OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
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
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$1.6B
EV
A$2.3B
Cash
A$110.3M
Debt
A$829.5M

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$110.3M2026-06-30: 98,300,000 A$2026-09-30: 110,300,000 A$ Construction Funded
Debt A$829.5M2026-06-30: 586,600,000 A$2026-09-30: 705,600,000 A$ Net cash A$-719.2M
Basic shares 2.9BFY25 actual: 2,887,513,061FY26 actual: 2,937,579,809 2026-10-12
Runway 2.95 quarters (cash A$110.3m + undrawn cash facilities A$205.4m) divided by the September 2026 quarter outflow before financing of A$107.0m; the company states construction and working capital are fully funded within the A$1,443m budget.

Liquidity

Financial position

Available funds fell from A$601m (Dec 2025) to A$316m (Sep 2026) against A$178m of construction cost still to complete, leaving about A$138m of headroom before the ramp-up working capital and first-year operating losses. Drawn debt is A$705.6m of the A$830m main facility, A$124.4m remains undrawn plus the A$81m cost overrun facility; the A$48.3m of bank guarantees sit on a separate A$70m limit. Series 3 notes of about A$124m accrete to A$151.9m by December 2030.

Inventory composition1

First inventory recognised at 30 June 2026: salt in suspension in the ponds and crystallisers at cost; 266kt had crystallised by 30 September 2026.

Suspended salt work in progress (current 8.2m and non-current 11.1m) at 30 June 2026
A$19.3M carrying

Capital structure

Ownership and dilution

Ordinary shares
2.9B
Fully diluted
3B

2,937,579,809 shares at 30 June 2026 (after 50,066,748 issued on 23 December 2025 on conversion of the Series 1 convertible notes) plus 2,519,164 shares issued on 18 September 2026 on rights conversion gives 2,940,098,973. Fully diluted adds 23,960,422 unquoted rights remaining after the 21 August and 12 October 2026 lapses. The 160,384,924 Series 3 notes (A$0.5811 conversion price, above the A$0.525 close) are excluded from the fully diluted count and valued as debt, with conversion tested in the valuation scenarios.

Security classes7
ClassTypeQuantityStrikeExpiry
2022 performance rights (BCIAT)Performance Right2M——
2023 performance rights (BCIAB)Performance Right3.4M——
2024 performance rights (BCIAAA)Performance Right5.3M——
2025 performance rights (BCIAC)Performance Right6.6M——
2024 share rights (BCIAAB)Performance Right2.9M——
2025 share rights (BCIAD)Performance Right3.7M——
Series 3 convertible notes held by AustralianSuper (BCIAV): A$100m face, 5% capitalised quarterly, convertible at A$0.5811 per share (about 261.8m shares at maturity), maturity December 2030, issuer redemption from December 2027Convertible160.4MA$0.5812030-12-31

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25 actualAFY26 actualA
Operations
Salt soldMt0.000.00
Profit and loss
Revenue (salt sales)AUDm0.00.0
EBITDAAUDmFY25 actual: -47,600,000 AUDFY26 actual: -43,800,000 AUD(47.6)(43.8)
Depreciation and amortisationAUDmFY25 actual: 5,000,000 AUDFY26 actual: 4,400,000 AUD5.04.4
Net interest expense (negative = income)AUDmFY25 actual: -5,600,000 AUDFY26 actual: -4,600,000 AUD(5.6)(4.6)
Income tax expense (negative = benefit)AUDmFY25 actual: 0.00 AUDFY26 actual: -92,900,000 AUD0.0(92.9)
Impairment and other itemsAUDmFY25 actual: 0.00 AUDFY26 actual: 18,500,000 AUD0.018.5
NPATAUDmFY25 actual: -47,000,000 AUDFY26 actual: 30,800,000 AUD(47.0)30.8
Cash flow
Operating cash flowAUDmFY25 actual: -8,700,000 AUDFY26 actual: 1,100,000 AUD(8.7)1.1
Total capexAUDmFY25 actual: 403,900,000 AUDFY26 actual: 299,000,000 AUD403.9299.0
Free cash flow (after interest and corporate costs)AUDmFY25 actual: -412,600,000 AUDFY26 actual: -297,900,000 AUD(412.6)(297.9)
Debt drawnAUDmFY25 actual: 236,100,000 AUDFY26 actual: 350,500,000 AUD236.1350.5
Debt repaidAUDm0.00.0
Balance sheet
Cash at period endAUDmFY25 actual: 77,800,000 AUDFY26 actual: 98,300,000 AUD77.898.3
Borrowings (syndicated facility plus convertible notes)AUDmFY25 actual: 369,000,000 AUDFY26 actual: 698,200,000 AUD369.0698.2
Net debtAUDmFY25 actual: 291,200,000 AUDFY26 actual: 599,900,000 AUD291.2599.9
Per share
Ordinary shares (period end; fully diluted in forecasts)m sharesFY25 actual: 2,887,513,061 sharesFY26 actual: 2,937,579,809 shares2,887.52,937.6
Earnings per shareAUD/shareFY25 actual: -0.02 AUD/shareFY26 actual: 0.01 AUD/share(0.02)0.01
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY25 actual: -47.54 xFY26 actual: -51.66 x(47.5)(51.7)
P / E (x, current market cap)xFY25 actual: -32.84 xFY26 actual: 50.12 x(32.8)50.1
FCF yield (current market cap)%FY25 actual: -0.27 fractionFY26 actual: -0.19 fraction-26.7%-19.3%
EBITDA margin%——
Net debt / EBITDA (x)xFY25 actual: -6.12 xFY26 actual: -13.70 x(6.1)(13.7)

KPI history

Operating metrics

Comparable series use a shared scale

Crystallised salt in crystallisers at quarter end (kt) · Mardie Salt Operation and Mardie Port · Point In Time

kt

4 periods
  1. Q2 FY26 (Dec 2025)0 kt
    Reported
  2. Q3 FY26 (Mar 2026)0 kt
    Reported
  3. Q4 FY26 (Jun 2026)49 kt
    Reported
  4. Q1 FY27 (Sep 2026)266 kt
    Reported

Cumulative Mardie expenditure (A$m) · Mardie Salt Operation and Mardie Port · Point In Time

A$m

4 periods
  1. Q2 FY26 (Dec 2025)1,298 A$m
    Reported
  2. Q3 FY26 (Mar 2026)1,369 A$m
    Reported
  3. Q4 FY26 (Jun 2026)1,479 A$m
    Reported
  4. Q1 FY27 (Sep 2026)1,586 A$m
    Reported

Estimated construction cost to complete (A$m) · Mardie Salt Operation and Mardie Port · Point In Time

A$m

4 periods
  1. Q2 FY26 (Dec 2025)400 A$m
    Reported
  2. Q3 FY26 (Mar 2026)333 A$m
    Reported
  3. Q4 FY26 (Jun 2026)258 A$m
    Reported
  4. Q1 FY27 (Sep 2026)178 A$m
    Reported

Syndicated facility drawn (A$m) · Mardie Salt Operation and Mardie Port · Point In Time

A$m

2 periods
  1. FY26 (30 Jun 2026)586.6 A$m
    Reported
  2. Q1 FY27 (Sep 2026)705.6 A$m
    Reported
Operating metric source table16
MetricProjectPeriodPeriod typeValueStatus
Crystallised salt in crystallisers at quarter end (kt)Mardie SaltQ2 FY26 (Dec 2025)Point In Time0 ktReported
Cumulative Mardie expenditure (A$m)Mardie SaltQ2 FY26 (Dec 2025)Point In Time1,298 A$mReported
Estimated construction cost to complete (A$m)Mardie SaltQ2 FY26 (Dec 2025)Point In Time400 A$mReported
Crystallised salt in crystallisers at quarter end (kt)Mardie SaltQ3 FY26 (Mar 2026)Point In Time0 ktReported
Cumulative Mardie expenditure (A$m)Mardie SaltQ3 FY26 (Mar 2026)Point In Time1,369 A$mReported
Estimated construction cost to complete (A$m)Mardie SaltQ3 FY26 (Mar 2026)Point In Time333 A$mReported
Crystallised salt in crystallisers at quarter end (kt)Mardie SaltQ4 FY26 (Jun 2026)Point In Time49 ktReported
Cumulative Mardie expenditure (A$m)Mardie SaltQ4 FY26 (Jun 2026)Point In Time1,479 A$mReported
Estimated construction cost to complete (A$m)Mardie SaltQ4 FY26 (Jun 2026)Point In Time258 A$mReported
Crystallised salt in crystallisers at quarter end (kt)Mardie SaltQ1 FY27 (Sep 2026)Point In Time266 ktReported
Cumulative Mardie expenditure (A$m)Mardie SaltQ1 FY27 (Sep 2026)Point In Time1,586 A$mReported
Estimated construction cost to complete (A$m)Mardie SaltQ1 FY27 (Sep 2026)Point In Time178 A$mReported
Cash and cash equivalents (A$m)Mardie SaltFY26 (30 Jun 2026)Point In Time98.3 A$mReported
Cash at bank (A$m)Mardie SaltQ1 FY27 (Sep 2026)Point In Time110.3 A$mReported
Syndicated facility drawn (A$m)Mardie SaltQ1 FY27 (Sep 2026)Point In Time705.6 A$mReported
Syndicated facility drawn (A$m)Mardie SaltFY26 (30 Jun 2026)Point In Time586.6 A$mReported
Company guidance4
MetricProjectPeriodLowHighStatus
Operational Readiness For First Salt On Ship (Calendar Quarter Ending)mardie-saltQ1 CY2027, weather dependent; up to six months later in cool or wet conditions—— date 2027-03-31Current
Nameplate Salt Production At Steady Statemardie-saltSteady state (company target 5.35Mtpa)5,100,0005,500,000 t/yrCurrent
Salt First Construction Budget Including Contingencymardie-saltWhole project, A$178m still to complete at 30 September 20261,443,000,0001,443,000,000 AUDCurrent
Crystalliser Lining Programme Completion (28 Cells, 7 Trains)mardie-saltFinal quarter of FY27, to about May-June 2027 (16 cells still to line at 30 September 2026)—— date 2027-06-30Current

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-30Ann. 2026-10-20DebtA$119M——Completed—
2026-06-30Ann. 2026-08-19DebtA$350.5M——Completed—
2025-12-23RaisingA$29M50.1M—Completed—
2024-02-05Ann. 2024-02-01RaisingA$315M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-31

Three binding salt offtakes, the CSL transhipment contract, FX and diesel hedges and contingent iron ore royalties are recorded from the FY24-FY26 annual reports and 2026 quarterlies; offtake volumes, price formulae and the third offtake counterparty are not published, so coverage is partial.

Binding salt offtake for the China market; volumes and the pricing formula are not disclosed. Pricing is set in the year before delivery with reference to prevailing market prices, so BCI keeps price exposure.

Offtake · Active
Counterparties
Wanhua Chemicals (China)
Applies to
Mardie Salt Operation and Mardie Port · Others
Economic direction
Benefit
Period
Dates not stated
Key terms
Term and pricing: three-year supply term with options to extend three or five years; price reset annually or biannually by reference to market
Share of years 1-3 forecast volume: 62 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Initial three-year supply to a proposed world-scale chlor-alkali plant, 300ktpa rising to 600ktpa, with an option to extend three years; market-linked pricing.

Offtake · Active
Counterparties
PT Chandra Asri Pacific subsidiary (Indonesia)
Applies to
Mardie Salt Operation and Mardie Port · Others
Economic direction
Benefit
Period
Dates not stated
Key terms
Volume year 1: 300,000 t/yr
Volume years 2-3: 600,000 t/yr
Extension option: three years
How it affects our valuation

No valuation treatment is available for this arrangement.

Third binding offtake (FY25) lifted contracted volume to 62% of forecast years 1-3 salt production across China, Japan, Korea, Indonesia and Taiwan; Sojitz hosted a salt customer at Mardie in September 2026.

Offtake · Active
Counterparties
Trading house for Japan, Korea and Taiwan (not named in the FY26 report)
Applies to
Mardie Salt Operation and Mardie Port · Others
Economic direction
Benefit
Period
Dates not stated
Key terms
Contract term: three-year terms with extension options
How it affects our valuation

No valuation treatment is available for this arrangement.

CSL operates the transhipment fleet (interim Osprey, then the 16,000dwt Mardie Spirit under construction) that loads ocean-going vessels up to Newcastlemax offshore; the cost sits inside the AISC.

Tolling Or Processing · Active
Counterparties
CSL Australia Pty Ltd
Applies to
Mardie Salt Operation and Mardie Port · Others
Economic direction
Burden
Period
From 2024-06-30; no end date stated
Key terms
Contract value: 598,000,000 AUD
Average annual charge: 28,500,000 AUD/yr
How it affects our valuation

No valuation treatment is available for this arrangement.

USD forward contracts and option collars over forecast salt sales in 2027-2028; derivative asset A$9.8m at 30 June 2026. Small against about US$250m of annual sales at steady state.

FX Hedge · Active
Counterparties
Not disclosed
Applies to
Mardie Salt Operation and Mardie Port · Others
Economic direction
Benefit
Period
Through 2028-06-30; start date not stated
Key terms
Forward notional: 55,300,000 USD
Call options notional: 96,000,000 USD
Put options notional: 55,300,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Historic iron ore divestment royalties and deferred payments, recognised at nil (contingent assets) because receipt depends on third-party development decisions.

Royalty · Conditional
Counterparties
Mineral Resources · Fortescue · Rio Tinto (Koodaideri) · Maiden Iron
Applies to
Company-wide · Others
Economic direction
Benefit
Period
Dates not stated
Key terms
Bungaroo South: 1% FOB royalty plus A$14.0m deferred consideration
Kumina: A$8.0m deferred consideration in two milestone payments
Nullagine: royalty over 75% of future iron ore mined
Koodaideri South: 2% FOB royalty (fully impaired to nil in FY26)
North Marillana: contingent consideration up to A$5.3m
How it affects our valuation

No valuation treatment is available for this arrangement.

Sale of the Iron Valley iron ore assets to Mineral Resources; the last payment was received on 3 July 2026 and no further consideration is due.

Other · Expired
Counterparties
Polaris Metals (Mineral Resources)
Applies to
Company-wide · Others
Economic direction
Benefit
Period
2024-07-02 to 2026-07-03
Key terms
Total consideration: 72,600,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.