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BCI Minerals (BCI) investor relations material
BCI Minerals Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 74% completion of the salt project, with 93% pond inundation and major construction milestones reached ahead of schedule.
Maintained strong safety performance, with a 12-month rolling TRIFR of 3.1 and over 640 leadership safety interactions.
Digital twin technology fully integrated for real-time operational insights and improved decision-making.
Drew $110.9 million from a syndicated debt facility and received $34.1 million from the Iron Valley sale, strengthening liquidity.
Salt construction and working capital are fully funded, with 74% of project expenditure locked in.
Financial highlights
Cumulative construction spend over $1 billion, with $67 million spent this quarter and $1,002 million spent to date.
Available funds at quarter end were $676 million, with $112.2 million in cash and $565 million in undrawn facilities.
Estimated $441 million required to complete construction, down from $508 million previously.
Six successful debt drawdowns completed, all confirmed by independent technical expert.
Secured 62% of salt offtake volume for the first three years with quality customers.
Outlook and guidance
First salt shipment targeted for December 2026 quarter, pending environmental and construction milestones.
Salt wash plant commissioning scheduled for September–October 2026, with construction commencing January 2026.
SOP pilot plant construction to commence next quarter, with commercial plant expected to produce ~140ktpa and deliver ~$99 million EBITDA per year, pending FEED study.
Salt first EBITDA forecast at ~$286 million per annum, with annuity-style earnings and free cash flow expected from ~2029.
Fully funded to complete construction and ramp-up, with sufficient working capital.
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