Southern Copper Corporation delivered a solid QQ1 2025, with revenue of $3.1219 billion, up 20.1% year over year and 12.1% quarter over quarter. Gross profit reached $1.5672 billion, yielding a gross margin of 50.2%, while operating income of $1.5355 billion produced an operating margin of 49.2%. Net income was $945.9 million, and diluted EPS was $1.19, up 28.5% and 25.3% respectively vs the prior year. EBITDA stood at $1.7943 billion, supporting a cash-generative profile evidenced by cash flow from operations of $721.4 million and free cash flow of $403.6 million. The balance sheet remains robust, with cash and equivalents of $4.1163 billion and total liquidity ample to cover near-term obligations, while total debt stands at $7.9677 billion and net debt at $3.8514 billion. Leverage metrics remain within a conservative range (debt-to-capitalization 45.4%, debt-to-equity 0.83) and interest coverage is strong at 16.7x. The company continued to return capital to shareholders, with a payout ratio of 58.5% and a quarterly dividend, while continuing to invest in capex of $317.8 million for the period. Looking ahead, the main drivers and risks include copper price volatility, project execution efficiency, and the ability to translate strong cash generation into deleveraging and value creation. Investors should monitor copper pricing trends, the pace of capex, and the company’s capital allocation framework to assess sustained earnings power.