报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 降本大趋势，供给分化新平衡——2025年第一季度海外锂矿经营情况更新 报告日期：2025.06.25 报告作者： 于嘉懿 （分析师），登记编号： S 0880522080001 宁紫微 （ 分析师 )，登记编号：S 0880523080002 报告导读： 2025 年第一季度海外锂市场在持续价格压力下仍保持供应韧性。澳矿扩产放 缓，南美主要盐湖凭借成本优势运营稳健。下跌锂价对上游供给的负反馈初步显现。 投资建议： 2025 年第一季度锂矿价格保持相对稳定，上游矿企仍瓜分了较多产业链利润。资源端的降本 举措以及其在之前行业上行周期内积累的利润令行业供应表现出强弹性，出清难度较上一轮周期增加。我 们认为，未来值得关注具备显著成本优势、运营稳健、有能力在周期底部维持或扩大市场份额的龙头企 业。 我们认为，在现有行业格局下，若锂价较大幅度反弹则可能触发澳矿停产产能复产（如 Finniss ）， 打破供给出清节奏；且美联储降息延迟或加剧盐湖项目融资缺口（ HMW 缩产案例印证资本敏感度）。但 随着电池半固态 / 固态技术的进步升级与市场对高性能电池 ...

Core Insights - Sigma Lithium Corporation reported its first net income of $4.7 million for Q1 2025, marking a significant milestone in its operational performance [5][17] - The company achieved production volumes of 68,308 tonnes, a 26% increase year-over-year, and sales volumes of 61,584 tonnes, a 17% increase year-over-year [6][9] - The company is strategically positioned to enhance cash generation while advancing the construction of Plant 2, which is expected to significantly increase production capacity [5][22] Financial Performance - Revenues for Q1 2025 reached $47.7 million, a 28% increase compared to Q1 2024, despite a slight decline in sales volumes from the previous quarter [9][11] - The cost of sales was reported at $34.2 million, reflecting a 19% increase year-over-year, with a cost of sales per tonne averaging $556 [11][12] - Cash gross margin for Q1 2025 was 35%, down from 42% in Q4 2024, primarily due to higher costs of sales [15] Operational Metrics - The company maintained a cash operating cost of $458 per tonne, which is 9% below the 2025 target of $500 per tonne [12][13] - All-in sustaining cash costs (AISC) averaged $622 per tonne, remaining below the full-year target of $660 per tonne [13] - The average revenue per tonne increased by 10% year-over-year to $774 [8] Production and Expansion Plans - Sigma Lithium expects to reach a total production of 270,000 tonnes for FY25, with ongoing construction of Plant 2 aimed at doubling production capacity to 520,000 tonnes [10][29] - The company is actively pursuing long-term prepayment and offtake agreements to secure financing and support the construction of Plant 2 [19][5] - Civil works at the Plant 2 site are ongoing, with initial equipment deliveries expected in Q3 2025 [22] Balance Sheet and Liquidity - As of March 31, 2025, cash and cash equivalents totaled $31.1 million, a 32% decrease from the previous quarter [18] - The total amount of short and long-term debts was reported at $165.3 million, with net interest paid in Q1 2025 totaling $1.1 million [18]

Sigma Lithium continued to demonstrate its operational resilience delivering strong financial performance: Production of 68,308t of lithium oxide, above target and 26% higher than 1Q24. CIF China Cash Costs and All-In Sustaining Costs: US$458/t and US$622/t, respectively 8% and 6% better than FY 2025 targets. EBITDA and adjusted EBITDA for non-cash expenses: US$10m and US$11.4m, respectively, representing 21% and 24% EBITDA margins; and a significant 28% increase in revenues compared to 1Q24. The Compan ...