BCI Minerals Shares Rally With Pilbara Mardie Salt Project Nearing Completion and First Shipment in Sight

SYDNEY — Shares of BCI Minerals Ltd. rose more than 4% on Wednesday, extending a strong year for the Western Australian developer as its Mardie salt project moves into the final stretch of construction ahead of first exports.

BCI shares gained 2.25 cents, or 4.37%, to 53.75 Australian cents in afternoon trade, after moving between 51.5 cents and 56 cents. More than 1 million shares changed hands, and the stock is up nearly 40% over the past 12 months.

The rise came as the broader market weakened. The S&P/ASX 200 dropped 63.40 points, or 0.71%, to 8,823.40 shortly after the open.

The company did not release a new announcement on Wednesday, and the gains follow a September-quarter update that showed construction approaching completion.

Construction at 90%

BCI presented its September 2026 quarterly update on Oct. 20, showing the flagship Mardie project had reached 90% construction completion as it approaches first revenue in the first half of 2027.

Salt output is building rapidly. The Port of Mardie reached 98% completion, and salt crystallization accelerated to 266,000 tons from 49,000 tons in the prior quarter.

The company maintained its timeline for construction completion by December 2026 and a first salt shipment in the first half of calendar 2027, depending on weather conditions.

Work on the crystallizers continues. BCI completed 12 crystallizer cells during the quarter and lined two more after quarter-end, bringing the total to 14, while management said 16 lined cells would be sufficient to support the first harvest and initial shipment volumes.

Weather remains the key variable

The timing of first exports has shifted over the past year. BCI had earlier expected its first salt shipment in the December 2026 quarter. By July, management said the exact timing of first salt on ship would depend on evaporation conditions driven by temperature, wind and rainfall, factors beyond the company's control.

Managing Director David Boshoff told analysts at the time that salt production had commenced and that "we closed the quarter with salt inventory in the ground," while stressing that weather, not construction, was the main variable for shipment timing.

Management has said construction is targeted for completion by the end of December 2026 regardless of weather, with first salt on ship still expected in the first half of calendar 2027.

Large-scale ambitions

Mardie, located on the Pilbara coast, is designed to be one of the world's biggest solar salt operations. The project is expected to become Australia's largest salt operation and the third largest globally, producing salt from a network of evaporation ponds and crystallizers and exporting through dedicated marine infrastructure.

At full operation, BCI expects to produce up to 5.35 million tonnes of industrial salt a year, delivering EBITDA of $286 million at steady state. The project has a projected operating life of more than 60 years.

The budget has held steady. The project carries a total capital budget of $1.443 billion. At the June quarter, BCI reported available liquidity of A$426 million against a cost to complete of A$258 million.

Potash optionality

Beyond salt, the company is studying a second product stream. BCI has awarded a construction contract for a sulphate of potash pilot plant at Mardie, a containerized facility designed to process 150 kilograms per hour and funded from existing debt facilities within the approved capital budget.

The company views the pilot as a disciplined step toward assessing whether bitterns can be converted into a premium, chloride-free fertilizer. BCI has previously said a sulphate of potash operation could add about A$100 million to the salt-only EBITDA forecast of A$285 million.

What investors are watching

With revenue still ahead, the stock trades largely on project milestones. BCI currently has no producing revenue segment, and until first salt is shipped, neither of its planned product streams contributes sales.

Key goals for 2027 include completing crystallizer lining, finishing the salt wash plant, conducting jetty wet commissioning and achieving first salt harvest.

Investors are expected to keep monitoring construction completion, first salt milestones, the funding position, pilot plant activities and the operational ramp-up.

The company has also discussed opportunities for its port. BCI has raised the possibility of third-party use of Mardie's port infrastructure for iron ore exports.

The shares have risen steadily in recent months. In July, the stock traded at about 40 cents, near the middle of a 52-week range of 32.5 cents to 47 cents. Wednesday's price of about 54 cents places the company's market value at roughly A$1.6 billion.