BCI Minerals (BCI) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land custodians and respect for First Nations communities where operations occur, and recognition of board members and senior leadership, including new appointments.

• Noted the absence of the Managing Director due to family bereavement and expressed condolences.

• Outlined procedural matters for hybrid meeting participation, voting, and Q&A processes.

Board and executive committee updates

• Board comprises a mix of non-executive and executive directors with defined committee roles, including audit, risk, remuneration, nomination, and sustainability.

• Senior leadership team includes CFO, Head of People & External Affairs, Chief Legal & Commercial Officer, Head of Environment & Heritage, Project Director, and GM Operations, with recent appointments from major Australian resource companies.

• Announced transition of audit leadership from Phil Murdoch to David Andrews for FY2026.

Financial performance review

• Achieved financial close on a AUD 981 million syndicated debt facility, with $236 million drawn by year-end, funding construction and ramp-up of salt sales.

• Construction reached 74% completion by September 2025, with cumulative expenditure of $1,221M and available funding of $676M.

• Construction cost to date is $1,002M, with an estimated $441M to complete.

• Divested Iron Valley iron ore assets, increasing focus on salt operations.

• Share price increased 55% during FY2025, with further gains into October 2025.