BCI Minerals (BCI) Q1 2026 earnings summary

Executive summary

• Achieved 74% completion of the salt project, with 93% pond inundation and major construction milestones reached ahead of schedule.

• Maintained strong safety performance, with a 12-month rolling TRIFR of 3.1 and over 640 leadership safety interactions.

• Digital twin technology fully integrated for real-time operational insights and improved decision-making.

• Drew $110.9 million from a syndicated debt facility and received $34.1 million from the Iron Valley sale, strengthening liquidity.

• Salt construction and working capital are fully funded, with 74% of project expenditure locked in.

Financial highlights

• Cumulative construction spend over $1 billion, with $67 million spent this quarter and $1,002 million spent to date.

• Available funds at quarter end were $676 million, with $112.2 million in cash and $565 million in undrawn facilities.

• Estimated $441 million required to complete construction, down from $508 million previously.

• Six successful debt drawdowns completed, all confirmed by independent technical expert.

• Secured 62% of salt offtake volume for the first three years with quality customers.

Outlook and guidance

• First salt shipment targeted for December 2026 quarter, pending environmental and construction milestones.

• Salt wash plant commissioning scheduled for September–October 2026, with construction commencing January 2026.

• SOP pilot plant construction to commence next quarter, with commercial plant expected to produce ~140ktpa and deliver ~$99 million EBITDA per year, pending FEED study.

• Salt first EBITDA forecast at ~$286 million per annum, with annuity-style earnings and free cash flow expected from ~2029.

• Fully funded to complete construction and ramp-up, with sufficient working capital.