BCI MINERALS LIMITED — Capital/Financing Update 2021

Dec 12, 2021

ASX Release

13 December 2021

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HOW TO DOWNLOAD YOUR APPLICATION FORM

BCI Minerals Limited (ASX:BCI) (‘BCI’ or the ‘Company’), is aware that some shareholders have not yet received their Share Purchase Plan (‘SPP’) Booklet and personalised Application Form in the mail due to postage delays. If you have not yet received your physical documents and would like to participate in the SPP, please follow the steps below to download your personalised Application Form via Computershare’s Investorcentre website:

Step 1: Being informed about the SPP offer: Go to http://clients3.weblink.com.au/pdf/BCI/02458138.pdf

Step 2: Starting the download process for your SPP application form: Go to www.investorcentre.com/au Step 3: Click on ‘ Single holding ’ on the left-hand side of the page with this symbol:

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Step 4: Enter:

• Your Holder number (including the X or I)

• Postcode/country (if overseas)

• BCI’s ASX code ( BCI )

Step 5: Go to ‘Documents’ at the top of the page

Step 6: Click the drop down and download your PDF form

The Company encourages eligible shareholders to seek their own financial and taxation advice in relation to the SPP before deciding to participate. The closing date for the SPP is 5.00pm (WST) on Friday 17 December.

If you have any additional questions, please call the Company on +61 8 6311 3400.

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This ASX announcement has been authorised for release by the Board of BCI Minerals Limited.

For further information:

Investors:

Rebecca Thompson BCI Minerals – Investor Relations Executive Tel: +61 416 079 329 E: rebecca.thompson@bciminerals.com.au

Media:

Kristy McGrath

BCI Minerals – Communications Manager Tel: +61 417 451 724 E: kristy.mcgrath@bciminerals.com.au

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

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ABOUT BCI MINERALS

BCI Minerals Limited (ASX:BCI) is an Australian-based company that is developing a salt and potash business supported by iron ore royalty earnings. BCI is rapidly advancing its 100% owned Mardie Salt & Potash Project, a potential Tier 1 project located on the West Pilbara coast in the centre of Australia's key salt production region.

Mardie aims to produce 5.35Mtpa of high-purity salt (>99.5% NaCl) and 140ktpa of sulphate of potash (SOP) (>52% K2O) via solar evaporation of seawater[1] . Using an inexhaustible seawater resource and a production process driven mainly by natural solar and wind energy, Mardie is a sustainable opportunity to supply the salt and potash growth markets in Asia over many decades. There is potential to optimise and expand the project beyond currently planned production levels.

A Final Investment Decision has been made and BCI is finalising funding, approvals and tenure required to commence Main Construction in early 2022, which will allow first salt sales to be achieved by Q4 2024 and first SOP sales by Q1 2026. On 18 November 2021, BCI announced a $360m capital raising to provide a key project funding component, subject to shareholder approval.

BCI receives quarterly royalty earnings from Iron Valley, an iron ore mine located in the Central Pilbara region of Western Australia which is operated by Mineral Resources Limited (ASX:MIN). EBITDA to BCI from Iron Valley was A$69.5M in FY21, and $17.1M in the first quarter of FY22. BCI’s other assets include potential royalties and/or deferred payments from Koodaideri South, Bungaroo South and Kumina.

KEY STATISTICS

Shares on issue 599.96 million Cash in bank $106.2 million as at 16 November 2021 Board Brian O’Donnell Non-Executive Chairman Alwyn Vorster Managing Director Michael Blakiston Non-Executive Director Jenny Bloom Non-Executive Director Garret Dixon Non-Executive Director Richard Court Non-Executive Director Chris Salisbury Non-Executive Director Major shareholders Wroxby Pty Ltd 39.5% Sandon Capital Pty Ltd 6.0% Website: www.bciminerals.com.au

1 Refer to ASX announcement dated 21 April 2021. BCI confirms that all material assumptions underpinning the production forecast and financial information derived from the production forecast have not materially changed and continue to apply.

2 ASX RELEASE 13 DECEMBER 2021