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BC Iron listed on the ASX in December 2006 as an iron ore exploration and development company focused on the Nullagine Project in the Pilbara region of Western Australia.

BC Iron established the Nullagine Joint Venture with Fortescue Metals Group Limited (“Fortescue”) in 2009 and achieved a significant milestone of becoming the first junior mining company to utilise both third party rail and port infrastructure owned by a major company in the Pilbara in early 2011.

Nullagine operated for five years before joint venture partners, BC Iron and Fortescue, suspended operations in December 2015 due to low iron ore prices. Nullagine was highly successful for BC Iron and facilitated the payment of nearly $100M in dividends to shareholders.

In August 2014, BC Iron announced a recommended off-market takeover offer for Iron Ore Holdings Limited. The transaction delivered BC Iron a materially increased reserve and resource base from two advanced iron ore projects – Buckland and Iron Valley – and a number of other earlier stage projects and royalties over third party projects in the Pilbara.

Iron Valley commenced exports in October 2014 under the operatorship of Mineral Resources Limited. Iron Valley generates low risk royalty-like earnings for BC Iron, contributing EBITDA of A$10.2M in its first full operational year (FY16) from shipments of 6.5M wmt.

In mid-2016, BC Iron commenced a resetting of the Company and its strategy to be more focused on growth. Experienced resources executive Alwyn Vorster was appointed Chief Executive Officer and subsequently Managing Director.

In October 2016, BC Iron entered into a legally binding conditional terms sheet for the sale of its 75% interest in Nullagine to Fortescue. Fortescue will pay BC Iron a royalty on 75% of the future iron ore that is mined from the Nullagine tenements and will assume BC Iron’s liabilities and obligations, including the existing rehabilitation liability.

A successful A$25.5M entitlement offer was completed in November 2016, with the proceeds to be applied towards securing a robust development solution the Buckland Project, potentially securing a new non-iron ore project and strengthening the Company’s balance sheet.

In March 2017, BC Iron took it first major step in diversifying outside iron ore, entering into a joint venture with Kalium Lakes Limited over the Carnegie Potash Project. BC Iron can earn up to a 50% interest in Carnegie in several stages by sole-funding expenditure through to completion of a feasibility study.

BC Iron’s current focus is on delivering its strategy of maximising the value of its existing assets and becoming a diversified minerals portfolio manager.