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 reported a decrease in lithium concentrate production to 44,154 tons in Q4 2025, a 15% decrease quarter-on-quarter, 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 reached 66,016 tons in Q4 2025, marking a significant increase of 154% compared to the previous quarter [3] - The average actual selling price (FOB) for Q4 2025 was $998 per ton, reflecting strong market conditions driven by increased demand and reduced expectations for the reactivation of idle capacity [4] - The unit operating cost (FOB) for Q4 2025 was slightly lower than the previous quarter at $812 per ton, despite a 14% increase in total costs associated with mining and stripping [5] - Revenue for Q4 2025 reached $66 million, setting a quarterly operational record, primarily due to the increase in sales volume and a 27% rise in average selling price [9] Production and Sales Summary - In Q4 2025, the processing plant treated 351,592 tons of ore, a 3% increase quarter-on-quarter, with an average raw material grade of 0.98% Li₂ O [1] - The recovery rate for Li₂ O in Q4 2025 was 62%, down from 69% in Q3 2025, due to lower raw material grades and increased iron content [1] - The processing plant's utilization rate was 89%, a 2% increase from the previous quarter, despite planned downtime for equipment maintenance [1] Inventory and Future Outlook - As of December 31, 2025, finished product inventory decreased to 29,913 tons due to increased shipments and reduced production [8] - The company has revised its production forecast for FY 2026 to between 180,000 and 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 [18]