有色金属：海外季报：Sherritt 2025Q2 成品镍和钴权益产量分别同比增长 1%、14%至 3,431 吨和 389 吨，镍净直接现金成本同比下跌 8%至 5.27 美元/磅

Investment Rating - The report provides a recommendation for the industry [5]. Core Insights - In Q2 2025, the production of finished nickel and cobalt by the company reached 3,431 tons and 389 tons respectively, showing a year-on-year increase of 1% and 14% [2]. - The net direct cash cost of nickel decreased by 8% year-on-year to $5.27 per pound [2]. - The Moa JV's mixed sulfide production decreased by 21% year-on-year to 3,238 tons due to planned acid plant shutdowns and challenging economic conditions in Cuba [2][3]. - The company anticipates a recovery plan to increase production in the second half of the year [2]. Production and Operational Performance - The Q2 2025 nickel production was impacted by a reduction in raw material supply, with third-party supplies unable to compensate for the loss [2]. - The company expects annual maintenance shutdowns to occur in September 2025 [2]. - Fertilizer production increased by 8% year-on-year to 65,207 tons due to improved equipment availability [3]. Financial Performance - The revenue from the metal business in Q2 2025 was CAD 124.7 million, down from CAD 150.6 million in Q2 2024 [8]. - Nickel revenue decreased to CAD 68.6 million, while cobalt revenue increased to CAD 15.2 million due to higher average realized prices [8]. - The overall company revenue for Q2 2025 was CAD 136 million, a 17% decrease year-on-year [12]. Expansion Plans and Strategic Development - The Moa joint venture expansion project is ongoing, with completion expected in mid-August 2025, aiming to enhance production capacity [13]. - The company is advancing its nickel-cobalt processing project, which has received funding support from Alberta's Emissions Reduction Alberta [14].