BCI Minerals (BCI) Q4 2026 earnings summary

Executive summary

• Transitioned from construction to production at Mardie, now Australia's largest solar salt operation and third largest globally, with 85% construction completion and 49kt of crystallised salt produced by quarter-end.

• Salt production commenced, with inventory reaching over 82,000 tonnes in crystallizers as of early July, and first crystalliser train filled.

• Construction of key infrastructure, including salt wash plant and port, is advancing, with major milestones in concrete works, steel erection, and dredging.

• The Mardie Spirit transhipment vessel construction started, supporting future export logistics.

• Health and safety initiatives included over 480 leadership interactions and 280 critical control verifications.

Financial highlights

• Cumulative construction expenditure reached AUD 1.185 billion, with total investment in Mardie Salt operation now at nearly AUD 1.48 billion.

• 85% of construction is complete, with $1,291M spent and $152M uncommitted from a $1,443M budget.

• Available liquidity at quarter-end was AUD 423 million, with a cost to complete estimated at AUD 258 million.

• Liquidity increased to AUD 177 million after receiving a deferred payment post-quarter.

• Drew $89.8M from the syndicated debt facility, with total debt drawn at $586.6M.

Outlook and guidance

• Operational readiness for first salt shipment (FSOS) expected in Q1 2027, but shipment timing remains weather-dependent.

• Ramp-up to design capacity of 5.3 million tonnes per annum targeted, with all crystallizer cells to be lined by March 2027.

• Salt wash plant and crystalliser lining completion targeted for CY2026.

• SOP pilot plant FID scheduled for August, with construction completion expected 15 months post-FID.

• Strong free cash flow profile anticipated once in production, with low sustaining capital.