lithium argentina 2025Q1 碳酸锂产量总计 7,200 吨，2025 年计划产量指引仍为 3-3.5 万吨

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming period [5]. Core Insights - The total lithium carbonate production for Q1 2025 reached 7,200 tons, a 15% decrease from Q4 2024's 8,500 tons, but a 60% increase compared to Q1 2024's 4,500 tons [1]. - The production guidance for 2025 remains at 30,000 to 35,000 tons, reflecting an expected increase in output during the second half of the year [1]. - The average realized price for lithium carbonate in Q1 2025 was approximately $8,085 per ton, contributing to total revenue of $58 million [2]. Summary by Sections Production and Operations - Cauchari-Olaroz's production was impacted by planned shutdowns aimed at improving recovery rates and reducing costs [1]. - The plant's capacity utilization reached over 85% following the planned shutdown in April 2025 [1]. - The cash operating cost per ton of lithium carbonate was $6,634, remaining stable compared to Q4 2024 [8]. Expansion Plans - A demonstration plant with an annual production capacity of 5,000 tons is under construction in China, with permits approved for modifications in Jujuy Province [3]. - The Pozuelos-Pastos Grandes project has a potential lithium carbonate equivalent capacity of up to 150,000 tons per year [3]. - The second phase of the Cauchari-Olaroz expansion aims to increase lithium carbonate equivalent capacity to 40,000 tons per year, utilizing existing infrastructure and new processing technologies [3]. Financial Performance - The company reported a net loss of $7.2 million for Q1 2025, an improvement from a net loss of $10.2 million in the same period last year [4]. - As of March 31, 2025, the company had $73.9 million in cash and cash equivalents, with total liabilities amounting to $242.5 million [6]. - The company secured an additional $150 million bank loan at the beginning of 2025, expected to be completed in Q2 2025, enhancing financial flexibility [6].