Following 1Q25 production reports, we update our models for Antofagasta (-) and Rio Tinto (+). As expected, neither changed their 2025 guidance across production or cash costs. Detailed estimate revisions can be found overleaf. Antofagasta (-): Provisional pricing tailwinds drive 2025 earnings upgrades Copper production in 1Q25 of 155kt declined c25% q/q, as expected given scheduled maintenance, grade decline and the nationwide power outage in February. Mgmt remain confident in a resolution to the final stages of the EIA for Zaldivar which would avoid any disruption from May onwards. As expected, there were no changes to 2025 guidance. Please see a more detailed review of 1Q25 production here. Underlying estimate revisions (figure 1) are mostly minor, though we do increase our 2025 EBITDA forecast by +6% as we integrate the USD 164m provisional pricing benefits from 1Q25 which was the reason ANTO was able to report a realised price of USD 4.69/lb, an 11% premium to the average LME price of USD 4.24/lb during the quarter. We modestly increase our TP to 1,200p (prev 1,180p) and reiterate our Underperform on valuation grounds and weak FCF generation through 2026. Rio Tinto (+): Better-than-expected start to copper after laggard performance in 2024 1Q25 was characterised by a slower start in Pilbara iron ore shipments, given wet weather, and better-than-expected performance in copper following a lagging year of performance in 2024. SP10 volumes continue to increase with its mix representing 29% of shipments in 1Q25 vs 25% in 4Q24. The product strategy review remains ongoing, though we do not yet have an estimated timeline for when its conclusions will be shared with the market. For a more detailed review of 1Q25 production results, please see our note here. Estimate revisions are not material (figure 2), with our EBITDA forecast revisions 1%. We reiterate our 5,550p TP (unch) and Outperform rating on a cheap discounted iron ore price in shares,...