有色金属海外季报：Kathleen Valley 矿山 2025Q3 锂精矿产销量分别环比+1%/-20%至 8.7 万吨/7.7 万吨，已售锂精矿的单位运营成本（FOB）环比增长 24%至 715 美元/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 during the specified period [5]. Core Insights - In Q3 2025, the company achieved a lithium concentrate production of 87,172 tons, a 1% increase quarter-on-quarter, with an average Li₂ O grade of 5.0% [3]. - The sales volume of lithium concentrate was 77,474 tons, a decrease of 20% compared to the previous quarter, attributed to seasonal demand fluctuations and pricing formula impacts [3]. - The company’s operating cash flow was negative at 44 million AUD, primarily due to a 53 million AUD decrease in cash income from customers [9]. - The company has revised its agreement with Ford, enhancing short-term liquidity and strategic flexibility in lithium sales [7]. Production and Operational Summary - Open-pit mining operations in Q3 2025 were successful, with a 77% increase in ore mined compared to the previous quarter, totaling 292,000 tons with an average grade of 1.3% Li₂ O [2]. - The underground mine achieved an annualized production rate of 1 million tons after six months of initial recovery, with a recovery rate exceeding 95% [2]. - The processing plant maintained a high operating rate of 92%, processing 580,000 tons of ore with an average feed grade of approximately 1.3% Li₂ O [2]. Financial Performance - The company reported a revenue of 68 million AUD in Q3 2025, a 29% decrease quarter-on-quarter [8]. - The average selling price of lithium concentrate was 700 USD per ton, a 5% decrease from the previous quarter [4]. - The unit operating cost for sold lithium concentrate increased by 24% to 715 USD per ton, reflecting a reduction in raw material inventory [6]. Inventory and Sales Strategy - As of the end of Q3 2025, the company had a lithium concentrate inventory of 20,912 tons, an 89% increase quarter-on-quarter due to shipment delays [3]. - The company has adjusted its pricing strategy in its agreement with Tesla, aligning it more closely with the broader lithium spodumene market [6].