Slides
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Quarterly Update ASX Code: BCI September 2026 20 October 2026This presentation should be reviewed alongside the September 2026 Quarterly Report, available on our website
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Be Part of Something Win As One Team We Do What We Say Be Yourself Find A Way 2 September 2026 Quarterly Update Our Values
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Our Business 3 September 2026 Quarterly Update
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Health and Safety 2.7 Total Recordable Injury Frequency Rate (TRIFR) 316 Critical Control verifications 620 Leadership interactions 4 September 2026 Quarterly Update
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Crystalliser commissioning progress 5 May 27 Target for lining completion 266kt Crystallised salt 2 Fully crystallised cells needed to achieve FSOS 12 Completed crystalliser cells September 2026 Quarterly Update
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H2 CY26 xx Brine management supporting inventory growth Grow and harvest Permanent Pavement Harvestable Inventory High Density Brine Crystalliser lining for more predictable harvest Structurally required for safe harvest Concentrated brine from seawater Graphic representation of Mardie crystalliser cross section 6 September 2026 Quarterly Update
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100% / Steady state Evaporation’s role in the production of salt High evaporation – faster production Sun, dry winds and minimal rainfall Low evaporation – slower production Lower temperatures, cloud and rain Shorter timeframe Longer timeframe 7 September 2026 Quarterly Update -/+ 6-months
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Roadmap to Salt Revenue First salt harvest Mardie Salt CY2026 Jetty wet commissioning complete Port of Mardie CY2026 Dredging complete Salt wash plant complete 12 crystallisers filled Construction of salt wash plant progressing CY2027 CY2027 Regulator engagement on potential iron ore export Crystalliser lining complete Osprey Transhipper arrives 1 July 2026 8 September 2026 Quarterly Update Mardie Spirit Transhipper arrives Port construction complete 90% Complete
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5 6 Salt wash plant 9 September 2026 Quarterly Update All construction packages awarded. Works progressing in line with budget and on schedule to meet first salt harvest target. Quarter ended 30 September 2026: Utilities and services installed Structural steel delivered Screw classifiers installed Product conveyor installed Near-term priorities: Structural steel installation Major mechanical equipment installation Process piping installation Electrical and switch room commencement 70% Complete 9 September 2026 Quarterly Update
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Port of Mardie Operational Readiness1 Commenced Navigation Aids Complete Conveyor belt Installation commenced 98% Complete Dredging Complete 10 September 2026 Quarterly Update 1. Operational readiness includes port operational documentation submitted to Pilbara Ports and relevant government stakeholders, receipt of licences and Pilot Exemptions
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Construction 1 Salt-first construction budget $1,443M 2 The reported completion rate excludes the additional scope for lining the crystallisers. Construction completion inclusive of lining the crystallisers achieved 87% at 30 September 2026 1,265 1,4431 64 114 5 6 Construction remaining: Balance of Crystalliser lining; Salt Wash Plant, Jetty & PPA Road90%2 complete Spent Committed Uncommitted Budget 1,329 Balance of construction 11 September 2026 Quarterly Update 11 September 2026 Quarterly Update
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Mardie Salt and Potash Project Is 38km long, ~115km2 footprint Salt-first construction and working capital fully funded Debt facility maturity drawdown profile �m 0 50 100 150 200 250 300 350 400 450 500 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Commercial EFA NAIF Drawn debt 30 Jun 2026 Undrawn 12 �316M Available liquidity �178M Estimated construction cost to complete September 2026 Quarterly Update
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Asian Salt Market Outlook 13 1 Wood Mackenzie April 2026 Salt Market Report 2 Includes 5.35mtpa from MardieSeptember 2026 Quarterly Update +10mtpa 10-year supply outlook2 +37mtpa 10-year demand outlook1 5.35mtpa Mardie nameplate capacity 27mtpa 10-year supply shortfall
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Sulphate of Potash (SOP) – Pilot Plant 14 September 2026 Quarterly Update SOP Pilot Plant Plant arrival at Mardie Construction Contract Awarded FEED and batch test work complete CY2027 Detailed design complete 1 July 2026 CY2026 Procurement and modular construction commence Plant commissioning Piloting approx. 12 months Full scale FID
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15 Mhairi Cameron presenting at Pilbara Summit September 2026 Quarterly Update Our commitment to sustainability 5x Environmental monitoring programs completed Karratha Kangaroos Rugby League End of Season Ceremony Mesquite control 15 September 2026 Quarterly Update Indigenous Engagement Strategy endorsed by WAC Community partnerships renewed for 2027
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Presentation Name BCI investment fundamentals Revenue imminent Positive operating cash flow to follow Strong free cashflow profile Annuity style return profile Abundant natural resource 99% of energy from the sun and the wind High-value byproducts Salt is sustainable Broad range of uses Increasing demand High entry barriers The world needs salt 16 September 2026 Quarterly Update
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Not an Offer of Securities This document has been prepared by BCI Minerals Limited ABN 21 120 646 924 (BCI).This document does not constitute or contain an offer, invitation solicitation or recommendation with respect to the purchase or sale of any security in BCI. This document is not a prospectus, product disclosure statement or other offering document under Australian law or any other law, and will not be lodged with the Australian Securities and Investments Commission. Mardie Project information and material assumptions The Mardie Salt and Potash Project (Mardie, Mardie Project or Project) aims to produce salt and SOP from a seawater resource, which is abundant, readily accessible and has a known and consistent chemical composition. The JORC Code does not apply to a project of this nature and accordingly JORC Ore Reserves and Mineral Resources are not reported. The Mardie base case is based on material assumptions as outlined throughout the ASX announcement dated 1 February 2024 titled “Corporate Update and Equity Raising Presentation”, including capital and operating cost estimates, production targets, forecast financial information, the availability of funding and the finalisation of tenure and approvals. BCI has concluded that all material assumptions set out in that presentation are based on reasonable grounds and there is a reasonable basis for making the forward-looking statements included in this announcement. However, there is no certainty that they will prove correct, or the outcomes will be achieved. BCI confirms that all material assumptions and technical parameters that underpin the production targets and forecast financial information in the 1 February 2024 announcement continue to apply (as applicable) and have not materially changed unless otherwise disclosed in this document. This document contains information about BCI and the Mardie Project that is current as at the date of this document unless otherwise stated. The information in this document remains subject to change without notice. The information in this document is general in nature and does not contain all the information which a prospective investor may require in evaluating a possible investment in BCI or that would be required in a prospectus or a product disclosure statement prepared in accordance with the Corporations Act or the securities laws of any other jurisdiction. It should be read solely in conjunction with the information provided to ASX. For further information in relation to: • BCI’s feasibility study and subsequent optimisation results, please refer to BCI’s ASX announcements “Feasibility Study Confirms World Class Opportunity” dated 1 July 2020 and “Mardie Optimisation Results: Increased Production and Improved Economics” dated 21 April 2021; • the Final Investment Decision for the Mardie Project (FID), please refer to BCI's ASX announcement dated 21 October 2021 (“Mardie Project – Financial Investment Decision Made”) for the FID announcement, and BCI's ASX announcement dated 18 November 2021 (“Presentation - �360M Capital Raising to Drive Development”) for further details of FID estimates and assumptions that are referred to in this document; • the cost review of the Mardie Project and updated base case, please refer to BCI's ASX announcements dated 7 July 2022 (“Mardie Project Update”) and 20 June 2023 (“Mardie Project and Base Case Update - Presentation and Presentation Script). • the fully underwritten equity raise of �315m, please refer to BCI’s ASX announcement dated 1 February 2024 (“Corporate Update and Equity Raising Presentation”). No Liability The information contained in this document has been prepared in good faith by BCI. However, no guarantee, representation or warranty expressed or implied is or will be made by any person (including BCI and its affiliates and their directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this document. To the maximum extent permitted by law, BCI and its affiliates and their directors, officers employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this document including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this document including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom. Statements in this document are made only as of the date of this document unless otherwise stated and the information in this document remains subject to change without notice. No responsibility or liability is assumed by BCI or any of its affiliates for updating any information in this document or to inform any recipient of any new or more accurate information or any errors or omissions of which BCI and any of its affiliates or advisers may become aware. In particular, BCI takes no responsibility for third party statements for which consent has been provided (see next page). This presentation has been approved by the Managing Director of BCI Minerals Ltd. Important Notices 17 September 2026 Quarterly Update
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Important Notices (continued) No Financial data All dollar values are in Australian dollars (A� or AUD) unless otherwise stated. This document includes certain historical financial information extracted from BCI’s audited consolidated financial statements and information released to ASX (collectively, the Historical Financial Information). The Historical Financial Information is presented in an abbreviated form insofar as it does not include all the presentation and disclosures, statements or comparative information as required by the Australian Accounting Standards (AAS) and other mandatory professional reporting requirements applicable to general purpose financial reports prepared in accordance with the Corporations Act. Forward-Looking Statements This document contains forward-looking statements regarding project development and operations, production rates, project life, projected cash flow, capital expenditure, operating costs and other economic performance and financial condition as well as general market outlook. These forward-looking statements are based on BCI’s current expectations and beliefs concerning future events at the date of this announcement and are expressed in good faith. BCI believes that the expectations reflected in such forward-looking statements are reasonable. However, these expectations and forward-looking statements are only predictions and are subject to risks, uncertainties and other factors, a number of which are set out in Appendix B to the ASX release dated 1 February 2024 titled ‘Corporate Update and Equity Raising Presentation”, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Consequently, forward-looking statements should not be relied on as a guarantee of future performance. Other than as required by law, including the ASX Listing Rules, BCI does not undertake or assume any obligation to update or revise any forward-looking statement contained in this announcement or its attachments. Except for statutory liability which cannot be excluded, BCI, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in these forward-looking statements and excludes all liability (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in forward- looking statements or any error or omission. Risks There are a number of potential known and unknown risks which may impact BCI’s ability to develop and operate the Project in accordance with the forecast presented in this announcement, some of which are beyond the control of BCI. For further information please refer to slide slides 51 to 60 (inclusive) of the ASX release dated 1 February 2024 titled ‘Corporate Update and Equity Raising Presentation”, and the Directors Report in BCI's 2024 Annual Report and Financial Statements. Consent Wood Mackenzie (Australia) Pty Ltd (‘Wood Mackenzie’) has provided a report on the salt market to BCI (April 2026), from which information has been incorporated into this announcement including with respect to salt demand forecasts. Wood Mackenzie consents to the inclusion of this information in this announcement in the form and context in which it appears. The data and information provided by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law, Wood Mackenzie accepts no responsibility for your use of this data and information. Wood Mackenzie’s report and/or any data or information may contain forward looking statements including statements regarding Wood Mackenzie’s intent, belief or current expectations. Undue reliance should not be placed on these forward-looking statements. Wood Mackenzie does not undertake any obligation to release the result of any revisions to these forward-looking statements to reflect events or circumstances after the relevant date of the issuance of its report. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Wood Mackenzie’s control. Past performance is not a reliable indication of future performance. 18 September 2026 Quarterly Update
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Salt forming in crystallisers 19 September 2026 Quarterly Update
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Crystalliser lining 20 September 2026 Quarterly Update
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21 Crystalliser lining September 2026 Quarterly Update
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Crystalliser lining 22 September 2026 Quarterly Update
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First Salt forming in crystallisers 23 September 2026 Quarterly Update
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Structural steel installation at salt wash plant 24 September 2026 Quarterly Update
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Steel assembly at salt wash plant 25 September 2026 Quarterly Update
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Conduit installation at salt wash plant 26 September 2026 Quarterly Update
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Dredging – Navigation aids 27 September 2026 Quarterly Update
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Dredging complete 28 September 2026 Quarterly Update
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29 Marine works complete (including berth piles, catwalk installation and navigation aids) 29 September 2026 Quarterly Update