Ubs comments
RESULT HIGHLIGHTS1. Onslow haul road completion in Oct-24. FY25 capex (see below) does not includesubstantive Stage 2 spend.2. Mining services u'lying EBITDA $550m, +14% y/y; EBITDA/t +4% y/y to A$2.1/t.3. Lithium priorities: a) plant/product grade optimisation at Mt Marion, b) Wodginarecovery uplift, c) two trains at Wodgina with T3 start and T4 FID dependent on marketconditions, d) Mt Marion UG transition, e) resource expansion at Ball Hill and Mt Marion.4. Net debt to EBITDA 4.2x (1.1x FY23) and underlying EBITDA to interest coverage 2.5x(6.6x FY23).GUIDANCEFY25 iron ore: 2-3Mt Yilgarn at $100-110/t FOB cost, 9-10Mt Pilbara at $76-86/t FOB cost and Onslow 10.5-11.7Mt at $58-68/t FOB cost.
FY25 lithium: Mt Marion 150-170kt SC6 at $870-970/t SC6 FOB cost, Wodgina 210-230kt SC6 at $800-890/t SC6 FOB cost and Bald Hill120-145kt SC6 at $800-890/t SC6.0 FOB costs.
Mining services: 295-315Mt. Capex: A$1,945m ($442m lithium, $345m iron ore with $1,041mOnslow development)
Ann: FY24 Full Year Financial Results Presentation, page-152
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