How Close Is BCI Minerals to First Salt? 93% Pond Inundation Signals Progress

Strong Operational Momentum at Mardie

BCI Minerals has delivered a robust quarterly update for the period ending September 2025, underscoring steady progress at its flagship Mardie Salt Operation and Potash Project in Western Australia's Pilbara region. The company reported that pond surface inundation reached 93% across ponds one to nine, a critical step in the solar evaporation process that transforms seawater into high-purity salt. This marks a notable increase from 77% in the previous quarter, reflecting effective operational ramp-up ahead of the 2025/2026 summer season.

Construction of the salt first phase advanced to 74% completion, with key infrastructure milestones achieved including the completion of primary and secondary salt crystallisers. The marine package for the Cape Preston West Port also progressed to over 93% complete, positioning BCI well for future export capabilities. Meanwhile, engineering and design of the salt wash plant reached 60% completion, with earthworks underway and commissioning on track for late 2026.

Leveraging Technology and Safety Focus

BCI has integrated a digital twin, a dynamic operational model, into its production planning, enabling data-driven decision-making that incorporates real-time operational data and weather forecasts. This innovation allows the company to simulate various scenarios and optimize salt production timing, particularly the critical brine density targets needed for salt crystallisation. The digital twin forecasts that pond 9 will likely reach the required brine density between January and March 2026, depending on weather conditions.

Safety remains a priority, with over 640 Leadership in the Field safety interactions recorded during the quarter and a comprehensive review of critical health and safety risks completed. The company’s Total Recordable Injury Frequency Rate (TRIFR) stood at 3.1, reflecting ongoing commitment to a strong safety culture.

Financial Position and Corporate Developments

On the financial front, BCI drew $110.9 million from its syndicated debt facility during the quarter, bringing total cash drawn to $347 million. The company also received $34.1 million from Polaris Minerals related to the Iron Valley sale, with a further contingent payment expected in July 2026. Total available funding under the syndicated facility remains robust at approximately $701 million, supporting ongoing construction and operational activities.

Environmental and Community Engagement

Environmental approvals for offshore dredge spoil disposal have advanced to the detailed assessment stage, notably without public objections during the Commonwealth consultation. BCI continued extensive environmental monitoring in collaboration with Traditional Owners and consultants, covering mangroves, marine quality, sediment, and fauna. Community engagement also featured prominently, with BCI participating in local business awards, educational sponsorships, and the Resources Technology Showcase, where it highlighted the strategic importance of industrial salt.

Looking Ahead

With ponds nearing capacity and construction milestones achieved, BCI is focused on achieving target brine densities to meet market specifications and preparing for first salt on ship, targeted in the December 2026 quarter. The Sulphate of Potash pilot plant design is advancing, informed by international technical visits, with construction expected to commence next quarter. While some forward-looking elements depend on environmental conditions and regulatory approvals, BCI’s September quarter report signals a project steadily moving toward operational maturity.