海外季报：PibaraMinerals2024Q4产量同比增长7%至18.82万吨，单位运营成本环比持平

Investment Rating - The report assigns a "Recommended" rating for the industry [5]. Core Insights - In Q4 2024, the production of spodumene concentrate was 188,214 tons, a decrease of 14% compared to the previous quarter but a 7% increase year-on-year [1]. - The average realized sales price for spodumene concentrate was estimated at $700 per dry ton (CIF China) [2]. - The company achieved a lithium recovery rate of 72.1% in Q4 2024, slightly below the previous quarter's 75.3% [1][2]. Production and Operational Performance - Q4 2024 spodumene concentrate production was 175,969 tons, with shipments totaling 159,897 tons [19]. - The average Li2O grade mined was 1.4% in Q4 2024, consistent with previous quarters [19]. - The total ore mined in Q4 2024 was 1,618,748 wet metric tons (wmt) [19]. Financial Performance - Revenue for Q4 2024 increased by 3% to AUD 216 million, driven by price increases but partially offset by lower sales volumes [7]. - Operating cash profit for Q4 2024 was -AUD 8 million, impacted by a prior price adjustment of AUD 40 million [7]. - The company had a strong balance sheet with a cash balance of AUD 1.2 billion at the end of Q4 2024 [7]. Project Development - The P1000 project is progressing on schedule, with approximately 95% completion as of Q4 2024 [9]. - The joint venture lithium hydroxide plant with POSCO produced 2,418 tons of lithium hydroxide in Q4 2024, with the first production line operating at 75% of its rated capacity [10]. - A feasibility study for the P2000 project is ongoing, with results expected by Q4 2025 [13]. Strategic Initiatives - The company has signed a binding term sheet with Ganfeng for a joint feasibility study to explore potential downstream processing facilities [14]. - Pilbara Minerals announced a plan to acquire Latin Resources, which aligns with its strategy for revenue diversification [16].