Agrimin Finalizes Mount Squires Acquisition in West Musgrave, Accelerates Exit from Mackay Potash Project

Mount Squires Acquisition Strengthens West Musgrave Exploration Position

Agrimin expanded its exploration portfolio by acquiring Opis Resources Pty Ltd, a subsidiary of Caspin Resources Limited, securing full ownership of the Mount Squires Project. This acquisition marks a strategic entry into the highly prospective West Musgrave region of Western Australia. Notably, the project is positioned directly along strike from BHP Group's major undeveloped Nebo and Babel nickel-copper deposits, offering geological validation and potential for similar mineralisation styles.

The Mount Squires Project includes two granted exploration licences (E69/3424 and E69/3425) and four licence applications (E69/4183, E69/4184, E69/4189, and E69/4277), collectively covering 480 square kilometres. Located approximately 780 kilometres northeast of Kalgoorlie between Warburton and Jameson, historical data reveals basement gold mineralisation confirmed by shallow drilling along a significant structural trend. Early-stage soil sampling has identified camp-scale gold anomalies. Agrimin plans a structured drilling program, commencing with a detailed technical review and field validation.

Engagement with Ngaanyatjarra Council and Community Consultation

The company has begun consultations with the Ngaanyatjarra Council concerning the Ancillary Agreement for Mineral Exploration on Ngaanyatjarra lands, underscoring its commitment to Indigenous stakeholder engagement. This early-stage consultation is critical for securing community support and fostering positive relationships essential for sustained exploration at Mount Squires. Agrimin’s approach aligns with industry best practices for respectful and collaborative engagement with traditional landowners.

This consultation framework integrates community perspectives into project planning from the outset. Initiated in the June 2026 quarter, the process aims to facilitate methodical progression toward field activities while maintaining strong Indigenous partnerships. Investors should monitor forthcoming updates on consultation outcomes and agreements, which will impact the timing and scope of the planned drilling program.

Historical Drilling and Gold Potential at Mount Squires

Historical drilling at Mount Squires has confirmed basement gold mineralisation along a key structural trend, providing a significant exploration target. Soil sampling has also revealed early-stage, camp-scale gold anomalies, indicating surface expressions that may guide deeper resource targeting. These datasets form the basis for Agrimin’s planned technical review and drilling program design.

The confirmed gold mineralisation and soil anomalies justify focused exploration to delineate extent and grade potential. Agrimin’s detailed review of historical data exemplifies a disciplined approach to maximizing prior exploration investments. Investors can expect technical review and field validation results to inform drilling program decisions, potentially catalyzing market updates on project progress.

West Arunta Tenure Review and Geophysical Survey Findings

During the quarter, Agrimin assessed exploration prospects within its West Arunta tenure using regional airborne magnetic and radiometric data released by the Geological Survey of Western Australia in late 2025. The review found no significant geophysical anomalies warranting further investigation, indicating limited immediate exploration targets in the area.

This evaluation reflects disciplined portfolio management and resource allocation, influencing Agrimin’s strategic focus on Mount Squires and withdrawal from the Mackay Potash Project. While current data does not support further West Arunta exploration, future reassessment remains possible pending new information or adjacent discoveries.

Strategic Exit and Rehabilitation at Mackay Potash Project

Following a 2025 Strategic Review, Agrimin is actively withdrawing from the Mackay Potash Project located on Lake Mackay, Western Australia. The project historically targeted brine resources for high-grade, water-soluble organic sulphate of potash fertiliser. Partial tenement surrenders occurred during the June 2026 quarter ahead of anniversary dates, reducing rent obligations.

Agrimin maintains a Native Title Agreement with Tjamu Tjamu (Aboriginal Corporation) RNTBC during ongoing rehabilitation efforts. Rehabilitation planning continued despite delays caused by heavy rainfall and limited site access, with an on-country meeting rescheduled for the September 2026 quarter. Some rehabilitation activities are expected ahead of final plan completion, ensuring environmental compliance and respectful Indigenous relations. The upcoming meeting is a key milestone in the project exit process.

Financial Position and Quarterly Expenditure Overview

As of 30 June 2026, Agrimin held $1.1 million in cash, down from $1.3 million at 31 March 2026. The $0.2 million reduction reflects ongoing operations and tenure maintenance. Exploration and evaluation expenditure totaled $24,000 during the quarter, primarily covering tenement rents and native title payments, partially offset by a shire rate refund related to surrendered tenements. No development or production expenses were incurred, consistent with the company’s exploration-stage status.

Expenditure details highlight a focus on maintaining exploration licences and Indigenous engagement compliance. The modest spend aligns with preparatory activities for the Mount Squires drilling program, with anticipated increases as fieldwork and assays commence. Investors should expect rising exploration costs corresponding with program progression.

Investments in Niobium Holdings and Tali Resources

Agrimin owns a 40% stake in Niobium Holdings Pty Ltd, which holds approximately 11% of WA1 Resources Ltd (ASX:WA1). Niobium Holdings operates with minimal costs and no other significant assets, serving as a passive investment vehicle providing exposure to WA1 Resources’ exploration portfolio.

The company also holds about 25% of Tali Resources Ltd (ASX:TR2), which controls substantial tenure and mineral rights in Western Australia’s West Arunta region. Agrimin’s shares in Tali are restricted securities under a 24-month escrow following Tali’s ASX listing on 18 July 2025, expiring around July 2027. This restriction limits trading ability during the escrow period. Post-escrow, Agrimin may consider partial divestment, offering future liquidity options. These holdings diversify Agrimin’s portfolio and reflect prior tenure and exploration investments.

Related Party Payments and Corporate Governance

During the June 2026 quarter, Agrimin paid $119,500 to related parties, consistent with the prior quarter. Payments included $77,000 for executive director salary and superannuation, $35,000 in non-executive director fees, and $7,500 to Fivemark Capital Pty Ltd for investor relations services. Fivemark Capital is related to Mr Lee Bowers. The stable payment levels indicate consistent governance and director remuneration practices.

This allocation reflects the company’s corporate cost structure, with executive compensation as the largest component. Non-executive fees correspond to board responsibilities, while investor relations support market communications. Transparent related party disclosures comply with ASX rules, providing shareholders with clear insight into management compensation and transactions.

Tenement Portfolio Adjustments and Strategic Reorientation

Significant tenement portfolio changes occurred during the June 2026 quarter, reflecting Agrimin’s shift from the Mackay Potash Project to the Mount Squires Project. The latter comprises six exploration licences (two granted, four applications) held via Opis Resources Pty Ltd in the West Musgrave region, representing new base metals and gold exploration assets.

The Mackay Potash portfolio still includes six exploration licences and six other licences across Lake Mackay. However, three exploration licences (E80/4888, E80/4890, and E80/5172) underwent partial surrender, part of the staged exit strategy reducing rent and compliance costs while retaining rights over remaining areas pending rehabilitation. This disciplined tenement management prioritizes projects with higher prospectivity and strategic value. Investors should monitor future tenement changes related to Mackay rehabilitation and exit timelines.

Exploration Strategy Shift and Drilling Program Outlook

Agrimin’s announcement highlights a major strategic pivot from potash brine extraction toward base metals and gold exploration in West Musgrave. This transition aligns with the Mount Squires acquisition and Mackay Potash exit, underscoring a refocused commodity and geographic strategy. The project’s proximity to BHP Group’s deposits reinforces confidence in the region’s prospectivity.

The company’s methodical planning of a comprehensive drilling program at Mount Squires includes detailed historical data review and field validation prior to drilling. The Ngaanyatjarra Council consultation is a critical prerequisite for drilling commencement. Investors should anticipate updates during the September 2026 quarter and beyond regarding technical reviews, fieldwork, and consultation progress, which will clarify drilling timing and scope. The advancement of Mount Squires through these phases will be closely watched as drilling outcomes could significantly influence Agrimin’s exploration trajectory.