BCI Minerals (BCI) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land custodians and respect for First Nations communities, with recognition of board members and new appointments in legal and operations roles.

• The meeting was held as a hybrid event, allowing both in-person and online participation, with clear instructions for voting and Q&A.

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 larger resource companies.

• Transition in audit leadership announced, with thanks to outgoing auditor.

Financial performance review

• Construction reached 74% completion by September, with AUD 347 million invested during the year and cumulative expenditure at AUD 1,221 million.

• Market capitalisation at $1.2B, available funding of $676M as of September 2025, and construction cost to date is $1,002M with an estimated $441M to complete.

• Achieved financial close, unlocking a $981 million syndicated debt facility, with $236 million drawn by year-end.

• Divestment of Iron Valley iron ore assets completed, funding construction and ramp-up.

• Share price increased by 55% during FY2025, with further gains into October, reflecting market recognition of progress.