WHAT IS BCI WORTH ?

WHATIS THE COMPANY BCI WORTH ? WHAT IS BCI SALT PRODUCT WORTH ? WHATANNUAL EBITDA COULD BCI EARN ?

Oneway to address thesequestionsis to look at DAMPIER SALT (DSL)operatedby RIO TINTO who are producing the same grade of Solar salt that BCIwill be producing. Theyare now selling to the same or similar customers BCIhope to sell to in SouthEast Asia.

BCIand Dampier Salt will be directcompetitors.Studyingdirect competitor is sound strategy for any business.

Informationthat is relevant tothe BCI operation isin the 2023 RIO TINTO annual report forthe period ended 31 December 2023. (The2024 Rio report should be available in late February 2025.)

Inthe 2023 Rio report, at pages174 isthedefinition of Segmental Revenue andproduction,onpage 286 istheRio DampierSaltSegmental Revenue and EBITDA , atpage298 istheRio segmental tonnes of Dampier salt , and atpage 327 of the RIO report isa brief history of DampierSalt.

ThecurrentbulkSolar saltprice and the expected future HighGrade Solar saltprice are fundamental to determining areasonable priceof BCI shares. The2023, 2022and 2021 Rio averageprice per tonne can be derived from the Rio report.

Allvalues are in USD. For 2023 the value is US$70.65, for 2022 the value is US$ 61.14, and for 2021 the value is US$50.96.

Thesenumbers do not align with thesalt price indications in BCI announcements, theEBITDA indications or the project discounted values.

Thesecond fundamental component in determining the value of BCI, is thecost of production of Dampier salt and the expected cost for BCI.,and the difference between them.

BCIoperating cost shouldbe significantly lower than the other DSL operations at Dampier andHedland.

TheDSL average cost of production over the last 3 years (excludingestimated freight cost) is USD 36.76, or using an exchange rate of0.62, A$ 59.30. The BCI estimated FOB AISC is A$ 20.26. Thedifference is A$ 39.04

Itappears that BCI will produce salt at a much lower cost than DSL. The real issue is, can the management of BCI sell salt at near theprice achieved by DSL?

Myconclusion is that BCI SHARE PRICE IS MUCH LOWER THAN IT SHOULD BE!

Thisalso begs the question, WILL RIO MAKE A BID FOR BCI IF BCI CANNOTSELL SALT AT A SIMILAR PRICE?