Ann: June 2024 Quarterly Activities Report, page-165

i am abit concern about the following

On FY25 guidance, production was in line (800-840kt @ 5.2%), though unit costs were well above GSe/consensus at A$650-700/t (@5.2%; FOB; pre-royalties), including some one-off expansion costs (improving in FY26). However, including stripping and sustaining capex we estimate guidance implies a cash cost of ~US$690/t (@6%), and an AISC of ~US$800/t (including royalties/shipping; @ 6%), leaving limited cash margins of <US$100/t (pre-tax) in FY25 before growth spend.


While shipments were also above expectations, this was largely offset by realised pricing of US$840/t (US$960/t SC6.0 CIF China) ~10% below expectations (though this may improve following contract price reviews).

GS also put a new reduced PT of $2.40.

what the point of producing more if the cash margin will be below $100.

i thought by producing more, they can maintain a decent margin like $300.

all i know is, pls can survive a down turn but need to control their cost, before hopefully Li price can climb back up, maybe in 2028...... a very long time away.

Very long time in the red.