BCI Minerals (BCI) Q1 2027 earnings summary

Executive summary

• Mardie construction reached 90% completion excluding crystalliser lining and 87% including it; the port was 98% complete at quarter-end.

• Crystallised salt reached 266,000 tonnes across 12 commissioned cells, as preparations advanced toward first salt on ship in CY2027.

Financial highlights

• Construction costs reached $1,265M against an approved $1,443M budget; estimated construction cost to complete was $178M at 30 September 2026.

• Cumulative Mardie expenditure reached $1,586M, including $321M in pre-revenue operating expenditure.

• Available funds were reported at $316M at quarter-end; cash of $110.3M and undrawn facility capacity of $227.1M were also reported, with total available funds of $337.4M including guarantees.

• First construction and working capital were fully funded.

Outlook and guidance

• First salt on ship remains targeted for CY2027, with timing dependent on weather, summer evaporation and salt growth.

• Salt Wash Plant completion is expected in late CY2026; Pilbara Ports Road upgrade completion is scheduled for early CY2027.

• A further 16 crystalliser cells are scheduled for progressive lining through Q4 FY2027 to support ramp-up.

• Port construction completion and jetty wet commissioning are planned for CY2027; Mardie Spirit is also scheduled to arrive in CY2027.

• SOP pilot commissioning is planned after plant arrival in CY2027, with an expected ~12-month trial; detailed design and procurement are progressing in parallel.