BCI Minerals (BCI) H2 2026 earnings summary

Executive summary

• Achieved a major milestone with the first crystallised salt produced at the Mardie operation, marking transition to operational status.

• Construction progress reached 85% by year-end, with significant advances in marine and processing infrastructure.

• Managed concurrent construction and early operations safely, with no major incidents during cyclone events.

Financial highlights

• Cumulative Mardie expenditure rose to $1,479M, with construction costs to date at $1,185M.

• Estimated cost to complete construction reduced to $258M, down from $508M the previous year.

• Available funds at year-end stood at $423M.

• Total debt drawn reached $587M as of 30 June 2026.

Outlook and guidance

• FY27 focus is on ramping up to steady-state operations, completing the dredging program, and commissioning the salt wash plant.

• First salt harvest and initial shipments expected, with the Osprey vessel supporting logistics.

• Continued advancement of the SOP pilot plant, with FID planned for August 2026.