as priority and
take all practical measures to remove risks to all members of the workforce and anyone else who may be affected
by the Company’s activities.
Environment
Since exploration activities commenced at the Mackay Potash Project in 2015, no reportable environmental
incidents have occurred.
Agrimin is committed to minimising the impact of its activities on the environment, delivering net benefit through
offset activities and strives for outstanding performance including close alignment with the UN Development Goals.
Annual Report 2024 | 15
Drainable Porosity Mineral Resource Estimate (JORC Code 2012)
Resource
Zone
Aquifer
Volume
(Mm3)
Measured & Indicated
Inferred
Total Mineral
Resource
Measured
Indicated
Total
K (mg/L)
SOP (Mt)
K (mg/L)
SOP (Mt)
K (mg/L)
SOP (Mt)
K (mg/L) SOP (Mt) K (mg/L)
SOP (Mt)
UZT
10,568
3,473
3.9
3,719
3.3
3,558
7.3
2,969
3.7
3,360
11
UZB
28,636
-
-
3,405
6.5
3,405
6.5
3,084
3.6
3,292
10.1
LZ1
48,127
-
-
3,542
9.7
3,542
9.7
3,428
9
3,487
18.7
LZ2
248,711
-
-
-
-
-
-
3,382
75
3,382
75
LZ3
17,003
-
-
-
-
-
-
1,910
8.7
1,910
8.7
Total
353,045
3,473
3.9
3,527
19.5
3,509
23.5
3,232
100.0
3,285
123.5
Total Porosity Mineral Resource Estimate (JORC Code 2012)
Resource
Zone
Aquifer
Volume
(Mm3)
Measured & Indicated
Inferred
Total Mineral
Resource
Measured
Indicated
Total
K (mg/L)
SOP (Mt)
K (mg/L)
SOP (Mt)
K (mg/L) SOP (Mt) K (mg/L) SOP (Mt) K (mg/L)
SOP (Mt)
UZT
10,568
3,473
16.5
3,719
8.6
3,558
25.1
2,952
10.9
3,375
36
UZB
28,636
-
-
3,405
54.6
3,405
54.6
3,084
29.8
3,292
84.4
LZ1
48,127
-
-
3,542
81.4
3,542
81.4
3,428
75.7
3,487
157
LZ2
248,711
-
-
-
-
-
-
3,382
787.8
3,382
787.8
LZ3
17,003
-
-
-
-
-
-
1,910
30.4
1,910
30.4
Total
353,046
3,473
16.5
3,501
144.6
3,498
161.1
3,323
934.6
3,349
1,095.6
Ore Reserve
Classification
Brine Volume (GL)
K (mg/l)
SOP (Mt)
Proved
602
2,797
3.7
Probable
2,592
2,819
16.3
Total
3,194
2,815
20
Annual Mineral Resources and Ore Reserve Statement
Corporate
During the year the Company completed a placement, Share Purchase Plan and shortfall placement that raised a
total of $7.2 million (before costs). The capital raisings were all conducted at an issue price of $0.15 per ordinary
share in the Company, with a free attaching unlisted option exercisable at $0.20 each within 3 years of issue,
resulting in approximately 48.0 million Shares and 48.0 million Options issued. The results of each were announced
on 16 October 2023, 26 March 2024 and 17 April 2024.
Tali Resources Pty Ltd
Tali is a private company which is 40% owned by Agrimin and is focused on exploration in the West Arunta region
of Western Australia. Tali holds one of the largest and most prospective tenement packages in the West Arunta
(Figure 2). Tali also owns 13% of WA1 Resources Ltd (ASX: WA1), which had a carrying value of interest in associate
of $46.4m as at 30 June 2024 for Agrimin’s 40% interest in Tali.
During the year, Agrimin announced that the Farm-in and Joint Venture Agreement between Tali and Rio Tinto
Exploration Pty Limited (“Rio Tinto”), as announced to the ASX by Agrimin on 12 March 2021, had been terminated.
As a result, Tali has regained 100% ownership of the five relevant Exploration Licences. In consideration, Tali has
executed a Royalty Deed to grant to Rio Tinto a 1.25% net smelter return royalty from the sale of any minerals
extracted from the five Exploration Licences that were previously the subject of the Farm-in and Joint Venture
Agreement.
16 | Agrimin Limited
Figure 2: Map of Tali Resources Pty Ltd’s Tenements (40% Agrimin)
Competent Person Statement
The mineral resources and ore reserves statement in this Annual Report is based on, and fairly represents,
information and supporting information prepared by competent persons.
The mineral resources statement in this Annual Report as a whole has been approved by Mr Derek Loveday, who is a
full-time employee of Stantec Consulting Services Inc. Mr Loveday is a geologist and is an independent consultant
to Agrimin Limited. Mr Loveday is a Member of the Society for Mining, Metallurgy & Exploration, a Professional
Engineer of the Association of Professional Engineers and Geoscientists of Alberta, and a Professional Engineer of
the South African Council for Natural Scientific Professions. Mr Loveday has provided his prior written consent to
the form and context in which the mineral resources statement appears in this Annual Report.
The ore reserves statement in this Annual Report as a whole has been approved by Mr Rick Reinke, who is a full-
time employee of Stantec Consulting Services Inc. Mr Reinke is a hydrogeologist and is an independent consultant
to Agrimin Limited. Mr Reinke is a member, a Professional Geoscientist, and Professional Geophysicist of the
Association of Professional Engineers and Geoscientists of Alberta. Mr Reinke has provided his prior written
consent to the form and context in which the ore reserves statement appears in this Annual Report.
Annual Report 2024 | 17
Forward Looking Statements
This Annual Report may contain certain forward-looking statements
which may not have been based solely on historical facts, but rather may
be based on the Company’s current expectations about future events
and results. 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.
However, forward-looking statements are subject to risks, uncertainties,
assumptions and other factors, which could cause actual results to
differ materially from future results expressed, projected or implied
by such forward-looking statements. Forward looking information
includes 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 to obtain the necessary
approvals. For a more detailed discussion of such risks and other factors,
refer to this Annual Report in its entirety, as well as the Company’s other
ASX Releases. Readers of this Annual Report should not place undue
reliance on forward-looking information. No representation or warranty,
express or implied, is made by the Company that the matters stated in
this Annual Report will be achieved or prove to be correct. Recipients
of this Annual Report must make their own investigations and inquiries
regarding all assumptions, risks, uncertainties and contingencies which
may affect the future operations of the Company or the Company’s
securities. The Company does not undertake any obligation to update
or revise any forward-looking statements as a result of new information,
estimates or opinions, future events or results, except as may be required
under applicable securities laws.
Cautionary Statement
The Definitive Feasibility Study results, production target and forecast
financial information referred to in this Annual Report are supported
by the Definitive Feasibility Study mine plan which is based on the
extraction of 93% Ore Reserve and 7% Inferred Mineral Resource. There
is a low level of geological confidence associated with the Inferred
Mineral Resource and there is no certainty that further exploration work
and economic assessment will result in the conversion to Ore Reserve
or that the production target itself will be realised. The Mineral Resource
and Ore Reserve underpinning the production target in this Annual
Report have been prepared by a competent person in accordance with
the requirements of the JORC Code (2012).
18 | Agrimin Limited
Annual Report 2024 | 19
Environmental, Social
and Governance
04.
Agrimin is committed to developing the Mackay Potash Project sustainably and in alignment
with the United Nations Sustainable Development Goals. The Company’s commitment is
embodied throughout the DFS and has been demonstrated through 10 years of positive
stakeholder engagement.
The Company believes in caring for the natural environment and will produce sustainable, organic fertiliser
products that minimise the environmental impacts of global agriculture. Agrimin is committed to managing
its own environmental responsibilities during the production of its SOP, as well as offering an alternative to
existing chemical and chloride-based potash fertilisers.
Agrimin’s Board is committed to the adoption of corporate governance policies and practices consistent
with the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations that
are appropriate for a company of Agrimin’s size and nature. Agrimin’s governance documents are reviewed
annually and are available on the Company’s website.
20 | Agrimin Limited
Goal
Agrimin’s Alignment
We will establish a globally significant supply of sustainable fertiliser to
improve global agricultural productivity and support food security.
Zero Hunger
Health, safety and wellbeing is our paramount focus. We strive to provide a
workplace focussed on health, safety and wellbeing for our workforce and
the communities in which we operate.
Good Health and
Well-being
We have a planned program of education and training opportunities within
our local communities which are designed to improve accessibility to the
jobs that will be created over the life of our operations.
Quality Education
We will develop important regional infrastructure that will create
economic and social opportunities through better connectivity for remote
communities.
Industy, Innovation
and Infrastructure
We will provide a positive, diverse and inclusive team environment. We
recognise the importance of diversity including gender representation across
our organisation.
Gender Equality
We aim to empower local communities through education and training
to support job-readiness for created all phases of our project ensuring
sustainable economic benefits over the long-term.
Decent Work and
Economic Growth
We seek to provide shared value outcomes for Indigenous people living in
our country’s most isolated communities. We firmly believe our operations
can be a catalyst for an improved quality of life.
Reduced
Inequalities
We are committed to acting in a transparent, accountable and responsible
manner throughout all of our business dealings. We operate to high levels
of corporate governance and intend to grow these with our business.
Peace, Justice and
Strong Institutions
We have designed a sustainable and low impact production process to
ensure that our operations minimise the consumption of water, energy and
other materials.
Responsible
Consumption and
Production
We aim to achieve a high penetration of renewable energy in our operations
and we are proud that our fertiliser will have one of the lowest carbon
footprints associated with any major macronutrient fertiliser.
Climate Action
We are committed to protecting the environment and minimising the impact
on the biodiversity within the ecosystems we operate. Globally, we aim for
our fertiliser to reduce the environmental impact of agriculture.
Life on Land
Figure 3. Alignment with the United Nations Sustainable Development Goals
Annual Report 2024 | 21
Environment
Agrimin will produce sustainable, organic fertiliser products that
minimise the environmental impacts of global agriculture and
provides an alternative to existing chemical and chloride-based potash
fertilisers. Agrimin’s premium quality SOP products will play a crucial
role in helping to achieve global food security.
Agrimin cares for the natural environment and is committed to
managing its own environmental and conservation responsibilities
throughout the project lifecycle.
The Project has a targeted renewable energy penetration of +80%
through the utilisation of a hybrid diesel, solar, wind and battery
solution. This contributes to Agrimin’s SOP having one of the lowest
carbon footprints associated with any major macro-nutrient fertiliser.
+80%
Targeted renewable energy
penetration through the
utilisation of a hybrid diesel,
solar, wind and battery solution.
Agrimin has worked diligently to design a project that minimises the impact on the biodiversity within the ecosystems
it operates. Over seven years the Company has undertaken extensive environmental surveys and studies with
the aim of developing a comprehensive and holistic understanding of Lake Mackay, the Lake’s local and regional
significance and potential impacts associated with the Project.
Social
Agrimin’s vision is to empower local Indigenous communities with shared-value outcomes for the Traditional
Owners.
The development of the Mackay Potash Project will provide local communities with improved access to infrastructure
including roads, communication networks and utilities. The proposed transport corridor, a sealed road linking Balgo
to Kiwirrkurra will enable safer and lower cost connection for families and improve food security and emergency
response.
Agrimin has established long-standing and respectful relationships with the Traditional Owners of the land in which
Lake Mackay and the transport corridor are located. The Company aims to continue to build upon this mutually
beneficial relationship with the Traditional Owners of the land in which it operates, providing economic and cultural-
strengthening opportunities with effective engagement, consultation and communication.
22 | Agrimin Limited
The Mackay Potash Project will invest in education and provide training and development opportunities to ensure
employment-readiness for construction and operations. Agrimin is particularly proud that its haulage joint venture,
partner Newhaul Bulk, has a bespoke training program across their existing operations to maximise the opportunity
for local and Indigenous employment. This program will be deployed for our operations which will run from
Kiwirrkurra to Wyndham.
Agrimin is committed to maximising the business opportunities and economic development for Traditional Owners
with commercial proposals from Kiwirrkurra People, Ngururrpa People and the Tjurabalan People or their entities
given preferential weighting when tendering for certain packages of work.
Governance
Agrimin strives to act in a transparent, accountable and responsible manner in all of its business dealings.
Agrimin’s Board is committed to the adoption of corporate governance policies and practices consistent with the
ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations that are appropriate
for a company of Agrimin’s size and nature. Agrimin’s governance documents are reviewed annually and include:
•
Anti-Bribery and Corruption Policy
•
Audit and Risk Management Committee Charter
•
Board Charter
•
Board Skills Matrix
•
Code of Business Conduct
•
Continuous Disclosure Policy
•
Constitution
•
Corporate Governance Statement
•
Diversity Policy
•
Environmental and Cultural Heritage Policy
•
People and Remuneration Committee Charter
•
Securities Trading Policy
•
Shareholders Communications Policy
•
Values Statement
•
Whistleblower Policy
These documents are available on the Agrimin website.
Annual Report 2024 | 23
Directors’ Report
05.
Your directors are pleased to provide their report on Agrimin Limited (ASX: AMN)
(‘Agrimin’ or the ‘Company’) together with the consolidated financial statements for the
Company and its controlled entities (‘Group’) for the year ended 30 June 2024.
24 | Agrimin Limited
Directors’ And Company Secretary
The names and details of the Company’s directors and
company secretary in office during the financial year and
until the date of this report are as follows. The directors
and company secretary were in office for the entire period
unless otherwise stated.
Names, Qualifications, Experience and Special Responsibilities
Richard Seville
Non-Executive Chairperson, appointed 5 August 2019 and resigned 25
September 2024
BSc (Hons) Mining Geology, MEngSc Rock Engineering, MAusIMM, ARSM.
Mr Seville has over 40 years of experience in the resources sector including
positions as Managing Director, Operations Director, Non-Executive Director
and Chairperson of a number of ASX, TSX and AIM listed companies. Until
2019, Mr Seville was Chief Executive Officer and Managing Director of Allkem
Limited (formerly Orocobre Limited) (ASX: AKE, ORE), a lithium and boron
chemicals producer with operations in Argentina. Mr Seville led Orocobre
for 12 years from IPO and during which time, he brought the flagship Olaroz
brine project through exploration, feasibility and financing with project
debt and partnering with Toyota Tsusho Corporation, and into production
and subsequent expansion. Mr Seville holds a BSc in Mining Geology from
Imperial College, London and a Masters in Engineering Science from James
Cook University.
Mr Seville is also Executive Chairperson of Advanced Energy Minerals Ltd, a
producer of high purity alumina from a plant in Quebec, Canada. Within the
last 3 years, Mr Seville was formerly a director of the following ASX listed
companies - OZ Minerals Limited and Allkem Limited.
Debbie Morrow
Chief Executive Officer and Managing Director, appointed 1 September 2023
BBus, GAICD.
Ms Morrow is a highly accomplished executive with extensive experience
leading large-scale projects and a range of senior corporate and sustainability
roles across the energy and mining sectors. Ms Morrow had a 20 plus-year
career with global oil and gas company Woodside Energy Ltd. More recently,
she was a C-Level Executive of ASX 100 mining company OZ Minerals Ltd,
responsible for overseeing the development of the company’s growth projects.
Highly regarded as an authentic leader with infectious passion and energy, Ms
Morrow has a reputation in strategy development and has a track record of
converting vision into outcomes. Underpinned by commercial acumen, she is
skilled at leading teams and creating strong connections with all internal and
external stakeholders.
Ms Morrow’s other current listed company directorships include GR
Engineering Services Ltd.
Annual Report 2024 | 25
Mark Savich
Non-Executive Director, appointed 1 December 2012 (Chief Executive Officer until 31 August 2023 and Executive
Director until 30 November 2023)
BComm, CFA, GradDipMinExplGeoSc, GAICD.
Mr Savich has over 20 years of experience in the resources sector in Western Australia. He began his career as an
accountant in 2003 and was subsequently a resources analyst between 2006 and 2014. Mr Savich became a Non-
Executive Director of Agrimin in 2012 and was appointed as an Executive Director in 2014. He holds a Bachelor of
Commerce from the University of Western Australia, a Graduate Diploma in Mineral Exploration Geoscience from
the WA School of Mines, is a Chartered Financial Analyst (CFA), a graduate member of the Australian Institute of
Company Directors and completed the Chartered Accountants (CA) program.
Brad Sampson
Non-Executive Director, appointed 22 April 2016 (Non-Executive Chairperson until 5 August 2019) and resigned 25
September 2024
B.E. (Hons) Mining, MBA, AMP, MAusIMM.
Mr Sampson is an internationally experienced business leader, director and mining professional with 30 years’
resources industry experience. In addition to significant project development and operating experience, he is an
experienced director with listed and non-listed companies and has joint venture governance experience across
multiple international jurisdictions. He has been the Managing Director or CEO of multiple listed resources
companies and held senior management roles in resources and engineering companies including Newcrest Mining,
Gold Fields Ltd, Thiess and Kore Potash Plc.
Mr Sampson was formerly a director within the last 3 years of ASX listed Kore Potash Plc and ASX listed Metallica
Minerals Ltd.
Alec Pismiris
Non-Executive Director, appointed 3 October 2013 (Company Secretary until 16 October 2023) and appointed
Chairperson 25 September 2024
BComm, MAICD, FGIA, FCG.
Mr Pismiris has over 30 years of experience in the securities, finance and mining industries. Since 1990, Mr Pismiris
has served as a director and company secretary for various ASX listed companies as well as a number of unlisted
public and private companies. Mr Pismiris completed a Bachelor of Commerce degree at the University of Western
Australia, is a member of the Australian Institute of Company Directors and a fellow of The Governance Institute
of Australia. Mr Pismiris has participated numerous times in the processes by which boards have assessed the
acquisition and financing of a diverse range of assets and has participated in and become familiar with the range
of evaluation criteria used and the due diligence processes commonly adopted in the commercial assessment of
corporate opportunities.
Mr Pismiris’ other current listed company directorships are ASX listed Sunshine Metals Limited, ASX listed The
Market Limited and ASX listed Bubalus Resources Limited.
Mr Pismiris was formerly a director within the last 3 years of ASX listed Lanthanein Resources Limited and TSX-V
listed Pacton Gold Inc.
Peter Prendiville
Company Secretary, appointed 17 October 2023
BComm
Mr Prendiville is a corporate lawyer with over 10 years’ international experience in capital market transactions,
M&A, joint ventures, strategic consultancy and corporate advisory matters, primarily in the resources and shipping
sectors in Australia and the UK. Mr Prendiville holds a Bachelor of Laws and Bachelor of Commerce (Accounting
Major) and studied corporate finance at the London School of Economics.
26 | Agrimin Limited
Interests In The Shares and Options of the Company and Related Bodies Corporate
As at the date of this report the relevant interests of each director in the shares and options of the Group are:
Director
Ordinary
Options
Performance Rights
D Morrow
1,464,865
1,464,865
9,000,000
M Savich
11,892,000
-
2,400,000
A Pismiris
5,691,892
291,892
600,000
Directors’ Meetings
An audit committee was originally established in July 2007. However, due to the current composition of the Board
of Directors and scale of activities of the Company, this committee was not utilised during the year ended 30 June
2024. All matters that would normally have been reviewed by this committee were reviewed by the full Board of
Directors.
The number of directors’ meetings and number of meetings attended by each of the directors of the Company
during the financial year were:
Director
Board Meetings
Held
Attended
R Seville(1)
18
18
D Morrow(2)
18
15
M Savich
18
18
B Sampson(1)
18
16
A Pismiris
18
18
(1) Mr Seville and Mr Sampson resigned from their positions as Chairperson and Director respectively on 25 September 2024.
(2) Ms Morrow was appointed as CEO and Managing Director on 1 September 2023.
Principal Activities
The principal activity of the Group during the year was advancing the Mackay Potash Project in Western Australia.
There was no significant change in the nature of the Group’s activities during the financial year ended 30 June 2024.
Review And Results Of Operations
The Company incurred a $5,331,784 loss after income tax for the period (2023: $47,921). This result was in line
with expectations and reflected operating costs incurred during the period which were mainly costs associated with
general administration of the Company and compliance expenses. During the year, $3,107,992 (2023: $4,349,026)
of exploration expenditure was capitalised to exploration and evaluation assets.
Dividends
No dividends have been paid or recommended for the current year (2023: None).
Future Developments and Expected Results of Operations
Future developments in the operations of the Group are set out in the Review of Operations from page 10.
Key Business Risks
The business, assets and operations of the Company are subject to certain risk factors that have the potential to
influence the operating and financial performance of the Company in the future. These risks include a variety of
company, industry and general risks including (without limitation):
SOP Market
The Company’s Projects are focused on potential development of SOP assets and therefore the Company is exposed
to the market sentiment towards SOP and prevailing market price and outlook for SOP. There can be no assurance
that the market sentiment or that the SOP price will be favourable in the future.
Annual Report 2024 | 27
Additional funding
The Company will require additional funding to continue with its current workstreams and further funding to support
the development of the Project in the future. There can be no assurance that additional funding will be available
when needed or, if available, the terms of the funding may not be favourable to the Company.
Key personnel
The Company is substantially reliant on the expertise and abilities of its key personnel in overseeing the day-to-day
management and operations of its Projects. There can be no assurance that there will be no detrimental impact on
the Company if one or more of these employees cease their relationship with the Company.
The Board aims to manage these risks with planning and implementing risk control measures. However, some of
the risks are highly unpredictable and the extent to which the Board can effectively manage them is limited.
Events Subsequent To Reporting Date
In July 2024, 33,332 shares were issued upon the exercise of options. The Company received $6,666 as consideration
for the exercise of the options.
On 25 September 2024, Mr Richard Seville and Mr Brad Sampson resigned from their positions as Chairperson and
Director, respectively. Mr Alec Pismiris has been appointed as Chairperson on an interim basis whilst a search is
undertaken for a permanent replacement.
Indemnification of Auditors
To the extent permitted by law, the Company has agreed to indemnify its auditors, RSM Australia Partners, as
part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an
unspecified amount).
No payment has been made to indemnify RSM Australia Partners during or subsequent to the financial year.
Indemnification and Insurance of Directors and Officers
Indemnification
The Company has agreed to indemnify the directors of the Company against all liabilities to another person (other
than the Company or a related body corporate) that may arise from their position as directors of the Company,
except where the liability arises out of conduct involving a lack of good faith. The agreement stipulates that the
Company will meet the full amount of any such liabilities, including costs and expenses.
Insurance Premiums
The Company has arranged directors’ and officers’ liability insurance, for past, present or future directors, secretaries
and executive officers. The insurance cover relates to:
•
costs and expenses incurred by the relevant officers in defending proceedings, whether civil or criminal and
whatever their outcome; and
•
other liabilities that may arise from their position, with the exception of conduct involving a wilful breach of
duty or improper use of information or position to gain a personal advantage.
The Group paid a premium of $45,000 (2023: $45,000) for directors’ and officers’ insurance.
Environmental Regulation and Performance
The Group is subject to environmental regulation in respect to its exploration activities and aims to ensure that
the highest standard of environmental care is achieved, and it complies with all relevant environmental legislation.
There have been no material breaches during the period covered by this report.
28 | Agrimin Limited
Non-Audit Services
The Board has considered the non-audit services provided during the financial
year by the auditor and is satisfied that the provision of those non-audit services is
compatible with, and did not compromise the auditor’s independence requirements
of the Corporations Act 2001. The non-audit services were reviewed by the Board
to ensure:
•
they do not impact the integrity and objectivity of the auditor; and
•
they do not undermine the general principles relating to auditor independence
as set out in APES 110 Code of Ethics for Professional Accountants, as
they did not involve reviewing or auditing the auditor’s own work, acting
in a management or decision-making capacity for the Group, acting as an
advocate for the Group or jointly sharing risks and rewards.
During the year, RSM Australia Partners assisted with an indicative valuation for the
Notice of Meeting. The Company paid $3,250 for the service provided.
Corporate Governance
This statement outlines the main corporate governance practices adopted by
the Board of Agrimin which comply with the ASX Corporate Governance Council
recommendations unless otherwise stated.
The Board and management of Agrimin recognise their duties and obligations to
shareholders and other stakeholders to implement and maintain a proper system
of corporate governance. The Company believes that good corporate governance
adds value to stakeholders and enhances investor confidence.
The ASX Listing Rules require listed companies to prepare a statement disclosing
the extent to which they have complied with the recommendations of the ASX
Corporate Governance Council (‘Recommendations’) in the reporting period. The
Recommendations are guidelines designed to improve the efficiency, quality and
integrity of the Company. They are not prescriptive and if a company considers
a recommendation to be inappropriate having regard to its own circumstances,
it has the flexibility not to follow it. Where a company has not followed all the
Recommendations, it must identify which Recommendations have not been
followed and give reasons for not following them.
This Corporate Governance Statement (‘Statement’) sets out a description of
the Company’s main corporate practices and provides details of the Company’s
compliance with the Recommendations, or where appropriate, indicates a departure
from the Recommendations with an explanation.
This Statement is current as at 30 June 2024 and has been approved by the Board
of Directors of Agrimin. It is available on the Company’s website at http://www.
agrimin.com.au/corporate-governance/.
Auditor’s Independence Declaration
A copy of the Auditor’s independence declaration as required under section 307C of
the Corporations Act 2001 is set out on page 44.
Annual Report 2024 | 29
Remuneration
Report (Audited)
06.
30 | Agrimin Limited
Remuneration Report (Audited)
1.
Principles of Remuneration
Key management personnel have the authority and responsibility for planning, directing and controlling the activities of
the Group.
The Key Management Personnel of Agrimin Limited and the Group are:
DIRECTORS
Alec Pismiris
Non-Executive Chairperson (appointed Chairperson on 25 September 2024,
Non-Executive Director 3 October 2013, Company Secretary until 16 October 2023)
Richard Seville
Non-Executive Chairperson, resigned 25 September 2024
Debbie Morrow
Chief Executive Officer and Managing Director, appointed on 1 September 2023
Mark Savich
Non-Executive Director, appointed on 1 December 2012 (CEO until 31 August 2023 and
Executive Director until 30 November 2023)
Brad Sampson
Non-Executive Director, resigned 25 September 2024
NAMED KEY MANAGEMENT PERSONNEL
Rhys Bradley
Chief Financial Officer, appointed on 2 October 2023
Michael Hartley
Chief Operating Officer, appointed on 2 October 2023
All the above persons were key management personnel during the financial year to 30 June 2024 unless otherwise stated.
The information provided in this remuneration report has been audited as required by section 308 (3C) of the Corporations
Act 2001.
KEY ELEMENTS OF KEY MANAGEMENT PERSONNEL REMUNERATION STRATEGY
The following principles of remuneration have been agreed by the Board and formed the basis of the principles of
remuneration during the relevant periods of employment and will remain relevant to future employment arrangements.
Remuneration levels for key management personnel of the Group are competitively set to attract and retain appropriately
qualified and experienced directors and executives and as relevant to the circumstances of the Company from time to
time. The remuneration structures explained below are designed to attract suitably qualified candidates, reward the
achievement of strategic objectives, and achieve the broader outcome of creation of value for shareholders. The
remuneration structures consider the capability and experience of the key management personnel and the Group’s
performance including:
•
the successful implementation of exploration and development programs designed to progress into operations;
•
the Group’s earnings, when and if appropriate;
•
the growth in share price and delivering enhancement of shareholder value;
•
the relevant prevailing employment market conditions; and
•
the amount of incentives within each key management person’s remuneration.
Remuneration packages include a mix of fixed and variable remuneration and short and long-term performance-based
incentives.
Annual Report 2024 | 31
1.1
Fixed Remuneration
Fixed remuneration consists of base remuneration (which is calculated on a total cost basis and includes any fringe
benefits tax charges related to employee benefits) as well as employer contributions to superannuation funds, as required
by law. Remuneration levels are reviewed annually by the Chief Executive Officer and the Board through a process that
considers individual performance, employment market conditions and overall performance of the Group.
1.2
Performance Linked Remuneration
Performance linked remuneration includes short-term and long-term incentives and is designed both to reward key
management personnel for meeting or exceeding their financial and personal objectives and to keep the Group
competitive in the marketplace. The Short-Term Incentive (STI) is an at-risk bonus provided in the form of cash and shares
based on agreed key performance indicators (KPIs) for each position. A Long-Term Incentive (LTI) has been provided as
performance rights to ordinary shares of the Company under the rules of the Agrimin Employee Securities Incentives Plan
2019 (ESIP). The ESIP provides for the issuance of performance securities which can include a plan share, option,
performance right or other convertible security. Upon determination by the Board that the performance conditions
attached to the performance securities have been met, this will result in the issue of one ordinary share in the Company
for each performance security.
If a performance condition of a performance security is not achieved by the milestone date then the performance security
will lapse. A performance security will also lapse if the Board determines the participant ceases to be an eligible employee
for the purposes of the ESIP for any reason (other than as a result of retirement, disability, bona fide redundancy or death).
1.3
Short Term Incentives
Each year the Board of Directors sets the KPIs for key management personnel and senior management. The KPIs will
generally include measures relating to the Group, and to the individual, and include financial, people, strategy and risk
measures. The measures are chosen as they directly align the individual’s reward to the KPIs of the Group and to its
strategy and performance. The full Board reviews and confirms the cash incentive to be paid to each individual. This
method of assessment was chosen as it provides the Board with an objective assessment of the individual’s
performance. The STIs include share based payments (performance securities) which are outlined under Performance
Securities.
1.4
Long Term Incentives
The LTIs include long-service leave and share based payments (performance securities).
PERFORMANCE SECURITIES
Performance securities are issued under the ESIP (made in accordance with thresholds set in plans that have been initially
approved by the Board) and it provides for key management personnel to receive varying numbers of performance rights
for no consideration. The actual number of performance securities issued depends on the seniority and responsibility of
the executive concerned. The performance conditions and vesting periods of the performance securities are set so as to
provide a realistic incentive to each executive and to reflect the executive’s contribution to the Group and enhancement
of value for all shareholders.
At the annual general meeting of shareholders held on 27 November 2019, the Company obtained approval for the
adoption of the ESIP in accordance with the requirements of ASX Listing Rule 7.2, Exception 9. The ESIP has not replaced
the Performance Right Plan 2014 (PRP) which was renewed in 2017. Under the PRP 7,000,000 performance rights were
issued to the following directors and other key management personnel:
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32 | Agrimin Limited
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The performance condition attached to these rights were as follows:
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The grant date fair value of the performance rights above ranged between $0.51 to $0.84 per right.
At the annual general meeting of shareholders held on 26 November 2020, the Company obtained approval to amend the
terms of the 7,000,000 existing performance rights in accordance with the Listing Rules 6.23.3 and 6.23.4. Pursuant to
the Listing Rule 10.14, approval was obtained to issue 1,000,000 performance rights to the Chairperson, Richard Seville,
in accordance with Agrimin’s ESIP Plan (2019).
The performance conditions attached to these rights are as follows:
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On 21 July 2020, the Company announced the results of the DFS for the Mackay Potash Project. The DFS showed the
Project to be economically attractive and more than justified the Project advancing the permitting, offtake and financing
stage. However, the timeframe to complete this stage and then construct the Project has resulted in the expected
production date of the existing rights to be modified.
The Company considered the reasons for the delay in production date were more than justified by the rigour and quality
of the DFS and the development of a more realistic understanding of the timeframe necessary to complete the permitting,
offtake and financing stage to construct the project. The Company also considers that it is appropriate to incentivise the
holders of the performance rights to bring the Project toward the commencement and construction and it is therefore
justified, with the approval of Shareholders, to change the conditions of the existing performance rights.
Annual Report 2024 | 33
On 20 October 2023, employees were invited to participate in the Company's Employee Securities Incentive Plan (Plan).
The performance plan consists of Class A and Class B rights. The performance conditions attached to these rights were
as follows:
(QFXX
5JWKTWRFSHJHTSINYNTS
*]UNW^IFYJ
(QFXX&
(TSYNSZJIJRUQT^RJSY\NYMYMJ(TRUFS^KTWTSJ^JFWKWTRYMJLWFSYIFYJTKYMJ
5JWKTWRFSHJ7NLMYX
9MWJJ^JFWXKWTRYMJ
IFYJTKNXXZJTKYMJ
UJWKTWRFSHJWNLMYX
)JHJRGJW
(QFXX'
&8=FSSTZSHJRJSYTKYMJHTRRJSHJRJSYTKHTSXYWZHYNTSFY2FHPF^5TYFXM5WTOJHY
\NYMNSY\T^JFWXKWTRYMJNXXZJIFYJTKYMJ5JWKTWRFSHJ7NLMYX
47
&HMNJ[JRJSYTKWJQFYN[J9TYFQ8MFWJMTQIJW7JYZWSWJQFYN[JYT(TRUFWFYTW,WTZUT[JWF
YMWJJ^JFWUJWNTIKWTRYMJNXXZJIFYJTKYMJ5JWKTWRFSHJ7NLMYX
9MWJJ^JFWXKWTRYMJ
IFYJTKNXXZJTKYMJ
UJWKTWRFSHJWNLMYX
)JHJRGJW
The grant date fair value of the performance rights above ranged between $0.106 to $0.205 per right. 9,000,000 were
issued to the following other key management personnel:
4YMJWPJ^RFSFLJRJSYUJWXTSSJQ
3ZRGJWNXXZJI
2-FWYQJ^
7'WFIQJ^
At the annual general meeting of shareholders held on 28 November 2023, the Company obtained approval to issue
9,000,000 performance rights to the CEO and Managing Director, Debbie Morrow, in accordance with the requirements of
ASX Listing Rule 10.14 and Agrimin’s ESIP Plan (2023).
At Balance date the Company had 23,970,000 performance rights outstanding (2023: 4,800,000) relating to key
management personnel.
-TQIJW
2NQJXYTSJ'
(QFXX&
(QFXX'
(TRRJSHJRJSYTK
5WTIZHYNTS
(TSYNSZJIJRUQT^RJSY\NYM
YMJ(TRUFS^KTWTSJ^JFW
KWTRYMJLWFSYIFYJTKYMJ
5JWKTWRFSHJ7NLMYX
&8=FSSTZSHJRJSYTKYMJ
HTRRJSHJRJSYTK
HTSXYWZHYNTSFY2FHPF^
5TYFXM5WTOJHY\NYMNSY\T
^JFWX
47
&HMNJ[JRJSYTKWJQFYN[J
9TYFQ8MFWJMTQIJW7JYZWS
WJQFYN[JYT(TRUFWFYTW
,WTZUT[JWFYMWJJ^JFW
UJWNTI
2NQJXYTSJIFYJ
3T[JRGJW
)JHJRGJW
)JHJRGJW
78J[NQQJ
)2TWWT\
28F[NHM
'8FRUXTS
&5NXRNWNX
7'WFIQJ^
2-FWYQJ^
9TYFQ
The grant date fair value of the performance rights above ranged between $0.106 to $0.510 per right. The minimum and
maximum value of the performance rights yet to be vested is $0 and $4,615,276.
34 | Agrimin Limited
In accordance with AASB 2 Share Based Payments, the Company has recognised the fair value of the performance rights
since grant date. If a performance condition of a performance security is not achieved by the milestone date then the
performance security will lapse. A performance security will also lapse if the Board determines the participant ceases to
be an eligible employee for the purposes of the ESIP for any reason (other than as a result of retirement, disability, bona
fide redundancy or death).
The Board considers that the incentive to the directors and other key management personnel represented by the grant of
these performance rights, are a cost effective and efficient reward for the Company to make to appropriately incentivise
the continued performance of the directors and are consistent with the strategic goals and targets of the Company.
1.5
Consequences Of Performance On Shareholder Wealth
The Board considers that the most effective way to increase shareholder wealth is through the successful exploration
and development of the Group’s exploration tenements. The Board considers that the Group’s LTI schemes incentivise
key management personnel to successfully explore the Group’s tenements by providing rewards that are directly
correlated to delivering value to shareholders through share price appreciation.
The factors that are considered relevant to affect total shareholder returns as required to be disclosed by the Corporations
Act 2001 are summarised in the following table. The table excludes return on capital employed as a relevant measure
given the exploration basis of activity and operations of the Company.
3JYQTXXFKYJWYF]
X
)N[NIJSIXUFNI
3NQ
3NQ
3NQ
3NQ
3NQ
8MFWJUWNHJFY^JFWJSI
X
The Company also notes that as an exploration and development company, operating revenue and profits are not KPIs in
reviewing key management personnel STIs or LTIs. When establishing guidelines for any STIs, the Company looks to
other measures such as enhancement of share price and capital raising opportunities (as relevant), achievement of
project development milestones, conducting operations in line with Company values and maximising value of the Group’s
potash projects.
Annual Report 2024 | 35
2.
Remuneration of Key Management Personnel
Details of the nature and amount of each major element of remuneration of each director and key management person of the Group are as follows:
8MTWYYJWRGJSJKNYX
5TXY
JRUQT^RJSY
XZUJWFSSZFYNTS
GJSJKNYX
1TSLYJWR
GJSJKNYX
8MFWJGFXJI
UF^RJSY
9TYFQ
8FQFW^ KJJX
(TSXZQYNSLKJJX
9TYFQ
1TSLXJW[NHJ
QJF[J
)NWJHYTWX
78J[NQQJ
)2TWWT\
28F[NHM
'8FRUXTS
&5NXRNWNX
9TYFQ)NWJHYTWX
0J^RFSFLJRJSYUJWXTSSJQ
7'WFIQJ^
2-FWYQJ^
9TYFQPJ^RFSFLJRJSYUJWXTSSJQ
9TYFQ
)NWJHYTWX
78J[NQQJ
28F[NHM
'8FRUXTS
&5NXRNWNX
9TYFQ)NWJHYTWX
0J^RFSFLJRJSYUJWXTSSJQ
91^TSX
9TYFQPJ^RFSFLJRJSYUJWXTSSJQ
9TYFQ
(1) Ms Morrow commenced employment as Managing Director and CEO on 1 September 2023.
(2) Mr Savich transitioned to Non-Executive Director on 1 December 2023 and he was paid $129,677 for unused annual leave and long service leave accrued.
(3) Mr Pismiris acted as Company Secretary for the period 1 July 2023 to 16 October 2023. Consulting fees represent amounts paid to Mr Pismiris for the performance of these services.
(4) Mr Bradley was promoted to Chief Financial Officer on 2 October 2023. The remuneration reflects the amount attributed to the period when Mr Bradley became a KMP.
(5) Mr Hartley was promoted to Chief Operating Officer on 2 October 2023. The remuneration reflects the amount attributed to the period when Mr Hartley became a KMP.
(6) Mr Lyons resigned on 28 February 2023 and his termination payment includes unused long service leave and annual leave which reflected under his salary & fees.
(7) Share based payment includes Class A and Class B rights issued during the year. For 2023, share based payment includes the reversal of $1,418,147 previously expensed since grant date of Milestone B
as the probability of achieving the performance condition fell below 50%.
36 | Agrimin Limited
The proportion of remuneration linked to performance and the fixed proportion are as follows:
+N]JIWJRZSJWFYNTS
&YWNXP89.
&YWNXP19.
3TS*]JHZYN[J)NWJHYTWX
78J[NQQJ
28F[NHM
'8FRUXTS
&5NXRNWNX
*]JHZYN[J)NWJHYTWX
)2TWWT\
4YMJW0J^2FSFLJRJSY5JWXTSSJQ
7'WFIQJ^
2-FWYQJ^
Annual Report 2024 | 37
2.1
Service Contracts
Remuneration and other terms of employment for key management personnel are formalised in service agreements.
Details of these agreements are as follows:
Name:
Debbie Morrow
Title:
Chief Executive Officer and Managing Director
Agreement commenced:
1 September 2023
Term of agreement:
Ongoing and reviewed annually at the sole discretion of the Board
Details:
•
Fixed remuneration: $400,000 per annum exclusive of superannuation
•
Annual bonus of up to 50% of remuneration payable as 50% share base and 50% cash
•
Performance rights: a one-off commencement bonus of 9,000,000 performance rights, subject to shareholder
approval at the Company’s Annual General Meeting
•
Termination without cause: six-month notice period
•
Termination for cause: no notice period
Name:
Rhys Bradley
Title:
Chief Financial Officer
Agreement commenced:
2 October 2023
Term of agreement:
Ongoing and reviewed annually at the sole discretion of the Board
Details:
•
Fixed remuneration: $300,000 per annum exclusive of superannuation
•
Annual bonus of up to 30% of remuneration
•
Termination without cause: three-month notice period
•
Termination for cause: no notice period
Name:
Michael Hartley
Title:
Chief Operating Officer
Agreement commenced:
2 October 2023
Term of agreement:
Ongoing and reviewed annually at the sole discretion of the Board
Details:
•
Fixed remuneration: $250,000 per annum exclusive of superannuation
•
Annual bonus of up to 30% of remuneration
•
Termination without cause: three-month notice period
•
Termination for cause: no notice period
There are currently no other service contracts with any director and there are no other key management personnel in the
Company.
38 | Agrimin Limited
2.2
Non-Executive Directors’ Remuneration
Total fees for all Non-Executive Directors was originally set by the Board on 22 June 2007 to not exceed $147,000. The
levels of fees set were based on a review involving reference to fees paid to other Non-Executive Directors of comparable
companies at the time. At a general meeting held on 15 September 2017 the Company obtained shareholder approval to
increase the maximum total aggregate amount of fees payable to Non-Executive Directors from $147,000 per annum to
$250,000 per annum. At the annual general meeting held on 27 November 2019 the Company obtained shareholder
approval to increase the maximum total aggregate amount of fees payable to Non-Executive Directors from $250,000 per
annum to $350,000 per annum.
Directors’ fees are paid monthly. Members of the Board of Directors are entitled to performance related remuneration,
subject to obtaining the appropriate shareholder approvals. The chairperson base fee is $100,000 per annum exclusive of
superannuation and base fees for Non-Executive Directors is $60,000 per annum including superannuation. Directors’ fees
cover all main board activities. Additional services provided outside of board duties attract a separate daily rate agreed by
the full Board. There is no board retirement scheme and there is currently no intention to establish such a scheme.
2.3
Short-Term Incentives
Mr Rhys Bradley was issued 1,500,000 performance rights for the year ended 30 June 2024 as approved by the directors.
The vesting condition is continued employment with the Company for one year from the grant date of the performance
rights. The performance rights have a total fair value of $247,500 and are due for vesting on 25 October 2024.
Mr Michael Hartley was issued 1,500,000 performance rights for the year ended 30 June 2024 as approved by the directors.
The vesting condition is continued employment with the Company for one year from the grant date of the performance
rights. The performance rights have a total fair value of $307,500 and due for vesting on 22 November 2024.
2.4
Long-Term Incentives
PERFORMANCE SECURITIES
The Group’s policy in relation to the proportion of remuneration that is performance related is discussed under the section
titled ‘Performance Linked Remuneration’.
Details of vesting profiles of the performance rights granted as remuneration to each key management person of the Group
are detailed below.
Annual Report 2024 | 39
PERFORMANCE RIGHTS SUMMARY
-TQIJW
3ZRGJWTKWNLMYXLWFSYJI
9TYFQ
2NQJXYTSJ'
(QFXX&
(QFXX'
,WFSY)FYJ
XY.XXZJ
SI.XXZJ
'TSZX.XXZJ
XY.XXZJ
XY.XXZJ
XY.XXZJ
XY.XXZJ
XY.XXZJ
8JU
)JH
2FW
4HY
3T[
3T[
4HY
3T[
)NWJHYTWX
78J[NQQJ
)2TWWT\
28F[NHM
'8FRUXTS
&5NXRNWNX
9TYFQ)NWJHYTWX
0J^RFSFLJRJSYUJWXTSSJQ
7'WFIQJ^
2-FWYQJ^
9TYFQPJ^RFSFLJRJSY
UJWXTSSJQ
9TYFQ
The grant date fair value of the performance rights above ranged between $0.106 to $0.510 per right. The minimum and maximum value of the performance rights yet
to be granted is $0 and $4,615,276.
The probability of achieving the milestones was assessed by management and it was determined that the probability of achieving Milestone B was less likely than not
and less than 50% and as a result no expenses have been recognised. All expenses recognised since the grant date was reversed in the prior year.
The probability of achieving the milestones was assessed by management and it was determined that it is more likely than not that Class A and Class B will be met. A
share-based payment expense of $742,799 was recognised. In accordance with AASB 2 Share Based Payments the Company has recognised the fair value of the
performance rights since grant date, 25 October 2023.
40 | Agrimin Limited
Details of performance rights held by key management personnel of the Group during the financial year are as follows:
-JQIFY
GJLNSSNSLTK
^JFW
,WFSYJI
+TWKJNYJI
J]UNWJI
-JQIFYYMJJSI
TK^JFW
;JXYJIFYJSI
TK^JFW
)NWJHYTWX
78J[NQQJ
)2TWWT\
28F[NHM
'8FRUXTS
&5NXRNWNX
0J^RFSFLJRJSYUJWXTSSJQ
7'WFIQJ^
2-FWYQJ^
9TYFQ
2.5
Shareholdings and Option Holdings of Key Management Personnel
Shares held, directly, indirectly or beneficially, by key management personnel, including their related parties during the
financial year, were as follows:
-JQIFYGJLNSSNSL
TK^JFW
5ZWHMFXJXTYMJW
FHVZNXNYNTSX
8FQJXTYMJW
INXUTXFQX
-JQIFYYMJJSITK
^JFW
)NWJHYTWX
78J[NQQJ
)2TWWT\
28F[NHM
'8FRUXTS
&5NXRNWNX
0J^2FSFLJRJSY5JWXTSSJQ
7'WFIQJ^
2-FWYQJ^
9TYFQ
Annual Report 2024 | 41
Options over ordinary shares held, directly, indirectly or beneficially, by key management personnel, including their related
parties during the financial year, were as follows:
-JQIFY
GJLNSSNSLTK
^JFW
5ZWHMFXJX
TYMJW
FHVZNXNYNTSX
*]JWHNXJI
*]UNWJI
KTWKJNYJI
TYMJW
-JQIFYYMJJSI
TK^JFW
)NWJHYTWX
78J[NQQJ
)2TWWT\
28F[NHM
'8FRUXTS
&5NXRNWNX
0J^2FSFLJRJSY5JWXTSSJQ
7'WFIQJ^
2-FWYQJ^
9TYFQ
2.6
Transactions and Balances with Key Management Personnel and Their
Related Parties
There were no related party transactions with other key management personnel of the Group for the year ended 30 June 2024
(2023: Nil).
This concludes the remuneration report, which has been audited.
Shares Under Option
Unissued ordinary shares of Agrimin Limited under option at the date of this report are as follows:
,WFSYIFYJ
*]UNW^IFYJ
*]JWHNXJUWNHJ
3ZRGJWZSIJWTUYNTS
)JHJRGJW
)JHJRGJW
2FWHM
2FWHM
&UWNQ
&UWNQ
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the
company or of any other body corporate.
42 | Agrimin Limited
Shares Issued On the Exercise of Options
The following ordinary shares of Agrimin Limited were issued during the year ended 30 June 2024 and up to the date of this
report on the exercise of options granted.
)FYJTUYNTSXLWFSYJI
*]JWHNXJUWNHJ
3ZRGJWTKXMFWJXNXXZJI
2F^
/ZQ^
/ZQ^
Shares Under Performance Rights
Unissued ordinary shares of Agrimin Limited under performance rights at the date of this report are as follows:
,WFSYIFYJ
*]UNW^IFYJ
*]JWHNXJUWNHJ
3ZRGJWTKWNLMYX
8JUYJRGJW
2F^
3&
3T[JRGJW
2F^
3&
)JHJRGJW
2F^
3&
2FWHM
2F^
3&
4HYTGJW
)JHJRGJW
3&
3T[JRGJW
)JHJRGJW
3&
4HYTGJW
)JHJRGJW
3&
3T[JRGJW
)JHJRGJW
3&
3T[JRGJW
)JHJRGJW
3&
Shares Issued On The Exercise Of Performance Rights
No ordinary shares of Agrimin Limited were issued during the year ended 30 June 2024 and up to the date of this report on
the exercise of performance rights granted.
This report is made with a resolution of the directors:
Debbie Morrow
Chief Executive Officer and Managing Director
Perth
27 September 2024
Annual Report 2024 | 43
07. Auditor’s Independence Declaration
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the
members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm
which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Agrimin Limited for the year ended 30 June 2024, I declare
that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA
Perth, WA
TUTU PHONG
Dated: 27 September 2024
Partner
44 | Agrimin Limited
08. Consolidated Statement of Profit or Loss and Other
Comprehensive Income
For The Year Ended 30 June
3TYJ
7JXYFYJI
$
$
4YMJWNSHTRJ
+NSFSHJNSHTRJ
5WTKNYTSINXUTXFQTKUWTUJWY^UQFSYFSIJVZNURJSY
+NSFSHJJ]UJSXJX
8MFWJTKSJY
QTXXUWTKNYTKJVZNY^FHHTZSYJIJSYNYNJX
8MFWJGFXJIUF^RJSY
.RUFNWRJSYTKFXXJYX
&IRNSNXYWFYN[JJ]UJSXJX
1TXXGJKTWJNSHTRJYF]
.SHTRJYF]J]UJSXJ
1TXXKTWYMJ^JFW
4YMJWHTRUWJMJSXN[JNSHTRJ
.YJRXYMFY\NQQSTYGJWJHQFXXNKNJIXZGXJVZJSYQ^YTUWTKNYTWQTXX
8MFWJTKTYMJWHTRUWJMJSXN[JNSHTRJTKJVZNY^FHHTZSYJI
FXXTHNFYJSJYTKYF]
.YJRXYMFYRF^GJWJHQFXXNKNJIXZGXJVZJSYQ^YTUWTKNYTWQTXX
)JKJWWJIYF]J]UJSXJ
4YMJWHTRUWJMJSXN[JNSHTRJKTWYMJ^JFWSJYTKYF]
9TYFQHTRUWJMJSXN[JNSHTRJKTWYMJ^JFW
1TXXUJWXMFWJ
'FXNHFSIINQZYJIQTXXUJWXMFWJ
HJSYX
HJSYX
*Refer to Note 3 for detailed information on restatement of comparatives.
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes.
Annual Report 2024 | 45
09. Consolidated Statement of Financial Position
As at 30 June
Note
2024
Restated*
2023
$
$
&XXJYX
(ZWWJSYFXXJYX
(FXMFSIHFXMJVZN[FQJSYX
4YMJWWJHJN[FGQJX
)JUTXNYX
5WJUF^RJSYX
9TYFQHZWWJSYFXXJYX
3TSHZWWJSYFXXJYX
*]UQTWFYNTSFSIJ[FQZFYNTSFXXJYX
5WTUJWY^UQFSYFSIJVZNURJSY
7NLMYTKZXJFXXJY
.S[JXYRJSYNSFXXTHNFYJFHHTZSYJIKTWZXNSLJVZNY^RJYMTI
.S[JXYRJSYNSOTNSY[JSYZWJ
4YMJWFXXJYX
9TYFQSTSHZWWJSYFXXJYX
9TYFQFXXJYX
1NFGNQNYNJX
(ZWWJSYQNFGNQNYNJX
9WFIJFSITYMJWUF^FGQJX
5WT[NXNTSX
1JFXJQNFGNQNYNJX
9TYFQHZWWJSYQNFGNQNYNJX
3TSHZWWJSYQNFGNQNYNJX
)JKJWWJIYF]QNFGNQNYNJX
5WT[NXNTSX
1JFXJQNFGNQNYNJX
9TYFQSTSHZWWJSYQNFGNQNYNJX
9TYFQQNFGNQNYNJX
3JYFXXJYX
*VZNY^
8MFWJHFUNYFQ
7JXJW[JX
&HHZRZQFYJIQTXXJX
9TYFQJVZNY^
*Refer to Note 3 for detailed information on restatement of comparatives.
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
46 | Agrimin Limited
10. Consolidated Statement of Changes In Equity
For The Year Ended 30 June
3TYJ
8MFWJHFUNYFQ
8MFWJGFXJI
UF^RJSY
WJXJW[J
&HHZRZQFYJI
QTXXJX
4YMJWJVZNY^
WJXJW[JX
9TYFQJVZNY^
'FQFSHJFY/ZQ^
&IOZXYRJSYKTWHTWWJHYNTSTK
JWWTW
'FQFSHJFY/ZQ^
WJXYFYJI
1TXXKTWYMJ^JFW
8MFWJTKTYMJWHTRUWJMJSXN[J
NSHTRJTKJVZNY^FHHTZSYJI
FXXTHNFYJ
)JKJWWJIYF]QNFGNQNYNJX
9TYFQHTRUWJMJSXN[JNSHTRJ
KTWYMJ^JFW
9WFSXFHYNTS\NYMT\SJWXNSYMJNWHFUFHNY^FXT\SJWX
.XXZJTKTWINSFW^XMFWJX
(TXYXKWTRNXXZJTKTWINSFW^
XMFWJX
8MFWJGFXJIUF^RJSY
'FQFSHJFY/ZSJ
'FQFSHJFY/ZQ^
1TXXKTWYMJ^JFW
8MFWJTKTYMJWHTRUWJMJSXN[J
NSHTRJTKJVZNY^FHHTZSYJI
FXXTHNFYJ
9TYFQHTRUWJMJSXN[JNSHTRJ
KTWYMJ^JFW
9WFSXFHYNTS\NYMT\SJWXNSYMJNWHFUFHNY^FXT\SJWX
.XXZJTKTWINSFW^XMFWJX
(TXYXKWTRNXXZJTKTWINSFW^
XMFWJX
8MFWJGFXJIUF^RJSY
'FQFSHJFY/ZSJ
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Annual Report 2024 | 47
11. Consolidated Statement of Cash Flows
For The Year Ended 30 June
3TYJ
(FXMKQT\XKWTRTUJWFYNSLFHYN[NYNJX
5F^RJSYXYTXZUUQNJWXFSIJRUQT^JJX
.SYJWJXYWJHJN[JI
4YMJWNSHTRJ
3JYHFXMZXJINSTUJWFYNSLFHYN[NYNJX
(FXMKQT\XKWTRNS[JXYNSLFHYN[NYNJX
5F^RJSYXKTWJ]UQTWFYNTSFSIJ[FQZFYNTSFXXJYX
5F^RJSYXKTWTYMJWFXXJYX
.S[JXYRJSYNSOTNSY[JSYZWJ
5WTHJJIXKWTRINXUTXFQTKUWTUJWY^UQFSYFSIJVZNURJSY
5WTHJJIXKWTR8ZUUQ^(MFNS7JXNQNJSHJ.SNYNFYN[J
8(7.LWFSY
5WTHJJIXKWTR7 )YF]NSHJSYN[J
3JYHFXMZXJINSNS[JXYNSLFHYN[NYNJX
(FXMKQT\XKWTRKNSFSHNSLFHYN[NYNJX
5WTHJJIXKWTRNXXZJTKXMFWJHFUNYFQ
5F^RJSYTKXMFWJNXXZJHTXYX
7JUF^RJSYTKQJFXJQNFGNQNY^
.SYJWJXYUF^RJSYTSQJFXJQNFGNQNY^
3JYHFXMKWTR
ZXJINSKNSFSHNSLFHYN[NYNJX
3JYNSHWJFXJ
IJHWJFXJNSHFXMFSIHFXMJVZN[FQJSYX
(FXMFSIHFXMJVZN[FQJSYXFY/ZQ^
(FXMFSIHFXMJVZN[FQJSYXFY/ZSJ
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
48 | Agrimin Limited
12. Notes to the Consolidated Financial Statements
1.
Reporting Entity
Agrimin Limited (the ‘Company’) is a for profit company limited by shares, incorporated and domiciled in Australia whose
shares are publicly traded on the Australian Securities Exchange (‘ASX’). The consolidated financial report comprises the
Company and its wholly owned subsidiaries (referred to as the ‘Group’ and individually as ‘Group Entities’). Agrimin Limited is
primarily involved in the mineral exploration and development of potash projects in Western Australia. The address of the
registered office is 2C Loch Street, Nedlands, Perth, WA 6009. The consolidated financial statements were authorised for
issue by the Board of Directors on 27 September 2024.
2.
Material Accounting Policy Information
(a)
Basis of Preparation
The consolidated financial statements of the Group are general purpose financial statements for the year ended 30 June 2024
prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian
Accounting Standards Board (AASB) and the Corporations Act 2001.
The consolidated financial statements of Agrimin Limited also comply with International Financial Reporting Standards (IFRS)
as issued by the International Accounting Standards Board (IASB).
The consolidated financial statements have been prepared on historical cost basis and are presented in Australian dollars
which is the functional currency of all entities in the Group.
The accounting policies adopted in the preparation of this consolidated financial report have been consistently applied to all
periods presented, unless otherwise stated.
(b)
Adoption of new and revised accounting standards
In the year ended 30 June 2024, the Company adopted all new and revised Accounting Standards and Interpretations issued
by the AASB that are relevant to its operations and effective from 1 July 2023. It has been determined that there is no material
impact from the adoption of new and revised Accounting Standards and Interpretations.
(c)
Going concern
This consolidated financial report has been prepared on the going concern basis, which assumes continuity of normal
business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business.
As disclosed in the financial statements, the Group incurred a loss for the year of $55,331,784 (before tax) and had net cash
outflows from operating and investing activities of $2,774,762 and $2,089,893 respectively for the year ended 30 June 2024.
As at the date the Group has net current assets of $3,497,959 including cash and cash equivalents of $4,053,835.
The directors believe that it is reasonably foreseeable that the Group will continue as a going concern and that is appropriate
to adopt the going concern basis in the preparation of the financial report after consideration of the following factors:
•
The Group’s ability to issue additional shares under the Corporation Act 2001 to raise further working capital;
•
The Group has the ability to scale down its operations and reduce discretionary expenditure, if required; and
•
The Group has the ability to divest part or all of its interest in Tali Resources Pty Ltd.
Annual Report 2024 | 49
(d)
Principles of consolidation
(i)
Subsidiaries
A subsidiary is an entity controlled by the Group. The Group controls an entity when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the
activities of the entity. The financial statements of the subsidiaries are included in the consolidated financial statements from
the date that control commences until the date that control ceases. They are deconsolidated from the date that control
ceases.
Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by
the Group.
The acquisition method of accounting is used to account for business combinations by the Group.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
(ii)
Investments in equity accounted investees
An associate is an entity over which the Group has significant influence but not control or joint control. This is generally the
case where the Group has significant voting rights. Investments in associates are accounted for using the equity method of
accounting, after initially being recognised at cost.
Under the equity method of accounting, the investments are initially recognised at fair value and adjusted thereafter to
recognise the Group’s share of the post-acquisition profit or losses and other comprehensive income or losses of the investee
in the consolidated statement of profit or loss and other comprehensive income.
The financial statements of the associate are prepared for the same reporting period as the Group. Where necessary,
adjustments are made to bring the accounting policies in line with those of the Group.
After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its
investment in its associate. An impairment loss is measured by comparing the recoverable amount of its investment to the
carrying amount. An impairment loss is recognised in the consolidated statement of profit or loss and other comprehensive
income and is reversed if there has been a favourable change in the estimates used to determine the recoverable amount.
(iii)
Investment in joint venture
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net
assets of the arrangement. Investments in joint ventures are accounted for using the equity method. Under the equity method,
the share of the profits or losses of the joint venture is recognised in profit or loss and the share of the movements in equity
is recognised in other comprehensive income. Investments in joint ventures are carried in the statement of financial position
at cost plus post-acquisition changes in the Group’s share of net assets of the joint venture. Goodwill relating to the joint
venture is included in the carrying amount of the investment and is neither amortised nor individually tested for impairment.
Income earned from joint venture entities reduce the carrying amount of the investment.
50 | Agrimin Limited
(e)
Segment reporting
Operating segments are reported in a manner that is consistent with the internal reporting provided to the chief operating
decision maker, which has been identified by the Group as the Chief Executive Officer and other members of the Board of
Directors. The Group operates only in one reportable segment being predominantly in the area of mineral exploration and
development in Western Australia.
(f)
Estimates and judgements
The preparation of these financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving higher
degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements
are:
(i)
Recoverability of capitalised exploration and evaluation expenditure and pre-license
exploration expenditure
The future recoverability of capitalised exploration expenditure and pre-license exploration expenditure is dependent on a
number of factors, including whether the Group decides to exploit the related lease itself or, if not, whether it successfully
recovers the related exploration and evaluation asset and pre-license exploration expenditure through sale.
Factors that could impact the future recoverability include the level of reserves and resources, future technological changes
which could impact the cost of mining, future legal changes (including changes to environmental restoration obligations) and
changes to commodity prices.
To the extent that capitalised exploration and evaluation expenditure and pre-license exploration expenditure is determined
not to be recoverable in the future, profits and net assets will be reduced in the period in which this determination is made.
In addition, exploration and evaluation is capitalised if activities in the area of interest have not yet reached a stage that
permits a reasonable assessment of the existence or otherwise of economically recoverable reserves. To the extent it is
determined in the future that this capitalised expenditure should be written off, profits and net assets will be reduced in the
period in which this determination is made.
(ii)
Provision for rehabilitation
The Group records the present value of estimated costs of legal and constructive obligations to restore operating locations
in the period in which the obligation is incurred. The nature of restoration activities includes dismantling and removing
structures, rehabilitating mines, dismantling operating facilities, closure of plant and waste sites and restoration, reclamation
and revegetation of affected areas.
In determining an appropriate level of provision, consideration is given to the expected future costs to be incurred and timing
of these expected future costs. The ultimate cost of decommissioning and restoration is uncertain and costs can vary in
response to many factors including changes to the relevant legal requirements, the emergence of new restoration techniques
or experience at other similar mine-sites. The expected timing of expenditure can also change, for example in response to
changes in reserves or to production rates. Changes to any of the estimates are applied prospectively by recognising an
adjustment to the rehabilitation liability.
Annual Report 2024 | 51
(iii) Share based payments
The Group measures the cost of equity settled transactions with employees by reference to the fair value of the equity
instrument at the date at which they are granted. The fair value was determined to be the market value of the Group’s shares
at grant date. The accounting estimates and assumptions relating to the equity-settled share based payments would have no
impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss
and equity.
(g)
Determination of fair values
A number of the Group’s accounting policies and disclosures require the determination of fair value for both financial and
non-financial assets and liabilities. When measuring fair value of an asset or liability, the Group uses market observable data
as far as possible.
The fair value of an asset or liability is measured using the assumptions that market participants would use when pricing the
asset or liability, assuming that market participants act in their best economic interest. A fair value measurement of a non-
financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in the highest
and best use or by selling it to another market participant that would use the asset in its highest and best use.
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques
as follows:
•
Level 1 – quoted (unadjusted) market price in active markets for identical assets or liabilities;
•
Level 2 – valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable; and
•
Level 3 – valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.
If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value
hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the
lowest level input that is significant to the entire measurement.
(h)
Income Tax
Income tax expense comprises current and deferred tax. Current and deferred taxes are recognised in profit or loss except to
the extent that they relate to a business combination, or items recognised directly in equity, or in other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
(i)
Deferred Tax
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following
temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and
that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries to the extent
that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognised for taxable
temporary differences arising on the recognition of goodwill. Deferred tax is measured at the tax rates that are expected to
be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted
by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax
liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on
different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities
will be realised simultaneously.
52 | Agrimin Limited
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences to the extent that
it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed
at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
The Company and its wholly-owned Australian resident entities are part of a tax-consolidated group. All members of the tax-
consolidated group are taxed as a single entity. The head company within the tax-consolidated group is Agrimin Limited.
(i)
Impairment of non-financial assets
Non-financial assets are reviewed for impairment at each reporting date to determine if events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the
asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less
costs of disposal and value in use. For the purposes of assessing impairment, assets are consolidated at the lowest levels
for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets
(cash-generating units). Non-financial assets that have been impaired are reviewed for possible reversal of the impairment at
each reporting date.
(j)
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Group’s
normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the
reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability
for at least 12 months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the Group’s normal operating cycle; it is held
primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no
unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities
are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
(k)
Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term highly liquid
investments with original maturities of three months or less.
(l)
Deposits
The deposits comprised of prepaid tenement rents and prepaid miscellaneous licence rents.
The annual rents paid to the Western Australian Department of Energy, Mines Industry Regulations and Safety (DEMIRS) in
advance when application for tenements and miscellaneous licences was made during the year. These amounts are held in
trust by the DEMIRS pending the grant of the tenements and miscellaneous licences and are refundable if for any reason the
tenements do not get granted.
The deposits are classified as current assets.
Annual Report 2024 | 53
(m)
Exploration and evaluation assets
Exploration and evaluation costs are capitalised as exploration and evaluation assets on an area of interest basis. Such costs
comprise net direct costs, research and development expenditure and an appropriate portion of related overhead expenditure,
but do not include general overheads or administrative expenditure not having a specific connection with a particular area of
interest. Costs incurred before the Group has obtained the legal right to explore an area of interest are recognised in profit or
loss.
An exploration and evaluation asset is only recognised if the right to the area of interest is current and either:
•
the expenditure is expected to be recouped through successful development and exploitation of an area of interest,
or by its sale; or
•
activities in the area of interest have not, at the reporting date, reached a stage which permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves, and active and significant
operations in or in relation to the area of interest are continuing.
Accumulated costs in respect of areas of interest are recognised in profit or loss when the above criteria do not apply or when
the directors assess that the carrying value may exceed the recoverable amount.
Once a development decision has been taken, all past and future exploration and evaluation expenditure in respect of the
area of interest is aggregated within costs of development. The aggregated cost is first tested for impairment and then
reclassified from exploration and evaluation assets to mining property and development assets within property, plant and
equipment. The costs of a productive area are amortised over the life of the area of interest to which such costs relate on the
production output basis.
Exploration and evaluation assets are assessed for impairment if sufficient data exists to determine technical feasibility and
commercial viability, and facts and circumstances suggest that the carrying amount of the asset exceeds the recoverable
amount. Such indicators of impairment include the following:
•
the right to explore has expired during the period or will expire in the near future and is not expected to be renewed;
•
substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither
budgeted nor planned;
•
exploration and evaluation in the specific area has not led to the discovery of commercially viable quantities of
mineral resources and the entity has decided to discontinue such activities in the specific area; or
•
sufficient data exists to indicate that the carrying amount of the asset is unlikely to be recovered in full from
successful development or by sale even if development in the specific area is likely to proceed.
For the purpose of impairment testing, exploration and evaluation assets are allocated to cash-generating units consistent
with exploration activity. The cash generating units are not larger than the areas of interest.
(n)
Other assets
Pre-license exploration expenditure relates to the purchase of exploration data where the related exploration license is yet to
be granted, is brought to account as an asset at its cost of acquisition if it gives rise to proprietary information that the Group
can control.
54 | Agrimin Limited
(o)
Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and
which are unpaid. They are recognised initially at fair value net of directly attributable transaction costs. Due to their short-
term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid
within 30 days of recognition.
(p)
Employee benefits
Employee benefits are expensed in the profit or loss and provisions are made for benefits accumulated as a result of
employees rendering services up to the reporting date. These benefits include wages and salaries, annual leave, long service
leave and related on costs such as superannuation, worker’s compensation and payroll tax. The Group’s superannuation is a
defined contribution plan under which fixed contributions are made to a superannuation fund with no further legal or
constructive obligation to pay.
A liability is recognised for the amount expected to be paid under short-term cash bonus plans if the Group has a present
legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation
can be estimated reliably.
Liabilities expected to be settled within twelve months of the reporting date are measured at the amounts expected to be paid
when the liabilities are settled.
Other long term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are
measured at the present value, and expected future payments to be made in respect of services provided by employees up
to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels,
experience of employee departures and periods of service. Expected future payments are discounted using market yields at
the reporting date on corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated
future cash flows.
(q)
Equity settled transactions
The Group provides benefits to employees (including Directors) and other non-employees of the Group in the form of share-
based payment transactions, whereby employees and consultants render services in exchange for shares or rights over
shares (equity-settled transactions). The cost of these equity-settled transactions with employees is measured by reference
to the fair value at the date at which they are granted. The cost of equity-settled transactions is recognised, together with a
corresponding increase in equity, over the period in which the performance conditions are fulfilled, ending on the date on
which the relevant employees become fully entitled to the award (vesting date). The cumulative expense recognised for
equity-settled transactions at each reporting date until vesting date reflects:
•
the extent to which the vesting period has expired; and
•
the number of awards that, in the opinion of the Directors will ultimately vest. This opinion is formed based on the
best available information at balance date. No adjustment is made for the likelihood of market performance
conditions being met as the effect of these conditions is included in the determination of fair value at grant date.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is only conditional upon a
market condition. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and
any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the
cancelled award; and designated as a replacement award on the date that it is granted, the cancelled and new award are
treated as if they were a modification of the original award.
Annual Report 2024 | 55
(r)
Rehabilitation provision
The Group records the present value of estimated costs of legal and constructive obligations to restore operating locations
in the period in which the obligation is incurred as a result of past events. The nature of restoration activities includes
dismantling and removing structures, rehabilitating mines, dismantling operating facilities, closure of plant and waste sites
and restoration, reclamation and revegetation of affected areas. When the liability is initially recognised, the present value of
the estimated cost is capitalised by increasing the carrying amount of the related mining assets. Over time, the discounted
liability is increased for the change in present value based on the discount rates that reflect current market assessments and
the risks specific to the liability. The periodic unwinding of the discount is recognised in the statement of profit or loss and
other comprehensive income as a finance cost. Additional disturbances or changes in rehabilitation costs are recognised as
additions or charges to the corresponding asset and rehabilitation liability when they occur.
(s)
Issued capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are
shown in equity as a reduction of the share proceeds received.
(t)
Earnings per share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing
the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares
outstanding during the year, adjusted for own shares held. Diluted EPS is determined by adjusting the profit or loss attributable
to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for
the effects of all dilutive potential ordinary shares, which comprise share options and performance rights granted to
employees and agents of the Group.
(u)
Tax incentives and government grant
The Group undertakes expenditure on activities that are categorised as eligible expenditure under the Research &
Development Tax Incentive which is dependent upon certain criteria and may be subject to a tax offset. Such government
grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be
complied with. Where a grant is received or receivable in relation to research and development costs which have been
capitalised, the tax offset shall be deducted from the carrying value of the asset. The Group has received a grant under the
Australian Federal Government’s Supply Chain Resilience Initiative (“SCRI”). The SCRI provides grant funding to Australian
businesses in order to address supply chain vulnerabilities for critical products or inputs identified in the Sovereign
Manufacturing Capability Plan. The grant is to subsidise the Front End Engineering Design (FEED) works for the Mackay
Potash Project. Where a grant is received or receivable in relation to FEED costs which have been capitalised, the grant amount
shall be deducted from the carrying value of the asset.
(v)
Goods and services tax
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount
of GST incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised as part of the
cost of acquisition of the asset or as part of the expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable
to, the Australian Taxation Office (ATO) is included as a current asset or liability in the statement of financial position.
Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash flows arising from
investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows.
56 | Agrimin Limited
(w)
Financial assets
Financial assets are classified in four categories:
•
Financial assets at amortised cost;
•
Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments);
•
Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments); and
•
Financial assets at fair value through profit and loss.
(i) Financial assets at amortised cost
This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both the following
conditions are met:
•
The financial asset is held within a business model with the objective to hold financial assets in order to collect
contractual cash flows; and
•
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Interest received is recognised as part of finance income in comprehensive income. Gains and losses are
recognised in profit or loss when the asset is derecognised, modified or impaired.
(ii) Financial assets at fair value through profit or loss
Financial assets that do not meet the criteria for amortised cost are measured at fair value through profit and loss.
(iii) Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments which the Group intends to
hold for the foreseeable future and has irrevocably elected to classify them as such upon initial recognition.
(iv) Impairment of financial assets
Financial assets carried at amortised cost requires an expected credit loss model to be applied. The expected credit loss
model requires the Group to account for expected credit losses and changes in those expected credit losses at each reporting
date to reflect changes in credit risk since initial recognition of the financial asset. Due to the short-term nature of the
receivables, the Group measures the loss allowance based on lifetime expected credit loss (ECL). ECL’s are based on the
difference between contractual cashflows due in accordance with the contract and all the Group expects to receive. The
shortfall is then discounted at an approximation to the asset’s original effective interest rate.
Annual Report 2024 | 57
3.
Restatement of Comparatives
Correction of error
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FX9FQN7JXTZWHJX5Y^1YIMFISTYWJHTLSNXJIFIJKJWWJIYF]QNFGNQNY^KTWYMJRT[JRJSYNSYMJKFNW[FQZJTKNYXKNSFSHNFQFXXJYX
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NS[JXYRJSYNSFXXTHNFYJ9MNXMFXHFZXJIYMJJVZNY^FHHTZSYJIFXXTHNFYJYTGJT[JWXYFYJINSYMJUWNTW^JFW
Statement of profit or loss and other comprehensive income
*]YWFHY
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Statement of financial position
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58 | Agrimin Limited
4.
Administrative Expenses
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5.
Income Tax
7JXYFYJI
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10,863,845
10,225,698
The deductible temporary differences and tax losses do not expire under current tax legislation. Deferred tax asset has not
been recognised in respect of these items because it is not probable that future taxable profits will be available against which
the Group can utilise the benefits.
Annual Report 2024 | 59
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6.
Cash and Cash Equivalents
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Cash at bank earns interest at variable rates based on daily bank deposit rates.
Short-term deposits are made for varying periods of between one day to three months, refer to Note 22.
7.
Other Receivables
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60 | Agrimin Limited
8.
Exploration and Evaluation Assets
The carrying amount of the exploration and evaluation assets at 30 June 2024 relates to the exploration capitalised on the
Mackay Potash Project.
4UJSNSLGFQFSHJ
&IINYNTSX
7JKZSIFGQJWJXJFWHMFSIIJ[JQTURJSYLWFSYWJHJN[JI
8ZUUQ^(MFNS7JXNQNJSHJ.SNYNFYN[J
8(7.LWFSYWJHJN[JI
.RUFNWRJSYTKFXXJYX
(1) The Company decided to surrender its tenement over Lake Auld E45/4925. The decision follows consultation with Jamukurnu-Yapalikurnu
Aboriginal Corporation (Western Desert Lands) RNTBC (“JYAK”) and their confirmation that JYAK’s Board was not supportive of mining activities
on the lake system. As a result, Agrimin has written off the Exploration and Evaluation Asset with carrying value of $419,896 capitalised with
regards to the Lake Auld Potash Project.
At 30 June 2024, the Group assessed the carrying amount of the assets for impairment indicators and recognised impairment
loss of $419,896 (2023: Nil).
9.
Property, Plant and Equipment
5QFSYFSIJVZNURJSY
&YHTXY
&HHZRZQFYJIIJUWJHNFYNTS
2T[JRJSYNSHFWW^NSLFRTZSYX
4UJSNSLGFQFSHJ
)NXUTXFQX
)JUWJHNFYNTS
(QTXNSLGFQFSHJ
Annual Report 2024 | 61
10.
Right of Use Asset
4KKNHJQJFXJ
&YHTXY
&HHZRZQFYJIIJUWJHNFYNTS
2T[JRJSYNSHFWW^NSLFRTZSY
4UJSNSLGFQFSHJ
.SHWJFXJYTWNLMYTKZXJFXXJY
)JUWJHNFYNTS
11.
Investment in Associate Accounted for Using Equity Method
Interests in associates are accounted for using the equity method of accounting. Information relating to associates that are
material to the Group are set out below:
3FRJ
5WNSHNUFQ&HYN[NYNJX
(TZSYW^TK
.SHTWUTWFYNTS
*VZNY^-TQINSL
9FQN7JXTZWHJX5Y^1YI
2NSJWFQ*]UQTWFYNTS
&ZXYWFQNF
7JXYFYJI
.S[JXYRJSYNSFXXTHNFYJ
(FWW^NSL[FQZJTKNSYJWJXYNSFXXTHNFYJX
4UJSNSLGFQFSHJ
8MFWJTKTYMJWHTRUWJMJSXN[JNSHTRJSJYTKYF]
8MFWJTK
QTXXUWTKNYGJKTWJNSHTRJYF]
(QTXNSLHFWW^NSLFRTZSY
62 | Agrimin Limited
9FQN7JXTZWHJX5Y^1YI
7JXYFYJI
8ZRRFWNXJIXYFYJRJSYTKKNSFSHNFQUTXNYNTS
(FXMFSIHFXMJVZN[FQJSYX
4YMJWHZWWJSYFXXJYX
3TSHZWWJSYFXXJYX
9TYFQFXXJYX
(ZWWJSYQNFGNQNYNJX
3TSHZWWJSYQNFGNQNYNJX
9TYFQQNFGNQNYNJX
3JYFXXJYX
8ZRRFWNXJIXYFYJRJSYTKUWTKNYTWQTXXFSITYMJWHTRUWJMJSXN[JNSHTRJ
4YMJWNSHTRJ
*]UJSXJX
5WTKNYFKYJWNSHTRJYF]
4YMJWHTRUWJMJSXN[JNSHTRJ
SJYTKYF]
9TYFQHTRUWJMJSXN[JNSHTRJ
(1)
Tali Resources Pty Ltd holds a 13% shareholding in WA1 Resources Ltd (ASX:WA1). In accordance with AASB 9 Financial Instruments, Tali has
revalued its shares in WA1 at fair value and recognised the unrealised gain through other comprehensive income.
(2)
It represents the deferred tax liability on unrealised gain recognised through other comprehensive income.
The Group’s share of profit and other comprehensive income during the financial year is $32,085,522 (2023: $13,878,057).
At 30 June 2024 the Group assessed the carrying amount of its investment for impairment indicators. No impairment
indicators were present. (2023: Nil).
Annual Report 2024 | 63
12.
Other Assets
5WJQNHJSXJJ]UJSINYZWJ
1TY TUYNTSUF^RJSY
5WJQNHJSXJJ]UJSINYZWJ
4UJSNSLGFQFSHJ
.RUFNWRJSYTKFXXJYX
(QTXNSLGFQFSHJ
1TY TUYNTSUF^RJSY
4UJSNSLGFQFSHJ
&IINYNTSX
(QTXNSLGFQFSHJ
(1)
The Company decided to withdraw its application for tenements over Percival Lakes area. The decision follows consultation with Jamukurnu-
Yapalikurnu Aboriginal Corporation (Western Desert Lands) RNTBC (“JYAK”) and their confirmation that JYAK’s Board was not supportive of mining
activities on the lake system. As a result, Agrimin has written off the pre-licence expenditure with carrying value of $796,330.
At 30 June 2024, the Group assessed the carrying amount of the assets for impairment indicators and recognised impairment
loss of $796,330 (2023: Nil).
13.
Trade and Other Payables
&HHWZJIJ]UJSXJX
9WFIJUF^FGQJX
4YMJWUF^FGQJX
64 | Agrimin Limited
14.
Provisions
(ZWWJSY
*RUQT^JJGJSJKNYX
3TSHZWWJSY
5WT[NXNTSKTWWJMFGNQNYFYNTS
*RUQT^JJGJSJKNYX
2T[JRJSYNSUWT[NXNTSKTWWJMFGNQNYFYNTS
4UJSNSLGFQFSHJ
&IOZXYRJSYRFIJIZWNSLYMJ^JFW
:S\NSITKINXHTZSY
Employee benefits relate to the balance of annual leave and long service leave accrued by the Group’s employees. Recognition
and measurement criteria have been disclosed in Note 2.
During the year, the Group assessed its legal and constructive obligation relating to the rehabilitation provision to restore the
operating location to its original condition. The estimated costs of rehabilitation have decreased by $30,721 to $852,096
(2023: $882,817).
15.
Lease Liabilities
4KKNHJQJFXJ
(ZWWJSY
3TSHZWWJSY
2T[JRJSYKTWYMJ^JFW
4UJSNSLGFQFSHJ
&IOZXYRJSYX&IINYNTSX
1JFXJUF^RJSYX
.SYJWJXYJ]UJSXJ
Annual Report 2024 | 65
Amounts recognised in the Consolidated Statement of Profit or Loss and Other Comprehensive Income:
)JUWJHNFYNTSTKWNLMYTKZXJFXXJYX
.SYJWJXYJ]UJSXJTSQJFXJQNFGNQNY^
*]UJSXJXTSXMTWYYJWRQJFXJX
The cash outflow for leases during the period amounts to $135,863 (2023: $125,047).
16.
Share Capital
3ZRGJW
8MFWJHFUNYFQ
+ZQQ^UFNITWINSFW^XMFWJX
'FQFSHJFY/ZQ^
.XXZJTKKZQQ^UFNITWINSFW^XMFWJXFY
.XXZJTKKZQQ^UFNITWINSFW^XMFWJXFY TSYMJJ]JWHNXJTKTUYNTSX
.XXZJTKKZQQ^UFNITWINSFW^XMFWJXFY ZSIJWXMFWJGFXJIUF^RJSY
1JXXXMFWJNXXZJHTXYX
'FQFSHJFY/ZSJ
(1)
Haul Road Native Title agreement with Tjurabalan Native Title Land Aboriginal Corporation RNTBC (TNTLAC) was signed on 14 December
2023 with 500,000 ordinary shares being issued to TNTLAC. In accordance with AASB 2 Share-based Payment, the share value of $0.19 at
measurement date, 14 December 2023 (the date of the agreement) was used to determine the share based payment of $95,000. The shares
were issued to TNTLAC on 10 June 2024.
3ZRGJW
8MFWJHFUNYFQ
+ZQQ^UFNITWINSFW^XMFWJX
'FQFSHJFY/ZQ^
.XXZJTKKZQQ^UFNITWINSFW^XMFWJXFY ZSIJWXMFWJGFXJIUF^RJSY
1JXXXMFWJNXXZJHTXYX
'FQFSHJFY/ZSJ
All issued shares are fully paid.
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per
share at meetings of the Company. All shares rank equally with regards to the Company’s residual assets.
66 | Agrimin Limited
17.
Reserves
3TYJ
7JXYFYJI
4YMJWJVZNY^WJXJW[J
8MFWJGFXJIUF^RJSYWJXJW[J
4YMJWJVZNY^WJXJW[J
4UJSNSLGFQFSHJ
8MFWJTKTYMJWHTRUWJMJSXN[JNSHTRJSJYTKYF]
)JKJWWJIYF]QNFGNQNYNJXHMFWLJIYTJVZNY^
(QTXNSLHFWW^NSLFRTZSY
8MFWJGFXJIUF^RJSYWJXJW[J
4UJSNSLGFQFSHJ
8MFWJGFXJIUF^RJSY
(QTXNSLHFWW^NSLFRTZSY
Share based payment reserve
Performance related remuneration
Details of performance rights held by the Group during the financial year are as follows:
+NSFSHNFQ^JFW
-JQIFY
GJLNSSNSLTK
^JFW
.XXZJIIZWNSL
YMJ^JFW
;JXYJIFSI
J]JWHNXJI
(FSHJQQJIQFUXJI
-JQIFYYMJJSI
TK^JFW
;JXYJIFYJSI
TK^JFW
(1)5,550,000 performance rights under Class A and 20,100,000 performance rights under Class B were issued during the year.
Details of performance rights held by the Group during the previous financial year are as follows:
+NSFSHNFQ^JFW
-JQIFYGJLNSSNSL
TK^JFW
+TWKJNYJIJ]UNWJI
;JXYJIFSI
J]JWHNXJI
-JQIFYYMJJSITK
^JFW
;JXYJIFYJSITK
^JFW
Annual Report 2024 | 67
31,920,000 held at 30 June 2024 has the following terms:
5JWKTWRFSHJHTSINYNTS
3ZRGJWTK
WNLMYXLWFSYJI
*]UNW^IFYJ
2NQJXYTSJ'–(TRRJSHJRJSYTKUWTIZHYNTSTKYMJ2FHPF^5TYFXM5WTOJHY
3T[JRGJW
(QFXX&(TSYNSZJIJRUQT^RJSY\NYMYMJ(TRUFS^KTWTSJ^JFW
)JHJRGJW
(QFXX'&8=FSSTZSHJRJSYTKYMJHTRRJSHJRJSYTKHTSXYWZHYNTSFY2FHPF^
5TYFXM5WTOJHY\NYMNSY\T^JFWX
47
&HMNJ[JRJSYTKWJQFYN[J9TYFQ8MFWJMTQIJW7JYZWSWJQFYN[JYT(TRUFWFYTW,WTZUT[JW
FYMWJJ^JFWUJWNTI
)JHJRGJW
The Group will re-assess the probability of achieving the performance condition at each reporting date. If the probability falls
below 50% the Group will determine whether the previous expense recognised shall be reversed. Performance securities are
granted under a service condition whereby the grantee must be employed by the Group at the time the performance securities
vest. If an employee leaves prior to the vesting date, the share-based payment previously recognised will be reversed on the
date employment is terminated.
In the current financial year, the probability of achieving the milestones was assessed by management and it was determined
that it is more likely than not that the milestones for Class A and Class B will be met. A share based payment expense of
$1,157,913 was recognised.
In 2023, the probability of achieving the milestones was assessed by management and it was determined that the probability
of achieving Milestone B was less likely than not and less than 50% and as a result $1,719,359 was reversed (since grant
date). The reversal of Milestone B is to reflect the fair value in the account and it does not constitute cancellation of the rights.
68 | Agrimin Limited
,WFSYIFYJ
3ZRGJWTKWNLMYX
+FNW[FQZJ
;JXYNSLHTSINYNTSX
4HYTGJW
(QFXX&(TSYNSZJIJRUQT^RJSY\NYMYMJ(TRUFS^KTWTSJ
^JFWKWTRYMJNXXZJIFYJTKYMJ5JWKTWRFSHJ7NLMYX
3T[JRGJW
(QFXX&(TSYNSZJIJRUQT^RJSY\NYMYMJ(TRUFS^KTWTSJ
^JFWKWTRYMJNXXZJIFYJTKYMJ5JWKTWRFSHJ7NLMYX
4HYTGJW
(QFXX ' &8= FSSTZSHJRJSY TK YMJ HTRRJSHJRJSY TK
HTSXYWZHYNTS FY 2FHPF^ 5TYFXM 5WTOJHY \NYMNS Y\T ^JFWX
KWTR YMJ NXXZJ IFYJ TK YMJ 5JWKTWRFSHJ 7NLMYX
47
&HMNJ[JRJSYTKWJQFYN[J9TYFQ8MFWJMTQIJW7JYZWSWJQFYN[JYT
(TRUFWFYTW,WTZUT[JWFYMWJJ^JFWUJWNTIKWTRYMJNXXZJ
IFYJTKYMJ5JWKTWRFSHJ7NLMYX
3T[JRGJW
(QFXX ' &8= FSSTZSHJRJSY TK YMJ HTRRJSHJRJSY TK
HTSXYWZHYNTS FY 2FHPF^ 5TYFXM 5WTOJHY \NYMNS Y\T ^JFWX
KWTR YMJ NXXZJ IFYJ TK YMJ 5JWKTWRFSHJ 7NLMYX
47
&HMNJ[JRJSYTKWJQFYN[J9TYFQ8MFWJMTQIJW7JYZWSWJQFYN[JYT
(TRUFWFYTW,WTZUT[JWFYMWJJ^JFWUJWNTIKWTRYMJNXXZJ
IFYJTKYMJ5JWKTWRFSHJ7NLMYX
3T[JRGJW
(QFXX ' &8= FSSTZSHJRJSY TK YMJ HTRRJSHJRJSY TK
HTSXYWZHYNTS FY 2FHPF^ 5TYFXM 5WTOJHY \NYMNS Y\T ^JFWX
KWTR YMJ NXXZJ IFYJ TK YMJ 5JWKTWRFSHJ 7NLMYX
47
&HMNJ[JRJSYTKWJQFYN[J9TYFQ8MFWJMTQIJW7JYZWSWJQFYN[JYT
(TRUFWFYTW,WTZUT[JWFYMWJJ^JFWUJWNTIKWTRYMJNXXZJ
IFYJTKYMJ5JWKTWRFSHJ7NLMYX
Values of performance rights over ordinary shares granted, exercised and lapsed for directors and other key management
personnel as part of compensation during the year ended 30 June 2024 are set out below:
3FRJ
;FQZJTKWNLMYX
LWFSYJIIZWNSLYMJ
^JFW
;FQZJTKWNLMYX
J]JWHNXJIIZWNSLYMJ
^JFW
;FQZJTKWNLMYXQFUXJI
IZWNSLYMJ^JFW
7JRZSJWFYNTS
HTSXNXYNSLTK
WNLMYXKTWYMJ^JFW
)NWJHYTWX
78J[NQQJ
)2TWWT\
28F[NHM
'8FRUXTS
&5NXRNWNX
0J^RFSFLJRJSYUJWXTSSJQ
7'WFIQJ^
2-FWYQJ^
During the year ended 30 June 2024, pursuant to the Company's Employee Securities Incentive Plan, the Company issued the
following performance rights:
Annual Report 2024 | 69
For the performance rights granted during the current financial year, the valuation model inputs used to determine the fair
value at the grant date, are as follows:
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*]UNW^IFYJ
8MFWJUWNHJ
FYLWFSY
IFYJ
*]JWHNXJ
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*]UJHYJI
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^NJQI
7NXPKWJJ
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+FNW[FQZJFY
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4HYTGJW
4HYTGJW
3&
3&
3.1
3&
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3&
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3&
3.1
18.
Statement of Cash Flows
(a) Reconciliation of cash flows from operating activities
1TXXKTWYMJ^JFW
3TSHFXMNYJRX
+NSFSHJJ]UJSXJX
)JUWJHNFYNTSTKWNLMYTKZXJFXXJYX
8MFWJTKQTXX
UWTKNYTKJVZNY^FHHTZSYJINS[JXYJJ
8MFWJGFXJIUF^RJSY
*RUQT^JJJSYNYQJRJSY
.RUFNWRJSYTKSTSHZWWJSYFXXJYX
5WTKNYTSINXUTXFQTKKN]JIFXXJYX
(MFSLJNSTUJWFYNSLFXXJYXFSIQNFGNQNYNJX
)JHWJFXJ
NSHWJFXJNSTYMJWWJHJN[FGQJX
)JHWJFXJ
NSHWJFXJNSUWJUF^RJSYX
)JHWJFXJNSHWJFXJNSYWFIJFSITYMJWUF^FGQJX
)JHWJFXJNSUWT[NXNTSX
(b) Non-cash financing and investing activities
During the financial year, a Haul Road Native Title agreement with Tjurabalan Native Title Land Aboriginal Corporation RNTBC
(TNTLAC) was signed on 14 December 2023 with 500,000 ordinary shares being issued to TNTLAC. In accordance with AASB
2 Share-based Payment, the share value of $0.19 at measurement date, 14 December 2023 (the date of the agreement) was
used to determine the share based payment of $95,000. The shares were issued to TNTLAC on 10 June 2024.
There were $350,000 non-cash financing and investing activities for the year ended 30 June 2023.
70 | Agrimin Limited
19.
Loss Per Share
(a) Reconciliation of loss
1TXXFYYWNGZYFGQJYTYMJT\SJWXTKYMJ(TRUFS^ZXJIYTHFQHZQFYJGFXNHFSI
INQZYJIQTXXUJWXMFWJ
(b)
Weighted average number of ordinary shares used as the denominator
19)
-.11'4.342.3**859>19)
,:,&1&33&-41).3,859>19)!,:,&1&33&.3;*892*39&(#
85&7342.3**859>19)
,41)+.7**39*757.8*859>19)
'355&7.'&8342.3**859>19)!-:'(:894).&18*7;19)#
)**7.3,342.3**859>19)!9-*)**7.3,+&2.1>&(#
*:,4'342.3**859>19)!9-*(441.3,+&2.1>&(#
0&)4459>1.2.9*)!' )+&2.1>&(#
279.249->,:>1>438
279.249->,:>1>438 278-*&9-*72&7>1>438!,34<*11*3
8:5*7+:3)&(#
&(5.3;*892*39859>19)
( 92.9(-*118:5*759>19)!( 92.9(-*118:5*7+:3)&(#
*==9*359>19)!9-*( 92.9(-*11+&2.1>&(#
,41)97&.3-41).3,859>19)!-&>3*88*948:5*7+:3)&(#
,7*3+*1)-41).3,859>19)!,7*3+*1)-41).3,88+&(#
?*74342.3**859>19)
'.3;.)59>19)!' )8:5*7+:3)&(#
Shares on issue as at 29 August 2024 is: 337,262,775.
Annual Report 2024 | 83
c)
Substantial Shareholders
The names of substantial shareholders who have notified the Company in accordance with section 671B of the Corporations
Act 2001 are:
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'(.2.3*7&181.2.9*)
-.11'4.342.3**859>19) &884(.&9*)*39.9.*8
d)
Voting Rights
All shares carry one vote per share without restriction.
84 | Agrimin Limited
17. Schedule of Tenement Interests
As at 30 June 2024
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5WTOJHY
-TQIJW
8YFYJ
8YFYZX
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39
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1
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Annual Report 2024 | 85