Investor Presentaiton

CIF eq. Cost (US$/t) 10 20 30 30 Shandong Solar 40 50 60 Salt Cost Curve - Contestable Market BCI MINERALS LIMITED Mardie will be a low-cost supplier of salt into contestable¹ Asian market Mardie with SOP Credit Tianjin Solar Chinese Rock 1st Tier Australia 1-2 0 20 40 Mardie Salt Only Australia 3-4 India Ist Tier Australia 5 India 2nd Tier MARGINAL COST Chinese Rock 2nd Tier 60 Cumulative Capacity (Mt) Mexican India 3rd Tier Chile 80 100 120 Chinese Rock 3rd Tier Other ■ Mexican solar salt and Chinese rock salt the marginal cost suppliers to most Asian markets (~US$35/t) ■ Mardie will be cost competitive with all Australian salt operations² ■ When SOP margin treated as a by-product credit, Mardie becomes one of the lowest cost salt producers ¹Cost curve limited to contestable market where the Mardie project is expected to compete on delivered cost and quality, including coastal China, Japan, Korea, Taiwan and South East Asia ²Roskill (December 2020), BCI analysis 16

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