Agrimin Limited announced the completion of a civil construction trial as part of the FEED works for the Mackay Potash Project in Western Australia. Since completion of the Definitive Feasibility Study ("DFS"), the Company's integrated owner's team, supported by Turner & Townsend JukesTodd as project management consultant, has been progressing several FEED work streams. The outcomes of the FEED phase will provide a greater degree of accuracy for operating and capital costs, as well as minimise the risk of material changes during the construction phase of the Project. The Mackay Potash Project includes the development of the following key components: On-lake infrastructure: brine extraction trenches, solar evaporation ponds and salt harvesters; Off-lake site infrastructure: processing plant, power station, process water borefield and associated site facilities; and Logistics infrastructure: sealed haul road, port storage facility and barge loading facility.

The recently completed civil construction trial was focused on the Project's trenches and pond embankments, specifically aimed at verifying the productivity of key equipment that will drive schedule and cost, as well as allowing optimisation of the construction methodology. The Company has previously announced the completion of FEED testwork for the processing plant and salt harvesters, as well as completion of the FEED geotechnical program for the sealed haul road. In addition, during the FEED phase, the Company has worked with its proposed power contractor to refine the Project's site power station design which has resulted in a hybrid diesel, solar, wind and battery solution with an renewable energy penetration of 84%.

Following a Final Investment Decision for the Mackay Potash Project, the Project's critical path begins with the construction of on-lake civil infrastructure, including brine extraction trenches and solar evaporation ponds, that will allow for the collection of brine and start of the evaporation process. Therefore, a key aspect of the Project's FEED phase has been a civil construction trial in order to mitigate schedule and budget risk during construction. The trial was designed to increase the Company's understanding of the future on-lake construction operation and confirm key equipment selections based on trial performance and equipment productivity.

In August 2022, a 30 tonne pontoon excavator was mobilised to Lake Mackay and successfully completed a comprehensive construction trial utilising the same equipment as proposed for the full-scale construction of trenches and pond embankments. The trial was focused on finalising the remaining assumptions for the construction of on-lake civil infrastructure, such as equipment requirements and productivity rates, geotechnical factors associated with trench stability and batter design, pond embankment construction methodology and pond geotechnical data. Based on field observations the trial is expected to deliver positive outcomes.

The Company will provide an overview of the outcomes from the civil construction trial as the results come to hand. The trial data and results will also be used to finalise the Company's FEED works, including associated operating and capital cost estimates.