JPM-JPM Mining Daily Iron ore -百分之1.7, Li Carbonate -百分之2.5...-20250902

FY25 earnings miss expectations & PLS review confirms solid economics; retain Neutral

Key takeaways from the FY25 result:1) FY25 NPAT of -$45m came in below our -$31mand consensus of -$18m. 2) The updated technical review on PLS sees no changes to theproduction profile, while the AISC now sits at $15.20/lb (+12% v previous study) and totalproject capex at $1,625m (+34% vs previous study). Following the results, our NPV is up 9%to $7.42ps after revising our PLS assumptions along with minor adjustments at LangerHeinrich. With the stock trading on a P/NPV of 1.09x, we retain our Neutral recommendation.