Sandon Capital Activist Fund Portfolio Holding: BCI Minerals Limited

BCI Minerals is developing the Mardie salt and potash project in Western Australia, with $690 million already invested. The project is 44% complete and fully funded with $981 million in debt and $400 million in equity. The company has secured offtake agreements for its salt production with Wanhua and Chandra Asri, with the first shipment expected in the fourth quarter of 2026. BCI has a net cash position of $145.8 million and its shares are currently trading at $0.285. The project benefits from an inexhaustible seawater resource and requires minimal ongoing capital expenditure. A final investment decision for the Sulphate of Potash (SOP) plant is still pending.