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ASX Release 28 October 2021 BCI MINERALS LIMITED • • SEPTEMBER 2021 QUARTERLY RESULTS MARDIE DEBT FUNDING SECURED & FID ANNOUNCED BCI Board reached final investment decision ( FID ) for the Mardie Salt & Potash Project $ 740M debt package secured which will underpin Mardie's $ 1.2Bn funding requirement • Successful construction of trial embankment and accommodation facilities expanded • Quarterly Iron Valley EBITDA to BCI of $ 17.1M • Cash balance of A $ 87.4M¹ and zero debt BCI Minerals Limited ( ASX : BCI ) ( ‘ BCI ' or the ' Company ' ) is pleased to present its quarterly activities report for the period ended 30 September 2021 . MARDIE SALT & POTASH PROJECT Final Investment Decision Following significant studies , approvals , market development and funding progress over a four - year period , the BCI Board has made a final investment decision ( ' FID ' ) regarding development of the Mardie Salt & Potash Project . Since 2017 BCI has completed four study phases culminating in the Optimised Feasibility Study in April 2021 confirming Mardie's Tier 1 potential with projected annual EBITDA of ~ A $ 260m and a project NPV7 ( ungeared , real ) of ~ A $ 1.6 billion . Mardie is set to become the first new solar salt operation in Western Australia in almost 25 years , and the first to produce salt and sulphate of potash ( ' SOP ' ) from seawater . The Project has strong green credentials with the Indian Ocean providing the inexhaustible feedstock , and natural solar and wind energy providing 99 % of the energy required to produce salt and SOP . Mardie's sustainable production of agricultural fertiliser from salt waste , pollution prevention and materials recovery approaches were key criteria in obtaining Green Commercial Loan Facilities as part of its $ 740M project finance debt package . BCI's Managing Director , Alwyn Vorster commented : " The FID milestone comes ten years after Mardie tenements were acquired and provides a mandate to finalise funding and , subject to final statutory approvals , progress to main construction . We are confident that with the ongoing support of our Board , shareholders and other stakeholders , BCI is on the cusp of creating a unique , sustainable project in Western Australia . " 1 Excludes Iron Valley cash flow of A $ 17.1M related to the September 2021 quarter which will be received in October 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