Key Highlights

  • Agrimin owns 100% of the 480 square kilometre Mount Squires Project, acquired in May 2026 through Opis Resources.
  • A review of historical data is targeted for completion in November 2026, ahead of maiden drilling planned for 2027.
  • Rehabilitation continued at the Mackay Potash Project, and several tenements were surrendered before their anniversary dates.
  • Cash was approximately $0.7 million at 30 September 2026, after a $160,000 franked dividend from Niobium Holdings.

Agrimin Limited (ASX:AMN) reported a September 2026 quarter centred on a technical review of its Mount Squires Project in Western Australia, continued rehabilitation at the Mackay Potash Project and a cash balance of approximately $0.7 million. Mount Squires came to Agrimin in May 2026 when it bought Opis Resources Pty Ltd from Caspin Resources Limited, giving it a 100% interest in the project. Total expenditure on activities for the quarter was $60,000, allocated to exploration and evaluation.

Mount Squires Project

Mount Squires covers 480 square kilometres in the West Musgrave region, about 780 km northeast of Kalgoorlie and roughly 10 km southwest of BHP's Nebo and Babel nickel-copper deposits. It lies between the townships of Warburton and Jameson, within the Mesoproterozoic West Musgrave Province, at the junction of the Yilgarn, North Australian and South Australian cratons. Opis Resources holds an Ancillary Agreement for Mineral Exploration on Ngaanyatjarra Lands. The project is hosted in the Warakurna supersuite, where the continental-scale Handpump Structural Trend separates mainly felsic rocks in the west from mainly mafic rocks to the east, and sediments of the Neoproterozoic Officer Basin lie to the south.

The Handpump gold anomaly within the project area was first identified by Western Mining Corporation in 1999 through regional lag sampling, the same sampling that led to WMC's discovery of Nebo and Babel. During the quarter, Agrimin continued reviewing historical geological, geochemical and geophysical datasets to rank exploration targets, and consultation with the Native Title Corporation and Ngaanyatjarra Council is in progress. The company is aiming to finish the review in November 2026 and to detail high-priority targets and planned programs at that point. It is targeting its first drilling at the project during 2027.

The tenement schedule lists two granted exploration licences, E69/3424 and E69/3425, and five applications, with E69/4427 added during the quarter.

Mackay Potash and West Arunta Tenure

Agrimin is in a phased withdrawal from the Mackay Potash Project. Rehabilitation work during the quarter included removing plastic liners from the pilot evaporation ponds, dismantling the weather station and levelling and capping exploration bores linked to the water supply. The closest community is Kiwirrkurra, and a Native Title Agreement with Tjamu Tjamu (Aboriginal Corporation) RNTBC remains in place while rehabilitation is completed.

Several tenements, including E80/4995, E80/5055, E80/5124 and licences L80/100 to L80/102, were surrendered, and three licence applications were withdrawn. Surrendering before the anniversary dates avoided rents for 2026/2027 on those tenements. A further portion of the West Arunta tenure was also surrendered as part of the portfolio change.

Shareholdings and Cash Flow

Agrimin holds 40% of Niobium Holdings Pty Ltd, which owns about 11% of WA1 Resources Ltd (ASX:WA1) and has no other significant assets. It received a franked dividend of $160,000 from Niobium Holdings during the quarter. It also holds about 25% of Tali Resources Ltd (ASX:TR2), which has tenure and mineral rights in the West Arunta region. Those shares are restricted and escrowed for 24 months from Tali's ASX listing on 18 July 2025.

The Appendix 5B shows net cash used in operating activities of $449,000, including staff costs of $167,000, administration and corporate costs of $158,000 and rehabilitation costs of $126,000. The $60,000 of exploration and evaluation spending related mainly to tenement rents, shire rates and native title agreement payments. Payments to related parties were $119,500, comprising executive director salary and superannuation of $77,000, non-executive director fees of $35,000 and $7,500 to Fivemark Capital.

Closing Position for the Quarter

Agrimin ends the quarter with Mount Squires as its operating focus, rehabilitation at Mackay under way, and cash of about $0.7 million.