BCI Minerals (BCI) H2 2025 earnings summary

Executive summary

• Transitioned to full-scale operations at Mardie, now Australia’s largest industrial salt operation and third largest globally, with operations commencing September 2024.

• Achieved 69% construction completion for the salt-first phase by June 2025, with $935M spent to date and project fully funded through a $981M syndicated debt facility.

• Divested Iron Valley iron ore assets for $72.6M, sharpening focus on Mardie Salt and Potash Project.

• Secured three binding offtake agreements covering 62% of forecast salt production for the first three years, targeting key Asian markets.

Financial highlights

• Group loss after tax of $47.1M (2024: $15.3M), reflecting ongoing investment in Mardie development and ramp-up.

• EBITDA from continuing operations was $(47.6)M, with discontinued Iron Valley operations contributing $13.1M.

• Cash and cash equivalents at 30 June 2025 were $77.8M (2024: $258.9M), with capital expenditure funded by debt drawdowns.

• Total assets increased to $1,197M (2024: $1,021M), driven by capitalised development expenditure.

• Net assets at year-end were $767.0M (2024: $805.2M).

Outlook and guidance

• On track for first salt shipment by December 2026, with full pond inundation targeted before the 2025/2026 summer.

• SOP pilot plant construction underway, with full-scale plant investment decision pending pilot results.

• Port infrastructure at Cape Preston West Port to be fully operational by September 2026, offering surplus capacity for third-party users.