BCI Minerals (BCI) AGM 2024 summary

Opening remarks and agenda

• Chairman welcomed shareholders, acknowledged traditional landowners, and outlined voting eligibility and meeting procedures.

• Organizers, board members, new senior leadership, and auditors were introduced and thanked.

Board and executive committee updates

• Brian O'Donnell continues as Chair, with several non-executive directors and committee chairs updated; Garret Dixon retired in October 2024.

• David Boshoff serves as Managing Director, supported by a senior leadership team covering finance, projects, legal, environment, external affairs, operations, safety, and commercial functions.

• Farewell to outgoing director Garrett Dixon and welcome to new senior leaders: Steve Fewster (CFO), Dr. Shaun Meredith (Head of Environment and Heritage), and Tammie Miller (Head of External Affairs).

Financial performance review

• FY24 total revenue reached $77M, with group EBITDA at $7M and net assets of $805M as of 30 June 2024.

• $690M cumulative expenditure and $218M construction spend during FY24; $259M in cash and cash equivalents.

• Market capitalisation increased from $278M (June 2023) to $880M (October 2024), averaging AUD 0.30 per share and approaching AUD 1 billion.

• Iron Valley asset sale to Mineral Resources generated significant cash and focus on core project.

• At full production, expected EBITDA is AUD 385 million, supporting long-term dividend returns.