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2025Q1 Renison 锡精矿产量/销量分别环比增长（-27%）/3%至2,432吨/3,230吨，锡AISC环比上涨22%至33,482澳元/吨
HUAXI Securities·2025-06-07 10:15

Investment Rating - The report provides a recommendation for the industry [6] Core Insights - The report highlights that Renison's tin concentrate production in Q1 2025 was 2,432 tons, a decrease of 27% quarter-on-quarter but an increase of 7% year-on-year, impacted by unexpected shutdowns due to bushfires and power supply interruptions [1] - The estimated tin sales price for Q1 2025 was A$50,603 per ton, reflecting an 8% increase quarter-on-quarter and a 26% increase year-on-year [4] - The estimated revenue for Renison in Q1 2025 was A$123 million, a decrease of 21% quarter-on-quarter but an increase of 35% year-on-year [8] Production and Sales - Q1 2025 tin concentrate shipment was 3,230 tons, representing a 3% increase quarter-on-quarter and a 22% increase year-on-year [3] - The estimated C1 cash production cost for Q1 2025 was A$20,597 per ton, up 27% quarter-on-quarter and 12% year-on-year [5] - The estimated All-in Sustaining Cost (AISC) for Q1 2025 was A$33,482 per ton, reflecting a 22% increase quarter-on-quarter and a 2% increase year-on-year [5] Financial Performance - The estimated EBITDA for Q1 2025 was A$56.23 million, a decrease of 30% quarter-on-quarter but an increase of 59% year-on-year [9] - The estimated net cash inflow for Q1 2025 was A$35.50 million, down from A$58.70 million in the previous quarter but significantly up from A$1.39 million in the same quarter last year [10] - Total capital expenditure for the quarter was A$20.73 million, slightly down from A$21.47 million in the previous quarter [11] Strategic Outlook - Metals X continues to evaluate potential acquisition opportunities both domestically and internationally, with a focus on tin and similar base metals and gold opportunities [14] - The company has made an informal acquisition proposal to Greentech Technology International Limited, contingent upon financial due diligence [15] - Metals X has announced a share buyback program, extending the buyback period for an additional 12 months [16]