有色金属海外季报：MIN2025Q3锂精矿权益产量环比减少5%至13.7万吨，权益锂精矿出货量环比增长5%至14.2万吨

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 forecast period [4]. Core Insights - In Q3 2025, the lithium concentrate production from two operational projects decreased by 5% to 137,000 tons, while the sales volume increased by 5% to 142,000 tons. The average selling price for lithium concentrate was $849 per ton, reflecting a 31% increase quarter-on-quarter [1]. - The recovery rates and capacity optimization projects at Mt Marion and Wodgina have been successfully completed, with Wodgina achieving an average recovery rate of 67% [1]. - The report highlights significant improvements in production and sales volumes for lithium concentrate, with Mt Marion's production increasing by 18% quarter-on-quarter and 7% year-on-year, while Wodgina's production also showed positive growth [2][5]. Summary by Sections Lithium Mining - Overall Performance: In Q3 2025, the total lithium concentrate production was 137,000 tons, with a weighted average selling price of $849 per ton, up 31% from the previous quarter [1]. - Mt Marion: The total material moved decreased by 46%, while ore mined increased by 58%. The average recovery rate was 59%, and the average selling price was $797 per ton, up 31% quarter-on-quarter [2]. - Wodgina: The total material moved decreased by 12%, with ore mined increasing by 15%. The average selling price for lithium concentrate was $881 per ton, reflecting a 31% increase [3][5]. Iron Ore - Onslow Iron: The quarterly production was 8.445 million tons, a 37% increase quarter-on-quarter, with an average selling price of $92 per ton [7]. - Pilbara Hub: The quarterly production was 2.419 million tons, a 12% decrease quarter-on-quarter, with an average selling price of $87 per ton [8]. Financial Overview - As of September 30, 2025, the company's liquidity and net debt remained stable at 1.1 billion AUD and 5.4 billion AUD, respectively. The capital expenditure for the quarter was approximately 400 million AUD, consistent with previous expectations [12].