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ASX Release 25 February 2021 BCI MINERALS LIMITED POSITIVE HALF YEAR RESULTS RECORD ROYALTY INCOME ; MARDIE PROGRESSING TOWARDS FID • Group EBITDA of $ 2.0M for the half year • Record half year Iron Valley revenue for BCI of $ 53.0M and record EBITDA of $ 17.1M • Expenditure of $ 12.6M to progress Mardie engineering , approvals and funding • Mardie early works construction underway · Completed $ 47.9M equity raising to commence early works and accelerate development • Cash balance at 31 December 2020 of $ 78.5M and zero debt BCI Minerals Limited ( ASX : BCI ) ( " BCI " or the " Company " ) presents its financial results for the half year ended 31 December 2020 . Commenting on the results , BCI's Managing Director , Alwyn Vorster , said : “ BCI has delivered a solid half year result underpinned by record Iron Valley earnings . Significant Mardie Project milestones were achieved including the Australian Federal Government granting Major Project Status and approving $ 450M debt funding via the Northern Australia Infrastructure Facility . With almost $ 80M cash in the bank and strong forecast iron ore royalties , BCI is well positioned to progress Mardie to a final investment decision before the next financial year . " BCI recorded a net profit after tax of A $ 0.03M for the half year , made - up as follows : Net Revenue Expenditure December 2020 $ M 53.1 ( 53.1 ) 0.0 December 2019 $ M 39.4 ( 43.5 ) Net profit / ( loss ) after tax ( 4.1 ) BCI recorded EBITDA of A $ 2.0M for the half year , with the contribution of each segment shown below . Iron Valley Mardie Tenements & Other Interests Other Total EBITDA December 2020 December 2019 $ M $ M 17.1 10.9 ( 12.6 ) ( 11.2 ) ( 0.2 ) ( 0.2 ) ( 2.3 ) ( 2.7 ) 2.0 ( 3.2 ) T +61 8 6311 3400 Level 1 , 1 Altona Street E info@bciminerals.com.au West Perth WA 6005 GPO Box 2811 West Perth WA 6872