17 Nov 2021

Feed Delivers 84% Renewable Energy Penetration

ASX Release 17 Nov ember 202 1 Agrimin Limited | ABN 15 122 162 396 ASX Code: AMN 2C Loch Street Nedlands , Western Australia 6009 T: +61 8 9389 5363 E: admin@agrimin.com.au | W: www.agrimin.com.au Page 1 of 3 FEED DELIVERS 84% RENEWABLE ENERGY PENETRATION Highlights • Front End Engineering Design (“FEED”) work delivers an 84% renewable energy penetration rate • FEED p ower solution under pins Agrimin ’ s low carbon Sulphate of Potash (“ SOP ”) product ion and supports the transition to n et z ero emissions from the Mackay Potash Project Agrimin Limited ( ASX: AMN ) (“ Agrimin ” or “ the Company ”) is pleased to announce a significant increase to the modelled renewable energy penetration rate for the world - class Mackay Potash P roject (“ the Project ”) . Mark Savich, CEO of Agrimin commented: “ Agrimin is committed to supporting the global transition to n et z ero emissions and we are proud to target an industry - leading renewable energy penetration rate of 84% . The Mackay Potash Project has the unique ability to create a reliab le seaborne supply of certified organic SOP fertiliser to farmers around the world, many of which are currently using SOP produced from the highl y polluting Mannheim process . “ The organic nature and extremely low carbon footprint of Agrimin’s SOP fertiliser continues to generate significant interest from global fertiliser companies and offtakers as the y seek to decarbonise their businesses and offer farmers a more sustainable p roduct . W e remain in advanced negotiations with multiple potential offtakers and Tier 1 part ner s . ” Following the July 2020 Definitive Feasibility Study (“ DFS ”) 1 , the Company completed long - term wind monitoring at the proposed processing plant site which provided e xcellent results with an average wind speed of 27km per hour and low seasonal variability . In addition, th e data i ndicate d higher wind velocities at night, complementing the solar energy that is avail able during daylight . During the current FEED phase , the Company has been working with its proposed power contractor to refine the Project’s site power s tation design . This has resulted in a hybrid diesel, solar, wind and battery solution with a modelled renewable energy penetration of 84%. This power s tation will support the process ing plant, non - process infrastructure, offices and accommodation camp, as well as salt harvesting a nd pumping operations within the solar evaporation ponds. The DFS a ssumed that the P r oject ’ s power station will be deliver ed under a build - own - operate contract . Under th is same delivery assumption and based on an updated indicative proposal received from the same power contractor , t here has been no material change to the estimated cost for power compared to the DFS estimat e . 1 Refer to the Company’s ASX announcement dated 21 July 2020 titled “Targeting the World’s Lowest Cost SOP Production” Page 2 of 3 Beyond the FEED phase, the Company will increasingly investigate renewable energy storage options including hydrogen technology to further reduce greenhouse gas emissions during the Project’s 40 year life. Additionally, the Company’s joint venture haulage operator, Newhaul Bulk, is evaluating hydrogen - powered road trains as this technology advances. Agrimin’s production will have very low emissions of 13 8 kg of CO 2 - e per tonne of SOP, inclusive of trucking and shiploading . Of these emissions, 84kg per tonne relates to all site - based power generation and 5 4 kg per tonne relates to product trucking and shiploading ( Figure 1 ) . Accordingly, t he Project’s estimated S cope 1 and 2 emissions have reduced to approximately 63,000 tonnes per annum of CO 2 - e. Agrimin’s SOP production does not rely on the input of Muriate of Potash (“ MOP ”) and its SOP is not produced using the Mannheim Process, which are carbon intensive production methods utilised by other international mining companies. Figure 1 . Breakdown of Project Greenhouse Gas Emission s 1 Indicative megawatts (“ MW ”) of installed capacity. 2 The 84kg of CO 2 - e comprises all site emissions, including the power station , process plant heating , mobile and fixed diesel equipment . ENDS 22.5 MW wind generation 25 MW solar generation 45 MW h battery system 25.4 MW diesel generation 84 % renewable penetration Site power station 1 Trucking and shiploading 5 4 kg of CO 2 - e per tonne of SOP 84kg of CO 2 - e per tonne of SOP 2 Page 3 of 3 For further information, please contact: Investors Media Mark Savich Michael Vaughan Chief Executive Officer Fivemark Partners T: +61 8 9389 5363 T: +61 422 602 720 E: msavich@agrimin.com.au E: michael.vaughan@fivemark.com.au Or visit our website at www.agrimin.com.au This ASX R elease is authorised for market release by Agrimin’s Board. About Agrimin Based in Perth, Agrimin Limited is a leading fertiliser development company focused on the development of its 100% owned potash projects in Western Australia. Agrimin is aiming to be a global supplier of speciality potash fertilisers to both traditional and emerging value - added markets. Agrimin’s shares are traded on the Australian Securities Exchange (ASX: AMN). Forward - Looking Statements This ASX Release may contain certain “forward - looking statements” which may be based on forward - looking information that are subject to a n umber of known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those presented here. Where the Company expresses or implies an expectation or belief as to future events or results, such expectati on or belief is expressed in good faith and believed to have a reasonable basis. Forward - looking information includes exchange rates; the proposed production plan; projected brine concentrations and recovery rates; uncertainties and risks regarding the es timated capital and operating costs; uncertainties and risks regarding the development timeline, including the need to obtain the necessary approvals. For a more detailed discussion of such risks and other factors, see the Company’s Annual Reports, as wel l as the Company’s other ASX Releases. Readers should not place undue reliance on forward - looking information. The Company does not undertake any obligation to release publicly any revisions to any forward - looking statement to reflect events or circumsta nces after the date of this ASX Release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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