Investment Rating - The industry rating is "Recommended" [6] Core Insights - In Q2 2025, bauxite production increased by 21.7% year-on-year to 1.713 million wet tonnes, while shipping volume rose by 18.8% to 1.685 million wet tonnes [1][2] - The cost of bauxite reached 40 AUD per wet tonne, reflecting a year-on-year increase of 5.0% [3] - The site profit reached a record 32 AUD per wet tonne, marking a 500% increase year-on-year and an 83% increase compared to Q4 2024 [3] - Despite a decline in alumina prices since December 2024, the bauxite market remains resilient, with China importing 103 million tonnes in the first half of the year, a 33% increase year-on-year [3] - The offshore price (FOB) net revenue per unit increased to 72 USD per wet tonne, a 41% rise from Q4 2024 and a 16% increase from Q1 2025 [3] Production and Operational Performance - Q2 2025 production results showed bauxite mined at 1,713,000 wet tonnes, compared to 2,046,000 in Q4 2024 and 1,407,000 in Q2 2024 [8] - The average CIF pricing for Q2 2025 was 81.3 AUD per tonne, up from 72.7 AUD in Q4 2024 and 63.8 AUD in Q2 2024 [8] - Total costs per wet tonne were 40.0 AUD, with site costs at 31.0 AUD and royalties at 9.0 AUD [8] Financial Performance - As of the end of Q2 2025, the cash position was 28.7 million AUD, with secured debt financing totaling 56.6 million USD [5]