Metro Mining 2025Q4 铝土矿产量同比增加 7%至 218.8 万湿吨，成本同比上涨 11%至 37.1 澳元/湿吨

Investment Rating - The industry rating is "Recommended" [6] Core Insights - In Q4 2025, bauxite production reached 2.188 million wet tonnes, a 7% increase year-on-year, while costs rose by 11% to AUD 37.1 per wet tonne [2][7] - The average offshore price for bauxite was AUD 49.1 per wet tonne, reflecting a 1% increase quarter-on-quarter but a 4% decrease year-on-year [2][7] - The mining operations were temporarily suspended on January 3, 2026, with a reserve of 165,000 wet tonnes expected to resume production by mid-March 2026 [2] Production and Operational Performance - Bauxite mined in Q4 2025 was 2,188,000 wet tonnes, consistent with Q3 2025 but up from 2,046,000 wet tonnes in Q4 2024 [7] - Bauxite shipped in Q4 2025 was 2,058,000 wet tonnes, down 8% from Q3 2025 but stable compared to Q4 2024 [7] - The unit operating costs for bauxite were AUD 37.1 per wet tonne, with site costs at AUD 28.5 and royalties at AUD 8.6 [7] Financial Performance - Unrestricted cash and trade receivables were AUD 57.5 million and USD 6.4 million, respectively [4] - Restricted cash collateral under the financial assurance plan increased by AUD 6.3 million to AUD 28.7 million [4] - Secured debt decreased to USD 41.5 million, with planned repayments of USD 7.6 million (approximately AUD 11.6 million) during the quarter [4]