Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [4]. Core Insights - In Q1 2025, the silver equivalent production increased by 49% year-on-year to 239.86 tons, with net profit turning from a loss to a profit of 6.2 million USD [1][3]. - The company achieved a record EBITDA of 98.8 million USD in Q1 2025, significantly up from 6.6 million USD in Q1 2024, reflecting strong operational performance [5][9]. - The average realized price for silver equivalent was 32.50 USD/ounce, marking a 37% increase year-on-year [1][9]. Production and Operational Performance - Q1 2025 silver production reached 3,704,503 ounces (115.22 tons), representing a 57% increase quarter-on-quarter and an 88% increase year-on-year [1][9]. - Gold production in Q1 2025 was 36,469 ounces (1.13 tons), showing a decrease of 8% quarter-on-quarter but a slight increase of 1% year-on-year [1][9]. - The total ore processed in Q1 2025 was 944,373 tons, a 27% increase from Q4 2024 and a 60% increase from Q1 2024 [9]. Financial Performance - The company's revenue for Q1 2025 was 243.9 million USD, a 130% increase year-on-year and a 42% increase quarter-on-quarter [2][9]. - Mine operating earnings reached 63.8 million USD, a significant increase from a loss of 0.3 million USD in Q1 2024 [3][9]. - The adjusted net profit for Q1 2025 was 20.9 million USD, compared to an adjusted net loss of 18.4 million USD in Q1 2024, reflecting a 213% increase [5][9]. Cash Flow and Capital Expenditures - As of the end of Q1 2025, the company's cash and restricted cash balance reached a historical high of 462.6 million USD, a 50% increase from the end of Q4 2024 [6][9]. - Capital expenditures totaled 51 million USD in Q1 2025, an 81% increase compared to 28.2 million USD in Q1 2024, primarily due to the inclusion of Cerro Los Gatos [7][9].