Highlights

  • Mardie recorded its first crystallised salt during FY26 as its salt ponds moved into operation.
  • Construction was 85% complete at the FY26 year-end review.
  • The project had 49,000 tonnes of crystallised salt by 30 June 2026.
  • BCI continued work on port, salt washing and logistics infrastructure for future exports.

BCI Minerals Limited (ASX:BCI) is advancing a company-specific operating and development programme against the backdrop of its latest reported financial and project milestones. Its shares closed at AUD 0.515 on 3 November 2026, a daily change of -4.63%, with a Market Capitalisation of approximately AUD 1.51B. The company’s disclosed progress spans the activities outlined below, with completed results distinguished from management targets and projects still under development.

Crystallisation Marks a Change in Project Status

BCI Minerals reached a defining operational milestone at the Mardie Salt Operation in Western Australia during FY26: salt crystals formed in the crystallisers. The company reported an inventory of 49,000 tonnes of crystallised salt by 30 June 2026. This achievement demonstrated that the brine concentration and crystallisation system had begun generating product, although it was not equivalent to a completed commercial export programme. Mardie is being developed as a large-scale solar salt operation on the Pilbara coast.

Construction Moves Beyond the Pond Network

BCI reported that construction was 85% complete in its FY26 review. It had filled its first crystalliser train and commenced filling the next train, while earlier works had included brine-channel commissioning and salt pavement formation. The company also progressed the salt wash plant and marine infrastructure. The remaining construction and commissioning programme matters because crystallised salt must still be processed, handled and transported before routine deliveries can occur. Construction percentage and physical salt inventory therefore describe different stages of development.

Export Infrastructure Is Central to the Plan

The Mardie operation is located approximately 80 kilometres south of Karratha and includes dedicated export infrastructure at Cape Preston West. BCI describes a 2.4-kilometre jetty and an integrated port solution designed to serve customers in Asian markets. The company has said 62% of initial output is committed through binding offtake arrangements. Such commitments provide a commercial framework, while actual shipments remain dependent on successful completion of the associated operational systems.

Funding and Development Economics

BCI has identified AUD 981M in secured project funding and an operating life exceeding 60 years in its project materials. Its FY26 review recorded AUD 1,185M of construction cost to date and an estimated AUD 258M to complete. These figures refer to different measures and should not be combined without considering their respective dates and definitions. The project is designed to produce industrial salt, with sulphate of potash identified as a potential fertiliser by-product.

Next Steps and Share Performance

The development priorities are completing outstanding works, commissioning the washing and export chain, and advancing the transition from crystallised salt inventory to commercial supply. BCI shares finished 3 November 2026 at AUD 0.515, down 4.63%, after trading between AUD 0.515 and AUD 0.545. Market capitalisation was approximately AUD 1.51B. The next measurable project milestones will concern operational readiness and deliveries rather than simply additional construction spending. BCI has described Mardie as a multigenerational operation with a potential operating life above 60 years.