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BCI Minerals (BCI) investor relations material
BCI Minerals H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Focused on developing and operating the Mardie Salt Operation and Potash Project in Western Australia, with construction 77% complete and costs in line with the $1,443 million base case as of June 2023.
Achieved significant milestones: completion of primary and secondary crystallisers, 94% completion of marine package, and all major government approvals for dredging.
Divested Iron Valley iron ore assets, receiving $72.6 million in total consideration, with a $25.6 million gain on sale recognized.
Financial highlights
Net loss after tax for the half-year ended 31 December 2025 was $24.5 million, compared to a $9.6 million loss in the prior period.
Revenue from continuing operations was $2.2 million, down from $4.1 million year-over-year.
Cash and cash equivalents at period end were $96.9 million, with total cash and deposits of $136.9 million, up $59.1 million during the period.
$210.7 million drawn from syndicated debt facility, total debt drawn $446.8 million, and $29.1 million debt reduction from convertible note conversion.
Outlook and guidance
Remaining construction costs estimated at $400 million, with available funding of $601 million, ensuring full funding for completion and working capital.
First salt on ship targeted for the quarter ending 31 December 2026, subject to environmental and construction conditions.
Next period activities include salt wash plant construction, crystalliser lining, and SOP pilot plant progress.
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