Greenbushes 锂矿 2025Q4 产销量分别环比+10%、 +9%至 35.2 万吨、32.8 万吨，2025Q4 单位现金生产成本环比下降 4%至 373 澳元/吨

Investment Rating - The report provides a "Recommended" investment rating for the industry [3]. Core Insights - The Greenbushes lithium mine produced 352,000 tons of lithium concentrate in Q4 2025, a 10% increase quarter-on-quarter but a 10% decrease year-on-year. Sales volume reached 328,000 tons, up 9% quarter-on-quarter and 5% year-on-year. The average realized price for lithium concentrate was $850 per ton, a 16% increase quarter-on-quarter [1][2]. - The Kwinana lithium hydroxide plant's production decreased to 2,120 tons in Q4 2025, down 24% quarter-on-quarter but up 33% year-on-year due to maintenance shutdowns. The sales volume increased to 3,599 tons, a 23% increase quarter-on-quarter and a significant 335% year-on-year increase [2]. - The report indicates that the cash production cost for lithium concentrate was A$373 per ton, down 4% quarter-on-quarter but up 15% year-on-year [1][2]. Summary by Sections Lithium Business - Greenbushes lithium mine produced 352,000 tons in Q4 2025, with a sales volume of 328,000 tons. The average price was $850 per ton, and cash production costs were A$373 per ton [1]. - Kwinana lithium hydroxide plant produced 2,120 tons, with a sales volume of 3,599 tons. The cash processing cost was A$20,642 per ton [2]. Nickel Business - The Nova project produced 3,790 tons of nickel in Q4 2025, an 11% increase quarter-on-quarter and a 12% increase year-on-year. The sales volume was 2,288 tons, down 31% quarter-on-quarter [5]. - The average realized price for nickel was A$22,555 per ton, a 1% decrease quarter-on-quarter [5]. Financial Performance - The company reported revenue of A$8.24 million in Q4 2025, a 22% decrease quarter-on-quarter and a 37% decrease year-on-year. The basic EBITDA was A$2.99 million, a 55% increase quarter-on-quarter [6]. - As of Q4 2025, the company held A$29.89 million in cash, an increase from A$28.65 million in the previous quarter [6]. 2026 Fiscal Year Guidance - For the Greenbushes mine, spodumene production is expected to be slightly below the lower guidance limit, while cash costs are anticipated to be slightly above the upper guidance limit [7]. - The Kwinana refinery's production and cash cost guidance are expected to meet the targets, with capital expenditures projected to be at the lower end of the guidance range [9]. - The Nova mine's performance is expected to align with guidance, particularly in nickel production and cash costs [10].