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1 Tabl e_First Table_First|Table_ReportType Tabl e_First|Tabl e_Summary 2023Q4 Q4 1 2023Q4 8 SC6 84.9+27%/+6%Marion PLS Wodigna Bald Hill Greenbushes FY24 23H2-24H1 8 2 2023 3 NAL Q4 Greenbushes M-1 M+1 M+2 SC6 76.7+7.5%/+3.0%Q3 Q4 19%-71%FOB 3016-19%Cattlin 763 SC6 850-71%PLS CIF 1280-50%Marion 763 SC6 1060-61%Bald Hill 979 Marion Pilbara Wodgina FY24 SC6 FOB 450-633 Q4 24 25 Tabl e_First|Tabl e_R eportD ate 2024 2 25 Tabl e_First|Tabl e_Rati ng()Tabl e_First|Tabl e_C hart 1M 6M-2.10%-10.53%（pct）-7.8-1.3 Tabl e_First|Tabl e_Author S0210522090001 WBQ Tabl e_First|Tabl e_Contacter Tabl e_First|Tabl e_Rel ateRepor t 2023Q3 Q3 Q4 20231121 20231018 20231012 20230922 华福证券 2|1 Q4.1 2.4 2.1 Q4.4 2.1.1 Greenbushes Q4 M-1.4 2.1.2 Mt Marion.6 2.1.3 Wodgina.7 2.1.4 Pilgangoora.9 2.1.5 Mt Cattlin 24.10 2.1.6 Finniss.12 2.1.7 Bald Hill MRL.13 2.1.8 Mt Holland FY24 10.13 2.2 NAL.14 2.2.1 Abitibi Hub.14 2.2.2 Mibra 24Q4.16 2.2.3 Grota do Cirilo 24Q1.16 2.3.17 2.3.1 Sabi Star.17 2.3.2 Bikita 400 3.5.17 2.3.3 Kamativi 5000.17 3.18 3.1.18 3.1.1 Kathleen Valley 50%18 3.2.19 3.2.1 James Bay.19 3.2.2 Whabouchi 2026.20 3.3.20 3.3.1 Manono AVZ.20 3.3.2 Goulamina 45%.21 3.3.3 140 2024.22 4.23 5.23 5.1.23 5.2.23 5.3.23 1.1 2 SC6.1 3.1 4 SC6.1 5 LCE.2 6/.3 7 FOB SC6.3 8 Greenbushes.4 华福证券1ZCXvMsPoNmNpRpMnQtMnM9PaOaQpNqQmOmQiNpPtRfQnPsN8OrQpPwMpOwONZrNtO 3|9 Greenbushes.4 10 Greenbushes/.5 11.5 12 Mt Marion.6 13 Mt Marion.7 14 Mt Marion.7 15 Mt Marion/.7 16 Wodgina.8 17 Pilgangoora.9 18 Pilgangoora/.10 19 Pilgangoora.10 20 Mt Cattlin.11 21 Mt Cattlin.11 22 Mt Cattlin/.11 23 Finniss.12 24 Finniss.13 25 Sayona.14 26 NAL.15 27 NAL.15 28 Grota do Cirilo.16 29 Bikita.17 30 Kathleen Valley.18 31 Kathleen Valley.19 32 Kathleen Valley SAG.19 33 Kathleen Valley.19 34 Kathleen Valley.19 35 Manono.21 36 Goulamina.21 37 Goulamina.22 38 Goulamina.22 华福证券 1|1 Q4 2023 Q4 SC6+17.7%/+3.9%2023 8 Mt Holland 93.9+27.9%/+4.6%SC6 84.9+17.7%/+3.9%SC6 Marion+36.2%PLS+22.1%/+2.8 Bald Hill+2.4 Greenbushes-13.6%/-5.6 Cattlin-2.6%/-0.2 2023 Q4 SC6+7.5%/+3.0%12 2023 86.0+11.5%/+3.6%SC6 76.7+7.5%/+3.0%SC6 Wodgina+128.8%/+7.7 Marion+54.4%/+4.2 Bald Hill+1.8 Greenbushes-29.8%/-11.7 Cattlin-22.1%/-1.5 1 2 SC6 Bald Hill Bald Hill 3 4 SC6 华福证券 2|2023+33%/+26%2024 2023 8 2023 Finniss Mt Holland Bald Hill Mt Holland 2023 39.6 LCE 33%37.4 26%2024 Greenbushes 2022 2023 FY2024 Greenbushes/IGO 16.9 19.0 13%TRP 140-150 130-140 16.6 17.9 8%Mt Marion MRL/3.7 4.5 20%60 38-44 SC6 3.9 4.5 16%Wodgina MRL/2.2 5.2 137%25 42-48 SC6 2.3 4.9 118%Pilbara PLS 5.7 7.0 22%58 P680 57-60 SC6 5.4 6.9 27%Mt Cattlin Arcadium 1.2 2.7 123%CY24 1.6 LCE 1.6 2.3 41%Finniss Core 0 0.7-2022 FY24 8-9 SC5.5 9-9.5 SC4.77 0 0.6-Bald Hill MRL-0.5-MRL-0.4-Mt Holland Wesfarmers/SQM 0-2023 FY24 10 5 LCE 华福证券 3|29.7 39.6 33%29.7 37.4 26%FY24 23H2-24H1 CY24 2024 2023 Q4 M+1 2023 M-1 M+1 19%-71%FOB 3016-19%Cattlin 763 SC6 850-71%PLS CIF 1280-50%Marion 763 SC6 1060-61%Bald Hill 979 SC6 2023 Marion Pilbara Wodgina FY24 SC6 FOB 450-633 22Q4 23Q3 23Q4 FY2024 Greenbushes/IGO 175 159 278 59%74%220-253 Mt Marion MRL/-563-533-600 6/7 FOB SC6 华福证券 4|Wodgina MRL/-583-583-633 Pilbara PLS 380 489 416 9%-15%450-503 Mt Cattlin Arcadium 1016 636-Finniss Core-1259 1302-3%905-938 Bald Hill MRL-MRL Mt Holland Wesfarmers/SQM-7.2 4.8 2 2.1 Q4 2.1.1 Greenbushes Q4 M-1 Greenbushes 162 TGP 5.0 7.2%14 2 CGP1 CGP2 60 2022 Q1 TRP 28 6%,5-6 162 2023 Q4 24H1 20%1 2023Q4 35.8-5.7%/-13.6%33.9-2.9%/-16.5%1.9-37.3%/+157.5%2.2%23Q3 2.4%CGP1 CGP2/FY24 23H2-24H1 130-140 140-150 2023 152.3+12.9%/+17.4 2 2023Q4 27.5-28.7%/-29.8%IGO 24H1 20%2023 143.2+7.7%/+10.2 8 Greenbushes 9 Greenbushes 华福证券 5|2024 M-1 2023 Q4 3016/FOB-24.3%/-19.4%2024 1 1 M-1 Fastmarkets Asian Metals Benchmark Minerals Intelligence S&P Platts 5%2023 COGS 614 197 357 FY2024 280-330 330-380/IGO 52 2025 CGP3 52 2025 2023 Q4 CGP4 52 2025 2027 266 2024 Greenbushes 8.5-9.5 TGP 14 CGP1 60 2019 10 IGO IGO 10 Greenbushes/11 华福证券 6|CGP2 60 2021 CGP3 50 2025 CGP4 50 2025 2027 TRP 28 2022 Q1 IGO 44%2.4 22 12 12 44%23Q3 23 50%3076 1 2023Q4 617 286+7/+1.2%2 Kwinana 3 3,076 2.1.2 Mt Marion 90 Mt Marion 45 2022 4 60 Mt Marion MRL 90 SC6 57-60 23 6 2024 90 45 60 90 SC6 57-60 MRL 1 2023 Q4 16.6+37.2%/+29.7%40%+14.2pct,54%2023 53.4+15.8%/+7.3 2 2023 Q4 SC4.2 17.2 SC6 12+48.3%/+34.4%2023 54.6+10.1%/+5 12 Mt Marion 华福证券 7|FY24 38-44 SC6 800-900/2023Q4 SC4.2 738/SC6 1060/-82.3%/-60.5%2024 1 2023H2 Mt Marion FOB 548/SC6 844/7 500/1150-1250/MRL2024 Marion FY24 800-900/MRL 2.1.3 Wodgina MRL Wodgina Kemerton MRL 13 Mt Marion 14 Mt Marion MRL MRL 15 Mt Marion/华福证券 8|MARBL 2023 10 18 MRL Wodgina 40%50%Kemerton Wodgina 2024 Wodgina 2022 75 SC6 25 SC6 2023 Q1 24 1 75 24 18-20 Wodgina FY24 42-48 SC6 1 2023 Q4 11.5+2.2%+24.3%17%2023 11 24 Wodgina 2023 12 11 FY24 42-48 SC6 2 14.2 SC5.8,+49.5%/+129.0%SC6 13.7+44.5%/+129.0%Q3 Q4 FY24 3 2023H2 FOB 845/SC6 875/875-950/9 550/MRL 16 Wodgina 华福证券 9|2.1.4 Pilgangoora 58 Pilgangoora 2 Pilgan Ngungaju 58 Pilgan 36-38 Ngungaju 18-20 Pilgangoora 2023 Q4 1 2023 Q4 17.6+8.5%/+22.1%15%P680 65.9%0.7pct 2024H1 2 SC5.2 16.0+7.6%/+9.3%PLS 31 8.5 15 15 PLS 2 P680 FY24 1113/SC5.2 CIF SC6.0 1280/50%Hedland 10 11 9 12 PLS 23Q4 FOB 416 FOB-15%CIF 523-20%17 Pilgangoora 华福证券 10|PLS P680 P100 2025Q1 P680 10 2024Q2 2023Q4 2024Q3 2024Q2 10 32 P1000 2025 Q1 2025 Q3 100 Pilgangoora 100 Q4 2024Q2 PLS 2.1.5 Mt Cattlin 24 18 Pilgangoora/19 Pilgangoora 华福证券 11|Mt Cattlin 3 LCE Mt Cattlin 2016 3 Allkem 4-5 2027-2028 2023 1 6.28 SC6+333%/-2%72%+4pct 2023 21.3 SC6+122%2 5.3 SC6+282%/-22%2023 18.1 SC6+40%3 2019 SC6 4 72%2023Q4 SC6 850/CIF-86%/-72%Q4 FOB 600-700 20 Mt Cattlin 21 Mt Cattlin AKE AKE 22 Mt Cattlin/华福证券 12|AKE 2024 13 2023 20.5 2024 13.0 7.5 9500 2.1.6 Finniss Finniss Finniss DFS 17.3 5.8%2022 2024 1 5 Core Grants BP33 Core FY25 FY24 1 23 Finniss 华福证券 13|2.88+39.4%2023 50%60%34,787 2023 6.78 FY24 8-9 9-9.5 2 2023Q4 3.07 SC4.8 SC6 2.46+21.1%31,296 SC1.35 2023 5.96 FY24 9-10 8-9 3 2023 12 31 28.9 2024 2024 M+2 23Q4 1418/2024Q1 11 12 1360 2023Q4 FOB 1953/3.4%23Q1 23Q2 23Q3 23Q4 3589 14685 20692 28837-47.40%48.60%50%60%DSO 14774-5423 23424 30718-n/a 5.35%5.20%4.80%/FOB 2386 1691 1889 1953 Core lithium 2.1.7 Bald Hill MRL 15.0 SC5.5 2018 3 15.5 2018 5(FIRB)MRL 2023 11 1 Bald Hill 2023Q4 2.6 2 SC6 1.8 979 2.1.8 Mt Holland FY24 10 FY24 10 FY24 SQM Wesfarmers Mt Holland 50%40,75%38 SC5.5 24 Finniss 华福证券 14|5 2023Q4 FY24 23H2-24H1 10 Kwinana 65%2025 DFS 2024 2.2 NAL 2.2.1 Abitibi Hub Piedmont Sayona NAL 2021 8 Sayona Quebec Piedmont Lithium Inc Sayona 75%Piedmont 25%NAL Authier NAL Tanism Authier NAL 2024 2 22 Piedmont Sayona Piedmont Sayona Quebec Sayona NAL+Authier 22.6 3 LCE 2023 DFS,NAL Authier 22.6 3 LCE 2023 3 Sayona NAL 25 Sayona 华福证券 15|FY24 14-16 SC5.4 1 2023Q4 44%SC5.5 3.42 9%1.17%0.03pct 8%62%4pct 75%3pct 11 23 12 1.4 650-700 2023 9.88 FY24 14-16 SC5.4 24Q2 2 2.4-50%2 Piedmont 2024 1 2023 7.22 FY24 16-18 SC5.4 3 2023 9 30 NAL ROM 16.5 33%,2.06.2023Q4 FOB 946/52%1200/1397/14%Moblan 24Q1 6000 2024 3 1 190 C-150 2024 2025 2024 Moblan 26 NAL 27 NAL Sayona Sayona 华福证券 16|2.2.2 Mibra 24Q4 9 4 2024Q4 AMG Mibra 1945 2018 5 9 2024 3 9 13 2024 9.3 2024Q4 24Q3 AMG Bitterfeld 2 2024Q3 2023 9 1 2024 9.3 2 2.97+39%2023 9.51 8384 3 1943/CIF-19%2023 3160/CIF 4 498/CIF-5.3%2023 475/CIF 2.2.3 Grota do Cirilo 24Q1 27 SC5.5 2023 4 75%Grota do Cirilo 27 SC5.5 3.67 LCE 2023 4 24 SC6 Sigma Lithium BNDES 4.924(9940)24 SC6 51 2024Q1 370 76.6 LCE 10.42 27 SC5.5 24 SC6 24Q1 76.6 Sigma sigma Alexandre Baldy Sigma Lithium 30 44.52 Baldy Sigma 28 Grota do Cirilo 华福证券 17|2.3 2.3.1 Sabi Star 40 5 Li2O 8.85 1.98%90/20/5 9 35 2.3.2 Bikita 400 3.5 400 3.5 Bikita 70/Li2O 4.3%9/2022 5 2023 3 200 200 400 200 120/30 SC4.3 200 30 SC5.5 2023 11 10 3.5 70 Li2O 4.3%9 200 200 200 Li2O 4.3%30 2023 7 Li2O 4.3%11.2 200 200 Li2O 5.5%30 2023 7 Li2O 2.5%9 0.03 2.3.3 Kamativi 5000 2024 6 Kamativi 29 Bikita 华福证券 18|5 10 30 2024 6 230 35 50%5000 2024 1 2024 1 31 300 5000 3 3.1 3.1.1 Kathleen Valley 50%51.1 SC6 2024 250 20%300 51.1 6%23 2024 2027 2029 400/65.8/7.6(5)5.15 Kathleen Valley Liontown Resources 22%72%2023 72%2024 1 TTM 140 2023 TTM 520 Mt Mann 2023 11 Kathleen s Corner 30 Kathleen Valley 华福证券 19|2 2024Q2 3 TSF 1 11 2024 1 4 95MW 2024 16 2024 Kathleen Valley 10 C1 651/SC6 9.51 2023 1 8.95 6%2025 1 1 10 C1 651/SC6 171/SC6 3.2 3.2.1 James Bay James Bay 2024 James Bay 31 Kathleen Valley 32 Kathleen Valley SAG Liontown Resources Liontown Resources 33 Kathleen Valley 34 Kathleen Valley Liontown Resources Liontown Resources 华福证券 20|COMEX CREE Nation ESIA EeyouIstchee Eastmain Livent Allkem 2024 3.2.2 Whabouchi 2026 Arcadium Lithium 2024 2.25 3 Becancour Nemaska Whabouchi James Bay 50%Whabouchi 2025 2026 3.3 3.3.1 Manono AVZ AVZ AVZ COMINIERE Dathomir 60%25%15%2021 AVZ Dathcom Dathomir15%AVZ 75%2022 12 COMINIERE AVZ Manono 2023 1 Manono Manono PR13359 2 2023 10 23 Manono PR13359 61%39%COMINIERE 2 7,000 Dathomir Dathcom Manono PR13359 100%COMINIERE PR13359 PR15775 2023 12 18 AVZ Dathomir 华福证券 21|Dathcom AVZ 3.3.2 Goulamina 45%Goulamina 60%Goulamina 2021 6 1.3 SPV 50%Goulamina 50%Mali Lithium Goulamina 60%Leo 10%10%100%70%55%50.6 SC6 2024 Q2 83.1 SC6 2021 12 230 50.6 SC6 2022 2 2024 Q2 83.1 SC6 2023 Q2 LEO 50 SC6 100 SC6 35 Manono 36 Goulamina 华福证券 22|LEO 15%60%2023 15%60%1 Cat777 2 3 3.3.3 140 2024 Bougouni 140 2024 Bougouni JORC 3190 1.06%Bougouni Ngoualana 140/5.5%10-12 12 2024 2026 Sogola-Baoul Boumou 37 Goulamina 38 Goulamina Leo Leo 华福证券 23|150/5.5%15/650/3.6%4 Q4 24 25 5 5.1 23 5.2 5.3 华福证券 24|“”“”。6 20%6 10%20%6-10%10%6-20%-10%6-20%6 5%6-5%5%6-5%612 A 300 500 1436 MT 20 200120 华福证券
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