2025Q4，公司锆石 金红石 合成金红石合计产量同比增长 20%至 15.49 万吨，合计销量同比增长 18%至 16.14 万吨

Investment Rating - The report recommends the industry [5] Core Insights - In Q4 2025, the total production of zircon, rutile, and synthetic rutile increased by 20% year-on-year to 154,900 tons, while total sales rose by 18% year-on-year to 161,400 tons [1] - The company continues to invest in the Balranald and Eneabba projects, with capital expenditures reaching AUD 862 million for the fiscal year 2025 [6] - The company’s financial performance showed a revenue of AUD 260 million for zircon/rutile/synthetic rutile, a 105% increase quarter-on-quarter but a 4% decrease year-on-year [4] Production Summary - Zircon sand production in Q4 2025 was 47,800 tons, a 21% increase quarter-on-quarter and a 7% increase year-on-year [1] - Zircon concentrate (ZIC) production reached 38,400 tons, with a 200% quarter-on-quarter increase and a 156% year-on-year increase [1] - Rutile production was 29,900 tons, reflecting a 121% quarter-on-quarter increase and a 153% year-on-year increase [1] - Synthetic rutile production was 38,800 tons, showing a 33% decrease both quarter-on-quarter and year-on-year [1] - Total titanium ore production was 62,600 tons, a 23% decrease quarter-on-quarter and a 37% decrease year-on-year [1] Sales Summary - Zircon sand sales in Q4 2025 were 29,700 tons, a 3% decrease quarter-on-quarter but a 34% increase year-on-year [2] - Zircon concentrate (ZIC) sales reached 36,200 tons, with a 174% quarter-on-quarter increase and a 132% year-on-year increase [2] - Rutile sales were 39,700 tons, reflecting a 275% quarter-on-quarter increase and a 322% year-on-year increase [2] - Synthetic rutile sales were 55,900 tons, a 459% quarter-on-quarter increase but a 37% year-on-year decrease [2] - Total sales of zircon/rutile/synthetic rutile reached 161,400 tons, a 151% increase quarter-on-quarter and an 18% increase year-on-year [2] Pricing Summary - The unit sales revenue for zircon/rutile/synthetic rutile was AUD 1,610 per ton, a decrease of 18% quarter-on-quarter and 19% year-on-year [3] Financial Performance Summary - Total revenue from zircon/rutile/synthetic rutile was AUD 260 million, a 105% increase quarter-on-quarter but a 4% decrease year-on-year [4] - Revenue from titanium ore and other sources was AUD 17 million, a 13% increase quarter-on-quarter but an 11% decrease year-on-year [4] - Total mineral sand revenue was AUD 276 million, a 94% increase quarter-on-quarter but a 5% decrease year-on-year [4] Project Updates - The Eneabba project is progressing with the construction of Australia's first fully integrated rare earth oxide separation refinery, with significant milestones achieved in Q4 2025 [9] - The Balranald project is utilizing new remote-controlled underground mining technology, with initial ore extraction and processing having commenced [13][14] - The Wimmera project aims to supply rare earths and zircon, with preliminary feasibility studies completed and further studies underway [15]