有色金属海外季报：NAL项目2025Q4锂精矿产量、销量环比-15%、+154%至4.4万吨/6.6万吨，26财年锂精矿产量下调至18至19万吨

Investment Rating - The industry is rated as "Recommended" [6] Core Insights - The NAL project in North America experienced a decrease in lithium concentrate production by 15% to 44,154 tons in Q4 2025, primarily due to high iron content affecting recovery rates and a decline in raw material grade [1][2] - The total sales volume of lithium concentrate surged by 154% to 66,016 tons in Q4 2025, with two batches sold [3] - The average actual selling price (FOB) reached $998 per ton, reflecting strong market conditions driven by increased demand and reduced expectations for idle capacity [4] - The unit operating cost (FOB) slightly decreased to $812 per ton, while total costs for mining and stripping increased by 14% in line with a 15% rise in mining volume [5] Production and Sales Summary - In Q4 2025, the processing plant treated 351,592 tons of ore, a 3% increase from the previous quarter, with an average raw material grade of 0.98% Li₂ O [1] - The recovery rate for Li₂ O was 62%, down from 69% in Q3 2025, due to lower raw material grades and increased iron content [1] - Finished product inventory decreased to 29,913 tons as of December 31, 2025, due to increased shipments and reduced production [8] Financial Performance - Revenue for Q4 2025 reached $66 million, setting a quarterly operational record, driven by a 154% increase in lithium concentrate sales and a 27% rise in average FOB price [9] Future Outlook - The company has revised its production forecast for FY 2026 to 180,000 to 190,000 tons, with sales expectations of 170,000 to 190,000 tons, and unit sales operating costs adjusted to $860 to $880 per ton [19]