BCI Minerals (BCI) investor relations material

Executive summary

• Project reached 77% completion as of December 2025, with major construction and operational milestones achieved, including significant progress on earthworks and infrastructure.

• Salt and SOP (Sulphate of Potash) production progressing, with first salt shipment targeted for December 2026.

• Safety performance remained a focus, with over 400 field leadership interactions, 290 Critical Control Verifications, and a 12-month rolling TRIFR of 3.9.

• Formalised a two-year capacity-building program with Wirrawandi Aboriginal Corporation and established a new community partnership.

• All primary government approvals for offshore dredging at Port of Cape Preston West were secured, de-risking project timelines and budget.

Financial highlights

• Cumulative Mardie expenditure reached $1,298M, with $1,043M spent on construction to date and a salt phase construction budget set at $1,443M.

• $99.8M was drawn from the syndicated debt facility during the quarter, bringing total debt drawn to $446.8M.

• Over 50 million new shares issued via conversion of Series 1 Convertible Notes, reducing borrowings by $29.1M.

• Available funds at quarter end were $601M, including $137M cash and $464M undrawn facilities.

• Construction and working capital for salt operations fully funded, with $351M in uncommitted funds for remaining construction.

Outlook and guidance

• On track for first salt shipment (FSOS) in December 2026 quarter, with construction 77% complete and key milestones achieved.

• Salt wash plant commissioning remains on schedule for first salt production.

• SOP pilot plant package to be awarded next quarter, with commercial SOP plant expected to produce ~140ktpa.

• Free cashflow expected to underpin returns from ~2029.

• 62% offtake volume for first three years secured with quality customers.