Bci Minerals Ltd · ASX:BCI
Bci Minerals — Non-Deal Roadshow (December 2025)
25 slides from Bci Minerals's roadshow presentation, Dec 2, 2025
Slide 1: BCI Investor Roadshow
2 December 2025 ASX Code: BCI For personal use only BCI Investor Roadshow This presentation should be reviewed alongside the September 2025 Quarterly Report, available on our website
Slide 2: Our vision, purpose and values
For personal use only Our vision is to create long-term Our Values sustainable opportunities and value for our team, communities, and shareholders. Our purpose is to develop and operate the Mardie Project to consistently deliver low- cost, world-class, sustainable, and high- Be Part of Win As We Do
Slide 3: Operating by our values: we do what we say
Operating by our values: we do what we say We remain fully funded and on budget December 2025 For personal use only December 2023 74% 31% Construction 94% 0% Pond fill Complete Incomplete Primary Approvals H2 CY26 H2 CY26 FSOS 3 BCI Investor Roadshow – December 2025
Slide 4: Mardie is located within a proven solar salt region
Mardie is located within a proven solar salt region For personal use only Broome Karratha #1 #3 115km 2 Exmouth Newman Largest salt producer in Third largest producer Significant footprint Australia globally 1st 20mtpa ~5.3m Geraldton Tonnes of high-quality Quartile cost producer on FOB Port with ca
Slide 5: How we operate
How we operate Our minerals and infrastructure allow our customers to produce products that we rely on and consume everyday. We combine natural resources and innovation to produce sustainable, high-quality minerals for the industrial and agriculture sectors ready for export to global markets via our
Slide 6: Salt: the hidden ingredient in everyday life
Salt: the hidden ingredient in everyday life For personal use only 6 BCI Investor Roadshow – December 2025
Slide 7: Forecast supply shortfall
Forecast supply shortfall Positive Salt Asia Demand vs Supply1 is positively affecting salt price forecast Market Outlook 240 230 Mardie first salt on ship 220 For personal use only Forecast Supply +16% Growing regional demand for industrial shortfall 210 salt, together with limited new supply, is M
Slide 8: Committed sales volumes
Committed sales volumes BCI Production Forecast1 For personal use only Mt Three binding Offtake Agreements 7.0 BCI assumes 1 cyclone every 7 years with tier 1 customers: 6.0 ✓ Markets: China, Indonesia, Japan, Korea and Taiwan 5.0 ✓ Committed volumes: 62% for first 3 years of forecast production 4.0
Slide 9: First quartile FOB cost producer
For personal use only 9 BCI Investor Roadshow – December 2025 FOB, US$/t 10 20 30 40 50 60 0 India Ist Tier Mexican Australia 1-2 1 Source: Wood Mackenzie, BCI Analysis Mardie Salt Only Australia 3-4 India 2nd Tier Australia 5 India 3rd Tier Chile Chinese Solar Other Shandong Solar Capacity (Mt) Tia
Slide 10: On track to ensure optimal capacity in all ponds
Operations On track to ensure optimal capacity in all ponds For personal use only Pond filling status: 1 2 3 Ponds 1-3 4 5 6 Ponds 4-6 7 8 9 Ponds 7-9 10 Data as at 24 November 2025
Slide 11: Pond density on track to produce high grade industrial salt
Operations Pond 9 density on track to produce high grade industrial salt For personal use only 1.24 To produce high grade industrial salt in the 1.22 crystallisers: 1.20 Operational Density Range • Each of the 9 ponds must achieve target density 1.18 • Ponds 1 – 7 achieved target density during this
Slide 12: Salt-first construction 74% complete
Salt-first construction 74% complete For personal use only Operational Project remains on budget and on schedule 12
Slide 13: Construction progressing on schedule and on budget
Construction Progressing on schedule and on budget For personal use only 1,4431 Upcoming expenditure: Dredging, Crystalliser sealing, Salt Wash Plant 386 1,002 55 1,057 5 74% complete 6 Spent Committed Uncommitted Budget 74% of project expenditure locked in, significantly derisking construction cost
Slide 14: Salt-first Roadmap to Revenue
Salt-first Roadmap to Revenue The chart outlines the major milestones to achieve revenue from the salt business only. BCI remains committed to the commercialisation of SOP and the Cape Preston West Port. For personal use only Mardie Salt Completion of Earthworks and First crystalliser Salt wash plan
Slide 15: Salt construction and working capital fully funded
Salt construction and working capital fully funded Mardie Salt and Potash Project As at 30 September 2025 Is 38km long, ~115km2Capital footprint Management For personal use only Shares on issue1 • Long-term lending facilities, with a weighted average 2,888M maturity of 10 years, NAIF ($490M) in 2039
Slide 16: Construction
Construction First shipment of liner arriving Brine channel liner installation For personal use only 16 BCI Investor Roadshow – December 2025
Slide 17: Construction
Construction Salt wash plant earthworks Stockyard earthworks For personal use only 17 BCI Investor Roadshow – December 2025
Slide 18: Cape Preston West Port
Cape Preston West Port The BCI Minerals Cape Preston West Port increases export For personal use only capacity in the Pilbara ✓ Multi-user port, providing valuable access for the region to global markets ✓ Construction is over 93% complete ✓ Loading of up to Newcastle Max vessels ✓ Surplus export ca
Slide 19: Construction – Cape Preston West Port
Construction – Cape Preston West Port Jetty outload Jetty head For personal use only 19 BCI Investor Roadshow – December 2025
Slide 20: Sulphate of Potash (SOP)
Sulphate of Potash (SOP) Bringing to market valuable salt by-products For personal use only ✓ SOP and fertiliser products can be produced as by-products of salt ✓ Strong market dynamics present an attractive opportunity for BCI ✓ Scaled trial underway to validate commercially viable quantities of SO
Slide 21: Steady Future Cashflow
Steady Future Cashflow Salt and SOP forecast to deliver strong operating cashflow to underpin sustainable returns for shareholders Implied dividend yield of 21%1 based on ~$255 million pa. average free For personal use only cashflow, in real terms, available to equity holders2 (excludes Potential fo
Slide 22: Investment Highlights
Investment Highlights For personal use only Premium product, Favourable Sales agreements Strong forecast Short runway large scale market outlook in place returns to profitability ✓ Largest salt ✓ Robust salt price ✓ Secured 62% offtake ✓ 60+ year asset with low sustaining capex ✓ Salt first EBITDA:
Slide 23: Important Notices
Important Notices Not an Offer of Securities For personal use only This document has been prepared by BCI Minerals Limited ABN 21 120 646 924 (BCI).This document does not constitute or contain an offer, invitation solicitation or recommendation with respect to the purchase or sale of any security in
Slide 24: Important Notices (continued)
Important Notices (continued) For personal use only No Financial data All dollar values are in Australian dollars (A or AUD) unless otherwise stated. This document includes certain historical financial information extracted from BCI’s audited consolidated financial statements and information…
Slide 25: Steady State Assumptions Table
Steady State Assumptions Table Assumption Units Salt First Salt and SOP Salt For personal use only Capital cost A$M, nominal 1,443 1,629 First Salt on Ship HY H2 CY261 H2 CY261 Salt production Mtpa 5.35 (5.1 -5.5) 5.35 (5.1 -5.5) Salt price US$/t CIF, Real, LT 64.1 64.1 Exchange rate AUD/USD, LT 0.6