AMN Healthcare Services, Inc. Annual Report 2025

FY2025 Annual Report · AMN Healthcare Services, Inc.
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1 
 
Corporate Information 
 
DIRECTORS 
Lee Bowers 
Non-Executive Chair  
Michael Hartley 
Executive Director 
Mark Savich 
Non-Executive Director 
 
COMPANY SECRETARY 
Briohny McManus 
 
REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS 
Suite 6 Level 2, 437 Roberts Road 
Subiaco, Western Australia 6008 
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) 
 
 

 
2 
 
Contents  
 
Chair’s Letter to Shareholders 
3 
Review of Operations 
5 
Environmental, Social and Governance 
15 
Directors’ Report 
19 
Remuneration Report (Audited) 
27 
Auditor’s Independence Declaration  
42 
Consolidated Statement of Profit or Loss and Other Comprehensive Income  
43 
Consolidated Statement of Financial Position  
44 
Consolidated Statement of Changes in Equity  
45 
Consolidated Statement of Cash Flows 
46 
Notes to the Consolidated Financial Statements  
47 
Consolidated Entity Disclosure Statement 
83 
Directors’ Declaration 
84 
Independent Auditor’s Report  
85 
Shareholder’s Information 
89 
Schedule of Tenement Interests 
91 
 

 
3 
 
Chair’s Letter to Shareholders 
 
Dear fellow shareholders, 
I am pleased to present Agrimin’s 2025 Annual Report. 
This has been a year of hard-earned progress coupled with some important decision taking. Having joined the 
Agrimin Board in October 2024, and been appointed Non-Executive Chairman in November 2024, I would like 
to ﬁrstly take this opportunity to thank all shareholders for your continued support and patience as we have 
traversed this period. 
Mackay environmental approval 
In January 2025, we received Western Australian State environmental approval for the development of our 
Mackay Potash Project (Mackay). This milestone followed years of technical planning, rigorous baseline 
environmental and heritage surveys, and broader stakeholder engagement. It represents a major step forward 
in de-risking the development pathway for this asset. 
The long-term potential of Mackay is undeniable. It contains the world’s largest known mineral resource of 
brine-hosted Sulphate of Potash (SOP). Deﬁnitive feasibility work, coupled with substantial further subsequent 
process ﬂowsheet testing, has established the robust technical and economic viability of its development. The 
recent State approval has also now validated its environmental and social suitability for construction and full-
scale operation. 
Strategic review 
However, what cannot be ignored is that broader capital markets are simply not supportive of further 
development of Australian-domiciled SOP projects at this time. This is undoubtedly a function of the limited 
success experienced in recent years by select early movers in the Australian SOP space. 
Against this backdrop, in February 2025 we commenced a strategic review of Mackay. This review is designed 
to evaluate all available options for Mackay and is being undertaken in a highly disciplined fashion, led by 
Agrimin Executive Director, Michael Hartley. 
The review process is now at an advanced stage and expected to conclude in the next month or so, with 
reporting of key outcomes at that time. 
Corporate streamlining 
As part of this review process, we also scaled back site activities and implemented cost reduction initiatives 
across both operational and corporate levels. These decisions were not made lightly but were necessary to 
ensure the sustainability of our business and to protect shareholder value. 
In support of these changes, Deb Morrow stepped down from her role as CEO and Managing Director in 
February 2025. I would like to thank Deb for her dedication to this role, including the instrumental role she 
played in securing the recent State environmental approval. 
Value unlock activities 
In parallel, we have been busy fostering initiatives aimed at growing and unlocking long-term value within our 
broader portfolio. Tali Resources Pty Ltd, in which Agrimin held a 40% interest, undertook a corporate 
restructure during the ﬁrst half of calendar 2025. 

Chair’s Letter to Shareholders (continued) 
4 
This restructure separated its West Arunta mineral exploration licences and its shareholding in WA1 Resources 
Ltd (ASX: WA1) into two separate companies – Niobium Holdings Pty Ltd and Tali Resources Ltd, respectively. 
Agrimin continues to hold 40% of Niobium Holdings Pty Ltd, which owns approximately 12% of WA1, owner of 
the world-class Luni Niobium Project in the West Arunta. 
Tali Resources Ltd (ASX:TR2) subsequently undertook an Initial Public Oﬀering (IPO) to raise A$7.5 million and 
commenced trading on the Australian Securities Exchange in July 2025. Following its IPO, Agrimin holds 
approximately 27% of TR2. 
We are delighted that TR2 is being led by Agrimin’s former Chief Financial Oﬃcer, Rhys Bradley. I would like to 
take this opportunity to thank Rhys for his many years of outstanding service to Agrimin and we naturally wish 
him every success in building the TR2 exploration business. 
Agrimin also undertook a A$2.5 million equity raising in May 2025, with the funds raised being applied to 
progression of the strategic review of Mackay and assessment of other exploration and project generation 
opportunities. 
In combination with the corporate streamlining and cost reduction initiatives, these activities have left our 
business leaner and more eﬃcient, our balance sheet bolstered, and our broader portfolio in a considerably 
stronger position to lever additional long-term value growth. 
Closing remarks 
I would like to acknowledge and warmly thank the traditional owners of the lands on which we operate – the 
Kiwirrkurra, Ngururrpa, and Tjurabalan Peoples – for their enduring partnership. 
Thank you to my fellow board members, Michael Hartley and Mark Savich, for their hard work and dedication 
to the task at hand over the past year. I would also like to express my gratitude to Alec Pismiris for his ﬁne 
service to Agrimin over many years leading up to his eventual retirement from our Board at the 2024 Annual 
General Meeting. I extend my further thanks to Richard Seville and Brad Sampson for their valuable 
contributions to Agrimin’s SOP development ambitions prior to their departure from the Board in September 
2024. 
To the broader Agrimin team, including our key consulting and contract partners, thank you for your excellent 
work through the past year. 
Finally, thank you again to you, our shareholders. Your support is greatly appreciated – and never taken for 
granted. Agrimin remains focused on delivering long-term value growth to your shareholding through 
disciplined strategy execution and capital allocation. I look forward to keeping you updated as we advance along 
this path. 
Lee Bowers 
Non-Executive Chair 
23 September 2025

 
5 
 
Review of Operations  
 
Mackay Potash Project (100% Interest)  
The Mackay Potash Project (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 Sulphate of Potash (SOP) fertiliser. 
Lake Mackay is located 940km by road south of the Wyndham Port in Western Australia (Figure 1) and  
comprises of nine granted Exploration Licences covering over 3,000km2 in Western Australia. 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. 
The Project’s development plan is based on the sustainable extraction of brine from Lake Mackay using a 
network of shallow trenches. Brine is to 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 are collected by 
wet harvesters and pumped as a slurry to the proposed processing plant proximate to the edge of the salt lake. 
 

 
Review of Operations  
6 
 
 
The plant reﬁnes harvested salts into high quality ﬁnished SOP fertiliser ready for direct use by customers. SOP 
is planned to be transported by a dedicated Joint Venture ﬂeet of road trains to a purpose-built storage facility 
at Wyndham Port. At the port, SOP is to be loaded via an integrated barge loading facility for shipment to 
customers. 
 
Figure 1: Map of Mackay Potash Project 
 
 

 
Review of Operations  
7 
 
 
Agrimin has a strong track record of, and focus on, sustainable development. 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 current and future local training, employment, and business opportunities; 
• 
Targeted high renewable energy penetration for any future development to deliver low greenhouse gas 
emissions; and 
• 
Targeted long-term 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. 
Strategic Review 
The SOP industry in Western Australia has experienced signiﬁcant challenges over recent years. Despite 
substantial investments by select early movers, the sector has struggled to achieve any meaningful potash 
production. In light of this, and the resultant negative view of capital markets towards further greenﬁeld SOP 
development in Australia, the Company announced to the ASX on 7 February 2025 that it was commencing a 
strategic review of the Project (Strategic Review). 
Actions undertaken in line with the commencement of the review included:  
• 
Further reduced Project site activities, with limited work programs planned for 2025, and 
implementation of additional operating and corporate cost reduction initiatives.  
• 
In light of the further scaling down of activities at the Project, and in aid of these additional cost 
reduction initiatives, Agrimin Managing Director and CEO, Ms Debbie Morrow, stepped down from 
these roles eﬀective from 7 February 2025. 
• 
Agrimin’s Chief Operating Oﬃcer, Mr Michael Hartley, was appointed to the Agrimin Board as an 
Executive Director, eﬀective from 7 February 2025. 
• 
Identiﬁcation and initial evaluation of options to maximise long-term risk-balanced value for Agrimin 
shareholders with respect to the Mackay Potash Project including but not limited to ongoing 
independent advancement, joint venture, outright sale, and/or tenement restructuring. 
Agrimin’s large Project tenement holding in the West Arunta is highly prospective for a range of minerals. 
Exploration across these tenements has historically been limited to potash mineralisation. The Strategic Review 
scope includes the evaluation of the potential for non-potash exploration activities to be advanced. 
As at the date of this report, the Strategic Review is well advanced and approaching completion, which is 
expected to occur in the next month or so. 
Product Marketing 
At the start of the year the Company had three binding oﬀtake agreements in place 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, and announced to the ASX on 17 May 2021, 25 January 2022 and 4 April 2022 
respectively. The oﬀtake agreement with Sinochem Fertilizer Macao Limited lapsed on 30 June 2025 and has 
not been renewed.

 
Review of Operations  
8 
 
 
Front End Engineering Design 
Since completion of the Deﬁnitive Feasibility Study (DFS) in 2020, the Company’s integrated owner’s team has 
been progressed several front-end engineering and design (FEED) work streams. 
During 2024, further testwork was carried out to ﬁnalise the conversion and ﬂotation steps of the ﬂowsheet. 
The ﬂotation testwork was again performed at the facility of Veolia Water Technologies Inc. (USA) (Veolia) in 
Plainﬁeld, USA and utilised FLSmidth Inc.’s (FLSmidth) ﬂotation metallurgist and test equipment. The testwork 
aimed to evaluate collector preparation and mixing intensity, process temperature range, thickening and 
ﬁltration and a bulk ﬂotation eﬀort to produce suﬃcient Schoenite concentrate to enable downstream leach 
and SOP crystallisation validation (as announced to the ASX on 24 September 2024). 
In early 2025, work was undertaken to ﬁnalise updates of Process Flow Diagrams (PFD’s) incorporating process 
test work results and ﬂowsheet maturation. The PFD’s detail equipment selection and key process parameters 
relating to the operation of the pond system and mineral processing plant. 
Lastly, the remaining process test work was scoped and budgeted in collaboration with leading equipment 
vendors relating to the crushing and downstream Schoenite leach and SOP crystallisation stages of the 
ﬂowsheet. 
Project Approvals 
Both the Department of Climate Change, Energy, the Environment and Water (DCCEEW) and Western Australian 
Environmental Protection Authority (EPA) determined that the Project required assessment. The EPA’s 
assessment was accredited by DCCEEW under a bilateral agreement between the State and Commonwealth 
Governments. 
The EPA has completed its assessment and on 20 January 2025, the Western Australian Minster for Environment 
issued a Ministerial Statement under Part IV of the Environmental Protection Act 1986 (WA) approving the 
implementation of the Project. 
The EPA assessment report included a number of commendations for Agrimin including the extensive survey 
eﬀort undertaken by the Company; the measures incorporated into project design to mitigate impacts; the 
nature and extent of consultation with Traditional Owners and ranger groups and the co-beneﬁts of the 
proposed oﬀsets to Traditional Owners, ranger groups and communities in building on their existing eﬀorts 
within their Indigenous Protected Areas. 
Agrimin formally accepted the conditions assigned by the WA EPA on 9 January 2025. On 20 January 2025, the 
Western Australian Minister for Environment issued a Ministerial Statement under Part IV of the Environmental 
Protection Act 1986 (WA) approving implementation of the Project. 
DCCEEW is considering the EPA’s assessment. On 25 February 2025, DCCEEW requested provision of the 
outcomes from Agrimin’s Strategic Review (when completed) as part of its consideration of the Project. Any 
further Commonwealth progress towards a decision is currently on hold.

 
Review of Operations  
9 
 
 
Government and Community Engagement 
During the year, the Company successfully applied to the Western Australian Minister for Mines and Petroleum, 
the Hon. David Michael MLA, for tenement rents payable in 2025 totaling $0.6 million to be deferred to January 
2026. 
The time extension was granted under the provisions of the Mining Act 1978 for extenuating circumstances in 
recognition of the long regulatory approval timelines and demonstrated the State Government’s ongoing 
support for Agrimin and the SOP industry. 
During the year, the Company continued its active engagement in local communities and across all levels of 
Federal, State and Local Government. 
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. 
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. 
 

 
Review of Operations  
10 
 
 
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 takes all practical measures to remove risks to all members of the workforce and anyone else who may be 
aﬀected by the Company’s activities. 
Tenure 
Following an on-country meeting in the Northern Territory with Traditional Owners and their representative 
body, the Central Land Council, and following feedback received, Agrimin respectfully withdrew its tenement 
applications over the Northern Territory portion of Lake Mackay in October 2024. These include: EL24861, 
EL30651, EL31780 and EL31781. There was no carrying value associated with these tenements as they were not 
granted at this time. 
After the Annual General Meeting of Jamukurnu-Yapalikurnu Aboriginal Corporation (Western Desert Lands) 
RNTBC (JYAC), the Native Title representative body for the Martu people, the Company received feedback that 
the Board of JYAC was not supportive of mining activity on Lake Auld Lake. As a result, Agrimin respectfully 
withdrew tenement applications E45/5417, E45/5419, E45/5420 and E45/5579 in October 2024. The Company 
wrote oﬀ the carrying value capitalised with regards to the Lake Auld Potash Project. 
Environment 
Since exploration activities commenced at the 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 striving for outstanding performance including close alignment with the UN 
Development Goals. 
During 2025, rehabilitation works were undertaken on the trial trench and embankment construction area on 
the Western margin of the lake. This work was done at the conclusion of the drying trial for the pond 
embankments. 
 

 
Review of Operations  
11 
 
 
Annual Mineral Resources and Ore Reserve Statement 
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 
8,041 
3,473 
3.9 
3,719 
3.3 
3,558 
7.3 
2,832 
1.0 
3,471 
8.3 
UZB 
21,755 
- 
- 
3,405 
6.5 
3,405 
6.5 
2,970 
1.3 
3,334 
7.8 
LZ1 
37,131 
- 
- 
3,542 
9.7 
3,542 
9.7 
3,530 
5.0 
3,538 
14.7 
LZ2 
219,726 
- 
- 
- 
- 
- 
- 
3,403 
66.7 
3,403 
66.7 
LZ3 
17,003 
- 
- 
- 
- 
- 
- 
1,910 
8.7 
1,910 
8.7 
Total 
303,656 
3,473 
3.9 
3,527 
19.5 
3,509 
23.5 
3,240 
82.6 
3,300 
106.1 
 
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 
8,041 
3,473 
16.5 
3,719 
8.6 
3,558 
25.1 
2,817 
3.2 
3,475 
28.2 
UZB 
21,755 
-    
-    
3,405 
54.6 
3,405 
54.6 
2,972 
10.6 
3,334 
65.3 
LZ1 
37,131 
-    
-    
3,542 
81.4 
3,542 
81.4 
3,530 
41.7 
3,538 
123.0 
LZ2 
219,726 
-    
-    
-    
-    
-    
-    
3,403 
700.8 
3,403 
700.8 
LZ3 
17,003 
-    
-    
-    
-    
-    
-    
1,910 
30.4 
1,910 
30.4 
Total 
303,656 
3,473 
16.5 
3,501 
144.6 
3,498 
161.1 
3,344 
786.6 
3,370 
947.7 
The slight reduction in both the drainable porosity and total porosity mineral resource estimates is as a result 
of the removal of the Northern Territory Inferred category estimates post the surrender of those tenement 
applications. 
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 
20.0 
As outlined above, the Company is undertaking a Strategic Review with respect to options for the Project. The 
Strategic Review is ongoing, noting that the Company elected to conservatively impair the carrying value of the 
Project in the accounts for the half year ended 31 December 2024. 
The Company will issue further updates in relation to the Strategic Review of the Project and impact on its 
Mineral Resources and Ore Reserves, if any, in accordance with its continuous disclosure obligations. 
 
 
 

 
Review of Operations  
12 
 
 
Corporate  
In July 2024, 33,332 ordinary shares were issued upon the exercise of options. The Company received $6,667 as 
consideration for the exercise of the options. 
During the year, Class A and Class A1 performance rights conditions were satisﬁed and a total of 6,000,000 
ordinary shares were issued upon the exercise of performance rights. 
There were a number of Board changes during the year: 
• 
Mr Richard Seville (Non-Executive Chair) and Mr Brad Sampson (Non-Executive Director) resigned on 
25 September 2024. 
• 
Mr Lee Bowers (Non-Executive Director) was appointed on 14 October 2024. He was then appointed as 
Non-Executive Chair of the Board on 29 November 2024. 
• 
Mr Alec Pismiris (Non-Executive Director) was appointed Non-Executive Chair of the Board on 25 
September 2024. He subsequently retired from the Board following the Annual General Meeting on 29 
November 2024.  
• 
Ms Debbie Morrow (CEO and Managing Director) resigned on 7 February 2025. 
• 
Mr Michael Hartley was appointed as Executive Director on 7 February 2025. 
In December 2024, the Company received the ﬁnal payment of $0.4 million relating to the $2.0 million grant 
received under the Australian Federal Government’s Supply Chain Resilience Initiative (SCRI), as announced to 
the ASX on 7 December 2021. The SCRI provides grant funding to Australian businesses to address supply chain 
vulnerabilities for critical products or inputs identiﬁed in the Sovereign Manufacturing Capability Plan. The ﬁnal 
payment was received following Agrimin’s successful completion of the milestones associated with SCRI grant. 
In June 2025, the Company completed tranche one of an equity placement raising approximately $2.3 million 
before costs. In July 2025, tranche two of the placement raised a residual approximately $0.2 million from 
director participation in the placement, following approval by shareholders at a General Meeting. 
Niobium Holdings Pty Ltd (40% Interest) 
Niobium Holdings Pty Ltd (Niobium Holdings) (formerly Tali Resources Pty Ltd) is a private company which is 
40% owned by Agrimin. Niobium Holdings holds an approximate 12% shareholding in WA1 Resources Ltd (ASX: 
WA1), which had a share price of $15.84 per share as at 30 June 2025. 
Tali Resources Ltd 
Tali Resources Ltd (Tali) is an ASX listed company which was 40% owned by Agrimin as at 30 June 2025. Tali is 
focused on exploration of its tenure in the West Arunta region of Western Australia which spans over 4,000km2. 
Tali holds the largest tenement packages in the West Arunta (Figure 2). 
Agrimin holds 27% of Tali’s shares on issue following the completion of Tali’s Initial Public Oﬀering on 18 July 
2025. The shares held by Agrimin are subject to an ASX imposed 24-month escrow period until 17 July 2027.

 
Review of Operations  
13 
 
 
 
Figure 2: Map of Tali Resources Ltd’s Tenements 
Project Generation and Business Development 
During the year, the Company continued its eﬀorts to identify potential additions to the Company’s exploration 
portfolio. 
Competent Person Statement 
The Mineral Resources statement in this Annual Report is based on, and fairly represents, information and 
supporting information prepared by Competent Persons. It has been prepared in accordance with the 
requirements of the JORC Code (2012). 
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. 

 
Review of Operations  
14 
 
 
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. 

 
15 
 
Environmental, Social and Governance 
 
Agrimin is committed to sustainability and in alignment with the United Nations Sustainable Development 
Goals. The Company’s commitment is embodied throughout its long-term planning and demonstrated through 
over 10 years of positive stakeholder engagement. 
The Company believes in caring for the natural environment and managing its own environmental 
responsibilities. 
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. 
 
 

 
Environmental, Social and Governance 
16 
 
 
Goal  
Agrimin’s Alignment 
 
Zero Hunger 
Our objective is a globally signiﬁcant supply of sustainable fertiliser to 
improve global agricultural productivity and support food security. 
 
Good Health 
and Well-being 
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.  
 
Quality 
Education 
We have a planned program of education and training opportunities within 
our local communities which are designed to improve accessibility to jobs 
that we create. 
 
Gender 
Equality 
We will provide a positive, diverse and inclusive team environment. We 
recognise the importance of diversity including gender representation 
across our organisation. 
 
Decent Work 
and Economic 
Growth 
We aim to empower local communities through education and training to 
support job-readiness for created all phases of our activities ensuring 
sustainable economic beneﬁts over the long-term. 
 
Industry, 
Innovation and 
Infrastructure 
We seek to develop important regional infrastructure that will create 
economic and social opportunities through better connectivity for remote 
communities. 
 
Reduced 
Inequalities 
We seek to provide shared value outcomes for Indigenous people living in 
our country’s most isolated communities. We ﬁrmly believe our activities 
can be a catalyst for an improved quality of life. 
 
Responsible 
Consumption 
and Production 
We have designed a sustainable and low impact production process 
allowing for minimisation of the consumption of water, energy and other 
materials.  
 
Climate Action 
We aim to achieve a high penetration of renewable energy and low carbon 
footprint in any future operations. 
 
Life on Land 
We are committed to protecting the environment and minimising the 
impact on the biodiversity within the ecosystems we operate. 
 
Peace, Justice 
and Strong 
Institutions 
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. 
Figure 3. Alignment with the United Nations Sustainable Development Goals 

 
Environmental, Social and Governance 
17 
 
 
Environment 
Agrimin’s long-term objective is the production of sustainable, organic fertiliser products that minimise the 
environmental impacts of global agriculture and provide an alternative to existing chemical and chloride-based 
potash fertilisers.  Premium quality SOP products could 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 its activities lifecycle. 
Agrimin has a targeted renewable energy penetration of +80% in any future development of the Project through 
the utilisation of a hybrid diesel, solar, wind and battery solution. 
Agrimin has worked diligently to design a project that minimises the impacts 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 future development of the Project. 
The Company has been operating extensive ﬁeld programs on Lake Mackay since 2015 and is proud to have 
never recorded a signiﬁcant environmental incident or received an environmental improvement or prohibition 
notice. 
Social 
Agrimin’s vision is to empower local Indigenous communities with shared-value outcomes. 
Future development of the Project would provide local communities with improved access to infrastructure 
including roads, communication networks and utilities. 
Agrimin has established long-standing and respectful relationships with the Traditional Owners of the land in 
which Lake Mackay and the proposed 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. 
 
 

 
Environmental, Social and Governance 
18 
 
 
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. 
 

 
19 
 
Directors’ Report 
 
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 2025. 
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 
year unless otherwise stated. 
Lee Bowers 
Non-Executive Chair, appointed 29 November 2024 (Non-Executive Director, appointed 14 October 2024)  
LLB, B.Com 
Mr Bowers’ professional background is deeply entrenched in global resources ﬁnance and equity markets. He 
is the current Managing Director of Fivemark, a Perth-based independent adviser to Australian and global 
resource companies, which he co-founded in 2013. Roles held previous to that include Division Director and 
Head of Australian Mining Equity Research at Macquarie Group, Head of Resources Equity Sales at Macquarie 
Group, and Director of Mining Equity Research at Royal Bank of Canada. Mr Bowers holds a Bachelor of Laws 
and Bachelor of Commerce from the University of Western Australia. The Board considers Mr Bowers an 
independent Director. 
Mr Bowers is a Non-Executive Director of WA1 Resources Ltd (ASX: WA1). Mr Bowers has held no other public 
directorships in the last three years. 
Michael Hartley 
Executive Director, appointed 7 February 2025 
BSc (Hons), MAICD, MAusIMM 
Mr Hartley is a qualiﬁed hydrogeologist bringing over 25 years of experience in the mining sector. His expertise 
spans project management, operations, environmental assessments, feasibility studies at all levels, and water 
resource investigations. Previously, he served as Chief Hydrogeologist and Senior Project Manager at the ICL 
Potash project in the Danakil Depression, Ethiopia. Mr Hartley is a member of both the Australian Institute of 
Company Directors (AICD) and the Australian Institute of Mining and Metallurgy (AusIMM). The Board considers 
Mr Hartley not an independent Director. 
Mr Hartley has held no public directorships in the last three years. 
 

 
Directors’ Report  
20 
 
 
Mark Savich 
Non-Executive Director 
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 and was subsequently a resources analyst. 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. The Board considers Mr Savich not an 
independent Director. 
Mr Savich is a Non-Executive Chairman of Tali Resources Ltd (ASX: TR2). Mr Savich has held no other public 
directorships in the last three years. 
Richard Seville 
Non-Executive Chairperson, 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’s other current listed company directorship is Advanced Energy Minerals Ltd. Within the last 3 years, 
a producer of high purity alumina from a plant in Quebec, Canada. 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, resigned 7 February 2025 
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.

 
Directors’ Report  
21 
 
 
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. 
Brad Sampson 
Non-Executive Director, 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, resigned 29 November 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 is ASX listed Bubalus Resources Limited. Mr Pismiris was 
formerly a director within the last 3 years of ASX listed Gumtree Australia Markets Ltd (formerly known as The 
Market Ltd).

 
Directors’ Report  
22 
 
 
Briohny McManus 
Company Secretary, appointed 19 May 2025 
BComm, CA 
Ms McManus is an experienced Company Secretary and corporate ﬁnancier with a track record in ASX-listed 
environments. She brings expertise in compliance, corporate governance, corporate ﬁnance, capital markets 
and accounting. She has held positions with Euroz Hartleys Corporate Finance, Barclays Bank UK and  
professional services ﬁrm, Deloitte. Ms McManus is currently Company Secretary of Tali Resources Ltd 
(ASX:TR2). Ms McManus is a Chartered Accountant (CA) with a Bachelor of Commerce (Accounting and Finance) 
from the University of Western Australia. 
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 
L Bowers 
1,666,667  
-    
-    
M Hartley 
2,413,699  
66,666  
5,420,000  
M Savich 
12,558,667  
-    
2,400,000  
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 2025. 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(7) 
L Bowers(1) 
6 
6 
M Hartley(2) 
4 
4 
M Savich 
11 
11 
R Seville(3) 
4 
4 
D Morrow(4) 
7 
7 
B Sampson(5) 
4 
4 
A Pismiris(6) 
6 
6 
(1) 
Mr Bowers was appointed as Non-Executive Director on 14 October 2024 and Chair on 29 November 2024. 
(2) 
Mr Hartley was appointed as Executive Director on 7 February 2025. 
(3) 
Mr Seville resigned on 25 September 2024. 
(4) 
Ms Morrow resigned on 7 February 2025. 
(5) 
Mr Sampson resigned on 25 September 2024. 
(6) 
Mr Pismiris was appointed as Non-Executive Chair on 25 September 2024 and resigned on 29 November 2024. 
(7) 
The number of meetings attended during the time they acted as a director of the Company.

 
Directors’ Report  
23 
 
 
Principal Activities 
The principal activity of the Group during the year was advancing the Mackay Potash Project (Project) in 
Western Australia. There was no signiﬁcant change in the nature of the Group’s activities during the ﬁnancial 
year ended 30 June 2025. 
Review and Results of Operations 
The Company incurred a $48,732,100 loss after income tax for the year (2024: $5,331,786). The loss was 
primarily the result of impairment following management’s assessment of the carrying value of the assets. 
Impairment indicators were present and the carrying value of the Project has been fully impaired. Management 
opted to take a conservative approach and fully impair the carrying value of the Project to nil in light of the 
current capital market environment with respect to Australian-domiciled SOP projects. 
Signiﬁcant Change in State of Affairs 
During the year, there were changes to Agrimin’s investment in associates as follows: 
Tali Resources Pty Ltd completed a corporate restructuring which saw the separation of its WA1 Resources Ltd 
(ASX: WA1) (WA1) shareholding and its West Arunta exploration licences and mineral rights into two separate 
companies. Niobium Holdings Pty Ltd (previously named Tali Resources Pty Ltd) has a shareholding of 
approximately 12% in WA1. All the West Arunta exploration licences and mineral rights previously held by Tali 
Resources Pty Ltd were transferred to a new corporate entity, Tali Resources Ltd. 
Agrimin acquired 40% shares of Tali Resources Ltd following the deconsolidation of Tali Resources Pty Ltd. 
There were no other signiﬁcant changes in the state of aﬀairs of the consolidated entity during the ﬁnancial 
year. 
Dividends 
No dividends have been paid or recommended for the current year (2024: 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 5. 
 
 

 
Directors’ Report  
24 
 
 
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 Project is a potential SOP development 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. 
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. 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 
During the General Meeting held on 30 July 2025, the shareholders approved the issuance of 3,166,667 
placement shares subscribed for by Directors (or their related parties). The breakdown per director is as follows: 
• 
Michael Hartley (Executive Director) – 833,333 shares 
• 
Lee Bowers (Non-Executive Chair) – 1,666,667 shares 
• 
Mark Savich (Non-Executive Director) – 666,667 shares 
In addition, the shareholders also approved the grant of 2,000,000 performance rights to Mr Hartley. Details for 
the performance rights are as follows: 
• 
Vesting condition: Completion of the strategic review of the Mackay Potash Project and satisfactory 
implementation of key outcomes. 
• 
Expiry date: Two years after the date of issue of the Performance Rights. 
 
 
 

 
Directors’ Report  
25 
 
 
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 indemniﬁed the directors and oﬃcers of the company for costs incurred, in their capacity as 
a director or oﬃcers, for which they may be held personally liable, except where there is a lack of good faith. 
During the ﬁnancial year, the company paid a premium in respect of a contract to insure the directors and 
oﬃcers of the company against a liability to the extent permitted by the Corporations Act 2001. The contract of 
insurance prohibits disclosure of the nature of the liability and the amount of the premium. 
Proceedings on behalf of the Company 
No person has applied to Court under section 237 of the Corporations Act 2001 for leave to bring proceedings 
on behalf of the company, or to intervene in any proceedings to which the company is a party for the purpose 
of taking responsibility on behalf of the company for all or part of those proceedings. 
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 year covered by this report. 
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. 

 
Directors’ Report  
26 
 
 
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 year. 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 23 September 2025 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/. 
Non-Audit Services 
The Board has considered the non-audit services provided during the ﬁnancial year by the auditor, as disclosed 
in Note 25, 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. 
Directors who are Former Partners of Auditor  
There are no directors of the company who are former partners of RSM Australia Partners. 
Auditors 
RSM Australia Partners continues in oﬃce in accordance with section 327 of the Corporations Act 2001. 
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 42. 
 

 
27 
 
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 
Lee Bowers 
Non-Executive Chair, appointed 29 November 2024 (Non-Executive Director 
appointed 14 October 2024) 
Michael Hartley 
Executive Director, appointed 7 February 2025 
Mark Savich 
Non-Executive Director 
Richard Seville 
Non-Executive Chair, resigned on 25 September 2024 
Debbie Morrow 
Chief Executive Oﬃcer and Managing Director, resigned on 7 February 2025 
Brad Sampson 
Non-Executive Director, resigned on 25 September 2024 
Alec Pismiris 
 
Non-Executive Director, resigned on 29 November 2024 
NAMED KEY MANAGEMENT PERSONNEL 
Rhys Bradley 
Chief Financial Oﬃcer, resigned on 11 July 2025 
Company Secretary, appointed on 8 October 2024, resigned on 19 May 2025 
All the above persons were Key Management Personnel during the ﬁnancial year to 30 June 2025 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. 
 

 
Remuneration Report (Audited) 
28 
 
 
Use of Remuneration Consultants 
During the ﬁnancial year ended 30 June 2025, the Group did not engage any remuneration consultants. 
Approval of the Remuneration Report by Shareholders 
At the 2024 AGM, 98.14% of the eligible votes received supported the adoption of the remuneration report for 
the year ended 30 June 2024. The Group did not receive any speciﬁc feedback at the AGM regarding its 
remuneration practices. 
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 Executive Director 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 2022 (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 (if any). 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. 
 
 

 
Remuneration Report (Audited) 
29 
 
 
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 21 November 2022, the Company obtained approval for 
the adoption of the ESIP in accordance with the requirements of ASX Listing Rule 7.2, Exception 13(b). The ESIP 
replaced the prior ESIP which was approved by shareholders on 27 November 2019. 
The performance rights were issued to directors and other key management personnel. The performance 
conditions attached to the rights that are on issue in the current year were as follows: 
Milestone 
Performance condition 
Expiry date 
Milestone B 
An ASX announcement by the Company of the production of its first 
Sulphate of Potash (SOP) from the Mackay Potash Project as per the 
final feasibility study.  
Six months from the date of 
satisfaction of the Vesting 
Condition.  
The performance rights are subject to a milestone date of 1 
November 2025. 
The grant date fair value of the performance rights above ranged between $0.365 to $0.51 per right. 
On 20 October 2023, employees were invited to participate in the Company's Employee Securities Incentive 
Plan ( the Plan). The Plan consists of Class A and Class B rights. The performance conditions attached to these 
rights were as follows:  
Class 
Performance condition  
Expiry date 
Class A 
Continued employment with the Company for one year from the 
grant date of the Performance Rights  
Three years from the date of 
issue of the performance 
rights -  
4 December 2026 
Class B 
ASX announcement of the commencement of construction at 
Mackay Potash Project within two years from the issue date of the 
Performance Rights; 
OR 
Achievement of relative Total Shareholder Return relative to 
Comparator Group over a three-year period from the issue date of 
the Performance Rights. 
Three years from the date of 
issue of the performance 
rights - 
4 December 2026 
 
 

 
Remuneration Report (Audited) 
30 
 
 
The grant date fair value of the performance rights above ranged between $0.106 to $0.205 per right. 
18,000,000 were issued to the following directors and other key management personnel: 
Director 
Number issued 
M Hartley 
4,500,000  
D Morrow  
9,000,000  
Other key management personnel 
Number issued 
R Bradley 
4,500,000  
At balance date the Company had 9,570,000 performance rights outstanding (2024: 23,970,000) relating to key 
management personnel. 
Holder 
Milestone B 
Class B  
Commencement of Production 
ASX announcement of the commencement 
of construction at Mackay Potash Project 
within two years  
OR 
Achievement of relative Total Shareholder 
Return relative to Comparator Group over 
a three-year period 
Milestone date 
1 November 2025 
5 December 2026 
M Hartley 
420,000  
3,000,000  
M Savich 
2,400,000  
-    
R Bradley 
750,000  
3,000,000  
Total 
3,570,000  
6,000,000  
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 $2,409,149. 
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 appropriately 
incentivise continued performance 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 incentive for 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.

 
Remuneration Report (Audited) 
31 
 
 
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. 
  
2025 
2024 
2023 
2022 
2021 
Net loss after tax ($000's) 
(48,732) 
(5,332) 
(48) 
(1,371) 
(5,022) 
Dividends paid 
Nil 
Nil 
Nil 
Nil 
Nil 
Share price at year end ($'s) 
$0.066 
$0.180 
$0.160 
$0.400 
$0.495 
Loss per share (cents per share) 
(14.18) 
(1.73) 
(0.02) 
(0.59) 
(2.46) 
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. 
 

 
Remuneration Report (Audited) 
32 
 
 
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: 
  
Short-term benefits 
Post-employment 
superannuation 
benefits 
Long-term 
benefits 
Terminatio
n benefits 
Share 
based 
payment 
(7)(8)(9) 
Total 
2025 
Salary & fees 
Consulting 
fees 
Total 
Long service 
leave 
Directors 
 
 
 
 
 
 
 
 
L Bowers(1) 
54,247 
- 
54,247 
- 
- 
- 
- 
54,247 
M Hartley(2) 
274,435 
- 
274,435 
30,000 
5,852 
- 
254,678 
564,965 
M Savich 
53,812 
- 
53,812 
6,188 
- 
- 
- 
60,000 
R Seville(3) 
23,810 
- 
23,810 
2,738 
- 
- 
- 
26,548 
D Morrow(4) 
244,308 
- 
244,308 
30,000 
- 
200,000 
(240,326) 
233,982 
B Sampson(5) 
12,812 
- 
12,812 
1,473 
- 
- 
- 
14,285 
A Pismiris(6) 
25,000 
- 
25,000 
- 
- 
- 
- 
25,000 
Total Directors 
688,424 
- 
688,424 
70,399 
5,852 
200,000 
14,352 
979,027 
Key management personnel 
  
  
  
  
  
  
  
  
R Bradley 
295,302 
- 
295,302 
29,896 
6,241 
- 
181,048 
512,487 
Total key management personnel 
295,302 
- 
295,302 
29,896 
6,241 
- 
181,048 
512,487 
Total 
983,726 
- 
983,726 
100,295 
12,093 
200,000 
195,400 
1,491,514 
2024 
  
  
  
  
  
  
  
  
Directors 
 
 
 
 
 
 
 
 
R Seville 
100,000 
- 
100,000 
11,000 
- 
- 
- 
111,000 
D Morrow 
360,417 
- 
360,417 
22,917 
- 
- 
240,326 
623,660 
M Savich 
166,106 
- 
166,106 
14,928 
7,155 
- 
- 
188,189 
B Sampson 
54,054 
- 
54,054 
5,946 
- 
- 
- 
60,000 
A Pismiris 
60,000 
10,500 
70,500 
- 
- 
- 
- 
70,500 
Total Directors 
740,577 
10,500 
751,077 
54,791 
7,155 
- 
240,326 
1,053,349 
Key management personnel 
  
  
  
  
  
  
  
  
R Bradley 
208,208 
- 
208,208 
9,167 
10,411 
- 
237,916 
465,702 
M Hartley 
172,840 
- 
172,840 
20,493 
6,608 
- 
264,557 
464,498 
Total key management personnel 
381,048 
- 
381,048 
29,660 
17,019 
- 
502,473 
930,200 
Total 
1,121,625 
10,500 
1,132,125 
84,451 
24,174 
- 
742,799 
1,983,549 

 
Remuneration Report (Audited) 
33 
 
 
(1) 
Mr Bowers was appointed as Non-Executive Director on 14 October 2024 and Chair on 29 November. 
(2) 
Mr Hartley was appointed as Executive Director on 7 February 2025.  
 
(3) 
Mr Seville resigned on 25 September 2024. 
 
(4) 
Ms Morrow resigned on 7 February 2025 and her termination payment includes six months payment in lieu of notice. 
 
(5) 
Mr Sampson resigned on 25 September 2024. 
 
(6) 
Mr Pismiris was appointed as Non Executive Chair on 25 September 2024 and resigned on 29 November 2024.  
 
(7) 
Share based payment includes expenses recognised for Class A rights which fully vested during the year. 
(8) 
$240,326 was reversal of previously recognised expenses for Class B where the likelihood of achieving the service condition is zero. 
(9) 
Share based payment includes expenses recognised for Class C rights where agreement was signed on 16 June 2025 subject to shareholders approval before granting. It was subsequently approved by 
shareholders and issued on 30 July 2025. 
 
  

 
Remuneration Report (Audited) 
34 
 
 
The proportion of remuneration linked to the performance and the ﬁxed proportion are as follows: 
  
Fixed remuneration 
At risk - STI 
At risk - LTI 
2025 
2024 
2025 
2024 
2025 
2024 
 
Non-Executive Directors 
 
L Bowers 
100% 
- 
- 
- 
- 
- 
 
R Seville 
100% 
100% 
- 
- 
- 
- 
 
M Savich 
100% 
96% 
- 
- 
- 
4% 
 
B Sampson 
100% 
100% 
- 
- 
- 
- 
 
A Pismiris 
100% 
100% 
- 
- 
- 
- 
 
Executive Directors 
 
 
 
- 
- 
 
 
M Hartley 
54% 
42% 
- 
40% 
46% 
18% 
 
D Morrow 
117% 
61% 
85% 
- 
-102% 
39% 
 
Other Key Management Personnel 
 
 
 
 
 
 
 
R Bradley 
63% 
47% 
- 
36% 
37% 
17% 
 
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:  
Michael Hartley 
Title: 
Chief Operating Oﬃcer 
Agreement commenced: 
2 October 2023 
Term of agreement: 
Ceased upon promotion to Executive Director on 7 February 2025 
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 
Name:  
Michael Hartley 
Title: 
Executive Director 
Agreement commenced: 
7 February 2025 
Term of agreement: 
Ongoing and reviewed annually at the sole discretion of the Board 
Details: 
• 
Fixed remuneration: $275,000 per annum exclusive of superannuation 
• 
Monthly superannuation above the concessional cap is paid through salary & fees 
• 
Annual bonus of up to 30% of remuneration 
• 
Termination without cause: three-month notice period 
• 
Termination for cause: no notice period 

 
Remuneration Report (Audited) 
35 
 
 
Name:  
Rhys Bradley 
Title: 
Chief Financial Oﬃcer and Company Secretary 
Agreement commenced: 
2 October 2023 
Term of agreement: 
Held until oﬃcial resignation on 11 July 2025 
Details: 
• 
Fixed remuneration: $300,000 per annum exclusive of superannuation 
• 
Monthly superannuation above the concessional cap is paid through salary & fees 
• 
Annual bonus of up to 30% of remuneration 
• 
Termination without cause: three-month notice period  
• 
Termination for cause: no notice period 
On 19 May 2025, Rhys Bradley ceased his role as Company Secretary, and his remuneration under the agreement 
was changed to $250,000 per annum exclusive of superannuation. 
There are currently no other service contracts with any director and there are no other key management personnel 
in the Company. 
2.2 
Non-Executive Directors’ Remuneration 
Members of the Board of Directors are entitled to performance related remuneration, subject to obtaining the 
appropriate shareholder approvals. The Non-Executive Chair base fee is $80,000 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. Directors’ fees are paid monthly. 
 

 
Remuneration Report (Audited) 
36 
 
 
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 were vested on 4 November 
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 were vested on 4 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’. 
 

 
Remuneration Report (Audited) 
37 
 
 
Details of vesting proﬁles of the performance rights granted as incentives to each key management person of the Group are detailed below. 
PERFORMANCE RIGHTS SUMMARY 
Holder  
Number of rights granted 
Total  
Milestone B 
Class B 
Grant Date  
1st Issue 
2nd Issue  
Bonus Issue 
1st Issue 
1st Issue 
15 Sep 2017 
31 Dec 2020 
24 Mar 2022 
25 Oct 2023 
22 Nov 2023 
Directors 
 
 
 
 
 
M Hartley 
250,000 
100,000 
70,000 
- 
3,000,000 
3,420,000 
M Savich 
2,000,000 
- 
400,000 
- 
- 
2,400,000 
Total Directors 
2,250,000 
100,000 
470,000 
- 
3,000,000 
5,820,000 
Key management personnel 
 
 
 
 
 
 
R Bradley 
250,000 
375,000 
125,000 
3,000,000 
- 
3,750,000 
Total key management personnel 
250,000 
375,000 
125,000 
3,000,000 
- 
3,750,000 
Total 
2,500,000 
475,000 
595,000 
3,000,000 
3,000,000 
9,570,000 
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 $2,409,149. 
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 were reversed in the prior year. 
Management has assessed the likelihood of the key management personnel achieving the service conditions for Class B. For personnel with 100% likelihood, 
a share-based payment expense of $232,208 was recognised. For personnel with 0% likelihood, all expenses previously recognised $240,326 were reversed 
during the year. 
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 
and 22 November 2023. 
 

 
Remuneration Report (Audited) 
38 
 
 
Details of performance rights held by key management personnel of the Group during the ﬁnancial year are as 
follows: 
2025 
Held at 
beginning 
of year  
Granted  
Exercised 
Forfeited/ 
expired 
Held at the 
end of year 
Vested at 
end of year 
Directors 
 
 
 
 
 
 
M Hartley 
4,920,000 
- 
(1,500,000) 
- 
3,420,000 
- 
R Seville 
1,200,000 
- 
- 
(1,200,000) 
- 
- 
D Morrow  
9,000,000 
- 
- 
(9,000,000) 
- 
- 
M Savich 
2,400,000 
- 
- 
- 
2,400,000 
- 
B Sampson 
600,000 
- 
- 
(600,000) 
- 
- 
A Pismiris 
600,000 
- 
- 
(600,000) 
- 
- 
Key management personnel 
  
  
  
  
  
  
R Bradley 
5,250,000 
- 
(1,500,000) 
- 
3,750,000 
- 
Total 
23,970,000 
- 
(3,000,000) 
(11,400,000) 
9,570,000 
- 
Subsequent to year end, Michael Hartley was formally granted 2,000,000 performance rights after shareholder 
approval at the general meeting held on 30 July 2025. As the performance rights related to a service condition which 
began on 16 June 2025, a portion of the expense has been recognised during the current year. Details of 
performance rights issued to Michael are as follows (refer to note 16 for further details): 
Director 
Grant date 
Expiry date 
Number 
Fair value per 
right 
Total value ($) 
   M Hartley 
30 July 2025 
30 July 2027 
2,000,000 
$0.096 
$192,000 
Performance rights granted carry no dividend or voting rights. 
Value of performance rights over shares granted, exercised and lapsed for directors and other key management 
personnel as part of compensation during the year ended 30 June 2025 are set out below: 
Director 
Value of PR 
Granted during 
the year ($) 
Value of PR 
exercise during 
the year ($) 
Value of PR 
lapsed during 
the year ($) 
Remuneration 
Consisting of 
PR during the 
year (%) 
    M Hartley 
192,000 
247,500 
- 
50% 
D Morrow 
- 
- 
1,232,927 
-102% 
R Bradley 
- 
307,500 
- 
32% 
 
 
 
 

 
Remuneration Report (Audited) 
39 
 
 
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: 
2025 
Held at 
beginning of 
year  
Granted as 
remuneration 
Purchases / 
other 
acquisitions 
Sales / other 
disposals 
Held at the 
end of year 
Directors 
 
 
 
M Hartley 
119,463 
- 
1,500,000 
(39,097) 
1,580,366 
R Seville 
2,501,434 
- 
- 
(2,501,434)(1) 
- 
D Morrow  
1,464,865 
- 
- 
(1,464,865)(2) 
- 
M Savich 
11,892,000 
- 
- 
- 
11,892,000 
B Sampson 
2,017,297 
- 
- 
(2,017,297)(3) 
- 
A Pismiris 
5,691,892 
- 
  
(5,691,892)(4) 
- 
Key Management Personnel 
 
 
 
 
 
R Bradley 
512,400 
- 
1,749,600 
- 
2,262,000 
Total 
24,199,351 
- 
3,249,600 
(11,714,585) 
15,734,366 
(1) 
Per Final Director’s Interest Notice lodged on 25 September 2024. 
(2) 
Per Final Director’s Interest Notice lodged on 7 February 2025. 
(3) 
Per Final Director’s Interest Notice lodged on 25 September 2024.  
(4) 
Per Final Director’s Interest Notice lodged on 29 November 2024.  
Options over ordinary shares held, directly, indirectly or beneﬁcially, by key management personnel, including their 
related parties during the ﬁnancial year, were as follows: 
2025 
Held at 
beginning of 
year  
Granted 
Exercised 
Expired / 
forfeited / 
other 
Held at the 
end of year 
Directors 
 
 
M Hartley 
66,666 
- 
- 
- 
66,666 
R Seville 
1,945,946 
- 
- 
(1,945,946)(1) 
- 
D Morrow  
1,464,865 
- 
- 
(1,464,865)(2) 
- 
M Savich 
- 
- 
- 
- 
- 
B Sampson 
97,297 
- 
- 
(97,297)(3) 
- 
A Pismiris 
291,892 
- 
- 
(291,892)(4) 
- 
Key Management Personnel 
 
 
 
 
 
R Bradley 
- 
- 
- 
- 
- 
Total 
3,866,666 
- 
- 
(3,800,000) 
66,666 
(1) 
Per Final Director’s Interest Notice lodged on 25 September 2024. 
(2) 
Per Final Director’s Interest Notice lodged on 7 February 2025. 
(3) 
Per Final Director’s Interest Notice lodged on 25 September 2024.  
(4) 
Per Final Director’s Interest Notice lodged on 29 November 2024. 
 
 

 
Remuneration Report (Audited) 
40 
 
 
2.6 
Transactions and Balances with Key Management Personnel and Their 
Related Parties 
Total transactions occurred with related parties 
During the year, $19,435 was incurred for investor relations and advisory services provided by Fivemark Capital Pty 
Ltd, related party of Mr Bowers (2024: $Nil). Amounts disclosed only relate to transactions after the date of Mr 
Bowers appointment to the Board of Agrimin on 14 October 2024. 
Additionally, $4,257 of rehabilitation services had been received from an employee of Niobium Holdings Pty Ltd 
during the year, related party of Mr Savich and associate of Agrimin Limited (2024: $Nil). 
Receivable from and payable to related parties 
At the end of the ﬁnancial year, $5,500 was payable for investor relations and advisory services provided by 
Fivemark Capital Pty Ltd, related party of Mr Bowers (2024: $Nil). Amounts disclosed only relate to transactions after 
the date of Mr Bowers appointment to the Board of Agrimin on 14 October 2024. 
Loans to/from related parties 
During the year, Mr Savich provided a loan of $60,000 to Niobium Holdings Pty Ltd, related party of Mr Savich and 
associate of Agrimin Limited (2024: $Nil). $60,000 loan was payable to Mr Savich as at 30 June 2025. 
There were no other related party transactions with other key management personnel of the Group for the year 
ended 30 June 2025 (2024: Nil). 
This concludes the remuneration report, which has been audited. 
 

Remuneration Report (Audited) 
41 
Shares under Option 
Unissued ordinary shares of Agrimin Limited under option at the date of this report are as follows: 
Grant date 
Expiry date 
Exercise price 
Number under option 
5 December 2023 
5 December 2026 
0.20 
20,956,377 
27 March 2024 
27 March 2027 
0.20 
19,533,238 
23 April 2024 
23 April 2027 
0.20 
7,100,096 
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. 
Shares Issued on the Exercise of Options 
There were 33,332 ordinary shares of Agrimin Limited issued during the year ended 30 June 2025 and up to the 
date of this report. 
Shares under Performance Rights 
Unissued ordinary shares of Agrimin Limited under performance rights at the date of this report are as follows: 
Grant date 
Expiry date 
Exercise price 
Number of rights 
15 September 2017 
1 November 2025 
N/A 
2,500,000 
31 December 2020 
1 November 2025 
N/A 
475,000 
24 March 2022 
1 November 2025 
N/A 
595,000 
25 October 2023 
5 December 2026 
N/A 
3,600,000 
22 November 2023 
5 December 2026 
N/A 
3,000,000 
30 July 2025 
30 July 2027 
N/A 
2,000,000 
1 July 2025 
1 July 2027 
N/A 
550,000 
1 July 2025 
1 July 2028 
N/A 
700,000 
Shares Issued on the Exercise of Performance Rights 
6,000,000 ordinary shares of Agrimin Limited were issued during the year ended 30 June 2025 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: 
Michael Hartley 
Executive Director 
Perth 
23 September 2025 

 
 
 
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 2025, 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: 23 September 2025 
Partner 
 
 
 

 
43 
 
Consolidated Statement of Proﬁt or Loss and 
Other Comprehensive Income 
 
For The Year Ended 30 June 2025 
  
Note 
2025 
2024 
  
$ 
$ 
Other income 
23,563  
25,525  
Finance income 
 
83,734  
88,177  
Share based payment 
16 
(317,828) 
(1,157,913) 
Finance expenses 
 
(14,414) 
(33,905) 
Rehabilitation expenses 
 
(41,431) 
-   
Share of net loss of equity accounted entities 
10 
(74,036) 
(105,308) 
Administrative expenses 
3 
(2,439,144) 
(2,932,133) 
Impairment of assets 
7 
(45,952,544) 
(1,216,227) 
Loss before income tax 
 
(48,732,100) 
(5,331,784) 
 
  
Income tax expense 
4 
-   
-   
Loss for the year 
 
(48,732,100) 
(5,331,784) 
 
  
Other comprehensive income 
 
  
Items that will not be reclassified subsequently to profit or loss 
  
Share of other comprehensive (loss)/income of equity 
accounted associate 
10 
(8,558,243) 
32,190,830  
Items that may be reclassified subsequently to profit or loss 
  
Deferred tax expense 
16 
2,148,070  
(8,021,380) 
Other comprehensive (loss)/income for the year, net of tax   
(6,410,173) 
24,169,450  
 
  
Total comprehensive (loss)/income for the year 
 
(55,142,273) 
18,837,666  
 
  
Loss per share 
 
  
Basic and diluted loss per share 
18 
(14.18) cents 
(1.73) cents 
 
 
The above consolidated statement of proﬁt or loss and other comprehensive income should be read in conjunction 
with the accompanying notes. 
 
 
 
 

 
44 
 
Consolidated Statement of Financial Position 
 
As at 30 June 2025 
  
Note 
2025 
2024 
  
$ 
$ 
Assets 
 
  
Current assets 
 
  
Cash and cash equivalents 
5 
2,843,666  
4,053,835  
Other receivables 
6 
72,009  
86,679  
Deposits 
 
68,198  
158,674  
Prepayments 
 
39,602  
45,268  
Total current assets 
 
3,023,475  
4,344,456  
 
  
Non-current assets 
 
  
Exploration and evaluation assets 
7 
-   
44,449,889  
Property, plant and equipment 
8 
2,090  
8,169  
Right of use asset 
9 
10,208  
193,951  
Investment in associate accounted for using equity method 
10 
37,772,360  
46,364,639  
Investment in joint venture 
 
38,729  
27,630  
Other assets 
11 
-   
125,000  
Total non-current assets 
 
37,823,387  
91,169,278  
 
  
Total assets 
 
40,846,862  
95,513,734  
 
  
Liabilities 
 
  
Current liabilities 
 
  
Trade and other payables 
12 
964,180  
595,549  
Provisions 
13 
96,643  
113,016  
Lease liabilities 
14 
459  
137,932  
Total current liabilities 
 
1,061,282  
846,497  
 
  
Non-current liabilities 
 
  
Deferred tax liabilities 
26 
9,443,089  
11,591,158  
Provisions 
13 
906,856  
898,950  
Lease liabilities 
14 
-   
67,442  
Total non-current liabilities 
 
10,349,945  
12,557,550  
 
  
Total liabilities 
 
11,411,227  
13,404,047  
 
  
Net assets 
 
29,435,635  
82,109,687  
 
  
Equity 
 
  
Share capital 
15 
83,849,402  
80,640,759  
Reserves 
16 
29,387,724  
36,538,319  
Accumulated losses 
 
(83,801,491) 
(35,069,391) 
Total equity 
 
29,435,635  
82,109,687  
 
The above consolidated statement of ﬁnancial position should be read in conjunction with the accompanying notes. 

 
45 
 
Consolidated Statement of Changes in Equity 
 
For The Year Ended 30 June 2025 
  
Note 
Share capital 
Share based 
payment reserve 
Accumulated 
losses 
Other equity 
reserves 
Total equity 
$ 
$ 
$ 
$ 
$ 
  
  
  
  
  
  
  
Balance at 1 July 2024 
  
80,640,759  
2,188,993  
(35,069,391) 
34,349,326  
82,109,687  
Loss for the year 
  
-   
-   
(48,732,100) 
-   
(48,732,100) 
Share of other comprehensive income of 
equity accounted associate 
10 
-   
-   
-   
(8,558,243) 
(8,558,243) 
Deferred tax liabilities  
  
-   
-   
-   
2,148,070  
2,148,070  
Total comprehensive income for the year  
-   
-   
(48,732,100) 
(6,410,173) 
(55,142,273) 
Transaction with owners in their capacity as owners:  
  
  
  
  
Issue of ordinary shares 
15 
2,316,667  
-   
-   
-   
2,316,667  
Costs from issue of ordinary shares 
15 
(166,274) 
-   
-   
-   
(166,274) 
Share based payment 
16 
-   
317,828 
-   
-   
317,828 
Transfer of share based payment reserve 
16 
1,058,250  
(1,058,250) 
  
  
-   
Balance at 30 June 2025 
  
83,849,402  
1,448,571  
(83,801,491) 
27,939,153  
29,435,635  
 
 
 
 
 
 
 
Balance at 1 July 2023 
 
73,724,084  
1,031,080  
(29,737,607) 
10,179,876  
55,197,433  
Loss for the year 
 
-   
-   
(5,331,784) 
-   
(5,331,784) 
Share of other comprehensive income of 
equity accounted associate 
 
-   
-   
-   
32,190,830  
32,190,830  
Deferred tax liabilities  
 
-   
-   
-   
(8,021,380) 
(8,021,380) 
Total comprehensive income for the year 
 
-   
-   
(5,331,784) 
24,169,450  
18,837,666  
Transaction with owners in their capacity as owners: 
 
 
 
 
 
Issue of ordinary shares 
15 
7,370,406  
-   
-   
-   
7,370,406  
Costs from issue of ordinary shares 
15 
(453,731) 
-   
-   
-   
(453,731) 
Share based payment 
16 
-   
1,157,913  
-   
-   
1,157,913  
Balance at 30 June 2024 
 
80,640,759  
2,188,993  
(35,069,391) 
34,349,326  
82,109,687  
 
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. 

 
46 
 
Consolidated Statement of Cash Flows 
 
For The Year Ended 30 June 2025 
  
Note 
2025 
2024 
$ 
$ 
 
 
  
 
Cash flows from operating activities 
 
  
 
Payments to suppliers and employees 
 
(2,175,377) 
(2,991,463) 
Interest received 
 
83,734  
91,176  
Other income 
 
20,263  
125,525  
Net cash used in operating activities 
17 
(2,071,380) 
(2,774,762) 
 
 
  
 
Cash flows from investing activities 
 
  
 
Payments for exploration and evaluation assets 
 
(2,274,848) 
(3,030,607) 
Payments for land option 
 
(25,000) 
(25,000) 
Investment in joint venture  
(11,099) 
(13,905) 
Investment in associate 
(40,000) 
-   
Refunds on deposits 
90,259  
-   
Proceeds from Supply Chain Resilience Initiative ("SCRI") 
grant 
 
400,000  
-   
Proceeds from R&D tax incentive  
 
661,940  
979,619  
Net cash used in investing activities 
 
(1,198,748) 
(2,089,893) 
 
 
  
 
Cash flows from financing activities 
 
  
 
Proceeds from issue of share capital 
 
2,316,667  
7,275,406  
Payment of share issue costs 
 
(139,090) 
(453,731) 
Repayment of lease liability 
 
(105,413) 
(115,372) 
Interest payment on lease liability 
 
(12,205) 
(18,692) 
Net cash from financing activities 
 
2,059,959  
6,687,611  
 
 
  
 
Net (decrease)/increase in cash and cash equivalents 
 
(1,210,169) 
1,822,956  
Cash and cash equivalents at 1 July 
 
4,053,835  
2,230,879  
Cash and cash equivalents at 30 June 
5 
2,843,666  
4,053,835  
 
 
The above consolidated statement of cash ﬂows should be read in conjunction with the accompanying notes. 
 

 
47 
 
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 Suite 6 Level 2, 437 Roberts Road, Subiaco, Perth, WA 
6008. The consolidated ﬁnancial statements were authorised for issue by the Board of Directors on 23 September 
2025. 
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 2025 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)  
Rounding of amounts 
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and 
Investments Commission, relating to 'rounding-oﬀ'. Amounts in this report have been rounded oﬀ in accordance 
with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar. 
(c) 
Adoption of new and revised accounting standards 
In the year ended 30 June 2025, 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 2024. It has been 
determined that there is no material impact from the adoption of new and revised Accounting Standards and 
Interpretations. 
 

 
Notes to the Consolidated Financial Statements 
48 
 
 
(d) 
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 of $48,732,100 and had net cash outﬂows from 
operating and investing activities of $2,071,380 and $1,198,748 respectively for the year ended 30 June 2025. As at 
the date, the Group has net current assets of $1,962,193 including cash and cash equivalents of $2,843,666. 
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 Niobium Holdings Pty Ltd. 
(e) 
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. 
 

 
Notes to the Consolidated Financial Statements 
49 
 
 
           (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. 
(f) 
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 Executive Director 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. 
 

 
Notes to the Consolidated Financial Statements 
50 
 
 
(g) 
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. 
 

 
Notes to the Consolidated Financial Statements 
51 
 
 
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. 
           (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. 
(h) 
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. 
 

 
Notes to the Consolidated Financial Statements 
52 
 
 
(i) 
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. 
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. 
 

 
Notes to the Consolidated Financial Statements 
53 
 
 
(j) 
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. 
(k) 
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. 
(l) 
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. 
 

 
Notes to the Consolidated Financial Statements 
54 
 
 
(m) 
Deposits 
The deposits comprised of prepaid tenement rents and prepaid miscellaneous licence rents.  
The annual rents paid to the Western Australian Department of Mines, Petroleum and Exploration (DMPE) in 
advance when application for tenements and miscellaneous licences was made during the year. These amounts 
are held in trust by the DMPE 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. 
(n) 
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. 
 

 
Notes to the Consolidated Financial Statements 
55 
 
 
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. 
(o) 
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. 
(p) 
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. 
(q) 
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. 
 
 

 
Notes to the Consolidated Financial Statements 
56 
 
 
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. 
(r) 
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. 
 

 
Notes to the Consolidated Financial Statements 
57 
 
 
(s) 
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. 
(t) 
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. 
(u) 
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. 
(v) 
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. 

 
Notes to the Consolidated Financial Statements 
58 
 
 
(w) 
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. 
(x) 
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. 

 
Notes to the Consolidated Financial Statements 
59 
 
 
(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. 
 

 
Notes to the Consolidated Financial Statements 
60 
 
 
3. 
Administrative Expenses 
  
2025 
2024 
$ 
$ 
Fees, salaries and benefits 
1,511,764  
1,700,888  
External professional fees 
354,597  
304,211  
Depreciation of right of use assets 
122,496  
122,326  
Insurance expense 
80,266  
88,511  
ASX fees 
55,768  
48,673  
Office outgoings 
47,177  
41,975  
Subscriptions and licencing expenses 
32,026  
55,713  
Travel and accommodation expense 
20,173  
44,091  
Other administrative expenses 
214,877  
525,745  
2,439,144  
2,932,133  
4. 
Income Tax 
  
2025 
2024 
$ 
$ 
Reconciliation between tax expense and pre-tax accounting profit/(loss) 
  
Loss for the year 
(48,732,100) 
(5,331,784) 
Income tax using the Company's domestic tax rate 25% (2024: 25%) 
(12,183,025) 
(1,332,947) 
Changes in unrecognised temporary difference 
(12,183,025) 
(1,332,947) 
Income tax expense 
-   
-   
  
Unrecognised deferred tax asset 
  
Deferred tax asset calculated at 25% (2024: 25%) have not been 
recognised in respect to the following items: 
  
  
Deductible temporary differences 
373,892  
452,564  
Tax losses carried forward 
12,607,168 
11,880,756  
Tax losses and temporary differences brought to account to reduce the 
provision for deferred tax liabilities 
(1,587,009) 
(1,469,475) 
11,394,051 
10,863,845  
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.

 
Notes to the Consolidated Financial Statements 
61 
 
 
  
2025 
2024 
$ 
$ 
Provision for deferred tax liability 
  
Deferred tax liability comprises the estimated expense at the applicable 
rate of 25% (2024: 25%) on the following items: 
  
 
  
Exploration and evaluation assets 
1,567,426  
1,451,250  
Other assets 
9,682  
6,908  
Prepayments and accrued income 
9,901  
11,317  
Deferred tax asset attributable to tax losses and temporary differences 
brought to account to reduce the provision for deferred income tax 
(1,587,009) 
(1,469,475) 
-   
-   
  
Amounts charged directly to equity 
  
Deferred tax assets 
-   
-   
Deferred tax liabilities (note 26) 
(2,148,070) 
8,021,380  
(2,148,070) 
8,021,380  
 
5. 
Cash and Cash Equivalents 
  
2025 
2024 
$ 
$ 
Cash and bank balances 
2,794,666  
3,994,835  
Short-term deposits 
49,000  
59,000  
2,843,666  
4,053,835  
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 21. 
6. 
Other Receivables 
  
2025 
2024 
$ 
$ 
GST receivable 
37,538  
55,968  
Other receivables 
3,760  
-   
Security deposit 
30,711  
30,711  
72,009  
86,679  
 
 

 
Notes to the Consolidated Financial Statements 
62 
 
 
7. 
Exploration and Evaluation Assets 
The carrying amount of the exploration and evaluation assets at 30 June 2025 relates to the exploration capitalised 
on the Mackay Potash Project. 
  
2025 
2024 
$ 
$ 
Opening balance 
44,449,889  
42,741,413  
Additions 
2,564,595  
3,107,992  
Refundable research and development grant received 
(661,940) 
(979,620) 
Supply Chain Resilience Initiative ("SCRI") grant received 
(400,000) 
-   
Impairment of assets 
(45,952,544) 
(419,896) 
-   
44,449,889  
During the year ended 30 June 2025, the Group assessed the carrying amount of the assets for impairment. 
Impairment indicators were present and the carrying value of the Mackay Potash Project has been fully impaired 
as at 30 June 2025. Management opted to take a conservative approach and fully impaired the carrying value of the 
Project to nil during half year review in light of the current capital market environment with respect to Australian-
domiciled SOP projects. 
8. 
Property, Plant and Equipment 
  
2025 
2024 
$ 
$ 
Plant and equipment 
  
At cost 
213,736  
213,736  
Accumulated depreciation 
(211,646) 
(205,567) 
2,090  
8,169  
  
Movement in carrying amounts 
  
Opening balance 
8,169  
36,606  
Depreciation 
(6,079) 
(28,437) 
Closing balance 
2,090  
8,169  
 
 
 

 
Notes to the Consolidated Financial Statements 
63 
 
 
9. 
Right of Use Asset 
  
2025 
2024 
$ 
$ 
Office lease 
  
At cost 
306,239  
367,487  
Accumulated depreciation 
(296,031) 
(173,536) 
10,208  
193,951  
  
Movement in carrying amount 
  
Opening balance 
193,951  
317,496  
Increase to right of use asset  
-   
-   
Depreciation 
(183,743) 
(123,545) 
10,208  
193,951  
10. 
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: 
Name 
Principal Activities 
Country of  
Incorporation 
Equity Holding 
2025 
2024 
% 
% 
Niobium Holdings Pty Ltd(1) 
Investment Holding 
Australia 
40% 
40% 
Tali Resources Ltd 
Mineral Exploration 
Australia 
40% 
- 
(1) 
Niobium Holdings Pty Ltd was previously known as Tali Resources Pty Ltd

 
Notes to the Consolidated Financial Statements 
64 
 
 
  
2025 
2024 
$ 
$ 
Investment in associate 
  
 
Niobium Holdings Pty Ltd 
37,772,360  
46,364,639  
Tali Resources Ltd(1) 
-   
-   
37,772,360  
46,364,639  
  
 
Carrying value of interest in associates 
  
 
Opening balance 
46,364,639  
14,279,117  
Additions(1) 
40,000  
-   
Share of other comprehensive (loss)/income, net of tax 
(8,558,243) 
32,190,830  
Share of loss before income tax 
(74,036) 
(105,308) 
Closing carrying amount 
37,772,360  
46,364,639  
(1) 
The Company purchased 32 million shares in Tali Resources Ltd (TR2) for $40,000 on 12 May 2025, equivalent to 40% of the shares on 
issue as of 30 June 2025. In accordance with AASB 128 Investments in Associates and Joint Ventures, the Company recognises its share 
of losses only to the extent of its interest in the associate. While the Company’s 40% share of the associate’s loss amounted to $210,971, 
only $40,000 has been recognised. 
  
  
Niobium Holdings Pty Ltd 
  
  
2025 
2024 
  
  
$ 
$ 
Summarised statement of financial position 
  
Cash and cash equivalents 
3,700  
354,641  
Other current assets 
927,928  
167,317  
Non-current assets(1) 
133,848,000  
165,201,904  
Total assets 
134,779,628  
165,723,862  
  
Current liabilities 
123,728  
483,871  
Non-current liabilities(2) 
40,052,400  
49,155,792  
Total liabilities 
40,176,128  
49,639,663  
  
Net assets 
94,603,500  
116,084,199  
  
Summarised statement of profit or loss and other comprehensive income 
  
Other income 
28,659  
63,426  
Expenses 
(1,396,516) 
(326,697) 
Profit on sale of investment 
1,095,436  
-   
Gain on disposal of subsidiary 
187,331 
-   
Profit after income tax 
(85,090) 
(263,271) 
Other comprehensive income (net of tax) 
(21,395,608) 
80,477,072  
Total comprehensive income 
(21,480,698) 
80,213,801  
(1) 
Niobium Holdings Pty Ltd holds an approximate 12% shareholding in WA1 Resources Ltd (ASX:WA1). In accordance with AASB 9 
Financial Instruments, Niobium Holdings Pty Ltd has revalued its shares in WA1 to fair value at balance date and recognised the 
unrealised change in fair value through other comprehensive income. 
(2) 
It represents the deferred tax liability on unrealised gain of its shareholding in WA1 Resources Ltd. 

 
Notes to the Consolidated Financial Statements 
65 
 
 
  
  
Tali Resources Ltd 
  
  
2025 
2024 
  
  
$ 
$ 
Summarised statement of financial position 
  
Cash and cash equivalents 
21,113  
-   
Other current assets 
97,002  
-   
Non-current assets 
768,606  
-   
Total assets 
886,721  
-   
  
Current liabilities 
1,187,520  
-   
Total liabilities 
1,187,520  
-   
  
Net assets 
(300,799) 
-   
  
Summarised statement of profit or loss and other comprehensive income 
  
Other income 
1,005  
-   
Expenses 
(58,932) 
-   
Share based payments 
(469,500) 
Profit after income tax 
(527,427) 
-   
The Group’s share of loss and other comprehensive loss during the ﬁnancial year is $8,632,279 (2024: Proﬁt 
$32,085,522). 
11. 
Other Assets 
  
2025 
2024 
$ 
$ 
Lot 701 option payment 
 - 
125,000 
   Closing balance 
-   
125,000  
 
 

 
Notes to the Consolidated Financial Statements 
66 
 
 
12. 
Trade and Other Payables 
  
2025 
2024 
$ 
$ 
Accrued expenses 
643,034  
46,050  
Trade payables 
294,309  
472,227  
Other payables 
26,837  
77,272  
964,180  
595,549  
13. 
Provisions 
  
2025 
2024 
$ 
$ 
Current 
  
Employee benefits 
96,643  
113,016  
96,643  
113,016  
  
Non-current 
  
Provision for rehabilitation 
906,856  
852,096  
Employee benefits 
-   
46,854  
906,856  
898,950  
  
Movement in provision for rehabilitation 
  
Opening balance 
852,096  
882,817  
Adjustment made during the year 
52,551  
(45,936) 
Unwind of discount 
2,209  
15,215  
906,856  
852,096  
Employee beneﬁts relate to the balance of annual leave and long service leave accrued by the Group’s employees. 
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 increased by 
$54,760 to $906,856 (2024: $852,096). 
 

 
Notes to the Consolidated Financial Statements 
67 
 
 
14. 
Lease Liabilities 
  
2025 
2024 
$ 
$ 
Office lease 
  
Current  
459  
137,932  
Non-current 
-   
67,442  
459  
205,374  
  
Movement for the year 
  
Opening balance 
205,374  
322,256  
Lease modification 
(79,504) 
581  
Lease payments 
(137,616) 
(136,155) 
Interest expense 
12,205  
18,692  
Closing balance 
459  
205,374  
Amounts recognised in the Consolidated Statement of Proﬁt or Loss and Other Comprehensive Income: 
  
2025 
2024 
$ 
$ 
Depreciation of right of use assets 
122,496  
122,496  
Interest expense on lease liability 
12,205  
18,692  
Expenses on short-term leases 
1,800  
1,800  
136,501  
142,988  
During the year, the Company had decided to surrender the lease early at the end of July 2025 with a break lease 
cost of $20,000. The lease liability has been adjusted to reﬂect the changes. 
The cash outﬂow for leases during the year amounts to $117,618 (2024: $134,064). 
 

 
Notes to the Consolidated Financial Statements 
68 
 
 
15. 
Share Capital 
  
2025 
Number 
$ 
Share capital 
  
Fully paid ordinary shares 
  
  
Balance at 1 July 2024 
337,229,443  
80,640,759  
Issue of fully paid ordinary shares at $0.20 on the exercise of options 
33,332  
6,667  
Issue of fully paid ordinary shares at $0.165 under share-based payment(1) 
750,000  
123,750  
Issue of fully paid ordinary shares at $0.165 under share-based payment(1) 
2,700,000  
445,500  
Issue of fully paid ordinary shares at $0.205 under share-based payment(1) 
2,100,000  
430,500  
Issue of fully paid ordinary shares at $0.13 under share-based payment(2) 
450,000  
58,500  
Issue of fully paid ordinary shares at $0.06 
38,500,000  
2,310,000  
Less share issue costs 
-   
(166,274) 
Balance at 30 June 2025 
381,762,775  
83,849,402  
 
(1) 
During the year, Class A and Class A1 performance rights conditions were satisﬁed and a total of 6,000,000 ordinary shares were 
issued upon the exercise of performance rights. In accordance with AASB 2 Share-based Payment, the respective fair value at 
measurement date was used to determine the share based payment. 
  
2024 
Number 
$ 
Share capital 
  
Fully paid ordinary shares 
  
  
Balance at 1 July 2023 
288,352,486  
73,724,084  
Issue of fully paid ordinary shares at $0.15 
48,000,000  
7,200,015  
Issue of fully paid ordinary shares at $0.20 on the exercise of options 
376,957  
75,391  
Issue of fully paid ordinary shares at $0.19 under share-based payment 
500,000  
95,000  
Less share issue costs 
-   
(453,731) 
Balance at 30 June 2024 
337,229,443  
80,640,759  
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. 
 

 
Notes to the Consolidated Financial Statements 
69 
 
 
16. 
Reserves 
  
Note 
2025 
2024 
$ 
$ 
Other equity reserve 
27,939,153  
34,349,326  
Share based payment reserve 
1,448,571  
2,188,993  
29,387,724  
36,538,319  
  
Other equity reserve 
  
   Opening balance 
34,349,326  
10,179,876  
   Share of other comprehensive income, net of tax  
10 
(8,558,243) 
32,190,830  
   Deferred tax liabilities charged to equity 
2,148,070  
(8,021,380) 
   Closing carrying amount 
27,939,153  
34,349,326  
  
Share based payment reserve 
  
   Opening balance 
2,188,993  
1,031,080  
   Transfer(1) 
(1,058,250) 
-   
   Share based payment 
317,828  
1,157,913  
   Closing carrying amount 
1,448,571  
2,188,993  
 
(1) 
6,000,000 performance rights were vested and converted to shares during the year. The related cumulative reserve, $1,058,250 was 
transferred to issued share capital. 
Share based payment reserve 
Performance related remuneration 
Details of performance rights held by the Group during the ﬁnancial year are as follows: 
Financial 
year 
Held at 
beginning of 
year 
Issued during 
the year (1) 
Vested and 
exercised (2) 
Cancelled/ 
lapsed 
Held at the 
end of year 
Vested at 
end of year 
2025 
31,920,000  
2,700,000  
(6,000,000) 
(18,450,000) 
10,170,000 
-    
(1) 
Performance rights issued during the year were 450,000 under Class A1, 450,000 under Class A2 and 1,800,000 under Class B. 
(2) 
5,550,000 and 450,000 performance rights were vested and converted to shares under Class A and Class A1 respectively. 
Details of performance rights held by the Group during the previous ﬁnancial year are as follows:  
Financial 
year 
Held at 
beginning of 
year 
Issued during 
the year (1) 
Vested and 
exercised 
Cancelled/lap
sed 
Held at the 
end of year 
Vested at 
end of year 
2024 
6,570,000 
25,650,000  
-    
(300,000) 
31,920,000 
-    
(1) 
5,550,000 performance rights under Class A and 20,100,000 performance rights under Class B were issued. 

 
Notes to the Consolidated Financial Statements 
70 
 
 
10,170,000 held at 30 June 2025 has the following terms: 
Performance condition 
Number of 
rights granted 
Expiry date 
Milestone B – Commencement of production of the Mackay Potash Project 
3,570,000  
1 November 2025 
Class B - ASX announcement of the commencement of construction at 
Mackay Potash Project within two years  
OR 
Achievement of relative Total Shareholder Return relative to Comparator 
Group over a three-year period 
6,600,000  
5 December 2026 
  
  
10,170,000  
  
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. 
Management has assessed the likelihood of the individual personnel achieving the service conditions for Class B. 
For personnel with 100% likelihood, a share-based payment expense of $252,593 was recognised. For personnel 
with 0% likelihood, all expenses previously recognised of $348,367 were reversed during the year. 
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. In the current year there has been no change. 
31,920,000 held at 30 June 2024 has the following terms: 
Performance condition 
Number of rights 
granted 
Expiry date 
Milestone B – Commencement of production of the Mackay Potash Project 
6,570,000  
1 November 2025 
Class A - Continued employment with the Company for one year 
5,550,000  
5 December 2024 
Class B - ASX announcement of the commencement of construction at 
Mackay Potash Project within two years  
OR 
Achievement of relative Total Shareholder Return relative to Comparator 
Group over a three-year period 
20,100,000  
5 December 2026 
  
  
32,220,000  
  

 
Notes to the Consolidated Financial Statements 
71 
 
 
In 2024 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. 
During the year ended 30 June 2025, pursuant to the Company's Employee Securities Incentive Plan, the Company 
issued the following performance rights: 
Grant date  
Number of 
rights  
Fair value 
Vesting conditions 
20 November 
2024 
450,000  
$0.130 
Class A1 - Primary Environmental Approval (State) as 
evidenced by Agrimin receiving the signed Ministerial 
Statement and announcing it to the ASX. 
20 November 
2024 
450,000  
$0.130 
Class A2 - Primary Environmental Approval (Federal) as 
evidenced by Agrimin Receiving the signed Ministerial 
Statement and announcing it to the ASX. 
20 November 
2024 
1,800,000  
$0.110 
Class B - ASX announcement of the commencement of 
construction at Mackay Potash Project within one year 
OR 
Achievement of relative Total Shareholder Return (TSR) 
relative to Comparator Group over a two-year period 
30 July 2025 (1) 
2,000,000  
$0.096 
Class C – Completion of the strategic review of the Mackay 
Potash Project and satisfactory implementation of key 
outcomes 
(1) 
Subsequent to year end, Michael Hartley was formally granted 2,000,000 performance rights after shareholder approval at the general 
meeting held on 30 July 2025. As the performance rights related to a service condition which began on 16 June 2025, a portion of the 
expense has been recognised during the current year.

 
Notes to the Consolidated Financial Statements 
72 
 
 
During the year ended 30 June 2024, pursuant to the Company's Employee Securities Incentive Plan, the Company 
issued the following performance rights: 
Grant date  
Number of 
rights  
Fair value 
Vesting conditions 
25 October 2023 
3,450,000  
$0.165 
Class A - Continued employment with the Company for one year 
from the issue date of the Performance Rights. 
22 November 
2023 
2,100,000  
$0.205 
Class A - Continued employment with the Company for one year 
from the issue date of the Performance Rights. 
25 October 2023 
6,900,000  
$0.106 
Class B - ASX announcement of the commencement of 
construction at Mackay Potash Project within two years from the 
issue date of the Performance Rights. 
OR 
Achievement of relative Total Shareholder Return relative to 
Comparator Group over a three-year period from the issue date 
of the Performance Rights. 
22 November 
2023 
4,200,000  
$0.132 
Class B - ASX announcement of the commencement of 
construction at Mackay Potash Project within two years from the 
issue date of the Performance Rights. 
OR 
Achievement of relative Total Shareholder Return relative to 
Comparator Group over a three-year period from the issue date 
of the Performance Rights. 
28 November 
2023 
9,000,000  
$0.137 
Class B - ASX announcement of the commencement of 
construction at Mackay Potash Project within two years from the 
issue date of the Performance Rights. 
OR 
Achievement of relative Total Shareholder Return relative to 
Comparator Group over a three-year period from the issue date 
of the Performance Rights. 

 
Notes to the Consolidated Financial Statements 
73 
 
 
For the performance rights measured during the current ﬁnancial year, the valuation model inputs used to 
determine the fair value at the grant date are as follows: 
Grant date  
Expiry date  
Share 
price at 
grant date 
Exercise 
price 
Expected 
volatility  
Dividend 
yield 
Risk-free 
interest 
free 
Fair value 
at grant 
date 
20 November 
2024 
20 November 
2027 
$0.130 
N/A 
N/A 
NIL 
N/A 
$0.130 
20 November 
2024 
20 November 
2027 
$0.130 
N/A 
N/A 
NIL 
N/A 
$0.130 
20 November 
2024 
20 November 
2027 
$0.130 
N/A 
65% 
NIL 
5% 
$0.110 
30 July 2025 
30 July 2027 
$0.096 
N/A 
N/A 
NIL 
N/A 
$0.096 
Class A1 performance rights vested during the year, with a share-based payment expense of $58,500 being 
recognised. Class A2 performance rights lapsed during the year, resulting in no share-based payment expense 
being recognised. At 30 June 2025, management assessed the likelihood of the individual personnel achieving Class 
C as more likely than not and more than 50%, resulting in share-based payment expense of $2,575 recognised. 
For the performance rights granted in previous ﬁnancial year, the valuation model inputs used to determine the 
fair value at the grant date, are as follows: 
Grant date  
Expiry date  
Share 
price at 
grant date 
Exercise 
price 
Expected 
volatility  
Dividend 
yield 
Risk-free 
interest 
free 
Fair value 
at grant 
date 
25 October 2023 25 October 2024 
$0.165 
N/A 
N/A 
NIL 
N/A 
$0.165 
22 November 
2023 
22 November 
2024 
$0.205 
N/A 
N/A 
NIL 
N/A 
$0.205 
25 October 2023 5 December 2026 
$0.165 
N/A 
65% 
NIL 
4.25% 
$0.106 
22 November 
2023 
5 December 2026 
$0.205 
N/A 
65% 
NIL 
4.09% 
$0.132 
28 November 
2023 
5 December 2026 
$0.215 
N/A 
65% 
NIL 
4.16% 
$0.137 
 
 
 
 

 
Notes to the Consolidated Financial Statements 
74 
 
 
17. 
Statement of Cash Flows 
(a)         Reconciliation of cash ﬂows from operating activities 
  
2025 
2024 
$ 
$ 
 
  
Loss for the year 
(48,732,100) 
(5,331,784) 
 
  
Non-cash items: 
  
Finance expenses 
14,414  
33,905  
Depreciation of right of use assets 
122,496  
122,326  
Share of loss/(profit) of equity accounted investee 
74,036  
108,307  
Share based payment 
317,828  
1,157,913  
Employee entitlement 
-   
(40,764) 
Impairment of non-current assets 
45,952,544  
1,216,227  
Write off non current assets 
150,000  
-   
Loss on lease termination 
2,045  
-   
Change in operating assets and liabilities 
  
Decrease in other receivables 
14,670  
60,880  
Decrease in prepayments 
5,666  
3,874  
   Increase/(Decrease) in trade and other payables 
7,693  
(39,183) 
Decrease in provisions 
(672) 
(66,463) 
 
(2,071,380) 
(2,774,762) 
 
(b)         Non-cash ﬁnancing and investing activities 
During the ﬁnancial year, Class A and Class A1 performance rights conditions were satisﬁed and a total of 6,000,000 
ordinary shares were issued upon the exercise of performance rights. In accordance with AASB 2 Share-based 
Payment, the respective fair value at measurement date was used to determine the share based payment of 
$1,058,250. 
There were $95,000 non-cash ﬁnancing and investing activities for the year ended 30 June 2024, relating to share-
based payments issued to Tjurabalan Native Title Land Aboriginal Corporation RNTBC.

 
Notes to the Consolidated Financial Statements 
75 
 
 
18. 
Loss Per Share 
(a) 
Reconciliation of loss 
  
2025 
2024 
$ 
$ 
Loss attributable to the owners of the Company used to calculate basic 
and diluted loss per share 
(48,732,100) 
(5,331,784) 
(b) 
Weighted average number of ordinary shares used as the denominator 
  
2025 
2024 
$ 
$ 
Weighted average number of ordinary shares used as the denominator 
in calculating basic and diluted loss per share 
343,625,743  
308,974,649  
There were 47,589,711 unlisted options outstanding at balance date (2024: 47,623,043). There were 10,170,000 
performance rights (2024: 31,920,000) as at balance date. These have been excluded from the weighted average 
number of ordinary shares calculation as their eﬀect would have been anti-dilutive. As a result, the diluted loss per 
share is equal to the basic loss per share. 
19. 
Commitments 
(a) 
Exploration commitments 
As a condition of retaining right to explore its mining tenements, the Group is required to pay an annual rental and 
incur a minimum level of expenditure for each tenement. 
Outstanding exploration commitments are as follows: 
  
2025 
2024 
$ 
$ 
Exploration commitment 
  
Less than one year 
1,663,527  
993,455  
Between one and five years 
4,377,668  
5,441,436  
6,041,195  
6,434,891  
The Group has no expenditure commitments on mining tenements which have not been granted (2024: Nil). 
(b) 
Other commitments 
The Group had no other commitments as at 30 June 2025 and 30 June 2024. 
 

 
Notes to the Consolidated Financial Statements 
76 
 
 
20. 
Contingencies 
(a) 
Contingent liabilities 
As per the 14 December 2023 agreement with Tjurabalan Native Title Land Aboriginal Corporation RNTBC, 
Milestone Payments and Salt Production Payment are payable upon a ﬁnal investment decision and production, 
respectively. 
As per the 7 October 2022 agreement with Parna Ngururrpa (Aboriginal Corporation) RNTBC, a Salt Production 
Payment is payable upon production. 
As per the 29 June 2018 agreement with Tjamu Tjamu (Aboriginal Corporation) RNTBC, Annual Funding Amount and 
SOP Production Payment are payable upon a ﬁnal investment decision and production, respectively. 
(b) 
Contingent assets 
The Group had no contingent assets at reporting date (2024: Nil). 
21. 
Financial Risk Management 
The Group’s activities expose it to market, liquidity and credit risks arising from its ﬁnancial instruments. 
The Group’s management of ﬁnancial risk is aimed at ensuring net cash ﬂows are suﬃcient to meet all its ﬁnancial 
commitments and maintain the capacity to fund its exploration and evaluation activities, which primarily relate to 
the Mackay Potash Project. The Board of Directors has overall responsibility for the establishment and oversight of 
the risk management framework. Management monitors and manages the ﬁnancial risks relating to the operations 
of the Group through regular reviews of risk. 
Market (including interest rate risk), liquidity and credit risks arise in the normal course of business. These risks are 
managed under Board approved treasury processes and transactions. 
The principal ﬁnancial instruments as at reporting date include cash, other receivables (excludes net GST 
receivables and fuel tax credits), deposits, payables and lease liabilities. 
This note presents information about exposures to the above risks, the objectives, policies and processes for 
measuring and managing risk, and the management of capital. 
 
(a) 
Market risk – Interest rate risk 
The Group is exposed to movements in market interest rates on cash. The Group’s policy is to monitor the interest 
rate yield curve out to six months to ensure a balance is maintained between liquidity of cash assets and the interest 
rate return. 

 
Notes to the Consolidated Financial Statements 
77 
 
 
The entire cash balance for the Group of $2,843,666 (2024: $4,053,835) is subject to interest rate risk. The interest 
rate proﬁle of the Group’s interest-bearing ﬁnancial instruments at the reporting date was: 
  
2025 
2024 
$ 
$ 
Fixed rate instrument 
  
Term deposits (cash and cash equivalents) 
49,000  
59,000  
 
49,000  
59,000  
 
  
Variable rate instrument 
  
Cash and cash equivalents 
2,794,666  
3,994,835  
2,794,666  
3,994,835  
Sensitivity analysis 
At 30 June 2025, changes in interest rates will have an immaterial eﬀect on the results of the Group. 
(b) 
Liquidity risk 
The Group manages liquidity risk by continuously monitoring forecast and actual cash ﬂows and ensuring suﬃcient 
cash is available to meet the current and future commitments of the Group. Due to the nature of the Group’s 
activities, being mineral exploration and evaluation, the Group does not have ready access to credit facilities, with 
the primary source of funding being equity raisings. 
The Board of Directors constantly monitors the state of equity markets in conjunction with the Group’s current and 
future funding requirements, with a view to initiating appropriate capital raisings as required. 
The ﬁnancial liabilities of the Group are conﬁned to trade and other payables and lease liabilities. Trade and other 
payables are non-interest bearing and are due within 12 months of the reporting date. Lease liabilities are interest 
bearing and are payable within 1 to 2 years.

 
Notes to the Consolidated Financial Statements 
78 
 
 
(c) 
Credit risk 
Exposure to credit risk 
The carrying amount of ﬁnancial assets represent the maximum credit exposure. The maximum exposure to credit 
risk at the reporting date was: 
  
2025 
2024 
$ 
$ 
Cash and cash equivalents 
2,843,666  
4,053,835  
Other receivables(1) 
34,471  
30,711  
Deposits 
68,198  
158,674  
2,946,335  
4,243,220  
(1) 
Excludes net GST receivable and fuel tax credits 
The Group’s signiﬁcant concentration of credit risk is cash, which is held with major Australian Banks with Aa3 credit 
rating and accordingly the credit risk exposure is minimal. Deposits are held by DMPE a reputable government 
institution. 
(d) 
Fair values 
The current term deposits, receivables and payables carrying values approximate their fair values due to the short 
term-maturities of these instruments. 
(e) 
Capital management 
The Board’s policy is to preserve a strong capital base and maintain investor and equity market conﬁdence in order 
to sustain the Group’s exploration and evaluation activities and supporting functions. 
The capital structure of the Group consists of equity attributable to equity holders of the parent, comprising issued 
capital, reserves and retained earnings. 
There were no changes in the Group’s approach to capital management during the year. 

 
Notes to the Consolidated Financial Statements 
79 
 
 
22. 
Related Party Transactions 
Key management personnel compensation 
  
2025 
2024 
$ 
$ 
Short-term benefits 
983,726  
1,132,125  
Post-employment superannuation benefit 
100,295  
84,451  
Other long-term benefits 
12,093  
24,174  
Termination payment 
200,000 
-   
Share based payment 
195,400 
742,799 
1,491,514 
1,983,549 
(a) 
Key management personnel 
Disclosures relating to key management personnel are set out in the remuneration report included in the directors' 
report. 
(b) 
Transactions with directors, director related entities and other related parties 
Total transactions occurred with related parties 
During the year, $19,435 was incurred for investor relations and advisory services provided by Fivemark Capital Pty 
Ltd, related party of Mr Bowers (2024: $Nil). 
Additionally, $4,257 of rehabilitation services had been received from an employee of Niobium Holdings Pty Ltd 
during the year, related party of Mr Savich and associate of Agrimin Limited (2024: $Nil). 
Receivable from and payable to related parties 
At the end of the ﬁnancial year, $5,500 was payable for investor relations and advisory services provided by 
Fivemark Capital Pty Ltd, related party of Mr Bowers  (2024: $Nil). 
Loans to/from related parties 
During the year, Mr Savich provided a loan of $60,000 to Niobium Holdings Pty Ltd, related party of Mr Savich and 
associate of Agrimin Limited (2024: $Nil). $60,000 loan was payable to Mr Savich as at 30 June 2025. 

 
Notes to the Consolidated Financial Statements 
80 
 
 
23. 
Subsidiaries 
Interest in subsidiaries 
The consolidated ﬁnancial statements incorporate the assets and liabilities and results of the following subsidiaries: 
Name 
Principal Activities 
Country of  
Incorporation 
Equity Holding 
2025 
2024 
% 
% 
Agrimin Potash Pty Ltd 
Mineral Exploration 
Australia 
100% 
100% 
Newhaul Bulk Pty Ltd (1)  
Haulage Operation  
Australia 
50% 
50% 
Agrimin Holdings Pty Ltd (1) 
Holding Company of Agrimin 
Potash Pty Ltd 
Australia 
100% 
100% 
Northern Infrastructure Pty Ltd 
(1) 
Haul Road Approvals and 
Operations 
Australia 
100% 
100% 
Agrimin Exploration Pty Ltd (1) 
Proposed holding company for 
the Lake Auld assets 
Australia 
100% 
100% 
(1) 
Those entities were dormant in the current and prior year. 
The proportion of ownership interest is equal to the proportion of voting power held. 
24. 
Parent Entity Information 
The following information relates to the parent entity, Agrimin Limited.  The information presented here has been 
prepared using accounting policies consistent with those presented in Note 2. 
  
2025 
2024 
$ 
$ 
Current assets 
2,950,022  
4,180,720  
Non-current assets 
36,394,737  
46,587,219  
Total assets 
39,344,759  
50,767,939  
  
Current liabilities 
466,035  
819,497  
Non-current liabilities 
9,443,089  
11,705,454  
Total liabilities 
9,909,124  
12,524,951  
  
Share capital 
82,710,312  
79,501,669  
Reserves 
28,707,724  
35,858,319  
Accumulated losses 
(81,982,401) 
(77,116,999) 
Total equity 
29,435,635  
38,242,989 
  
Loss for the year 
(4,865,402) 
(6,432,012) 
Share of other comprehensive income of equity accounted associates, net of tax 
(8,558,243) 
32,190,830  
Deferred tax liabilities 
2,148,070  
(8,021,380) 
Total comprehensive income for the year 
(11,275,575) 
17,737,438  
 

 
Notes to the Consolidated Financial Statements 
81 
 
 
The carrying amount of all ﬁnancial instruments is approximate to their fair values at 30 June 2025 and 2024. 
Guarantees entered by the parent entity in relation to the debts of its subsidiaries 
No guarantees entered in the current ﬁnancial year (2024: Nil). 
Contingent liabilities  
The parent entity had no contingent liabilities as at 30 June 2025 (2024: Nil) other than those disclosed in Note 20. 
Commitments 
The parent entity had no capital commitments at 30 June 2025 (2024: Nil) other than those disclosed in Note 19. 
Signiﬁcant accounting policies 
The accounting policies of the parent entity are consistent with those of the Group. 
25. 
Remuneration of Auditors 
During the year, the following fees were paid or were payable to the auditor of the Company, its related practices 
and non-related audit ﬁrms: 
  
2025 
2024 
$ 
$ 
Audit services - RSM Australia Partners: 
  
Audit or review of financial statements 
55,377  
47,750  
55,377  
47,750  
Other services - RSM Australia Partners: 
  
Audit of grant acquittal 
6,500  
-   
6,500  
-   
Other services - RSM Australia Pty Ltd:  
  
Fees for other services 
-   
3,250  
-   
3,250  
 
 
 

 
Notes to the Consolidated Financial Statements 
82 
 
 
26.  Deferred Tax Liabilities 
  
2025 
2024 
$ 
$ 
Deferred tax liability comprises temporary differences attributable to: 
  
Amounts recognised in profit or loss 
-   
-   
-   
-   
  
Amounts recognised in equity: 
  
Investment in associate 
9,443,089  
11,591,158  
9,443,089  
11,591,158  
  
Deferred tax liability 
9,443,089  
11,591,158  
  
Movements:  
 
  
Opening balance 
 
11,591,159  
3,569,779  
Charged/(credited) to profit or loss 
 
-   
-   
Charged to equity (note 4) 
 
(2,148,070) 
8,021,380  
Closing balance 
 
9,443,089  
11,591,159  
 
27. 
Events After the Reporting Period 
During the General Meeting held on 30 July 2025, the shareholders approved the issuance of 3,166,667 placement 
shares subscribed for by the Directors (or their related parties). The breakdown per director is as follows: 
• 
Michael Hartley (Managing Director) – 833,333 shares 
• 
Lee Bowers (Non-Executive Chair) – 1,666,667 shares 
• 
Mark Savich (Non-Executive Director) – 666,667 shares 
In addition, the shareholders also approved the grant of 2,000,000 performance rights to Mr Hartley. Details for the 
performance rights are as follows: 
• 
Vesting condition: Completion of the strategic review of the Mackay Potash Project and satisfactory 
implementation of key outcomes. 
• 
Expiry date: Two years after the date of issue of the Performance Rights. 
 
 

 
83 
 
Consolidated Entity Disclosure Statement 
 
As at 30 June 2025 
Entity name  
Entity type  
Place 
formed/Country 
of incorporation 
Ownership 
interest 
% 
Tax residency 
Agrimin Limited 
Body corporate 
Australia 
N/A 
Australia(1) 
Agrimin Potash Pty Ltd 
Body corporate 
Australia 
100% 
Australia(1) 
Agrimin Holdings Pty Ltd 
Body corporate 
Australia 
100% 
Australia(2) 
Northern Infrastructure Pty Ltd 
Body corporate 
Australia 
100% 
Australia(2) 
Agrimin Exploration Pty Ltd 
Body corporate 
Australia 
100% 
Australia(2) 
Newhaul Bulk Pty Ltd  
Partnership 
Australia 
50% 
Australia(2) 
(1)  Agrimin Limited ("the head entity") and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under the 
tax consolidation regime.  
(2)  Those entities were dormant in the current year. 
 

84 
Directors’ Declaration 
In the opinion of the directors of Agrimin Limited (‘the Company’): 
1.
the ﬁnancial statements and notes set out on pages 43 to 83 are in accordance with the Corporations Act
2001, including:
(a) complying with Accounting Standards and the Corporations Regulations 2001 and other mandatory
professional reporting requirements; and
(b) giving a true and fair view of the Group’s ﬁnancial position as at 30 June 2025 and of its performance
for the ﬁnancial year ended on that date;
2.
the ﬁnancial statements and notes also comply with International Financial Reporting Standards as issued
by the International Accounting Standards Board disclosed in Note 2;
3.
there are reasonable grounds to believe that the company will be able to pay its debts as and when they
become due and payable; and
4.
the information disclosed in the attached consolidated entity disclosure statement is true and correct.
The directors have been given the declarations required by section 295A of the Corporations Act 2001. 
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001. 
On behalf of the directors 
Michael Hartley 
Executive Director 
23 September 2025 
Perth 

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
INDEPENDENT AUDITOR’S REPORT 
TO THE MEMBERS OF THE AGRIMIN LIMITED 
REPORT ON THE AUDIT OF THE FINANCIAL REPORT 
Opinion 
We have audited the financial report of Agrimin Limited (the Company) and its subsidiaries (the Group), which 
comprises the consolidated statement of financial position as at 30 June 2025, the consolidated statement of profit 
or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated 
statement of cash flows for the year then ended, and notes to the financial statements, including material 
accounting policy information, the consolidated entity disclosure statement and the directors' declaration. 
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, 
including:  
(i)
Giving a true and fair view of the Group's financial position as at 30 June 2025 and of its financial
performance for the year then ended; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion 
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those 
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of 
our report. We are independent of the Group in accordance with the auditor independence requirements of the 
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's 
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are 
relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in 
accordance with the Code.  
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to 
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's 
report. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 
opinion. 

Key Audit Matters 
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of 
the financial report of the current period. These matters were addressed in the context of our audit of the financial 
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. 
Key Audit Matter 
How our audit addressed this matter 
Going concern 
Refer to Note 2(d) in the financial statements 
The Group incurred a loss of $48,732,100 and had net 
cash outflows from operating and investing activities 
of $2,071,380 and $1,198,748 respectively for the 
year ended 30 June 2025. As at the date, the Group 
has net current assets of $1,962,193 including cash 
and cash equivalents of $2,843,666. 
The directors have prepared the financial report on the 
going concern basis. The directors’ assessment of the 
Group’s ability to continue as a going concern is based 
on a cashflow forecast which includes future capital 
raisings and receipt of R&D tax incentives. 
We have determined the assessment of going 
concern to be a key audit matter due to the significant 
judgements involved in preparing the cashflow 
forecast, and the potential material impact of the 
results of management’s assessment.  
Our audit procedures included: 
•
Assessing the financial position of the Group;
•
Assessing the appropriateness and mathematical
accuracy of the cashflow forecast prepared by
management;
•
Challenging 
the 
reasonableness 
of 
key
assumptions used in the cashflow forecast;
•
Assessing the mitigating factors disclosed in the
financial statements; and
•
Assessing the disclosures in the financial
statements.
Other Information 
The directors are responsible for the other information. The other information comprises the information included 
in the Group's annual report for the year ended 30 June 2025 but does not include the financial report and the 
auditor's report thereon.  
Our opinion on the financial report does not cover the other information and accordingly we do not express any 
form of assurance conclusion thereon.  
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing 
so, consider whether the other information is materially inconsistent with the financial report or our knowledge 
obtained in the audit or otherwise appears to be materially misstated.  
If, based on the work we have performed, we conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have nothing to report in this regard.  
86 

Responsibilities of the Directors for the Financial Report 
The directors of the Company are responsible for the preparation of: 
a.
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view
in accordance with Australian Accounting Standards and the Corporations Act 2001; and
b.
the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001;
and for such internal control as the directors determine is necessary to enable the preparation of: 
i.
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view
and is free from material misstatement, whether due to fraud or error; and
ii.
the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether
due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as 
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of 
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic 
alternative but to do so.  
Auditor's Responsibilities for the Audit of the Financial Report 
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from 
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. 
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance 
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements 
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably 
be expected to influence the economic decisions of users taken on the basis of this financial report.  
A further description of our responsibilities for the audit of the financial report is located at the Auditing and 
Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar2_2020.pdf. This 
description forms part of our auditor's report. 
87 

REPORT ON THE REMUNERATION REPORT 
Opinion on the Remuneration Report 
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June 2025. 
In our opinion, the Remuneration Report of Agrimin Limited, for the year ended 30 June 2025, complies with 
section 300A of the Corporations Act 2001.  
Responsibilities 
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report 
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the 
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.  
RSM AUSTRALIA 
Perth, WA 
TUTU PHONG 
Dated: 23 September 2025 
Partner 
88 

89 
Shareholders’ Information 
ASX Additional Information 
a)
Distribution of Member Holdings
The distribution schedule of the number of holders in each class of equity security as at 8 September 2025:
Number of shares 
Holders 
Securities 
% 
1 - 1,000 
138 
43,874 
0.01% 
1,001 - 5,000 
501 
1,371,775 
0.36% 
5,001 - 10,000 
275 
2,130,698 
0.55% 
10,001 - 100,000 
729 
25,810,569 
6.71% 
100,001 and over 
355 
355,572,526 
92.37% 
1,998 
384,929,442 
100.00% 
There are 660 shareholders holding less than a marketable parcel of shares. 
b)
Twenty Largest Shareholders
Party 
Listed Ordinary Shares 
No. of Ordinary 
Shares 
Percentage of 
issued capital 
BCI MINERALS LIMITED 
37,377,388 
9.71% 
HILLBOI NOMINEES PTY LTD 
14,591,447 
3.79% 
PERTH INVESTMENT CORPORATION LTD 
11,077,030 
2.88% 
WALLOON SECURITIES PTY LTD 
10,500,000 
2.73% 
GUGALANNA HOLDINGS PTY LTD  
9,480,000 
2.46% 
SPAR NOMINEES PTY LTD  
8,464,856 
2.20% 
GOLDFIRE ENTERPRISES PTY LTD 
7,787,404 
2.02% 
BNP PARIBAS NOMINEES PTY LTD  
7,766,695 
2.02% 
DEERING NOMINEES PTY LTD  
6,867,051 
1.78% 
EUGOB NOMINEES PTY LTD  
6,158,189 
1.60% 
GRENFELD HOLDINGS PTY LTD  
5,513,791 
1.43% 
GRENFELD HOLDINGS PTY LTD 
5,360,856 
1.39% 
MR TIMOTHY GUY LYONS 
4,955,150 
1.29% 
GOLDTRAIN HOLDINGS PTY LTD  
4,832,570 
1.26% 
C&T MITCHELL SUPER PTY LTD  
4,795,000 
1.25% 
KADOO PTY LIMITED  
4,648,964 
1.21% 
AP MITCHELL SUPERANNUATION FUND PTY LTD  
 
4,557,109 
1.18% 
MR TIMOTHY GUY LYONS & MRS HEATHER MARY LYONS  
 
4,114,285 
1.07% 
ACP INVESTMENTS PTY LTD 
4,000,000 
1.04% 
EXXTEN PTY LTD  
3,870,000 
1.01% 
166,717,785 
43.31% 

 
Shareholders’ Information  
90 
 
 
Shares on issue as at 8 September 2025 is: 384,929,442. 
Unquoted equity securities 
  
Number on issue 
Number of 
holders 
Options over ordinary shares issued 
47,556,378 
247 
c) 
Substantial Shareholders 
The names of substantial shareholders who have notiﬁed the Company in accordance with section 671B of the 
Corporations Act 2001 are: 
Party 
Number of 
ordinary shares 
held 
Percentage of 
issued capital 
BCI MINERALS LIMITED 
37,377,388 
9.79% 
HILLBOI NOMINEES PTY LTD & ASSOCIATED ENTITIES 
34,737,912 
9.02% 
d) 
Voting Rights 
 
All shares carry one vote per share without restriction. 
 

 
91 
 
Schedule of Tenement Interests 
 
As at 30 June 2025 
Tenement Ref. 
Project 
Holder 
State 
Status 
Interest 
Exploration Licences 
 
 
 
 
E80/4887 
Mackay Potash 
Agrimin Potash Pty Ltd 
W.A. 
Granted 
100% 
E80/4888 
Mackay Potash  
Agrimin Potash Pty Ltd 
W.A. 
Granted 
100% 
E80/4889 
Mackay Potash 
Agrimin Potash Pty Ltd 
W.A. 
Granted 
100% 
E80/4890 
Mackay Potash 
Agrimin Potash Pty Ltd 
W.A. 
Granted 
100% 
E80/4893 
Mackay Potash 
Agrimin Potash Pty Ltd 
W.A. 
Granted 
100% 
E80/4995 
Mackay Potash 
Agrimin Potash Pty Ltd 
W.A. 
Granted 
100% 
E80/5055 
Mackay Potash 
Agrimin Potash Pty Ltd 
W.A. 
Granted 
100% 
E80/5124 
Mackay Potash 
Agrimin Potash Pty Ltd 
W.A. 
Granted 
100% 
E80/5172 
Mackay Potash 
Agrimin Potash Pty Ltd 
W.A. 
Granted 
100% 
Other Licences 
 
 
 
 
L80/0087 
Mackay Potash 
Agrimin Potash Pty Ltd 
W.A. 
Granted 
100% 
L80/0088 
Mackay Potash 
Agrimin Potash Pty Ltd 
W.A. 
Granted 
100% 
L80/0098 
Mackay Potash 
Agrimin Potash Pty Ltd 
W.A. 
Application 
100% 
L80/0099 
Mackay Potash 
Northern Infrastructure Pty Ltd 
W.A. 
Application 
100% 
L80/0100 
Mackay Potash 
Northern Infrastructure Pty Ltd 
W.A. 
Granted 
100% 
L80/0101 
Mackay Potash 
Northern Infrastructure Pty Ltd 
W.A. 
Granted 
100% 
L80/0102 
Mackay Potash 
Northern Infrastructure Pty Ltd 
W.A. 
Granted 
100% 
L80/0103 
Mackay Potash 
Northern Infrastructure Pty Ltd 
W.A. 
Application 
100% 
L80/0104 
Mackay Potash 
Northern Infrastructure Pty Ltd 
W.A. 
Application 
100% 
L80/0105 
Mackay Potash 
Agrimin Potash Pty Ltd 
W.A. 
Application 
100% 
 
 

 
92
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