Investment Rating - The report gives a "Recommended" rating for the industry [4] Core Insights - In Q3 2025, the company produced a record 1,066,496 pounds of U₃O₈, reflecting a 7% increase quarter-on-quarter and a 67% increase year-on-year, with an average recovery rate of 86% [1][2] - The company sold 533,789 pounds of U₃O₈ in Q3 2025, a decrease of 25% quarter-on-quarter and 14% year-on-year, primarily due to shipment delays [1] - The average realized price for U₃O₈ in Q3 2025 was $67.4 per pound, up 21% from the previous quarter but down 4% year-on-year [1][2] - The company signed a new uranium sales agreement, bringing the total to 14 agreements with global clients in the US, Europe, and Asia [2] - The company received a prepayment of $29.7 million, which will be recognized in Q4 2025 [2] Production and Mining Activities - Mining activities remained active, with total mined volume reaching 5.27 million tons, a 63% increase from the previous quarter [3] - The company is focusing on waste removal in the G pit area to ensure increased ore production in the first half of 2026 [5] - The average ore feed grade was stable at 477 ppm U₃O₈, with the plant recovery rate at 86% [3][9] Financial Performance - The company completed a fully underwritten equity financing, raising approximately AUD 300 million, which will enhance balance sheet flexibility [6][7] - As of September 30, 2025, the company held $269.4 million in unrestricted cash and investments, an increase of $180.4 million from the previous quarter [7] - The unit production cost in Q3 2025 was $41.6 per pound, an 11% increase quarter-on-quarter but a 1% decrease year-on-year [2][9]
LHM 项目 2025Q3 U3O8 产销量分别环比+7%、- 25%至 106.65、53.38 万磅，平均实现价格环比上涨 21%至 67.4 美元磅
HUAXI Securities·2025-10-23 02:48