BCI Minerals (BCI) investor relations material

Executive summary

• Commissioned first two crystallizers and brine channel, marking a major operational milestone and the start of salt pavement formation and ramp-up.

• Construction progress reached 81% completion, with key infrastructure such as salt wash plant, port, and crystallizers advancing.

• No material impact from Tropical Cyclones Mitchell and Narelle; operations and construction safely resumed post-event.

• Salt operations resumed post-quarter with pond density increasing and salt reforming in crystallizers.

• Focus remains on ramping up salt production and progressing sulfate of potash (SOP) as a future revenue stream, with commercialisation and pilot plant development ongoing.

Financial highlights

• Cumulative capital expenditure reached AUD 1.37 billion, with AUD 1.11 billion spent on construction and AUD 67 million spent in the quarter.

• Available liquidity at quarter-end was AUD 522 million, with $189 million available for ramp-up working capital.

• AUD 50 million drawn from syndicated debt facility during the quarter, total debt drawn at AUD 496.8 million.

• Fully funded to complete construction and ramp-up, with AUD 333 million required to finish.

• 81% of project expenditure locked in, significantly derisking construction costs.

Outlook and guidance

• First Salt on Ship timing remains weather dependent; ramp-up profile refined using operational data and digital twin insights.

• SOP pilot progressing, with FID expected after a 12-month trial, likely late next year; commercial viability being validated.

• Salt-only business forecast to deliver EBITDA of AUD 285 million at full capacity; SOP could add AUD 100 million EBITDA at 140,000 tons per annum.

• Salt operations forecast to achieve positive operating cash flow from FY28 and positive free cash flow from FY29.

• Customer offtake agreements are in place for ramp-up years.