BCI Minerals
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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.
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H1 2026 earnings summary23 Feb, 2026

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.

Mardie's funding structure: future debt servicing?
What are the key risks to achieving FSOS by Q4 2026?
Mardie's long-term value beyond initial salt production?
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Q3 2026 TU21 Apr, 2026
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Frequently asked questions

BCI Minerals Limited is an Australian mining and resources development company focused on the exploration, development, and production of industrial minerals. The company’s primary project is the Mardie Salt & Potash Project, located on the northwest coast of Western Australia, which is designed to produce high-purity salt and sulphate of potash for export to global markets. BCI is engaged in other mineral interests as well, including iron ore assets, though its primary focus remains on the Mardie project. The company aims to capitalize on the growing demand for these industrial minerals, especially within the agricultural and chemical sectors. The company is headquartered in West Perth, Australia, and its shares are listed on the ASX.

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