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2026-11-06
◂ Monitor BCI ASX

BCI Minerals Limited

Construction · Others · Potash · AU Rating locked: sign in to view v8.1 · bci-20261031t202841-full
Last 2026-11-06
A$0.535
1D
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1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$1.6B
EV
A$2.3B
Cash
A$110.3M
Debt
A$829.5M

Portfolio detail

Assets

2 assets

Core asset

Mardie Salt Operation and Mardie Port

AU

Construction100% ownedOthers

Construction 90% complete (87% including crystalliser lining); 266kt crystallised; 12 of 28 crystalliser cells commissioned; operationally ready for first salt on ship by Q1 CY2027 but weather dependent; A$178m construction cost to complete inside the A$1,443m budget.

Developer · Construction
Study
Optimised feasibility study base case (June 2023), salt-first case restated in the February 2024 equity raising booklets
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
—
Initial capex (100%)
A$1.4bs
Capital intensity
A$270/(t/yr)d
LoM AISC
A$23.73/ts
Mine life
60.0 yrsg
Published study economicsIssuer or study metrics
NPVA$1.8B7% discount
Initial capexA$1.4BPublished capital estimate
Operating cost23.73AUD/t FOB real

Salt-first, pre-tax, real, ungeared, from the start of construction (1,220+602 on the sensitivity chart); capex is the nominal A$1,287m plus A$156m contingency.

Milestones6
  1. Operational readiness for first salt on ship (weather dependent)

    Pending · High materiality

  2. Salt wash plant complete

    Pending · High materiality

  3. Crystalliser lining complete (seven trains)

    Pending · High materiality

  4. Port construction complete and jetty wet commissioning

    Pending · Medium materiality

  5. Pilbara Ports road upgrade complete

    Pending · Medium materiality

  6. Mardie Spirit transhipment vessel delivered (CY2027)

    Pending · Medium materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Offshore placement of dredge material (Commonwealth and State)Commonwealth and Western AustraliaGranted—Yes
Regulator engagement on potential iron ore export through Mardie PortWestern AustraliaRequired—No
Economic studies1
StudyStageStatusDateSummary
Mardie optimised feasibility study base case, salt-first case (February 2024 equity raising)Updated FeasibilityReaffirmed2024-02-01Pre-tax, real, ungeared project NPV of about A$1.8bn at a 7% real discount rate from the start of construction; 5.35Mtpa salt, US$64.7/t CIF real long-term price, US$11.2/t freight, A$23.73/t FOB AISC, AUD/USD 0.69 from 2026, steady state EBITDA A$286m. The company states in September 2026 that all material assumptions continue to apply unless disclosed otherwise.

Material

Mardie Sulphate of Potash (staged pilot)

AU

PFS Developer100% ownedPotash

Pilot stage: KTMS trial crystallisers at steady state; 150kg/hr containerised pilot plant contracted to Bluestar Lehigh (detailed design by March 2027, about 12 months of piloting, then a full-scale FID); no committed full-scale capital.

Developer · PFS developer
Study
Salt plus SOP base case (February 2024 equity raising booklet); SOP plant not approveds
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
—
Initial capex (100%)
A$186.0md
Capital intensity
A$1,329/(t/yr)d
LoM AISC
A$363/ts
Mine life
60.0 yrsg
Published study economicsIssuer or study metrics
NPVA$2.6B7% discount
Initial capexA$1.6BPublished capital estimate
Operating cost363AUD/t FOB real (SOP)

Salt plus SOP, pre-tax, real, ungeared; capex A$1,421m plus A$208m contingency for the entire project (salt-first A$1,287m plus A$156m); incremental to salt-first NPV about A$0.8bn.

Milestones2
  1. Final SOP batch test work report

    Pending · Medium materiality

  2. SOP pilot plant detailed design complete

    Pending · Medium materiality

Economic studies1
StudyStageStatusDateSummary
Mardie salt plus SOP base case (February 2024 equity raising)Updated FeasibilityCurrent2024-02-01Pre-tax, real, ungeared NPV about A$2.6bn for salt plus 140ktpa SOP at US$708/t FOB real, A$363/t AISC, steady state EBITDA A$385m; the SOP plant is not approved and needs further funding and lender approval.

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)