JPM-JPM Mining Daily Iron ore -百分之0.3, Li Carbonate-百分之2.5...-20250901

<p style="text-indent:28px"><span style="font-size: 14px;">FY25 NPAT a miss but uranium price catalysts should see stock well supported; retain</span><span style="font-size: 14px;">&nbsp;</span><span style="font-size: 14px;">Overweight</span></p><p style="text-indent:28px"><span style="font-size: 14px;">Key takeaways: 1) The FY25 EBITDA loss of -$17m was in-line with JPMe, while elevatednon-cash expenses saw the earnings loss of -$34m greater than JPMe/BBG cons of -$11/-$14m. On a more positive note, Honeymoon generated $17.4m of free cashflow for the year;2) BOE’s balance sheet remains in good shape, with a net cash balance of $37m and a further$52m in investments/liquid assets and $120m in inventories; 3) No changes were made toproduction and cost guidance from the JunQ result, with the independent review still pending.Following the result, our NPV is down 4% to $2.14ps after adjusting corporate costs higherand our FY26 NPAT is down 7% to $77m after lowering Alta Mesa production slightly. WithBOE screening with 10% potential upside to our $2.15ps PT and uranium prices wellsupported as the market emerges from its seasonal lull, we retain our Overweight rating.</span></p><p><br/></p>