BCI Minerals' (ASX:BCI) Mardie project in Western Australia is expected to achieve steady-state salt-only earnings before interest, taxes, depreciation, and amortization (EBITDA) of AU$250 million per year, with the potential to be valued at over 10 times its earnings once online, Euroz Hartleys said in a Wednesday note.
The company recently reported that the construction of the salt operation and potash project reached 77% completion in the December 2025 quarter.
The project is anticipated to produce nearly 5.4 million tonnes per annum of high-purity salt, and is on track for first salt on ship in the fourth quarter of the year.
Euroz Hartleys maintained its speculative buy recommendation on BCI Minerals and lifted its price target to AU$0.50 from AU$0.47.
BCI Minerals' shares fell past 3% in afternoon trade Thursday.