NOTES FROM THE QUARTERLY.Discussions with Indonesian potential...

NOTES FROM THE QUARTERLY.

Discussions with Indonesian potential new investors progressed during the quarter. BCI continues to assess the best options for shareholders in funding the Project.

As announced previously, BCI has received strong and ongoing support from our existing shareholders, indicating robust confidence in the deliverability of the Mardie Project. BCI is currently engaged in advanced discussions with potential equity providers and underwriters to obtain commitments to fund completion of the “salt first” portion of the Mardie Salt and Potash Project.

These discussions were materially advanced during the December quarter, and have continued during January.

As previously announced6, State approval for the Optimised Mardie Project (OMP) was granted on October 19, 2023, under Section 45(3) of the Environmental Protection Act 1986 (WA). This milestone initiated the Commonwealth approvals process, and BCI is currently engaged in finalising this phase in close coordination with the relevant Government department personnel.

BCI aims to commence operations and filling evaporation ponds in Q3 FY24,

BCI anticipates the commencement of operations by filling ponds one and two during Q3 FY24,

contingent on final environmental approvals.

Offtake discussions have progressed with a number of interested counterparties throughout the Asian market, including Indonesian counterparties.

BCI is continuing negotiations for salt offtake with Itochu Corporation (as announced in June 2023) and the parties have mutually agreed to extend those negotiations to 31 March 2024.

BCI and a Chinese counterparty are in substantially progressed negotiations in relation to a salt offtake agreement to take up to 1.3mt/a over a 3 year period. The offtake agreement has been signed by GM Procurement of the Chinese counterparty and the parties are in the process of finalising formal execution of the agreement.

BCI aims to substantially progress salt offtake arrangements during H2 FY23.


A combination of these factors coming together would be great. Again with every box that gets tick we move a step closer to production - and income.
When the penny drops ...........

Good luck