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Agrimin Ltd (AMN)

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Company Deep Dive

Agrimin Limited owns 100% of the world-class Mackay Potash Project located in Western Australia.

The company's strategic focus on the production of Sulphate of Potash (SOP) is motivated by excellent market fundamentals. Growth in SOP demand is forecast to be driven by the world’s need to feed growing populations from shrinking arable land resulting in the need to improve agricultural yields.

Agrimin has a strong working relationship with traditional land owners and believes the Mackay Potash Project can create greatly improved community and employment opportunities for Indigenous people and local communities.

Key Details
Established
2014
Projects
2
Industry
Mining
Headquartered
Perth, WA
Primary Market
Potash
Updated: 01 Jan 2022

Why invest in Agrimin?

The world’s largest and lowest cost SOP project under development outside Africa

Industry leading renewables penetration of 84%, supported by a world-class wind resource

Definitive feasibility study delivered A$1 billion NPV and a first quartile cash cost

A future facing commodity with an attractive price outlook

Made in Australia and certified for organic food production

Strong level of news flow to come leading up to the company being shovel ready in mid-2022

Leadership Team

Board of Directors

Mark Savich

CEO and Executive Director
May 2014 - Present

Mr Savich has over 15 years of technical and financial experience in the resources industry, dealing from early stage exploration through to production. He is skilled in project identification, technical and economic evaluation and public company management.

Profile

Mark Savich

CEO and Executive Director

May 2014 - Present

Mr Savich has over 15 years of technical and financial experience in the resources industry, dealing from early stage exploration through to production. He is skilled in project identification, technical and economic evaluation and public company management.

Mr Savich holds a Bachelor of Commerce from the University of Western Australia and a Graduate Diploma in Mineral Exploration Geoscience from Curtin University. He is a CFA Charterholder, a Chartered Accountant (CA) and is a graduate member of the Australian Institute of Company Directors (AICD).

Richard Seville

Non-Executive Director and Chairperson
Jul 2019 - Present

Mr Seville has over 35 years experience in the resources sector including positions as Managing Director, Operations Director, Non-Executive Director and Chair.

Profile

Richard Seville

Non-Executive Director and Chairperson

Jul 2019 - Present

Mr Seville has over 35 years experience in the resources sector including positions as Managing Director, Operations Director, Non-Executive Director and Chair.

Mr Seville recently retired from his position as CEO and Managing Director of Orocobre Limited, a lithium and boron chemicals producer with operations in Argentina.

He led Orocobre Limited for 12 years where he took the flagship Olaroz brine project through exploration, feasibility, financing with project debt and partnering with Toyota Tsusho Corporation and into production.

Mr Seville holds a BSc in Mining Geology from Imperial College, London and a Masters in Engineering Science from James Cook University. Mr Seville continues to serve Orocobre Limited as a Non-Executive Director.

Brad Sampson

Non-Executive Director

Mr Sampson is an internationally experienced business leader, director and mining professional with 30 years resources industry experience.

Profile

Brad Sampson

Non-Executive Director

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 company and joint venture governance experience across multiple international jurisdictions.

Brad has been the Managing Director of Discovery Metals Ltd and held senior management roles in resources and engineering companies including Newcrest Mining, Gold Fields, and Thiess. His experience covers the entire cycle of exploration, development, operations and closure, and includes equity and debt funding of resources projects, government relations and product marketing.

Alec Pismiris

Non-Executive Director and Company Secretary

Mr Pismiris has over 30 years of experience in the securities, finance and resources industry and is currently a director of five ASX listed companies

Profile

Alec Pismiris

Non-Executive Director and Company Secretary

Mr Pismiris has over 30 years of experience in the securities, finance and resources industry and is currently a director of five ASX listed companies. 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 an associate 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.

Management

Tom Lyons

General Manager
Feb 2014 - Present

Mr Lyons is a Geologist with 12 years of international experience, covering most facets of minerals exploration from generative work to project development.

Profile

Tom Lyons

General Manager

Feb 2014 - Present

Mr Lyons is a Geologist with 12 years of international experience, covering most facets of minerals exploration from generative work to project development. He has broad experience in a range of commodities including industrial minerals, precious and base metals and bulks.

Mr Lyons has been instrumental in the acquisition of the company’s project portfolio, and has been responsible for leading the Mackay Project through its exploration, feasibility and permitting phases. He is a Geologist with a Bachelor of Science degree from the University of Western Australia.

Rhys Bradley

Chief Commercial Officer
Nov 2017 - Present

Mr Bradley is a Chartered Accountant with 13 years of experience in the resources industry based in Perth and London.

Profile

Rhys Bradley

Chief Commercial Officer

Nov 2017 - Present

Mr Bradley is a Chartered Accountant with 13 years of experience in the resources industry based in Perth and London. Experienced in capital markets, financial modelling and marketing. Mr Bradley holds a Bachelor of Commerce from the University of Western Australia and a Graduate Diploma in Mineral Exploration Geoscience from Curtin University.

Michael Hartley

Project Manager & Principal Hydrogeologist

Mr Hartley is a Hydrogeologist with 19 years experience undertaking hydrogeological assessments of resource projects around the globe, and was recently the Chief Hydrogeologist and Senior Project Manager for the ICL Group’s Potash Project in the Danakil Depression, Ethiopia.

Profile

Michael Hartley

Project Manager & Principal Hydrogeologist

Mr Hartley is a qualified Hydrogeologist with 19 years of experience in undertaking hydrogeological assessments of resource projects around the globe and was recently the Chief Hydrogeologist and Senior Project Manager for the ICL Group’s Potash Project in the Danakil Depression, Ethiopia. Mr Hartley is a member of the International Association of Hydrogeologists (IAH), Australian Institute of Geoscientists (AIG) and the Australian Institute of mining and Metallurgy (AusIMM).

Graeme Ditri

Process Manager
Jul 2018 - Present

Mr Ditri is an experienced Technical Specialist in chemical processing, having held various technical roles over a 20 year period with local and international secondments.

Profile

Graeme Ditri

Process Manager

Jul 2018 - Present

Mr Ditri is an experienced Technical Specialist in chemical processing, having held various technical roles over a 20 year period with local and international secondments.

Mr Ditri holds a Bachelor of Applied Science degree from Murdoch University and has a broad base of practical experience on projects, from process development through to operations in mining, oil & gas and pharmaceutical industries.

Mr Ditri is a chartered member of the Royal Australian Chemical Institute (RACI) and an associate member of the Institute of Chemical Engineers (IChemE).

Deanne Savich

Financial Controller

Mrs Savich is a Chartered Accountant with over 12 years of experience in the resource industry based in Perth. She holds a Bachelor of Commerce from Curtin University.

Greg Hill

Project Development Manager

Greg is a qualified Mechanical Engineer with over 20 years experience in process plant operations, port facilities, mining and mineral processing projects in Australia and overseas. Greg is commercially minded and has particular experience in managing projects from concept, through feasibility study, detailed design and construction.

Peter Prendiville

Legal and Corporate Development Manager

Mr Prendiville is a corporate lawyer with over 10 years’ international experience in capital market transactions, M&A, joint ventures, strategic consultancy and corporate advisory matters, primarily in the resources and shipping sectors in Australia and the UK. Mr Prendiville holds a Bachelor of Laws and Bachelor of Commerce (Accounting Major) and studied corporate finance at the London School of Economics.

About Potash

Potash is the common name given to a group of minerals and chemicals containing potassium (chemical symbol “K”). It’s a basic nutrient for plants and an important ingredient in fertilizer.

Since deposits can have different amounts of potassium, the industry often measures and refers to it in terms of potassium oxide (K2O) equivalence for consistency.

Potash is used in approximately 95% of fertilizers to support plant growth, increase crop yield and disease resistance, and enhance water preservation.

potash powder

Agrimin's Projects

agrimin project render
Project

Mackay Potash Project

Agrimin’s flagship Mackay Potash Project is forecast to be the world’s lowest cost producer of Sulphate of Potash (SOP).

The project demonstrates outstanding Definitive Feasibility Study (DFS) economics with a post-tax real NPV8 of A$1 billion and IRR of 21%, based upon a total cash cost of US$159 per tonne FOB and a flat SOP price of US$500 per tonne FOB from Wyndham Port. Agrimin plans to produce an average of 450,000 tonnes/year SOP from the Project over a 40 year mine life.

The Mackay Potash Project comprises the four key elements of a bulk commodity project, being: the mine, processing plant, integrated logistics chain and port facility. An important differentiator of Agrimin to other mining developers is its intended control of its project logistics.

Learn More
Project

Lake Auld

The Lake Auld Potash Project in Western Australia consists of a granted Exploration Licence covering a lakebed area of 108km² across Lake Auld.

Lake Auld’s exceptionally high grades, favourable climatic conditions for solar evaporation, and proximity to a major operating port support the potential for strong project economics.

The Project is neighboured either side by the Company’s existing Exploration Licence applications

The Company’s tenements cover the most prospective portion of the 450km long lake system where historic sampling of brine has returned the highest known in-situ SOP grades from an Australian salt lake.

Learn More
Lake Auld project

Broker Research

Euroz Hartleys

Speculative Buy with a $0.80 price target

Learn More

Canaccord Genuity

Speculative Buy with a $1.57 price target

Learn More

Bell Potter

Speculative buy with a $0.97 valuation

Learn More

Milestones

Historical Milestones

Obtained Native Title Agreement for the Mackay Potash Project
Completed Definitive Feasibility Study and Independent Technical Review
Awarded Major Project Status (Federal)
Awarded Lead Agency Status (State)
Signed major Binding Off-take Agreement for 1/3 of planned annual production
Announced 84% Renewable Energy Penetration for the Project
Received Supply Chain Resilience Grant of $2.0M

Future Milestones

Sign additional Binding Off-take Contracts
Complete FEED test work for the wet harvesters
Sign remaining Native Title Agreements for the Haul Road
Complete Front End Engineering Design for the process plant
Secure Project Financing
Obtain Environmental Approval
Final Investment Decision
Start Construction and Commission the Project

Corporate Activity

Capital Raises

PLACEMENT RAISES $5M
|Dec 2020

Proceeds from the Placement and the SPP to fund project financing and off-take activities, as well as Front-End Engineering Design work, project approvals and general working capital.

Raised $5m
Offer Price $0.45
Notes
PLACEMENT RAISES $8M
|Sep 2019

Proceeds to fund the completion of the Definitive Feasibility Study for the Mackay Potash Project, as well as progressing project funding, off-take agreements and for general working capital.

Raised $8m
Offer Price $0.55
Notes

Resources

AGM Presentation

23 Nov 2021 | Presentation
PDF (5362.3 KB)

Quarterly Activities Report For Period Ending 30 September 2021

29 Oct 2021 | Quarterly Report
PDF (428.1 KB)

Annual Report - 30 June 2021

28 Sep 2021 | Annual Report
PDF (13878.1 KB)

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