BCI MINERALS LIMITED (BCI)
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24/08/2026

1

Speculative Buy

$0.55

5.77%

Canaccord Genuity maintains its Speculative Buy recommendation for BCI Minerals with its target price increased to $0.55 from $0.50 after the company crystallised its first tonnes of salt at Mardie reaching 49kt.

Construction expenditure on Mardie reached $1.479bn at the end of June 2026 with construction costs totalling $1.185bn against the total salt-first budget of $1.443bn, placing overall construction at 85% complete.

Weather events earlier in the year caused slight slippage, but with El Nino in full effect bringing clearer skies, higher temperatures, and less rain, the target of first on ship by March 2027 appears achievable, commentary suggests.

The broker's estimates incorporate a valuation roll-forward by six months, partially offset by a reprofiling of Mardie's production ramp-up.

The analyst highlights that available funding of $423m covers estimated costs to completion of -$258m, supporting the bullish long-term outlook for a steady-state salt-only EBITDA of $250m per annum.