BCI Minerals (BCI) Q4 2025 earnings summary

Executive summary

• Transitioned to full-scale operations with 77% pond surface inundation and major construction milestones, including commissioning of key infrastructure and crystallizers.

• Construction of the Mardie Salt Operation reached 69% completion, with strong safety performance (TRIFR 2.3) and over 250 critical control verifications.

• Approval received for updated Groundwater Monitoring and Management Plan, enabling full-scale operations.

• Leadership team strengthened with new appointments, including General Manager Operations and Joint Company Secretary, and continued community engagement.

• Cape Preston West Port marine infrastructure is over 91% complete, enhancing export capacity and cost competitiveness.

Financial highlights

• Cumulative expenditure reached $1,113M, with $935M spent on construction and $508M estimated to complete.

• Available funds at quarter end were $753M, with $77.8M cash at bank and $675M undrawn facilities.

• $115.4M drawn from syndicated debt facility during the quarter, totaling $236.1M drawn to date.

• Share price rose 39% during the quarter, closing at AUD 0.34, with market capitalization reaching up to $1B.

• Annual EBITDA at steady state forecasted at $286M for salt and $99M for SOP.

Outlook and guidance

• First salt shipment expected in the quarter ending 31 December 2026.

• Targeting 5.3–5.35Mtpa of salt production and 140ktpa of SOP.

• First dividends targeted around 2029; full debt repayment for salt operations expected by 2035.

• 62% of salt production for first three years under offtake agreements, aiming for at least 70% under contract annually.

• SOP pilot plant development ongoing, with design commenced and federal grant application submitted.