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" indicating a positive outlook for the sector [6]. Core Insights - In Q4 2025, Metro Mining's bauxite production increased by 7% year-on-year to 2.188 million wet tonnes, while costs rose by 11% to AUD 37.1 per wet tonne [2][4]. - 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]. - The company faced operational challenges due to adverse weather conditions, which limited shipping activities, resulting in a shipment volume of 2.058 million wet tonnes, unchanged year-on-year but down 8% from the previous quarter [2][3]. - The financial position showed unrestricted cash and trade receivables of AUD 57.5 million and USD 6.4 million, respectively, with secured debt reduced to USD 41.5 million [4]. Production and Operational Summary - Bauxite mined in Q4 2025 was 2,188,000 wet tonnes, consistent with the previous quarter's 2,197,000 wet tonnes and up from 2,046,000 wet tonnes in Q4 2024 [7]. - The total costs for bauxite production were AUD 37.1 per wet tonne, which includes site costs of AUD 28.5 and royalties of AUD 8.6 [7]. - The average CIF price for bauxite reached AUD 73.7 per wet tonne, a 16% increase from the previous quarter [3][7].