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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
—
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

Narrative and provenance

Research & Sources

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Chronological evidenceSource-document inventory28 documents
BCI.AX close 30 October 2026 (local ASX price database)Market Data · MediumExtracted

Latest eligible ASX close on or before the 31 October 2026 cutoff from `python -m miners.reference_price BCI --valuation-date 2026-10-31`: A$0.525 raw close, volume 732,766, provider market data provider via miners.collect_stock_prices, one ASX BCI ordinary share, freshness 1 day.

Document ID
bci_close_20261030
Published UTC
2026-10-29T23:00:00Z
Projects
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Commodities
others
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Local market snapshot for BCI at 31 October 2026 (data to the 30 October close)Market Data · MediumExtracted

Output of `python -m miners.v8db.market_snapshot BCI --cutoff 2026-10-31 --shares 2940098973 --commodities Salt`: 52-week range A$0.335-0.64, returns 1m -15.3%, 3m +22.1%, 12m +40.0%, 3y +95.6% (12m +31.1% relative to the mining index), 20-day average traded value A$553k, market cap A$1,543.6m on 2,940.1m shares, AUD per USD 1.4236 (AUD/USD about 0.70), no published peers in the local database and no salt spot series.

Document ID
market_snapshot_20261031
Published UTC
2026-10-29T23:00:00Z
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Guidechem refined industrial salt price, China (30 Oct 2026)Commodity Data · LowExtracted

Chinese domestic refined industrial salt listed at 500 CNY/t on 30 October 2026, Shandong 99% salt 440 CNY/t and Shengli Chemical 380 CNY/t (October monthly ranges 440-510 and 380-420). A domestic ex-works series, not a seaborne CIF benchmark; no CIF Asia price for Australian salt was found.

Document ID
guidechem_refined_salt_20261030
Published UTC
2026-10-29T23:00:00Z
Projects
mardie-salt
Commodities
others
Open original source ↗
September 2026 Quarterly Activities ReportOperations · HighExtracted

September 2026 quarterly activities report (20 Oct 2026): construction 90% complete (87% incl. crystalliser lining), 266kt salt crystallised, 12 crystalliser cells commissioned, A$119m drawn from the syndicated facility (A$706m drawn at quarter end), cash A$110.3m and total available funds A$316m, SOP pilot plant contract awarded, FSOS targeted CY2027 and weather dependent.

Document ID
sep26_quarterly_report
Published UTC
2026-10-19T21:51:55Z
Projects
mardie-salt
Commodities
others
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September 2026 Quarterly UpdatePresentation · MediumExtracted

September 2026 quarterly presentation: roadmap to salt revenue (crystalliser lining complete and Osprey transhipper CY2026-27, salt wash plant complete late CY2026), construction budget A$1,443m (A$1,265m spent, A$64m committed, A$114m uncommitted), SOP pilot plant timeline, Wood Mackenzie April 2026 Asian salt outlook, and the statement that JORC resources and reserves do not apply to seawater salt.

Document ID
sep26_quarterly_update
Published UTC
2026-10-19T21:56:45Z
Projects
mardie-salt
Commodities
others
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Notice of Annual General Meeting/Proxy FormGovernance · LowExtracted

Notice of 2026 annual general meeting for 20 November 2026 including election of Ian Hansen and remuneration report vote.

Document ID
agm_notice_20261013
Published UTC
2026-10-12T22:40:03Z
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Notification of cessation of securities - BCICorporate Action · LowExtracted

Appendix 3H 12 Oct 2026: 1,297,293 2025 performance rights lapsed; unquoted securities after the change are 23,960,422 rights and 160,384,924 Series 3 convertible notes.

Document ID
cessation_20261012
Published UTC
2026-10-12T02:17:58Z
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Application for quotation of securities - BCICorporate Action · LowExtracted

Appendix 2A: 2,519,164 ordinary shares issued 18 September 2026 on conversion of performance and share rights for nil consideration.

Document ID
appendix2a_20260918
Published UTC
2026-09-18T07:30:35Z
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BCI Board ChangesLeadership · MediumExtracted

Ian Hansen (ex Wesfarmers Chemicals, Energy and Fertilisers MD) appointed non-executive director from 1 November 2026; Chris Salisbury (Audit and Risk Chair) will not seek re-election at the 20 November 2026 AGM.

Document ID
board_changes_20260917
Published UTC
2026-09-16T22:30:53Z
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Notification of cessation of securities - BCICorporate Action · LowExtracted

Appendix 3H 21 Aug 2026: 1,322,933 2024 performance rights lapsed.

Document ID
cessation_20260821
Published UTC
2026-08-21T07:44:43Z
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Change of Director's Interest Notice - D BoshoffGovernance · LowExtracted

Managing Director David Boshoff disposed of 802,088 vested 2024 tranche 2 performance rights on 18 August 2026 (lapse).

Document ID
director_interest_boshoff_20260821
Published UTC
2026-08-21T07:52:38Z
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FY26 Annual ReportResults · HighExtracted

FY26 annual report (19 Aug 2026): pre-revenue, FY26 NPAT A$30.8m including a A$92.9m deferred tax asset recognition, cash A$98.3m, borrowings A$698.2m, 2,937.6m shares, offtake 62% of years 1-3 volume, A$1,443m salt-first budget, board and executive biographies, top-20 holders, contingent iron ore royalties, FX and diesel hedges, Series 3 convertible note terms.

Document ID
annual_report_fy26
Published UTC
2026-08-18T21:46:13Z
Projects
mardie-salt
Commodities
others
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Appendix 4EResults · MediumExtracted

Appendix 4E FY26: no dividends declared for FY26 (FY25 nil); net tangible assets A$0.28 per share.

Document ID
appendix_4e_fy26
Published UTC
2026-08-18T21:46:03Z
Projects
mardie-salt
Commodities
others
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FY26 Full Year ResultsResults · MediumExtracted

FY26 full year results announcement (18 Aug 2026): construction 85%, cumulative Mardie expenditure A$1,479m, cost to complete A$258m, available funds A$423m, 49kt crystallised, three binding offtakes cover 62% of first three years forecast salt, SOP pilot plant FID planned.

Document ID
fy26_results_announcement
Published UTC
2026-08-18T21:46:43Z
Projects
mardie-salt
Commodities
others
Open original source ↗
Compass Minerals fiscal 2026 third-quarter resultsResults · LowExtracted

Compass Minerals (NYSE: CMP, salt and plant nutrition) reported Q3 adjusted EBITDA US$39.9m, nine-month US$191.6m, raised the midpoint of fiscal 2026 adjusted EBITDA guidance to US$230m (range US$218-242m) and net debt of US$660.3m at 30 June 2026 (net leverage 2.8x).

Document ID
cmp_q3_fy26_release
Published UTC
2026-08-04T23:00:00Z
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Intrepid Potash second quarter 2026 resultsResults · LowExtracted

Intrepid Potash (NYSE: IPI) reported Q2 2026 adjusted EBITDA from continuing operations US$17.5m, first-half US$36.5m, completed the US$68.9m sale of Intrepid South and expanded its buyback to US$50m.

Document ID
ipi_q2_2026_release
Published UTC
2026-08-03T23:00:00Z
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June 2026 Quarterly Activities ReportOperations · HighExtracted

June 2026 quarterly activities report: 49kt salt crystallised, first crystalliser train filled, company expects operational readiness for first salt on ship by Q1 CY2027 (weather dependent; cool or wet conditions can add up to six months), crystalliser lining to finish March 2027, dredging started April 2026.

Document ID
jun26_quarterly_report
Published UTC
2026-07-19T22:25:33Z
Projects
mardie-salt
Commodities
others
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Motley Fool Australia: ASX resources stock tipped to jump more than 100% (Shaw and Partners initiation on BCI, 19 June 2026)Other · LowExtracted

Reports that Shaw and Partners initiated coverage of BCI on 19 June 2026 with a Buy rating, high risk and a A$0.75 price target, equivalent to about 4.7x steady-state EV/EBITDA, expecting a re-rating to 6-8x as the company becomes an operator; flags weak industrial salt prices or SOP pilot underperformance as risks. The stock was about A$0.37 at the time. Used to test the thesis, never as the valuation anchor.

Document ID
shaw_initiation_20260623
Published UTC
2026-06-22T23:00:00Z
Projects
mardie-salt
Commodities
others
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Change of Director's Interest Notice - B O'DonnellGovernance · LowExtracted

Chair Brian O Donnell bought 200,000 shares on market at A$0.34 on 26 May 2026, lifting his indirect holding to 3,000,000 shares.

Document ID
director_interest_odonnell_20260527
Published UTC
2026-05-26T22:22:52Z
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K+S raises EBITDA forecast for full year 2026Guidance · LowExtracted

K+S (XETRA: SDF; potash, magnesium and salt) raised its 2026 EBITDA forecast to EUR630-730m from EUR600-700m; net debt not stated on the page.

Document ID
kpluss_guidance_20260511
Published UTC
2026-05-10T23:00:00Z
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March 2026 Quarterly Activities ReportOperations · MediumExtracted

March 2026 quarterly activities report: construction 81%, cyclones Mitchell and Narelle with no material damage, first two crystalliser cells flooded 11 March 2026, ramp-up profile under review.

Document ID
mar26_quarterly_report
Published UTC
2026-04-27T22:25:23Z
Projects
mardie-salt
Commodities
others
Open original source ↗
31 December 2025 Half-Year Financial ReportResults · MediumExtracted

31 December 2025 half-year financial report: available funds A$601m, cost to complete A$400m, offtake contracts priced in the year before or biannually with reference to market pricing.

Document ID
half_year_report_dec25
Published UTC
2026-02-23T22:00:45Z
Projects
mardie-salt
Commodities
others
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Quarterly Activities ReportOperations · MediumExtracted

December 2025 quarterly activities report: first salt on ship targeted for the December 2026 quarter at that date (later moved to CY2027), construction 77%, crystalliser lining programme.

Document ID
dec25_quarterly_report
Published UTC
2026-01-27T21:16:37Z
Projects
mardie-salt
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others
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FY25 Annual ReportResults · MediumExtracted

FY25 annual report: third binding offtake signed taking contracted volumes to 62% of the first three years, construction 69%, cumulative expenditure A$1,113m.

Document ID
annual_report_fy25
Published UTC
2025-08-21T23:16:19Z
Projects
mardie-salt
Commodities
others
Open original source ↗
Financial Close achieved for Mardie Project Debt FacilityFinancing · HighExtracted

Financial close achieved on the A$981m Mardie syndicated facility (NAIF, EFA, EDC, Westpac, ICBC) on 4 October 2024.

Document ID
financial_close_20241004
Published UTC
2024-10-04T03:42:32Z
Projects
mardie-salt
Commodities
others
Open original source ↗
FY24 Annual ReportResults · MediumExtracted

FY24 annual report: A$598m 21-year transhipment services agreement with CSL Australia; offtake agreements signed with Wanhua Chemicals (China) and PT Chandra Asri Pacific (Indonesia, 300ktpa rising to 600ktpa); A$981m debt and A$315m equity raised; Iron Valley divestment.

Document ID
annual_report_fy24
Published UTC
2024-08-22T23:19:23Z
Projects
mardie-salt
Commodities
others
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Retail Entitlement Offer BookletStudy · HighExtracted

Retail entitlement offer booklet (8 Feb 2024) carrying the company Feb 2024 base case: salt-first pre-tax real ungeared NPV A$1.8bn at 7% real from start of construction (US$64.7/t CIF real, US$11.2/t freight, A$23.73/t FOB AISC real, AUD/USD 0.69, 5.35Mtpa, EBITDA A$286m); salt plus SOP NPV A$2.6bn; sales ramp chart; sources and uses of funds.

Document ID
retail_offer_booklet_feb24
Published UTC
2024-02-08T07:33:26Z
Projects
mardie-salt
Commodities
others
Open original source ↗
Dampier Salt sells Lake MacLeod operation for A$375mTransaction · LowExtracted

Dampier Salt (Rio Tinto 68%, Marubeni 22%, Sojitz 10%) agreed to sell the 1.5Mtpa Lake MacLeod solar salt operation, a 1Mtpa gypsum operation and the Cape Cuvier port to Leichhardt Industrials for A$375m (completed December 2024). Implies about A$250 per tonne of annual salt capacity; no earnings multiple disclosed.

Document ID
lake_macleod_sale_20240116
Published UTC
2024-01-15T23:00:00Z
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Evidence facts22
cash_20260930Cash at bank at 30 September 2026

110300000.0 AUD

2026-09-30
sfa_drawn_20260930Syndicated facility drawn (main cost facility)

705600000.0 AUD

2026-09-30
available_funds_20260930Total available funds

315700000.0 AUD

2026-09-30
cost_to_complete_20260930Estimated construction cost to complete

178000000.0 AUD

2026-09-30
crystallised_salt_20260930Crystallised salt at quarter end

266000 t

2026-09-30
shares_20260630Ordinary shares on issue at 30 June 2026

2937579809 shares

2026-06-30
shares_20250630Ordinary shares on issue at 30 June 2025

2887513061 shares

2025-06-30
cash_20260630Cash and cash equivalents

98300000.0 AUD

2026-06-30
borrowings_20260630Interest bearing loans and borrowings

698200000.0 AUD

2026-06-30
equity_20260630Total shareholders equity

834100000.0 AUD

2026-06-30
npat_fy26Profit for the year

30800000.0 AUD

2026-06-30
ebitda_fy26Group EBITDA

-43800000.0 AUD

2026-06-30
ppe_20260630Property, plant and equipment

1346000000.0 AUD

2026-06-30
losses_dta_20260630Revenue losses recognised as deferred tax asset

146000000.0 AUD

2026-06-30
dividends_fy26Dividends declared FY26

0 AUD/share

2026-06-30
study_npv_salt_firstSalt-first project NPV (pre-tax, real, ungeared, 7% real)

1822000000.0 AUD

2024-02-01
study_salt_priceSalt price CIF real LT

64.7 USD/t

2024-02-01
study_aiscSalt AISC FOB real LOM (salt-first)

23.73 AUD/t

2024-02-01
study_fxAUD/USD 2026+

0.69 USD/AUD

2024-02-01
study_ebitdaSteady state EBITDA (salt-first, real)

286000000.0 AUD

2024-02-01
shares_issued_20260918Shares issued on conversion of rights

2519164 shares

2026-09-18
bci_closeReference close

0.525 AUD/share

2026-10-30