Thoughts on BCI Minerals (ASX: BCI)

Hi Malcolm,

For subscribers not familiar with BCI, its a $1.7bn WA company that’s developing the 100%-owned Mardie Salt & Potash Project on the Pilbara coast, which is expected to become Australia’s largest solar salt development and one of the largest globally. Once fully ramped up, Mardie is targeting production of around 5.35Mtpa of high-purity industrial salt and 140ktpa of sulphate of potash (SOP), a premium fertiliser, with construction now more than 70% complete.

• At current prices that represents ~$500mn of annual gross revenue.

Outside Mardie, BCI generates royalty income from the Iron Valley iron ore mine, operated by Mineral Resources (MIN), and also holds strategic investments and potential royalty interests across other resources projects. Importantly, BCI remains primarily a development rather than earnings story, with Mardie’s successful commissioning, first salt sales and eventual ramp-up to nameplate capacity the major catalysts.

BCI’s strong performance has been driven by the progressive de-risking of its flagship Mardie Project, with construction reaching 85% by June, estimated costs to completion falling from $400m to $333m, and first salt production marking the transition from construction toward operations.

• Also, in August BCI’s FY26 result showed diluted EPS of $0.008 from continuing operations versus a loss of $0.0204 a year earlier, with revenue rising to $6.2M from $5.8M.
• Also, at BCI announced it had been awarded a construction contract for a sulphate of potash (SOP) pilot plant at Mardie, adding a second commodity optionality layer to the project beyond salt.

The improving outlook has also attracted positive broker coverage and rising price targets, while plans for an SOP pilot plant add longer-term upside, helping drive a ~80% re-rating from a construction-risk story toward a near-production valuation.

• After last month’s news we like the risk/reward on BCI below 60c news.

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BCI Minerals Ltd (BC))

LAST UPDATED 09/09/2026 13:30

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BCI Minerals Ltd (BC))

LAST UPDATED 09/09/2026 13:30