BCI Minerals (BCI) H1 2026 earnings summary

Executive summary

• Construction of the Mardie Salt Operation and Potash Project reached 77% completion, with operations progressing as planned and costs in line with the $1,443 million base case as of June 2023.

• Achieved significant milestones, including 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 and recognizing a $25.6 million gain on sale.

• Maintained a strong focus on safety, with a rolling 12-month Total Recordable Injury Frequency Rate of 3.9.

• Enhanced operational capability through digital systems and real-time asset tracking.

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.

• Cumulative Mardie expenditure reached $1,298 million as of December 2025, with construction cost to date at $1,043 million and $400 million estimated to complete.

• $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.

• Focus for H2 FY26 on safety, cost discipline, construction completion, and operational performance.

• Mardie Operation positioned for multi-generational benefits over a 60-year life.