BCI Minerals (BCI) H2 2025 earnings summary

Executive summary

• Transitioned into full-scale operations at Mardie, Australia's largest industrial salt project and third largest globally, marking a major milestone in company history.

• Achieved significant construction progress, reaching 69% completion of the salt-first phase and pumping over 146 gigalitres of seawater, inundating 77% of pond surface area.

• Secured key environmental approvals, completed major construction packages, and executed new offtake agreements covering 62% of forecast salt production for the first three years.

• Successfully divested Iron Valley iron ore assets for $72.6 million, enhancing liquidity and strategic focus on industrial minerals.

Financial highlights

• Cumulative Mardie expenditure reached $1,113M, with construction costs to date at $935M as of 30 June 2025.

• Estimated construction cost to complete reduced to $508M, down from $874M in FY24.

• Available funds at year-end were $753M, compared to $1,170M in FY24.

• Received $26M initial and $34.1M deferred payments from Iron Valley sale, with an additional $12.5M due in July 2026.

Outlook and guidance

• On schedule and within budget for Mardie Salt Project, with first salt on ship targeted for the quarter ending 31 December 2026.

• FY26 focus on completing crystalliser construction, advancing salt wash plant, and progressing jetty dredging to de-risk pathway to first salt shipment.

• Continued advancement of SOP pilot plant construction and FEED activities.