BCI Minerals Limited

Good morning everyone and welcome. I'm David Bossoff and with me is our CFO Steve Fuster. We're pleased to be joining you today for this December 2025 quarterly update. You'll notice that we're both in our hi-vis today, as we'll be travelling to South directly after this call. Before we get underway, I'd like to mention that today's presentation should be read in conjunction with our December quarterly report, which is available on our website. As we move through today's session, please feel free to add your questions to the live Q&A tab on the right side of your screen. And we'll be responding to these questions at the end of the session. As we step into the new year, it's a good moment to reflect on the December quarter, not just on what we've achieved, but on how we've achieved it. This quarter delivered solid progress with strong, tangible momentum across operations, construction, and financial performance. And that progress is underpinned by our values, which guide our decisions, shape our culture, and influence the way we work with our partners and contractors. That brings me to our find a way value. I'd like to recognize one individual who truly embodied it. Thomas Huckstedt is an application specialist in our IT team. Tom delivered the first phase of our Mardi operating system on time, on budget, and to scope. He successfully managed key contractors to implement the Mardi production reporting system and our laboratory information management system. When traditional delivery models threatened timelines, Tom adopted an agile approach to accelerate implementation. And in fact, the contract has confirmed that this was likely one of the fastest implementations in their history. I'll speak more about the Māori operating system shortly, but I want to begin by acknowledging Tom and recognise the values-driven approach of our people. And that values-driven approach is exactly what underpins the business we are building at Māori. Mighty is already Australia's largest solar salt operation and the third largest globally. Our focus is clear, delivering salt to our customers later this year and providing and proving up SOP as our next major revenue stream. Salt is now in operation and is set to ramp up to 5.35 million tonnes per annum. With its scale, coastal location and integrated port infrastructure, Mighty is exceptionally well positioned to meet rising demand across Asia. Our SOP pilot work is also progressing well and remains on track to support a production pathway targeting around 140,000 tons per annum. This represents an opportunity to leverage our investment in the salt business to produce made-in-WA value-add products. The port provides us connectivity to our customers along with additional upside through its spare capacity, creating potential for third-party revenue and strategic partnerships over time. Now I'd like to walk you through the highlights for this quarter. In safety, we continue to strengthen key fatality prevention controls and maintain our focus on field leadership, completing more than 400 leadership in the field safety interactions. We also completed 290 critical control verifications and our 12 month rolling average total recordable injury frequency rate was 3.9. We continue to actively manage the complexity of concurrent activities and project activities onsite for operations and projects. As mentioned earlier, we deployed the mine production reporting system and the laboratory information management system as part of the mining operating system. This, along with our digital twin that we call Poseidon, enhances operational visibility and control, enabling us to make timely data-driven decisions. Brine levels across ponds 1 to 9 remained in line with our operational targets. The pond brine density continued to increase as we have forecasted. Construction is also progressing well, with the project now 77% complete. We commence sealing the primary crystallizers and progress is tracking to plan. Major earthworks for the salt wash plant, stockyard and non-process infrastructure were also completed during the quarter, readying us for construction of these three assets over the next three quarters. Significantly, and another reflection on our find-a-way value, We secured all our primary approvals for the offshore placement of material from the dredging program at the port of Cape Preston West. This is a key milestone for our port infrastructure, which also significantly de-risks achieving our construction budget. Finally, we commissioned all the KTMS trial crystallizers as part of our SOP piloting work, achieving steady state operations and performance in line with our expectations. I'll now hand over to Steve, who will walk us through the corporate highlights.

Yeah, thanks, David. With construction remaining within budget, BCI continues to be in a strong financial position. During the quarter, we drew $99.8 million from the syndicated debt facility. That takes total debt drawn at the end of December to $446.8 million. We also issued over 50 million new shares following the conversion of the Series 1 convertible notes held by Australian Super Pty Ltd. And consequently, that reduced our borrowings by $29.1 million. We'd like to thank Australian Super for their ongoing support. On the corporate front, we formalised a two-year capacity building program with Wirrawundi Aboriginal Corporation. and Darv will share more about that later on. I'll share more on cash flow shortly, but Darv will provide a more detailed update on our operations.

Thanks, Steve. Operational performance remained strong this quarter, with bumps running at 96% utilisation across more than 9,300 hours. All pond levels continue towards operational height, and brine density continues to increase in line with forecast. As you can see on the chart, we've got a marker there for the 31st of December, and it's within the range that we predicted two quarters ago. Our focus is now on balancing density across the pond network as we progress towards crystallizer readiness. Key technical milestones were also achieved, including calcium carbonate sealing in pond 6, Gypsum formation across the ponds as that's pond 7, 8 and 9. This process materially improves water retention, removes contaminants and are critical to achieving steady state brine flow and high quality salt production. We also welcome the arrival of brine shrimp in pond 7. Brine shrimp helps to naturally clear nutrients and support salt quality. Looking ahead, Poseidon, our model, indicates that Pond 9 is expected to reach target density in February, and this keeps us on track for first salt on ship in the December 2026 quarter. We're continuing to make good progress towards our construction milestones, with cumulative expenditure totalling $1,043,000,000, As we stated in September quarterly, activity during December was relatively lower, reflecting the completion of several large packages. We expect activity to pick up again this quarter as we now work on the salt wash plant, crystallizer sealing and dredging packages. Seeding off the primary crystallizers also commenced, with liners creating a safer, more predictable harvest environment and eliminating seepage. Lining began in November and remains on track, with the first crystallizer cell scheduled for completion in February. Three crystallizer lift stations were also completed during the December quarter, ready for commissioning of the transfer of high density brine from Bond 9. Major earthworks for the salt wash plant, stockyard and non-process infrastructure were also completed, enabling concrete works to commence early this year. Engineering and design for the salt wash plant continues with major procurement items in the fabrication phase. The non-process infrastructure contract was awarded in December and design work is now underway. Approval has also been received for the remaining section of the Pearl Brook Port Road, and that construction is also commenced. At the port of Cape Preston West, construction of the marine package has progressed with electrical and mechanical installations advancing, and the overall completion is now at 94%. Now that BCI has secured Our primary approvals for offshore placement of dredging material in December. Dredging of the berth pocket and navigation channel is expected to begin in April 2026. Steve will now take us through the financial highlights.