Agrimin (ASX:AMN) winds down Mackay Potash but keeps exploring, with Mount Squires data review due in November

Aditi Sarkar

28 October 2026 04:12 PM AEDT

Agrimin (ASX:AMN) winds down Mackay Potash but keeps exploring, with Mount Squires data review due in November

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Highlights

Agrimin is in a phased withdrawal from the Mackay Potash Project while it shifts attention to Mount Squires.
Cash closed the September 2026 quarter at $678,000, below the $1.083 million held at the start.
The Mount Squires data review is targeted for completion in November 2026, with a maiden drilling program targeted for 2027.
Estimated funding runway is 1.33 quarters, and the company expects to continue operating supported by future capital raisings.

One project is closing out. Another is just opening up. Agrimin (ASX:AMN) is leaving Mackay Potash in stages while working through historical data at Mount Squires, and it did so with $678,000 in the bank at the end of the September 2026 quarter.

A change of focus

The September 2026 quarterly report, lodged on 28 October 2026, said the company is "in the process of a phased withdrawal from the Mackay Potash Project". Cash fell from $1.083 million at the start of the quarter to $678,000 at the end.

There are no loan or credit facilities. Estimated funding runway was 1.33 quarters, under the two-quarter threshold that requires additional going-concern answers in the Appendix 5B. In those answers Agrimin said it expects to continue operating, supported by future capital raisings, although it did not detail a specific raising.

Mount Squires

Mount Squires is a 100 per cent owned project covering 480 square kilometres, about 780 kilometres north-east of Kalgoorlie in Western Australia. Agrimin acquired Opis Resources Pty Ltd, which holds the project, from Caspin Resources in May 2026.

During the quarter the company reviewed historical geological, geochemical and geophysical data to prioritise exploration targets. The review is targeted for completion in November 2026, and details of high-priority targets will follow. Consultation with the Native Title Corporation and the Ngaanyatjarra Council continues, and the company is targeting a maiden drilling program in 2027. That timetable is a company target and depends on the outcome of the consultation and the data review.

Two tenements, E69/3424 and E69/3425, are granted. A further five, E69/4183, E69/4184, E69/4189, E69/4277 and E69/4427, are still applications. The report did not record any government or regulatory approvals as granted during the quarter.

Mackay Potash wind-down

Rehabilitation at Mackay continued, including removing the liners from pilot evaporation ponds, dismantling the weather station and capping exploration bores. The native title agreement with Tjamu Tjamu (Aboriginal Corporation) RNTBC remains in place until rehabilitation is complete.

Agrimin surrendered tenements E80/4995, E80/5055 and E80/5124 together with L80/100, L80/101 and L80/102, and withdrew applications L80/99, L80/103 and L80/104. The company said the surrenders were made before anniversary dates and so avoid rent for 2026/27. The report's highlights also mention a further West Arunta tenure surrender, although the tenement schedule does not list West Arunta tenements.

Cash flow and investments

Net operating outflow was $449,000, including staff costs of $167,000, administration and corporate costs of $158,000 and rehabilitation of $126,000. Investing activities produced a net inflow of $55,000, helped by a $160,000 franked dividend from Niobium Holdings Pty Ltd, in which Agrimin holds 40 per cent, and $11,000 of interest. Exploration and evaluation spending was $60,000, mainly tenement rents, shire rates and native title payments. Financing outflows were $11,000. Closing cash comprised $628,000 in bank balances, $1,000 in call deposits and $49,000 in term deposits.

Niobium Holdings holds about 11 per cent of WA1 Resources. Agrimin also holds about 25 per cent of Tali Resources, and those shares are restricted securities held in escrow for 24 months from Tali's ASX listing on 18 July 2025.

Payments to related parties were $119,500. They comprised $77,000 of executive director salary and superannuation, $35,000 of non-executive director fees and $7,500 to Fivemark Capital Pty Ltd for investor relations services.

What to watch

The confirmed milestones in the report are the completion of the Mount Squires data review in November 2026, the continuing native title and Ngaanyatjarra consultations, and completion of Mackay rehabilitation. The report mentions no offtake agreements and no specific capital raising.

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