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ASX Release 29 April 2021 BCI MINERALS LIMITED • • MARCH 2021 QUARTERLY RESULTS RECORD IRON VALLEY EARNINGS ; MARDIE OPTIMISATION DELIVERS LARGER AND BETTER PROJECT Quarterly Iron Valley EBITDA to BCI doubles from previous record to A $ 20.2M ; potential upside for next quarter as the 40 % royalty rebate to Mineral Resources Ltd has now concluded Mardie Optimised Feasibility Study completed ; ~ 20 % increase in production , ~ 30 % increase in projected annual EBITDA and ~ 40 % increase in projected pre - tax project NPV7¹ • Progress conditions satisfied for the A $ 450M approved NAIF loan • Pilbara presence cemented through Karratha office opening • Preliminary supporting and enabling infrastructure construction underway • Cash balance of A $ 76.1M² and zero debt BCI Minerals Limited ( ASX : BCI ) ( ‘ BCI ' or the ' Company ' ) is pleased to present its quarterly activities report for the period ended 31 March 2021 . MARDIE SALT & POTASH PROJECT Feasibility Study Optimisation Optimisation results of the Mardie Definitive Feasibility Study ( ' DFS ' ) were released on 21 April 2021 , outlining improved project footprint and economics . The optimisation delivers a ~ 20 % increase in salt production ( from 4.4Mtpa to 5.35Mtpa ) and SOP production ( from 120ktpa to 140ktpa ) , a ~ 30 % increase in annual EBITDA ( from A $ 197M to A $ 260M ) and a ~ 40 % increase in Pre - tax Project NPV7 ( from A $ 1,197M to A $ 1,670M ) compared to the DFS announced on 1 July 2020 . In addition , de - risking activities conducted during the optimisation phase ( including additional geotechnical work , flowsheet and equipment design , process piloting and progress with funding ) have increased confidence in Mardie estimates and value potential . The optimisation results confirm Mardie can become a Tier 1 asset categorised by its long life ( minimum 60 years ) , top quartile scale , lowest quartile salt operating costs ( after SOP by - product credits ) and high - quality salt and SOP products . With attractive financial returns over many decades and future expansion potential from the new tenements , development of the Mardie Project should result in considerable long - term value and dividends being created for shareholders . 1 Based on Optimised Feasibility Study assumptions outlined in the ASX announcement dated 21 April 2021 . 2 Excludes Iron Valley cash flow of A $ 22.0M related to the March 2021 quarter which will be received in April 2021 . T +61 8 6311 3400 E info@bciminerals.com.au Level 1 , 1 Altona Street West Perth WA 6005 GPO Box 2811 West Perth WA 6872