BCI Minerals (BCI) H2 2024 earnings summary

Executive summary

• Achieved full funding for the Mardie Salt and Potash Project with $981M in debt and $315M in equity, enabling the salt-first phase to proceed confidently.

• Divested Iron Valley assets, receiving $26M in July 2024, with further deferred and contingent payments due.

• Signed major offtake agreements with Chinese and Indonesian partners, securing future revenue streams.

• Strong safety performance with no fatalities and a focus on critical control verification.

• Enhanced sustainability strategy, achieving Green Loan accreditation for the Mardie Project.

Financial highlights

• FY24 total revenue: $77M; Group EBITDA: $7M; Net assets: $805M as of 30 June 2024.

• Cash and cash equivalents at year-end: $259M.

• Iron Valley segment generated $68.5M revenue and $35.4M EBITDA before divestment.

• Loss after tax: $15.3M (prior year: $9.4M profit), mainly due to increased Mardie Project expenditure.

• Total assets increased to $1,021M (from $615M), reflecting Mardie Project progress.

Outlook and guidance

• First salt shipment from Mardie Project targeted for Q2 FY27; environmental approvals expected in Q1 FY25.

• Further construction milestones and contract awards planned for FY25, including salt wash plant and power supply.

• Final investment decision on SOP Plant pending FEED study completion.