Investment Rating - Industry Rating: Recommended [7] Core Insights - In Q2 2025, copper production decreased by 3.2% quarter-on-quarter to 29,956 tonnes, while year-on-year it increased by 4.8%. The decline was primarily due to a mandatory evacuation order in Manitoba due to wildfires [2] - The company's net profit attributable to shareholders for Q2 2025 was $117.7 million, a 17.2% increase quarter-on-quarter, and a recovery from a loss of $16.5 million in the same period last year. This growth was driven by stable copper production and rising gold prices [8] - The company reaffirmed its full-year production guidance for 2025, expecting copper production between 117,000 to 149,000 tonnes and gold production between 247,500 to 308,000 ounces [10] Production and Operational Performance - Q2 2025 gold production was 56,271 ounces (1.75 tonnes), down 23.7% quarter-on-quarter and 4.0% year-on-year [3] - Q2 2025 silver production was 814,989 ounces (25.35 tonnes), down 11.4% quarter-on-quarter but up 10.3% year-on-year [3] - Q2 2025 zinc production was 5,130 tonnes, down 18.1% quarter-on-quarter and 36.6% year-on-year [3] - Q2 2025 molybdenum production was 375 tonnes, down 5.5% quarter-on-quarter but up 1.6% year-on-year [4] Financial Performance - Q2 2025 revenue was $536.4 million, a decrease of 9.8% quarter-on-quarter but an increase of 26.1% year-on-year [5] - Q2 2025 net earnings were $114.7 million, a decrease of 10.6% quarter-on-quarter but a recovery from a loss of $20.3 million in the same period last year [6] - Q2 2025 adjusted EBITDA was $245.2 million, down 14.6% quarter-on-quarter but up 69.1% year-on-year [9] - As of June 30, 2025, total liquidity was $1.0502 billion, including $625.5 million in cash and cash equivalents [9]