Agrimin Limited (ASX: AMN) ('Agrimin' or 'the Company') is pleased to announce that it has completed the first phase of Front End Engineering Design ('FEED') testwork in relation to the process plant for the Mackay Potash Project.

This testwork was completed by two different vendors under the direction of Primero Group Limited ('Primero'), a subsidiary of NRW Holdings Limited. The FEED program will now advance to the second phase of testwork to consider further opportunities in relation to operating parameters such as temperature range and feed grade variations.

This final phase will focus on the operability of the process plant to process a range of potassium bearing salts that are expected to precipitate due to varying pond conditions throughout the seasons. At the completion of the FEED works, Primero will deliver to Agrimin an Engineering, Procurement and Construction ('EPC') contact, inclusive of performance guarantees, to support a Final Investment Decision.

SOP Price Update

The Company notes that potash prices across global markets have increased signficantly due to potential supply shortages from major producers in Russia and Belarus. Current prices for standard bulk SOP are US$720/t in China and US$860/t in Northwest Europe1 . Agrimin's Definitive Feasibility Study ('DFS') was completed in July 2020 based on a flat real SOP price of US$500/t FOB Wyndham Port. The DFS demonstrated the Mackay Potash Project could be a globally significant producer of SOP over a 40 year life and at the world's lowest forecast total cash cost of US$159/t (inclusive of road, rail and port costs)2 .

Mark Savich, CEO of Agrimin said: 'The Mackay Potash Project continues to progress extremely well with multiple FEED programs underway and project approvals being well advanced. 'Potash supply is being affected significantly given Russia and Belarus account for approximately 40% of global supply. In addition to economic sanctions against Belarus, Russia recently announced a ban on fertiliser exports which has further exacerbated very tight market conditions. As a result, potash prices across all product types continue to move higher. 'It could take several years for global potash trade flows to normalise and Agrimin is in an excellent position with a Tier 1 potash project in Australia that is on track to be shovel ready this year.'

Contact:

Mark Savich

Tel: +61 8 9389 5363

Email: msavich@agrimin.com.au

Web: www.agrimin.com.au

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 number 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 expectation 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 estimated capital and operating costs; uncertainties and risks regarding the development timeline, including the need to obtain the necessary approvals. 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 circumstances 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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