智利《三点钟报》12月8日报道，截至2025年9月，智利白银产量同比增长10%，达 954390公斤，预计全年产量将达1330至1350吨，较2024年增长约10%。智利在2024年以 全球4.9%的份额位列第七大产银国，而目前正与俄罗斯竞争全球第六的位置。智利白 银主要为铜矿开采的副产品，去年占比达80%，金矿贡献了剩余的19%。银价亦创历史 新高，10月17日伦敦金属交易所银价达每盎司54美元，年内涨幅达72%。专家分析，价 格上涨主因是太阳能与电子等工业需求增长、投资避险情绪以及供应反应滞后。预计 智利短期内难以超越2007年1936吨的历史峰值，2035年前年产量将在1200至1500吨之间 波动。 （原标题：智利银产量跃升） ...

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].