BCI Minerals Limited

No revenue or EPS figures were reported on the call. Construction costs were said to be “just over $1 billion,” with $41 million spent in the quarter and cumulative construction expenditure at $1.043 billion. Total debt drawn at December-end was $446.8 million after a $99.8 million draw during the quarter, and available liquidity was $601 million. The company said construction remains within budget and reiterated it is fully funded to complete construction and cover working capital through ramp-up. Forward targets included salt ramp-up to 5.35 million tonnes per annum, SOP production targeting around 140,000 tonnes per annum, first salt on ship in the December 2026 quarter, initial crystallizer cell completion in February, dredging expected to begin in April 2026, and a potential salt wash plant commissioning start in late October.

David Boshoff emphasized execution and risk reduction, saying the quarter delivered solid progress across operations, construction and financial performance. He highlighted technical milestones in the ponds, the commissioning of the Mardie operating system, and progress on SOP piloting as signs the project is de-risking. His tone was confident but still focused on the work ahead, particularly around crystallizer readiness, weather risk, and maintaining the schedule to first shipment.

Steve Fewster focused on balance sheet strength and funding certainty. He said construction remained within budget, liquidity totaled $601 million, debt drawn was $446.8 million, and BCI had $351 million in uncommitted funds to fund remaining major packages such as dredging, crystallizer lining and the salt wash plant. He also said the company has invested almost $1.3 billion in Mardie when combining construction costs and pre-revenue operating expenditure of around $255 million.

Analysts asked about additional minerals from Mardie, and management said bromine, magnesium and pharmaceutical salt could be potential future revenue streams, though none are currently committed. On SOP, management said batch testing and high-temperature tests have matched expectations and supported the move into pilot plant design. Questions on surplus port capacity and pricing drew interest in third-party iron ore users, but Steve said revenue timing is likely not short term and pricing is still being assessed, with Ashburton Port’s rate of around $9-$10 per tonne mentioned only as a reference point. Management also said any additional salt ponds would require further approvals and long lead times, and that weather risk is modeled into the schedule so first shipment should still be achievable even with rain or a cyclone.