Investment Rating - Industry Rating: Recommended [5] Core Insights - The report highlights a significant increase in copper production for Q2 2025, with a year-on-year growth of 40.3% to 57,416 tonnes, primarily driven by increased output from Mantoverde and Mantos Blancos [1][2] - The C1 cash cost for copper in Q2 2025 was reported at $2.45 per pound, a decrease of 12.5% year-on-year, attributed to higher production volumes and lower production costs [2] - The average realized copper price in Q2 2025 was $4.39 per pound, reflecting a 3.1% decline year-on-year but a 0.7% increase quarter-on-quarter [2] Production and Operational Performance - Q2 2025 copper sales reached 53,977 tonnes, marking a 35.8% increase year-on-year, although it fell short of production by approximately 1,800 tonnes due to sales scheduling at Mantos Blancos [1] - The report indicates that the total sulphide production for Q2 2025 was 47,086 tonnes, compared to 30,374 tonnes in Q2 2024, showcasing a robust operational performance [10] - The report also details the production costs for various sites, with Mantoverde's C1 cash cost at $1.51 per pound and Mantos Blancos at $1.87 per pound [10] Financial Performance - The company reported revenues of $543.2 million for Q2 2025, a 38.2% increase year-on-year [3][13] - Net income attributable to shareholders for Q2 2025 was $30 million, a 9.1% increase compared to the previous year, recovering from a loss of $1.2 million in Q1 2025 [3][13] - Adjusted EBITDA for Q2 2025 was $215.6 million, reflecting a 75.1% increase year-on-year, driven by higher sulphide production [3][13] Debt and Liquidity - As of March 31, 2025, net debt stood at $788.1 million, slightly up from $742 million at the end of 2024, primarily due to working capital changes [4][8] - By June 30, 2025, net debt decreased to $691.9 million, indicating improved liquidity and financial management [8] 2025 Guidance - The company reaffirmed its 2025 guidance for total copper production between 220,000 to 250,000 tonnes, with C1 cash costs projected between $2.20 to $2.50 per pound [9] - Capital expenditures are expected to be $315 million, with exploration spending set at $25 million [9]