The first salt production is targeted for the second half of 2026. Credit: Red ivory via Shutterstock.com.

BCI Minerals has kicked off a A$315m ($206m) fully underwritten equity offering, marking the final equity component needed for the Mardie project in Western Australia.

The capital raise is expected to complete the base case funding for the ‘salt first’ stage of the project, with the first salt production targeted for the second half of 2026.

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Equity raising will include an accelerated, non-renounceable, pro-rata entitlement offer to generate A$255m by issuing 1.020 billion new shares.

Eligible shareholders are being offered one new share for every 1.19094 shares held, at A$0.25 apiece.

In addition, BCI will place new shares to sophisticated and professional investors in two tranches to raise an additional A$60m.

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Key investors Wroxby and AustralianSuper have pledged to subscribe to their full entitlements in the entitlement offer.

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The proceeds from this equity raise will complement the A$981m in project debt finance secured under the syndicated facility agreement for the ‘salt first’ segment of the Mardie Project, as announced on 20 December 2023.

Looking ahead, BCI plans to advance the final engineering phase and make a definitive decision on incorporating a sulphate of potash (SOP) circuit by 2025.

The company’s strategy is to finance the construction of the SOP circuit and its subsequent ramp-up through additional debt and/or cash flow generated from salt production.

BCI managing director David Boshoff said: “This equity raising is intended to complete the total funding package required to enable the Mardie Project to deliver first salt in the second half of 2026.

“We do not anticipate any further equity raises being required to fund the development of the project and we are grateful for the strong support shown by our largest shareholders, including Wroxby and AustralianSuper.”