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2025Q2 Renison 锡精矿产量销量分别环比增长 12%下降 32%至 2,724 吨 2,202 吨，锡 AISC 环比下降 8%至 30,733 澳元吨
HUAXI Securities·2025-08-24 12:33

Investment Rating - The report provides a recommendation for the industry [7]. Core Insights - In Q2 2025, Renison's tin concentrate production reached 2,724 tons, a 12% increase quarter-on-quarter and a 9% increase year-on-year [1]. - The estimated revenue for Renison in Q2 2025 is AUD 136 million, reflecting an 11% increase both quarter-on-quarter and year-on-year [5]. - The estimated EBITDA for Q2 2025 is AUD 67.05 million, a 19% increase quarter-on-quarter and a 16% increase year-on-year [6]. - The estimated net cash inflow for Q2 2025 is AUD 44.20 million, a 25% increase quarter-on-quarter and a 15% increase year-on-year [6]. Production and Sales - The total production of tin concentrate in Q2 2025 was 2,724 tons, with a quarter-on-quarter increase of 12% and a year-on-year increase of 9% [1]. - The shipment volume of tin concentrate in Q2 2025 was 2,202 tons, a 32% decrease quarter-on-quarter, while year-on-year it remained flat [2]. Pricing and Costs - The estimated selling price for tin in Q2 2025 is AUD 50,088 per ton, a 1% decrease quarter-on-quarter and a 2% increase year-on-year [3]. - The estimated unit sales and marketing cost for tin in Q2 2025 is AUD 6,702 per ton, a 3% decrease quarter-on-quarter and a 5% decrease year-on-year [4]. - The estimated C1 cash production cost for Q2 2025 is AUD 18,769 per ton, a 9% decrease quarter-on-quarter and a 1% decrease year-on-year [4]. - The estimated All-In Sustaining Cost (AISC) for Q2 2025 is AUD 30,733 per ton, an 8% decrease quarter-on-quarter and an 8% decrease year-on-year [4]. Financial Performance - The total capital expenditure for Q2 2025 was AUD 20.97 million, slightly up from AUD 20.73 million in Q1 2025 [8]. - Cash and cash equivalents decreased to AUD 230.48 million by the end of Q2 2025, down from AUD 249.48 million in Q1 2025 [9]. - Metals X continues to evaluate potential acquisition opportunities, focusing on tin mines and similar base metals and gold investment opportunities [10].