BCI Minerals Limited advised the gazettal and proclamation by the Western Australian Government of the Port of Cape Preston West. The Port of Cape Preston West will sit on Land Administration Act 1997 Port Reserve land (Reserve Number:54071) vested in the Pilbara Ports Authority (PPA) for a new multi-user port known as the Port of Cape Preston West. The proclamation of the Port Reserve land and waters provides the PPA the authority to enter into the Port lease documents for the Mardie Salt & Potash Project (Mardie) which is expected to occur in H1 2023.

The Company further advised that following shareholder approval obtained at the 24 November 2022 Annual General Meeting, the Company has drawn down $100 million from AustralianSuper Pty Ltd. as trustee for AustralianSuper (AustralianSuper) in Series 3 Convertible Notes. Funds raised will be used to fund pre-development costs, capex costs of the construction of the Mardie assets, funding and transaction costs and pre-production operational expenditure.