Research Reports

矿石开采量环比增长54%，达到37万吨以上 (prepared)
选矿厂利用率达90%，锂回收率提升1%至68% (prepared)
锂辉石精矿产量50,922干公吨，品位5.3%，环比下降2% (prepared)
销量66,000吨，环比增长35%；收入增长33%至7,000万澳元 (prepared)
平均FOB实现价1,054澳元/吨，环比下降1% (prepared)
单位运营成本（销量口径）1,258澳元/吨，环比下降6%；较FY2024 Q4下降16% (prepared)
不含库存变动单位生产成本1,088澳元/吨 (prepared)
本季度资本开支700万澳元，主要用于尾矿库扩容 (prepared)
期末现金余额1.1亿澳元，环比增长6% (prepared)
Official guidance：FY2025锂辉石产量19万-21万吨，单位运营成本1,150-1,300澳元/吨 (prepared)
Mgmt quotes：Lucas Dow (CEO)：“ spodumene concentrate production was just under 51,000 tonnes”
Mgmt quotes：Lucas Dow (CEO)：“unit operating costs... AUD1,088 for the quarter”
Mgmt quotes：Lucas Dow (CEO)：“cash balance of AUD110 million”
Mgmt quotes：Sylvain Collard (COO)：“mill utilization... averaging 90%”

Topic: 勘探活动放缓与采矿成本及季节性影响
Key points:
- 未来18个月Moblan和NAL无额外勘探活动，转入MRE更新与研究
- 上季度采矿活动增加源于重建库存与开拓作业，现已转向更高效区域
- 1月初温度从5℃骤降至-30℃导致破碎区受影响，当前稳定在-20至-25℃
Mgmt stance: 中性，强调生产力改善将抵消部分成本上升，冬季作业已做好应对

Topic: NAL扩产成本影响与Piedmont交易监管进展
Key points:
- 固定成本占比约50%，产量翻倍可使单位成本降低25%
- 完成残余地下矿体开采后（2-2.5年）采矿单位成本将下降
- 已启动整合规划，与Piedmont团队沟通，预计上半年完成交易
Mgmt stance: 乐观，扩产将进一步稀释固定成本并降低单位成本

Topic: NAL回收率提升、定价反馈与合并后承接安排
Key points:
- 回收率接近DFS目标，1-2%差距；在线分析仪Q3上线，FY2025 Q4见效
- 交易伙伴承接顺畅，部分客户寻求额外量；合并后Piedmont承接协议取消
- 远期曲线较现货高25%，预计价格回升但时机待观察
Mgmt stance: 乐观，NAL正接近现金流盈亏平衡，合并后将更好把握价格回升

Topic: 成本指引、MRE/DFS更新时间与采矿服务合同 renegotiation
Key points:
- 经营成本指引AUD1,150-1,300/吨，Q2已下降6%，目标维持低端
- MRE更新预计2025年年报时发布；Moblan DFS更新方式待定
- 采矿服务合同仍在评估中，当前生产率提升、成本下降
Mgmt stance: 中性，成本持续下行，扩产研究将评估最优年产量与矿寿命组合

Topic: Facility termination, tariff risk, Canada political risk, offtake renewals, merger costs
Key points:
- Facility termination was company’s decision; no longer required after merger raise and RCF; transferred shares are for KMP awards only (not NEDs).
- On US 25% tariff threat: vast majority of product (ex-Tesla) destined outside North America, so likely not material; spodumene currently duty-free under CUSMA, awaiting updated list.
- Canada political risk: relations with Québec government are “great” and business as usual; federal side pending new PM (March 9) and possible election; no issues seen since Trudeau resignation.
- Offtake renewals: open to extending Piedmont agreements with LG Chem and Tesla, evaluating best bargain for shareholders vs. spot market.
- Merger integration costs: split 50/50 with Piedmont; costs are “a little high” due to multi-jurisdictional nature (ASX, NASDAQ, SEC F4 forms, Québec NAL) and one-off contractual change-of-control provisions.
Mgmt stance: Neutral on tariffs (wait-and-see, low exposure); bullish on Canada relations (business as usual); neutral on offtake (open but evaluating); cautious on merger costs (acknowledged high but confident in value).