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Agrimin Ltd - Quarterly update and rating review

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AMN continues to advance its DFS and has completed a number of key activities. AMN is also looking to reduce its upfront costs by trucking LNG to the Lake Mackay project rather than building a gas pipeline. The company is also studying the option of splitting the plant between Lake Mackay and the Wyndham Port to save on capex and opex. The WA government has reduced rents on brine projects due to large tenements holdings. We are upgrading AMN to a Speculative Buy from a Hold with a price target of $0.94.

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